# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001193125-26-256786
**Filing Date:** 2026-6
**Character Count:** 4064158
**Document Hash:** 4c291446f0bd415de781f698e7aa86d8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-256786.hdr.sgml**: 20260604

**ACCESSION NUMBER**: 0001193125-26-256786

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 138

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260604

**DATE AS OF CHANGE**: 20260604

**EFFECTIVENESS DATE**: 20260604

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLDMAN SACHS TRUST
- **CENTRAL INDEX KEY:** 0000822977

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05349
- **FILM NUMBER:** 261063758

**BUSINESS ADDRESS:**
- **STREET 1:** 71  SOUTH WACKER DRIVE
- **STREET 2:** C/O GOLDMAN SACHS & CO
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3126554400

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOLDMAN SACHS SHORT INTERMEDIATE GOVERNMENT FUND
- **DATE OF NAME CHANGE:** 19910711

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SHORT INTERMEDIATE GOVERNMENT FUND
- **DATE OF NAME CHANGE:** 19900104

## Series and Classes Contracts Data

### Goldman Sachs Enhanced Income Fund (Series ID: S000009300)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025377 | Institutional   | GEIIX           |
| C000025378 | Administration  | GEADX           |
| C000025379 | Class A         | GEIAX           |
| C000090758 | Investor Shares | GHIRX           |
| C000161283 | Class R6 Shares | GEIUX           |
| C000202031 | Class P Shares  | GAEPX           |
| C000231823 | Service Shares  | GESVX           |

### Goldman Sachs Emerging Markets Debt Fund (Series ID: S000009301)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025381 | Institutional   | GSDIX           |
| C000025382 | Class A         | GSDAX           |
| C000037783 | Class C         | GSCDX           |
| C000090759 | Investor Shares | GSIRX           |
| C000161284 | Class R6 Shares | GSIUX           |
| C000202032 | Class P Shares  | GAIPX           |

### Goldman Sachs Short Duration Government Fund (Series ID: S000009303)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025388 | Institutional   | GSTGX           |
| C000025389 | Service         | GSDSX           |
| C000025390 | Class A         | GSSDX           |
| C000025392 | Class C         | GSDCX           |
| C000058952 | Investor Shares | GTDTX           |
| C000161286 | Class R6 Shares | GSTUX           |
| C000202034 | Class P Shares  | GMDPX           |

### Goldman Sachs U.S. Mortgages Fund (Series ID: S000009305)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000025400 | Institutional                  | GSUIX           |
| C000025401 | Separate Account Institutional | GSUPX           |
| C000025402 | Class A                        | GSUAX           |
| C000090760 | Investor Shares                | GGIRX           |
| C000161288 | Class R6 Shares                | GGIUX           |
| C000202036 | Class P Shares                 | GSBPX           |
| C000272148 | Class R Shares                 | GGURX           |
| C000272149 | Service Shares                 | GGUSX           |

### Goldman Sachs Core Fixed Income Fund (Series ID: S000009306)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025404 | Institutional   | GSFIX           |
| C000025405 | Service         | GSCSX           |
| C000025406 | Class A         | GCFIX           |
| C000025408 | Class C         | GCFCX           |
| C000058955 | Class R         | GDFRX           |
| C000058956 | Investor Shares | GDFTX           |
| C000161289 | Class R6 Shares | GCFUX           |
| C000202037 | Class P Shares  | GAKPX           |

### Goldman Sachs Investment Grade Credit Fund (Series ID: S000009307)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000025410 | Institutional                  | GSGDX           |
| C000025411 | Separate Account Institutional | GSCPX           |
| C000025412 | Class A                        | GSGAX           |
| C000090761 | Investor Shares                | GTIRX           |
| C000161290 | Class R6 Shares                | GTIUX           |
| C000202038 | Class P Shares                 | GGBPX           |

### Goldman Sachs Global Core Fixed Income Fund (Series ID: S000009308)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025414 | Institutional   | GSGLX           |
| C000025415 | Service         | GGISX           |
| C000025416 | Class A         | GSGIX           |
| C000025418 | Class C         | GSLCX           |
| C000090762 | Investor Shares | GBIRX           |
| C000161291 | Class R6 Shares | GBIUX           |
| C000202039 | Class P Shares  | GGXPX           |

### Goldman Sachs High Yield Fund (Series ID: S000009309)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025420 | Institutional   | GSHIX           |
| C000025421 | Service         | GSHSX           |
| C000025422 | Class A         | GSHAX           |
| C000025424 | Class C         | GSHCX           |
| C000058957 | Class R         | GSHRX           |
| C000058958 | Investor Shares | GSHTX           |
| C000161292 | Class R6 Shares | GSHUX           |
| C000202040 | Class P Shares  | GGMPX           |

### Goldman Sachs Bond Fund (Series ID: S000013795)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000037818 | Class A         | GSFAX           |
| C000037819 | Class C         | GSFCX           |
| C000037820 | Institutional   | GSNIX           |
| C000041010 | Service         | GSNSX           |
| C000058984 | Class R         | GSNRX           |
| C000058985 | Investor Shares | GSNTX           |
| C000161293 | Class R6 Shares | GSFUX           |
| C000202041 | Class P Shares  | GMVPX           |

### Goldman Sachs Inflation Protected Securities Fund (Series ID: S000018567)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000051524 | Class A         | GSAPX           |
| C000051525 | Class C         | GSCFX           |
| C000051526 | Institutional   | GSIPX           |
| C000059010 | Class R         | GSRPX           |
| C000059011 | Investor Shares | GSTPX           |
| C000161294 | Class R6 Shares | GSRUX           |
| C000202042 | Class P Shares  | GGJPX           |

### Goldman Sachs Emerging Markets Credit Fund (Series ID: S000020098)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000056392 | Class A         | GAMDX           |
| C000056393 | Class C         | GCMDX           |
| C000056394 | Institutional   | GIMDX           |
| C000090763 | Investor Shares | GLIRX           |
| C000195493 | Class R6 Shares | GIMSX           |
| C000202043 | Class P Shares  | GMWPX           |

### Goldman Sachs Dynamic Bond Fund (Series ID: S000029317)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000090150 | Class A Shares       | GSZAX           |
| C000090151 | Class C Shares       | GSZCX           |
| C000090152 | Institutional Shares | GSZIX           |
| C000090153 | Investor Shares      | GZIRX           |
| C000090154 | Class R Shares       | GSZRX           |
| C000161295 | Class R6 Shares      | GSZUX           |
| C000202044 | Class P Shares       | GSOPX           |

### Goldman Sachs High Yield Floating Rate Fund (Series ID: S000029320)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000090159 | Class A Shares       | GFRAX           |
| C000090160 | Class C Shares       | GFRCX           |
| C000090161 | Institutional Shares | GSFRX           |
| C000090162 | Investor Shares      | GFRIX           |
| C000090163 | Class R Shares       | GFRRX           |
| C000195494 | Class R6 Shares      | GFRSX           |
| C000202045 | Class P Shares       | GGNPX           |

### Goldman Sachs Short Duration Bond Fund (Series ID: S000036259)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000110983 | Class A         | GDIAX           |
| C000110984 | Class C         | GDICX           |
| C000110985 | Institutional   | GDFIX           |
| C000110986 | Investor Shares | GSSRX           |
| C000110987 | Class R         | GIFRX           |
| C000161296 | Class R6 Shares | GDIUX           |
| C000202046 | Class P Shares  | GMCPX           |

### Goldman Sachs Short Duration High Yield Fund (Series ID: S000043227)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000133721 | Class A Shares       | GSAUX           |
| C000133722 | Class C Shares       | GSAVX           |
| C000133723 | Institutional Shares | GSAWX           |
| C000133724 | Investor Shares      | GSAYX           |
| C000195497 | Class R6 Shares      | GSSAX           |
| C000202048 | Class P Shares       | GMUPX           |

### Goldman Sachs Short-Term Conservative Income Fund (Series ID: S000044037)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000136680 | Institutional Shares | GPPIX           |
| C000174582 | Class A Shares       | GPAPX           |
| C000195498 | Class R6 Shares      | GPPSX           |
| C000202005 | Class P Shares       | GMBPX           |
| C000204425 | Investor Shares      | GPPOX           |

### Goldman Sachs Income Fund (Series ID: S000067093)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000215834 | Class P Shares       | GSCUX           |
| C000215835 | Class R6 Shares      | GSCRX           |
| C000215837 | Class A Shares       | GSCHX           |
| C000215838 | Institutional Shares | GSNCX           |
| C000215839 | Class C Shares       | GSCJX           |
| C000215840 | Investor Shares      | GSCMX           |

?xml version='1.0' encoding='ASCII'? Goldman Sachs Trust

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number 811-05349

### Goldman Sachs Trust

#### (Exact name of registrant as specified in charter)

#### 71 South Wacker Drive,

#### Chicago, Illinois 60606

#### (Address of principal executive offices) (Zip code)

#### Copies to:

---

| | |
|:---|:---|
| **Robert Griffith, Esq.**<br> **Goldman Sachs & Co. LLC**<br> **200 West Street**<br> **New York, NY 10282** | **Stephen H. Bier, Esq.**<br> **Dechert LLP**<br> **1095 Avenue of the Americas**<br> **New York, NY 10036** |

---

#### (Name and address of agents for service)

#### Registrant's telephone number, including area code: (312) 655-4400

#### Date of fiscal year end: March 31

#### Date of reporting period: March 31, 2026
ITEM 1. REPORTS TO STOCKHOLDERS.

The Annual Report to Shareholders for the Goldman Sachs Bond Fund, Goldman Sachs Core Fixed Income Fund, Goldman Sachs Dynamic Bond Fund, Goldman Sachs Global Core Fixed Income Fund, Goldman Sachs Income Fund, Goldman Sachs Enhanced Income Fund, Goldman Sachs Inflation Protected Securities Fund, Goldman Sachs Short Duration Bond Fund, Goldman Sachs Short Duration Government Fund, Goldman Sachs Short-Term Conservative Income Fund, Goldman Sachs U.S. Mortgages Fund, Goldman Sachs Emerging Markets Credit Fund, Goldman Sachs Emerging Markets Debt Fund, Goldman Sachs High Yield Fund, Goldman Sachs High Yield Floating Rate Fund, Goldman Sachs Investment Grade Credit Fund, and Goldman Sachs Short Duration High Yield Fund is filed herewith.

![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs High Yield Fund

# GSHAX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $101 | 0.98% |

---

## How did the Fund perform and what affected its performance?
High yield corporate bonds broadly gained, supported by strong corporate earnings and favorable supply/demand dynamics. Credit spreads fluctuated, driven by tariff concerns, potential AI disruption and conflict in the Middle East, but tightened modestly for the Period overall. Fed policy also influenced market sentiment.

Top Contributors to Performance:

* Industry allocations and individual issue selection added most to the Fund's performance relative to the Bloomberg U.S. High-Yield Index 2% Issuer Capped Bond Index (Index).

* Within industry allocations, the Fund benefited from its overweight positions versus the Index in diversified industrials and food and drug retail. An underweight in packaging also contributed positively. 

* In terms of individual issue selection, the Fund was helped by its exposure to the restructured equity holdings of Intelsat, a Luxembourg-headquartered provider of satellite communication services. Underweight positions in the high yield corporate bonds of department store holding company Saks Global Enterprises and natural gas and liquefied natural gas company New Fortress Energy were also advantageous. 

* Within regional positioning, overweights in U.S., U.K. and Spain credits added to relative performance. 

* Regarding credit quality positioning, the Fund benefited from its overweights versus the Index in BBB-rated, B-rated and CCC-rated corporate bonds. 

* The Fund was aided by its spread duration positioning, that is, its sensitivity to changes in credit spreads. In particular, overweights in short- and intermediate-term credits contributed positively to returns amid volatility in credit spreads.

* The tactical use of credit default swaps added to the Fund's relative results. 

Top Detractors from Performance:

* The Fund was hurt by its underweights versus the Index in the non-cable media and non-cellular telecommunications industries. An overweight in finance was also detrimental. 

* Within individual issue selection, the Fund was hampered by an out-of-Index position in auto parts company First Brands Group, an underweight in media and entertainment conglomerate Warner Bros. Discovery and an overweight in goeasy, a Canadian non-prime consumer lender.

* Within regional positioning, underweights in Canadian, Irish and Macau credits detracted from relative returns.

* From a credit quality perspective, an underweight in BB-rated corporate bonds was a drag on the Fund's performance.

* Within spread duration positioning, the Fund was hurt by an underweight in long-term credits. 

* The Fund's out-of-benchmark exposure to bank loans limited its gains.

# Goldman Sachs High Yield Fund

# Class A

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g75f09.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $9550 | $10000 | $10000 | $10000 |
| **3/17** | $10988 | $11506 | $11639 | $10044 |
| **3/18** | $11139 | $11664 | $12079 | $10165 |
| **3/19** | $11718 | $12270 | $12795 | $10620 |
| **3/20** | $10720 | $11225 | $11907 | $11568 |
| **3/21** | $13193 | $13814 | $14723 | $11650 |
| **3/22** | $12959 | $13570 | $14626 | $11167 |
| **3/23** | $12375 | $12958 | $14136 | $10633 |
| **3/24** | $13500 | $14136 | $15712 | $10814 |
| **3/25** | $14318 | $14992 | $16921 | $11342 |
| **3/26** | $15261 | $15980 | $18107 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 6.59% | 2.96% | 4.80% |
| Class A including sales charges | 1.82% | 2.02% | 4.32% |
| Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index | 7.01% | 4.22% | 6.11% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs High Yield Fund

# Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2509657493 |
| # of Portfolio Holdings as of Period End | 559 |
| Portfolio Turnover Rate for the Period | 69% |
| Total Net Advisory Fees Paid for the Period | $14411630 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective March 6, 2026, the Fund changed its principal investment strategy to permit the Fund to invest in common stocks, warrants, rights, convertible securities and other equity securities. The Fund continues to be permitted to invest up to 20% of its net assets in investment grade fixed income securities, including U.S. Government Securities. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Diversified Financial Services | 9.3% |
| Oil Field Services | 6.0% |
| Media | 4.8% |
| Insurance | 4.7% |
| Telecommunication Services | 4.2% |
| Commercial Services | 4.0% |
| Retailing | 3.9% |
| Entertainment | 3.8% |
| Pipelines | 3.8% |
| Other | 51.8% |

---

# Goldman Sachs High Yield Fund

# Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs High Yield Fund

# 38141W653-AR-0326

# Class A
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs High Yield Fund

# GSHCX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $178 | 1.73% |

---

## How did the Fund perform and what affected its performance?
High yield corporate bonds broadly gained, supported by strong corporate earnings and favorable supply/demand dynamics. Credit spreads fluctuated, driven by tariff concerns, potential AI disruption and conflict in the Middle East, but tightened modestly for the Period overall. Fed policy also influenced market sentiment.

Top Contributors to Performance:

* Industry allocations and individual issue selection added most to the Fund's performance relative to the Bloomberg U.S. High-Yield Index 2% Issuer Capped Bond Index (Index).

* Within industry allocations, the Fund benefited from its overweight positions versus the Index in diversified industrials and food and drug retail. An underweight in packaging also contributed positively. 

* In terms of individual issue selection, the Fund was helped by its exposure to the restructured equity holdings of Intelsat, a Luxembourg-headquartered provider of satellite communication services. Underweight positions in the high yield corporate bonds of department store holding company Saks Global Enterprises and natural gas and liquefied natural gas company New Fortress Energy were also advantageous. 

* Within regional positioning, overweights in U.S., U.K. and Spain credits added to relative performance. 

* Regarding credit quality positioning, the Fund benefited from its overweights versus the Index in BBB-rated, B-rated and CCC-rated corporate bonds. 

* The Fund was aided by its spread duration positioning, that is, its sensitivity to changes in credit spreads. In particular, overweights in short- and intermediate-term credits contributed positively to returns amid volatility in credit spreads.

* The tactical use of credit default swaps added to the Fund's relative results. 

Top Detractors from Performance:

* The Fund was hurt by its underweights versus the Index in the non-cable media and non-cellular telecommunications industries. An overweight in finance was also detrimental. 

* Within individual issue selection, the Fund was hampered by an out-of-Index position in auto parts company First Brands Group, an underweight in media and entertainment conglomerate Warner Bros. Discovery and an overweight in goeasy, a Canadian non-prime consumer lender.

* Within regional positioning, underweights in Canadian, Irish and Macau credits detracted from relative returns.

* From a credit quality perspective, an underweight in BB-rated corporate bonds was a drag on the Fund's performance.

* Within spread duration positioning, the Fund was hurt by an underweight in long-term credits. 

* The Fund's out-of-benchmark exposure to bank loans limited its gains.

# Goldman Sachs High Yield Fund

# Class C

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g92n24.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $9900 | $10000 | $10000 | $10000 |
| **3/17** | $11288 | $11402 | $11639 | $10044 |
| **3/18** | $11360 | $11475 | $12079 | $10165 |
| **3/19** | $11861 | $11981 | $12795 | $10620 |
| **3/20** | $10789 | $10898 | $11907 | $11568 |
| **3/21** | $13175 | $13309 | $14723 | $11650 |
| **3/22** | $12846 | $12976 | $14626 | $11167 |
| **3/23** | $12155 | $12278 | $14136 | $10633 |
| **3/24** | $13161 | $13294 | $15712 | $10814 |
| **3/25** | $13880 | $14020 | $16921 | $11342 |
| **3/26** | $14685 | $14833 | $18107 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 5.80% | 2.19% | 4.02% |
| Class C including sales charges | 4.75% | 2.19% | 4.02% |
| Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index | 7.01% | 4.22% | 6.11% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs High Yield Fund

# Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2509657493 |
| # of Portfolio Holdings as of Period End | 559 |
| Portfolio Turnover Rate for the Period | 69% |
| Total Net Advisory Fees Paid for the Period | $14411630 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective March 6, 2026, the Fund changed its principal investment strategy to permit the Fund to invest in common stocks, warrants, rights, convertible securities and other equity securities. The Fund continues to be permitted to invest up to 20% of its net assets in investment grade fixed income securities, including U.S. Government Securities. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Diversified Financial Services | 9.3% |
| Oil Field Services | 6.0% |
| Media | 4.8% |
| Insurance | 4.7% |
| Telecommunication Services | 4.2% |
| Commercial Services | 4.0% |
| Retailing | 3.9% |
| Entertainment | 3.8% |
| Pipelines | 3.8% |
| Other | 51.8% |

---

# Goldman Sachs High Yield Fund

# Class C

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs High Yield Fund

# 38142B179-AR-0326

# Class C
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs High Yield Fund

# GGMPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $69 | 0.67% |

---

## How did the Fund perform and what affected its performance?
High yield corporate bonds broadly gained, supported by strong corporate earnings and favorable supply/demand dynamics. Credit spreads fluctuated, driven by tariff concerns, potential AI disruption and conflict in the Middle East, but tightened modestly for the Period overall. Fed policy also influenced market sentiment.

Top Contributors to Performance:

* Industry allocations and individual issue selection added most to the Fund's performance relative to the Bloomberg U.S. High-Yield Index 2% Issuer Capped Bond Index (Index).

* Within industry allocations, the Fund benefited from its overweight positions versus the Index in diversified industrials and food and drug retail. An underweight in packaging also contributed positively. 

* In terms of individual issue selection, the Fund was helped by its exposure to the restructured equity holdings of Intelsat, a Luxembourg-headquartered provider of satellite communication services. Underweight positions in the high yield corporate bonds of department store holding company Saks Global Enterprises and natural gas and liquefied natural gas company New Fortress Energy were also advantageous. 

* Within regional positioning, overweights in U.S., U.K. and Spain credits added to relative performance. 

* Regarding credit quality positioning, the Fund benefited from its overweights versus the Index in BBB-rated, B-rated and CCC-rated corporate bonds. 

* The Fund was aided by its spread duration positioning, that is, its sensitivity to changes in credit spreads. In particular, overweights in short- and intermediate-term credits contributed positively to returns amid volatility in credit spreads.

* The tactical use of credit default swaps added to the Fund's relative results. 

Top Detractors from Performance:

* The Fund was hurt by its underweights versus the Index in the non-cable media and non-cellular telecommunications industries. An overweight in finance was also detrimental. 

* Within individual issue selection, the Fund was hampered by an out-of-Index position in auto parts company First Brands Group, an underweight in media and entertainment conglomerate Warner Bros. Discovery and an overweight in goeasy, a Canadian non-prime consumer lender.

* Within regional positioning, underweights in Canadian, Irish and Macau credits detracted from relative returns.

* From a credit quality perspective, an underweight in BB-rated corporate bonds was a drag on the Fund's performance.

* Within spread duration positioning, the Fund was hurt by an underweight in long-term credits. 

* The Fund's out-of-benchmark exposure to bank loans limited its gains.

# Goldman Sachs High Yield Fund

# Class P

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g16l22.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/20/18** | $10000 | $10000 | $10000 |
| **3/19** | $10400 | $10525 | $10538 |
| **3/20** | $9561 | $9795 | $11479 |
| **3/21** | $11793 | $12111 | $11561 |
| **3/22** | $11620 | $12031 | $11081 |
| **3/23** | $11112 | $11628 | $10551 |
| **3/24** | $12159 | $12925 | $10730 |
| **3/25** | $12959 | $13918 | $11254 |
| **3/26** | $13856 | $14894 | $11744 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 6.92% | 3.27% | 4.19% |
| Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index | 7.01% | 4.22% | 5.14% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 2.04% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs High Yield Fund

# Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2509657493 |
| # of Portfolio Holdings as of Period End | 559 |
| Portfolio Turnover Rate for the Period | 69% |
| Total Net Advisory Fees Paid for the Period | $14411630 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective March 6, 2026, the Fund changed its principal investment strategy to permit the Fund to invest in common stocks, warrants, rights, convertible securities and other equity securities. The Fund continues to be permitted to invest up to 20% of its net assets in investment grade fixed income securities, including U.S. Government Securities. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Diversified Financial Services | 9.3% |
| Oil Field Services | 6.0% |
| Media | 4.8% |
| Insurance | 4.7% |
| Telecommunication Services | 4.2% |
| Commercial Services | 4.0% |
| Retailing | 3.9% |
| Entertainment | 3.8% |
| Pipelines | 3.8% |
| Other | 51.8% |

---

# Goldman Sachs High Yield Fund

# Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs High Yield Fund

# 38150B657-AR-0326

# Class P
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs High Yield Fund

# GSHRX: Class R

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $127 | 1.23% |

---

## How did the Fund perform and what affected its performance?
High yield corporate bonds broadly gained, supported by strong corporate earnings and favorable supply/demand dynamics. Credit spreads fluctuated, driven by tariff concerns, potential AI disruption and conflict in the Middle East, but tightened modestly for the Period overall. Fed policy also influenced market sentiment.

Top Contributors to Performance:

* Industry allocations and individual issue selection added most to the Fund's performance relative to the Bloomberg U.S. High-Yield Index 2% Issuer Capped Bond Index (Index).

* Within industry allocations, the Fund benefited from its overweight positions versus the Index in diversified industrials and food and drug retail. An underweight in packaging also contributed positively. 

* In terms of individual issue selection, the Fund was helped by its exposure to the restructured equity holdings of Intelsat, a Luxembourg-headquartered provider of satellite communication services. Underweight positions in the high yield corporate bonds of department store holding company Saks Global Enterprises and natural gas and liquefied natural gas company New Fortress Energy were also advantageous. 

* Within regional positioning, overweights in U.S., U.K. and Spain credits added to relative performance. 

* Regarding credit quality positioning, the Fund benefited from its overweights versus the Index in BBB-rated, B-rated and CCC-rated corporate bonds. 

* The Fund was aided by its spread duration positioning, that is, its sensitivity to changes in credit spreads. In particular, overweights in short- and intermediate-term credits contributed positively to returns amid volatility in credit spreads.

* The tactical use of credit default swaps added to the Fund's relative results. 

Top Detractors from Performance:

* The Fund was hurt by its underweights versus the Index in the non-cable media and non-cellular telecommunications industries. An overweight in finance was also detrimental. 

* Within individual issue selection, the Fund was hampered by an out-of-Index position in auto parts company First Brands Group, an underweight in media and entertainment conglomerate Warner Bros. Discovery and an overweight in goeasy, a Canadian non-prime consumer lender.

* Within regional positioning, underweights in Canadian, Irish and Macau credits detracted from relative returns.

* From a credit quality perspective, an underweight in BB-rated corporate bonds was a drag on the Fund's performance.

* Within spread duration positioning, the Fund was hurt by an underweight in long-term credits. 

* The Fund's out-of-benchmark exposure to bank loans limited its gains.

# Goldman Sachs High Yield Fund

# Class R

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g16f44.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 | $10000 |
| **3/17** | $11460 | $11639 | $10044 |
| **3/18** | $11589 | $12079 | $10165 |
| **3/19** | $12161 | $12795 | $10620 |
| **3/20** | $11115 | $11907 | $11568 |
| **3/21** | $13624 | $14723 | $11650 |
| **3/22** | $13369 | $14626 | $11167 |
| **3/23** | $12711 | $14136 | $10633 |
| **3/24** | $13834 | $15712 | $10814 |
| **3/25** | $14662 | $16921 | $11342 |
| **3/26** | $15590 | $18107 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R | 6.33% | 2.73% | 4.54% |
| Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index | 7.01% | 4.22% | 6.11% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs High Yield Fund

# Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2509657493 |
| # of Portfolio Holdings as of Period End | 559 |
| Portfolio Turnover Rate for the Period | 69% |
| Total Net Advisory Fees Paid for the Period | $14411630 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective March 6, 2026, the Fund changed its principal investment strategy to permit the Fund to invest in common stocks, warrants, rights, convertible securities and other equity securities. The Fund continues to be permitted to invest up to 20% of its net assets in investment grade fixed income securities, including U.S. Government Securities. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Diversified Financial Services | 9.3% |
| Oil Field Services | 6.0% |
| Media | 4.8% |
| Insurance | 4.7% |
| Telecommunication Services | 4.2% |
| Commercial Services | 4.0% |
| Retailing | 3.9% |
| Entertainment | 3.8% |
| Pipelines | 3.8% |
| Other | 51.8% |

---

# Goldman Sachs High Yield Fund

# Class R

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs High Yield Fund

# 38145N287-AR-0326

# Class R
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs High Yield Fund

# GSHUX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $69 | 0.67% |

---

## How did the Fund perform and what affected its performance?
High yield corporate bonds broadly gained, supported by strong corporate earnings and favorable supply/demand dynamics. Credit spreads fluctuated, driven by tariff concerns, potential AI disruption and conflict in the Middle East, but tightened modestly for the Period overall. Fed policy also influenced market sentiment.

Top Contributors to Performance:

* Industry allocations and individual issue selection added most to the Fund's performance relative to the Bloomberg U.S. High-Yield Index 2% Issuer Capped Bond Index (Index).

* Within industry allocations, the Fund benefited from its overweight positions versus the Index in diversified industrials and food and drug retail. An underweight in packaging also contributed positively. 

* In terms of individual issue selection, the Fund was helped by its exposure to the restructured equity holdings of Intelsat, a Luxembourg-headquartered provider of satellite communication services. Underweight positions in the high yield corporate bonds of department store holding company Saks Global Enterprises and natural gas and liquefied natural gas company New Fortress Energy were also advantageous. 

* Within regional positioning, overweights in U.S., U.K. and Spain credits added to relative performance. 

* Regarding credit quality positioning, the Fund benefited from its overweights versus the Index in BBB-rated, B-rated and CCC-rated corporate bonds. 

* The Fund was aided by its spread duration positioning, that is, its sensitivity to changes in credit spreads. In particular, overweights in short- and intermediate-term credits contributed positively to returns amid volatility in credit spreads.

* The tactical use of credit default swaps added to the Fund's relative results. 

Top Detractors from Performance:

* The Fund was hurt by its underweights versus the Index in the non-cable media and non-cellular telecommunications industries. An overweight in finance was also detrimental. 

* Within individual issue selection, the Fund was hampered by an out-of-Index position in auto parts company First Brands Group, an underweight in media and entertainment conglomerate Warner Bros. Discovery and an overweight in goeasy, a Canadian non-prime consumer lender.

* Within regional positioning, underweights in Canadian, Irish and Macau credits detracted from relative returns.

* From a credit quality perspective, an underweight in BB-rated corporate bonds was a drag on the Fund's performance.

* Within spread duration positioning, the Fund was hurt by an underweight in long-term credits. 

* The Fund's out-of-benchmark exposure to bank loans limited its gains.

# Goldman Sachs High Yield Fund

# Class R6

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g34l05.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 | $10000 |
| **3/17** | $11525 | $11639 | $10044 |
| **3/18** | $11726 | $12079 | $10165 |
| **3/19** | $12372 | $12795 | $10620 |
| **3/20** | $11377 | $11907 | $11568 |
| **3/21** | $14030 | $14723 | $11650 |
| **3/22** | $13825 | $14625 | $11167 |
| **3/23** | $13222 | $14135 | $10633 |
| **3/24** | $14467 | $15711 | $10814 |
| **3/25** | $15419 | $16919 | $11342 |
| **3/26** | $16486 | $18105 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 6.92% | 3.28% | 5.12% |
| Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index | 7.01% | 4.22% | 6.11% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs High Yield Fund

# Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2509657493 |
| # of Portfolio Holdings as of Period End | 559 |
| Portfolio Turnover Rate for the Period | 69% |
| Total Net Advisory Fees Paid for the Period | $14411630 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective March 6, 2026, the Fund changed its principal investment strategy to permit the Fund to invest in common stocks, warrants, rights, convertible securities and other equity securities. The Fund continues to be permitted to invest up to 20% of its net assets in investment grade fixed income securities, including U.S. Government Securities. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Diversified Financial Services | 9.3% |
| Oil Field Services | 6.0% |
| Media | 4.8% |
| Insurance | 4.7% |
| Telecommunication Services | 4.2% |
| Commercial Services | 4.0% |
| Retailing | 3.9% |
| Entertainment | 3.8% |
| Pipelines | 3.8% |
| Other | 51.8% |

---

# Goldman Sachs High Yield Fund

# Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs High Yield Fund

# 38148U874-AR-0326

# Class R6
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs High Yield Fund

# GSHIX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $70 | 0.68% |

---

## How did the Fund perform and what affected its performance?
High yield corporate bonds broadly gained, supported by strong corporate earnings and favorable supply/demand dynamics. Credit spreads fluctuated, driven by tariff concerns, potential AI disruption and conflict in the Middle East, but tightened modestly for the Period overall. Fed policy also influenced market sentiment.

Top Contributors to Performance:

* Industry allocations and individual issue selection added most to the Fund's performance relative to the Bloomberg U.S. High-Yield Index 2% Issuer Capped Bond Index (Index).

* Within industry allocations, the Fund benefited from its overweight positions versus the Index in diversified industrials and food and drug retail. An underweight in packaging also contributed positively. 

* In terms of individual issue selection, the Fund was helped by its exposure to the restructured equity holdings of Intelsat, a Luxembourg-headquartered provider of satellite communication services. Underweight positions in the high yield corporate bonds of department store holding company Saks Global Enterprises and natural gas and liquefied natural gas company New Fortress Energy were also advantageous. 

* Within regional positioning, overweights in U.S., U.K. and Spain credits added to relative performance. 

* Regarding credit quality positioning, the Fund benefited from its overweights versus the Index in BBB-rated, B-rated and CCC-rated corporate bonds. 

* The Fund was aided by its spread duration positioning, that is, its sensitivity to changes in credit spreads. In particular, overweights in short- and intermediate-term credits contributed positively to returns amid volatility in credit spreads.

* The tactical use of credit default swaps added to the Fund's relative results. 

Top Detractors from Performance:

* The Fund was hurt by its underweights versus the Index in the non-cable media and non-cellular telecommunications industries. An overweight in finance was also detrimental. 

* Within individual issue selection, the Fund was hampered by an out-of-Index position in auto parts company First Brands Group, an underweight in media and entertainment conglomerate Warner Bros. Discovery and an overweight in goeasy, a Canadian non-prime consumer lender.

* Within regional positioning, underweights in Canadian, Irish and Macau credits detracted from relative returns.

* From a credit quality perspective, an underweight in BB-rated corporate bonds was a drag on the Fund's performance.

* Within spread duration positioning, the Fund was hurt by an underweight in long-term credits. 

* The Fund's out-of-benchmark exposure to bank loans limited its gains.

# Goldman Sachs High Yield Fund

# Institutional Class

## Performance Overview
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g44c14.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $1000000 | $1000000 | $1000000 |
| **3/17** | $1152400 | $1163900 | $1004400 |
| **3/18** | $1172221 | $1207895 | $1016453 |
| **3/19** | $1236693 | $1279524 | $1061990 |
| **3/20** | $1136892 | $1190725 | $1156826 |
| **3/21** | $1402243 | $1472331 | $1165039 |
| **3/22** | $1381490 | $1462614 | $1116690 |
| **3/23** | $1320981 | $1413616 | $1063312 |
| **3/24** | $1445153 | $1571234 | $1081388 |
| **3/25** | $1537353 | $1692062 | $1134160 |
| **3/26** | $1643585 | $1810676 | $1183496 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 6.91% | 3.23% | 5.09% |
| Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index | 7.01% | 4.22% | 6.11% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs High Yield Fund

# Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2509657493 |
| # of Portfolio Holdings as of Period End | 559 |
| Portfolio Turnover Rate for the Period | 69% |
| Total Net Advisory Fees Paid for the Period | $14411630 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective March 6, 2026, the Fund changed its principal investment strategy to permit the Fund to invest in common stocks, warrants, rights, convertible securities and other equity securities. The Fund continues to be permitted to invest up to 20% of its net assets in investment grade fixed income securities, including U.S. Government Securities. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Diversified Financial Services | 9.3% |
| Oil Field Services | 6.0% |
| Media | 4.8% |
| Insurance | 4.7% |
| Telecommunication Services | 4.2% |
| Commercial Services | 4.0% |
| Retailing | 3.9% |
| Entertainment | 3.8% |
| Pipelines | 3.8% |
| Other | 51.8% |

---

# Goldman Sachs High Yield Fund

# Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs High Yield Fund

# 38141W679-AR-0326

# Institutional Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs High Yield Fund

# GSHTX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $76 | 0.73% |

---

## How did the Fund perform and what affected its performance?
High yield corporate bonds broadly gained, supported by strong corporate earnings and favorable supply/demand dynamics. Credit spreads fluctuated, driven by tariff concerns, potential AI disruption and conflict in the Middle East, but tightened modestly for the Period overall. Fed policy also influenced market sentiment.

Top Contributors to Performance:

* Industry allocations and individual issue selection added most to the Fund's performance relative to the Bloomberg U.S. High-Yield Index 2% Issuer Capped Bond Index (Index).

* Within industry allocations, the Fund benefited from its overweight positions versus the Index in diversified industrials and food and drug retail. An underweight in packaging also contributed positively. 

* In terms of individual issue selection, the Fund was helped by its exposure to the restructured equity holdings of Intelsat, a Luxembourg-headquartered provider of satellite communication services. Underweight positions in the high yield corporate bonds of department store holding company Saks Global Enterprises and natural gas and liquefied natural gas company New Fortress Energy were also advantageous. 

* Within regional positioning, overweights in U.S., U.K. and Spain credits added to relative performance. 

* Regarding credit quality positioning, the Fund benefited from its overweights versus the Index in BBB-rated, B-rated and CCC-rated corporate bonds. 

* The Fund was aided by its spread duration positioning, that is, its sensitivity to changes in credit spreads. In particular, overweights in short- and intermediate-term credits contributed positively to returns amid volatility in credit spreads.

* The tactical use of credit default swaps added to the Fund's relative results. 

Top Detractors from Performance:

* The Fund was hurt by its underweights versus the Index in the non-cable media and non-cellular telecommunications industries. An overweight in finance was also detrimental. 

* Within individual issue selection, the Fund was hampered by an out-of-Index position in auto parts company First Brands Group, an underweight in media and entertainment conglomerate Warner Bros. Discovery and an overweight in goeasy, a Canadian non-prime consumer lender.

* Within regional positioning, underweights in Canadian, Irish and Macau credits detracted from relative returns.

* From a credit quality perspective, an underweight in BB-rated corporate bonds was a drag on the Fund's performance.

* Within spread duration positioning, the Fund was hurt by an underweight in long-term credits. 

* The Fund's out-of-benchmark exposure to bank loans limited its gains.

# Goldman Sachs High Yield Fund

# Investor Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g41c24.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Shares** | **Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 | $10000 |
| **3/17** | $11533 | $11639 | $10044 |
| **3/18** | $11723 | $12079 | $10165 |
| **3/19** | $12363 | $12795 | $10620 |
| **3/20** | $11341 | $11907 | $11568 |
| **3/21** | $13988 | $14723 | $11650 |
| **3/22** | $13775 | $14626 | $11167 |
| **3/23** | $13190 | $14136 | $10633 |
| **3/24** | $14424 | $15712 | $10814 |
| **3/25** | $15337 | $16921 | $11342 |
| **3/26** | $16390 | $18107 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 6.86% | 3.22% | 5.06% |
| Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index | 7.01% | 4.22% | 6.11% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs High Yield Fund

# Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2509657493 |
| # of Portfolio Holdings as of Period End | 559 |
| Portfolio Turnover Rate for the Period | 69% |
| Total Net Advisory Fees Paid for the Period | $14411630 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective March 6, 2026, the Fund changed its principal investment strategy to permit the Fund to invest in common stocks, warrants, rights, convertible securities and other equity securities. The Fund continues to be permitted to invest up to 20% of its net assets in investment grade fixed income securities, including U.S. Government Securities. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Diversified Financial Services | 9.3% |
| Oil Field Services | 6.0% |
| Media | 4.8% |
| Insurance | 4.7% |
| Telecommunication Services | 4.2% |
| Commercial Services | 4.0% |
| Retailing | 3.9% |
| Entertainment | 3.8% |
| Pipelines | 3.8% |
| Other | 51.8% |

---

# Goldman Sachs High Yield Fund

# Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs High Yield Fund

# 38145N279-AR-0326

# Investor Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs High Yield Fund

# GSHSX: Service Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $122 | 1.18% |

---

## How did the Fund perform and what affected its performance?
High yield corporate bonds broadly gained, supported by strong corporate earnings and favorable supply/demand dynamics. Credit spreads fluctuated, driven by tariff concerns, potential AI disruption and conflict in the Middle East, but tightened modestly for the Period overall. Fed policy also influenced market sentiment.

Top Contributors to Performance:

* Industry allocations and individual issue selection added most to the Fund's performance relative to the Bloomberg U.S. High-Yield Index 2% Issuer Capped Bond Index (Index).

* Within industry allocations, the Fund benefited from its overweight positions versus the Index in diversified industrials and food and drug retail. An underweight in packaging also contributed positively. 

* In terms of individual issue selection, the Fund was helped by its exposure to the restructured equity holdings of Intelsat, a Luxembourg-headquartered provider of satellite communication services. Underweight positions in the high yield corporate bonds of department store holding company Saks Global Enterprises and natural gas and liquefied natural gas company New Fortress Energy were also advantageous. 

* Within regional positioning, overweights in U.S., U.K. and Spain credits added to relative performance. 

* Regarding credit quality positioning, the Fund benefited from its overweights versus the Index in BBB-rated, B-rated and CCC-rated corporate bonds. 

* The Fund was aided by its spread duration positioning, that is, its sensitivity to changes in credit spreads. In particular, overweights in short- and intermediate-term credits contributed positively to returns amid volatility in credit spreads.

* The tactical use of credit default swaps added to the Fund's relative results. 

Top Detractors from Performance:

* The Fund was hurt by its underweights versus the Index in the non-cable media and non-cellular telecommunications industries. An overweight in finance was also detrimental. 

* Within individual issue selection, the Fund was hampered by an out-of-Index position in auto parts company First Brands Group, an underweight in media and entertainment conglomerate Warner Bros. Discovery and an overweight in goeasy, a Canadian non-prime consumer lender.

* Within regional positioning, underweights in Canadian, Irish and Macau credits detracted from relative returns.

* From a credit quality perspective, an underweight in BB-rated corporate bonds was a drag on the Fund's performance.

* Within spread duration positioning, the Fund was hurt by an underweight in long-term credits. 

* The Fund's out-of-benchmark exposure to bank loans limited its gains.

# Goldman Sachs High Yield Fund

# Service Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g97a96.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Shares** | **Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 | $10000 |
| **3/17** | $11470 | $11639 | $10044 |
| **3/18** | $11608 | $12079 | $10165 |
| **3/19** | $12185 | $12795 | $10620 |
| **3/20** | $11139 | $11907 | $11568 |
| **3/21** | $13679 | $14723 | $11650 |
| **3/22** | $13407 | $14626 | $11167 |
| **3/23** | $12751 | $14136 | $10633 |
| **3/24** | $13908 | $15712 | $10814 |
| **3/25** | $14721 | $16921 | $11342 |
| **3/26** | $15660 | $18107 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Service Shares | 6.38% | 2.74% | 4.59% |
| Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index | 7.01% | 4.22% | 6.11% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs High Yield Fund

# Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2509657493 |
| # of Portfolio Holdings as of Period End | 559 |
| Portfolio Turnover Rate for the Period | 69% |
| Total Net Advisory Fees Paid for the Period | $14411630 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective March 6, 2026, the Fund changed its principal investment strategy to permit the Fund to invest in common stocks, warrants, rights, convertible securities and other equity securities. The Fund continues to be permitted to invest up to 20% of its net assets in investment grade fixed income securities, including U.S. Government Securities. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Diversified Financial Services | 9.3% |
| Oil Field Services | 6.0% |
| Media | 4.8% |
| Insurance | 4.7% |
| Telecommunication Services | 4.2% |
| Commercial Services | 4.0% |
| Retailing | 3.9% |
| Entertainment | 3.8% |
| Pipelines | 3.8% |
| Other | 51.8% |

---

# Goldman Sachs High Yield Fund

# Service Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs High Yield Fund

# 38141W661-AR-0326

# Service Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs U.S. Mortgages Fund

# GSUAX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Mortgages Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $80 | 0.78% |

---

## How did the Fund perform and what affected its performance?
The performance of agency mortgage-backed securities was volatile but broadly positive, with shifting interest rates, mixed macroeconomic data, geopolitical uncertainty and the outlook for Federal Reserve (Fed) policy the key influences. Spreads tightened amid healthy fundamentals and supportive supply/demand dynamics.

Top Contributors to Performance:

* Tactical management of the Fund's duration and yield curve positioning added most to the Fund's performance versus the Bloomberg U.S. Securitized Bond Index (Index). The Fund was helped by our participation, on a tactical basis, in month-end bond auctions. The Fund also benefited from our decision to maintain a steepening position on the U.S. Treasury yield curve between two-year and 10-year maturities. Short-term Treasury yields fell as the Fed began cutting interest rates in September 2025, while long-term Treasury yields remained elevated amid rising concerns about the U.S. deficit. Geopolitical uncertainty and worries about U.S. fiscal conditions also put upward pressure on long-term Treasury yields.

* Individual issue selection among agency mortgage-backed securities contributed positively to the Fund's relative performance. Positioning in lower-coupon Ginnie Mae mortgage-backed securities was particularly advantageous. 

* The Fund was helped by individual issue selection of non-qualified mortgage securities, highlighted by investments in discounted dollar-priced bonds, which outperformed during the Period. 

* Sector positioning added to the Fund's relative performance. The Fund benefited from its overweight positions compared to the Index in commercial mortgage-backed securities, mortgage-backed securities broadly and collateralized loan obligations.

Top Detractors from Performance:

* Our government/swaps strategy detracted from the Fund's relative performance, especially in April 2025 and in February and March 2026 when interest rate volatility increased on investor concerns about U.S. economic growth, inflationary pressures and geopolitical tensions. 

# Goldman Sachs U.S. Mortgages Fund

# Class A

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g34y06.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **Bloomberg U.S. Securitized Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $9625 | $10000 | $10000 | $10000 |
| **3/17** | $9635 | $10010 | $10022 | $10044 |
| **3/18** | $9625 | $10000 | $10101 | $10165 |
| **3/19** | $9971 | $10360 | $10554 | $10620 |
| **3/20** | $10512 | $10922 | $11281 | $11568 |
| **3/21** | $10779 | $11199 | $11315 | $11650 |
| **3/22** | $10188 | $10585 | $10765 | $11167 |
| **3/23** | $9604 | $9979 | $10256 | $10633 |
| **3/24** | $9715 | $10093 | $10421 | $10814 |
| **3/25** | $10206 | $10603 | $10990 | $11342 |
| **3/26** | $10718 | $11135 | $11622 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 5.02% | -0.11% | 1.08% |
| Class A including sales charges | 1.06% | -0.87% | 0.69% |
| Bloomberg U.S. Securitized Bond Index | 5.75% | 0.54% | 1.51% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs U.S. Mortgages Fund

# Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $294030914 |
| # of Portfolio Holdings as of Period End | 888 |
| Portfolio Turnover Rate for the Period | 1,219% |
| Total Net Advisory Fees Paid for the Period | $610786 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective February 27, 2026, the Goldman Sachs Government Income Fund (the "Acquired Fund") was reorganized into the Fund, whereby the Fund acquired all of the assets and assumed all of the liabilities of the Acquired Fund. The performance and financial information presented prior to February 27, 2026, includes that of the Acquired Fund.

Effective July 29, 2025, investments related to floating and variable rate obligations was added as a principal risk of the Fund and investments related to other investment companies and reverse repurchase agreements were removed as principal risks of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 113.6% |
| Collateralized Mortgage Obligations | 6.9% |
| Commercial Mortgage-Backed Securities | 6.1% |
| U.S. Treasury Obligations | 2.2% |
| Collateralized Loan Obligations | 1.9% |
| Other | 1.8% |

---

# Goldman Sachs U.S. Mortgages Fund

# Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs U.S. Mortgages Fund

# 38143H878-AR-0326

# Class A
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs U.S. Mortgages Fund

# GSBPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Mortgages Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $44 | 0.43% |

---

## How did the Fund perform and what affected its performance?
The performance of agency mortgage-backed securities was volatile but broadly positive, with shifting interest rates, mixed macroeconomic data, geopolitical uncertainty and the outlook for Federal Reserve (Fed) policy the key influences. Spreads tightened amid healthy fundamentals and supportive supply/demand dynamics.

Top Contributors to Performance:

* Tactical management of the Fund's duration and yield curve positioning added most to the Fund's performance versus the Bloomberg U.S. Securitized Bond Index (Index). The Fund was helped by our participation, on a tactical basis, in month-end bond auctions. The Fund also benefited from our decision to maintain a steepening position on the U.S. Treasury yield curve between two-year and 10-year maturities. Short-term Treasury yields fell as the Fed began cutting interest rates in September 2025, while long-term Treasury yields remained elevated amid rising concerns about the U.S. deficit. Geopolitical uncertainty and worries about U.S. fiscal conditions also put upward pressure on long-term Treasury yields.

* Individual issue selection among agency mortgage-backed securities contributed positively to the Fund's relative performance. Positioning in lower-coupon Ginnie Mae mortgage-backed securities was particularly advantageous. 

* The Fund was helped by individual issue selection of non-qualified mortgage securities, highlighted by investments in discounted dollar-priced bonds, which outperformed during the Period. 

* Sector positioning added to the Fund's relative performance. The Fund benefited from its overweight positions compared to the Index in commercial mortgage-backed securities, mortgage-backed securities broadly and collateralized loan obligations.

Top Detractors from Performance:

* Our government/swaps strategy detracted from the Fund's relative performance, especially in April 2025 and in February and March 2026 when interest rate volatility increased on investor concerns about U.S. economic growth, inflationary pressures and geopolitical tensions. 

# Goldman Sachs U.S. Mortgages Fund

# Class P

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g94o50.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Bloomberg U.S. Securitized Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/20/18** | $10000 | $10000 | $10000 |
| **3/19** | $10457 | $10513 | $10538 |
| **3/20** | $11061 | $11237 | $11479 |
| **3/21** | $11381 | $11271 | $11561 |
| **3/22** | $10786 | $10723 | $11081 |
| **3/23** | $10193 | $10216 | $10551 |
| **3/24** | $10357 | $10381 | $10730 |
| **3/25** | $10916 | $10947 | $11254 |
| **3/26** | $11503 | $11577 | $11744 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 5.38% | 0.21% | 1.78% |
| Bloomberg U.S. Securitized Bond Index | 5.75% | 0.54% | 1.86% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 2.04% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs U.S. Mortgages Fund

# Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $294030914 |
| # of Portfolio Holdings as of Period End | 888 |
| Portfolio Turnover Rate for the Period | 1,219% |
| Total Net Advisory Fees Paid for the Period | $610786 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective February 27, 2026, the Goldman Sachs Government Income Fund (the "Acquired Fund") was reorganized into the Fund, whereby the Fund acquired all of the assets and assumed all of the liabilities of the Acquired Fund. The performance and financial information presented prior to February 27, 2026, includes that of the Acquired Fund.

Effective July 29, 2025, investments related to floating and variable rate obligations was added as a principal risk of the Fund and investments related to other investment companies and reverse repurchase agreements were removed as principal risks of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 113.6% |
| Collateralized Mortgage Obligations | 6.9% |
| Commercial Mortgage-Backed Securities | 6.1% |
| U.S. Treasury Obligations | 2.2% |
| Collateralized Loan Obligations | 1.9% |
| Other | 1.8% |

---

# Goldman Sachs U.S. Mortgages Fund

# Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs U.S. Mortgages Fund

# 38150B160-AR-0326

# Class P
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs U.S. Mortgages Fund

# GGURX: Class R

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Mortgages Fund (the "Fund") for the period of February 20, 2026 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $11<sup>Footnote Reference(a)</sup> | 1.02%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Based on the period February 20, 2026 (commencement of operations) through March 31, 2026. Expenses would have been higher if the share class had been in existence for the full reporting period. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## How did the Fund perform and what affected its performance?
The performance of agency mortgage-backed securities was volatile but broadly positive, with shifting interest rates, mixed macroeconomic data, geopolitical uncertainty and the outlook for Federal Reserve (Fed) policy the key influences. Spreads tightened amid healthy fundamentals and supportive supply/demand dynamics.

Top Contributors to Performance:

* Tactical management of the Fund's duration and yield curve positioning added most to the Fund's performance versus the Bloomberg U.S. Securitized Bond Index (Index). The Fund was helped by our participation, on a tactical basis, in month-end bond auctions. The Fund also benefited from our decision to maintain a steepening position on the U.S. Treasury yield curve between two-year and 10-year maturities. Short-term Treasury yields fell as the Fed began cutting interest rates in September 2025, while long-term Treasury yields remained elevated amid rising concerns about the U.S. deficit. Geopolitical uncertainty and worries about U.S. fiscal conditions also put upward pressure on long-term Treasury yields.

* Individual issue selection among agency mortgage-backed securities contributed positively to the Fund's relative performance. Positioning in lower-coupon Ginnie Mae mortgage-backed securities was particularly advantageous. 

* The Fund was helped by individual issue selection of non-qualified mortgage securities, highlighted by investments in discounted dollar-priced bonds, which outperformed during the Period. 

* Sector positioning added to the Fund's relative performance. The Fund benefited from its overweight positions compared to the Index in commercial mortgage-backed securities, mortgage-backed securities broadly and collateralized loan obligations.

Top Detractors from Performance:

* Our government/swaps strategy detracted from the Fund's relative performance, especially in April 2025 and in February and March 2026 when interest rate volatility increased on investor concerns about U.S. economic growth, inflationary pressures and geopolitical tensions. 

# Goldman Sachs U.S. Mortgages Fund

# Class R

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g63d09.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. Securitized Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **2/20/26** | $10000 | $10000 | $10000 |
| **3/26** | $9871 | $9895 | $9877 |

---

## Average Annual Total Returns (%)

---

| | |
|:---|:---|
| AATR | **Since Inception** |
| Class R (Commenced February 20, 2026) | -1.29% |
| Bloomberg U.S. Securitized Bond Index | -1.05% |
| Bloomberg U.S. Aggregate Bond Index | -1.23% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs U.S. Mortgages Fund

# Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $294030914 |
| # of Portfolio Holdings as of Period End | 888 |
| Portfolio Turnover Rate for the Period | 1,219% |
| Total Net Advisory Fees Paid for the Period | $610786 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective February 27, 2026, the Goldman Sachs Government Income Fund (the "Acquired Fund") was reorganized into the Fund, whereby the Fund acquired all of the assets and assumed all of the liabilities of the Acquired Fund. The performance and financial information presented prior to February 27, 2026, includes that of the Acquired Fund.

Effective July 29, 2025, investments related to floating and variable rate obligations was added as a principal risk of the Fund and investments related to other investment companies and reverse repurchase agreements were removed as principal risks of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 113.6% |
| Collateralized Mortgage Obligations | 6.9% |
| Commercial Mortgage-Backed Securities | 6.1% |
| U.S. Treasury Obligations | 2.2% |
| Collateralized Loan Obligations | 1.9% |
| Other | 1.8% |

---

# Goldman Sachs U.S. Mortgages Fund

# Class R

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs U.S. Mortgages Fund

# 38151N304-AR-0326

# Class R
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs U.S. Mortgages Fund

# GGIUX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Mortgages Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $45 | 0.44% |

---

## How did the Fund perform and what affected its performance?
The performance of agency mortgage-backed securities was volatile but broadly positive, with shifting interest rates, mixed macroeconomic data, geopolitical uncertainty and the outlook for Federal Reserve (Fed) policy the key influences. Spreads tightened amid healthy fundamentals and supportive supply/demand dynamics.

Top Contributors to Performance:

* Tactical management of the Fund's duration and yield curve positioning added most to the Fund's performance versus the Bloomberg U.S. Securitized Bond Index (Index). The Fund was helped by our participation, on a tactical basis, in month-end bond auctions. The Fund also benefited from our decision to maintain a steepening position on the U.S. Treasury yield curve between two-year and 10-year maturities. Short-term Treasury yields fell as the Fed began cutting interest rates in September 2025, while long-term Treasury yields remained elevated amid rising concerns about the U.S. deficit. Geopolitical uncertainty and worries about U.S. fiscal conditions also put upward pressure on long-term Treasury yields.

* Individual issue selection among agency mortgage-backed securities contributed positively to the Fund's relative performance. Positioning in lower-coupon Ginnie Mae mortgage-backed securities was particularly advantageous. 

* The Fund was helped by individual issue selection of non-qualified mortgage securities, highlighted by investments in discounted dollar-priced bonds, which outperformed during the Period. 

* Sector positioning added to the Fund's relative performance. The Fund benefited from its overweight positions compared to the Index in commercial mortgage-backed securities, mortgage-backed securities broadly and collateralized loan obligations.

Top Detractors from Performance:

* Our government/swaps strategy detracted from the Fund's relative performance, especially in April 2025 and in February and March 2026 when interest rate volatility increased on investor concerns about U.S. economic growth, inflationary pressures and geopolitical tensions. 

# Goldman Sachs U.S. Mortgages Fund

# Class R6

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g68t74.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Securitized Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 | $10000 |
| **3/17** | $10046 | $10022 | $10044 |
| **3/18** | $10062 | $10101 | $10165 |
| **3/19** | $10471 | $10554 | $10620 |
| **3/20** | $11076 | $11281 | $11568 |
| **3/21** | $11396 | $11315 | $11650 |
| **3/22** | $10800 | $10765 | $11167 |
| **3/23** | $10218 | $10256 | $10633 |
| **3/24** | $10371 | $10421 | $10814 |
| **3/25** | $10931 | $10990 | $11342 |
| **3/26** | $11531 | $11622 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 5.49% | 0.24% | 1.43% |
| Bloomberg U.S. Securitized Bond Index | 5.75% | 0.54% | 1.51% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs U.S. Mortgages Fund

# Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $294030914 |
| # of Portfolio Holdings as of Period End | 888 |
| Portfolio Turnover Rate for the Period | 1,219% |
| Total Net Advisory Fees Paid for the Period | $610786 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective February 27, 2026, the Goldman Sachs Government Income Fund (the "Acquired Fund") was reorganized into the Fund, whereby the Fund acquired all of the assets and assumed all of the liabilities of the Acquired Fund. The performance and financial information presented prior to February 27, 2026, includes that of the Acquired Fund.

Effective July 29, 2025, investments related to floating and variable rate obligations was added as a principal risk of the Fund and investments related to other investment companies and reverse repurchase agreements were removed as principal risks of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 113.6% |
| Collateralized Mortgage Obligations | 6.9% |
| Commercial Mortgage-Backed Securities | 6.1% |
| U.S. Treasury Obligations | 2.2% |
| Collateralized Loan Obligations | 1.9% |
| Other | 1.8% |

---

# Goldman Sachs U.S. Mortgages Fund

# Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs U.S. Mortgages Fund

# 38148U858-AR-0326

# Class R6
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs U.S. Mortgages Fund

# GSUIX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Mortgages Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $46 | 0.45% |

---

## How did the Fund perform and what affected its performance?
The performance of agency mortgage-backed securities was volatile but broadly positive, with shifting interest rates, mixed macroeconomic data, geopolitical uncertainty and the outlook for Federal Reserve (Fed) policy the key influences. Spreads tightened amid healthy fundamentals and supportive supply/demand dynamics.

Top Contributors to Performance:

* Tactical management of the Fund's duration and yield curve positioning added most to the Fund's performance versus the Bloomberg U.S. Securitized Bond Index (Index). The Fund was helped by our participation, on a tactical basis, in month-end bond auctions. The Fund also benefited from our decision to maintain a steepening position on the U.S. Treasury yield curve between two-year and 10-year maturities. Short-term Treasury yields fell as the Fed began cutting interest rates in September 2025, while long-term Treasury yields remained elevated amid rising concerns about the U.S. deficit. Geopolitical uncertainty and worries about U.S. fiscal conditions also put upward pressure on long-term Treasury yields.

* Individual issue selection among agency mortgage-backed securities contributed positively to the Fund's relative performance. Positioning in lower-coupon Ginnie Mae mortgage-backed securities was particularly advantageous. 

* The Fund was helped by individual issue selection of non-qualified mortgage securities, highlighted by investments in discounted dollar-priced bonds, which outperformed during the Period. 

* Sector positioning added to the Fund's relative performance. The Fund benefited from its overweight positions compared to the Index in commercial mortgage-backed securities, mortgage-backed securities broadly and collateralized loan obligations.

Top Detractors from Performance:

* Our government/swaps strategy detracted from the Fund's relative performance, especially in April 2025 and in February and March 2026 when interest rate volatility increased on investor concerns about U.S. economic growth, inflationary pressures and geopolitical tensions. 

# Goldman Sachs U.S. Mortgages Fund

# Institutional Class

## Performance Overview
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g67r77.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **Bloomberg U.S. Securitized Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $1000000 | $1000000 | $1000000 |
| **3/17** | $1003500 | $1002200 | $1004400 |
| **3/18** | $1005908 | $1010117 | $1016453 |
| **3/19** | $1046648 | $1055371 | $1061990 |
| **3/20** | $1107039 | $1128086 | $1156826 |
| **3/21** | $1138922 | $1131470 | $1165039 |
| **3/22** | $1079242 | $1076480 | $1116690 |
| **3/23** | $1020963 | $1025563 | $1063312 |
| **3/24** | $1036176 | $1042075 | $1081388 |
| **3/25** | $1093269 | $1098972 | $1134160 |
| **3/26** | $1151978 | $1162163 | $1183496 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 5.37% | 0.23% | 1.42% |
| Bloomberg U.S. Securitized Bond Index | 5.75% | 0.54% | 1.51% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs U.S. Mortgages Fund

# Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $294030914 |
| # of Portfolio Holdings as of Period End | 888 |
| Portfolio Turnover Rate for the Period | 1,219% |
| Total Net Advisory Fees Paid for the Period | $610786 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective February 27, 2026, the Goldman Sachs Government Income Fund (the "Acquired Fund") was reorganized into the Fund, whereby the Fund acquired all of the assets and assumed all of the liabilities of the Acquired Fund. The performance and financial information presented prior to February 27, 2026, includes that of the Acquired Fund.

Effective July 29, 2025, investments related to floating and variable rate obligations was added as a principal risk of the Fund and investments related to other investment companies and reverse repurchase agreements were removed as principal risks of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 113.6% |
| Collateralized Mortgage Obligations | 6.9% |
| Commercial Mortgage-Backed Securities | 6.1% |
| U.S. Treasury Obligations | 2.2% |
| Collateralized Loan Obligations | 1.9% |
| Other | 1.8% |

---

# Goldman Sachs U.S. Mortgages Fund

# Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs U.S. Mortgages Fund

# 38143H860-AR-0326

# Institutional Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs U.S. Mortgages Fund

# GGIRX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Mortgages Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $54 | 0.53% |

---

## How did the Fund perform and what affected its performance?
The performance of agency mortgage-backed securities was volatile but broadly positive, with shifting interest rates, mixed macroeconomic data, geopolitical uncertainty and the outlook for Federal Reserve (Fed) policy the key influences. Spreads tightened amid healthy fundamentals and supportive supply/demand dynamics.

Top Contributors to Performance:

* Tactical management of the Fund's duration and yield curve positioning added most to the Fund's performance versus the Bloomberg U.S. Securitized Bond Index (Index). The Fund was helped by our participation, on a tactical basis, in month-end bond auctions. The Fund also benefited from our decision to maintain a steepening position on the U.S. Treasury yield curve between two-year and 10-year maturities. Short-term Treasury yields fell as the Fed began cutting interest rates in September 2025, while long-term Treasury yields remained elevated amid rising concerns about the U.S. deficit. Geopolitical uncertainty and worries about U.S. fiscal conditions also put upward pressure on long-term Treasury yields.

* Individual issue selection among agency mortgage-backed securities contributed positively to the Fund's relative performance. Positioning in lower-coupon Ginnie Mae mortgage-backed securities was particularly advantageous. 

* The Fund was helped by individual issue selection of non-qualified mortgage securities, highlighted by investments in discounted dollar-priced bonds, which outperformed during the Period. 

* Sector positioning added to the Fund's relative performance. The Fund benefited from its overweight positions compared to the Index in commercial mortgage-backed securities, mortgage-backed securities broadly and collateralized loan obligations.

Top Detractors from Performance:

* Our government/swaps strategy detracted from the Fund's relative performance, especially in April 2025 and in February and March 2026 when interest rate volatility increased on investor concerns about U.S. economic growth, inflationary pressures and geopolitical tensions. 

# Goldman Sachs U.S. Mortgages Fund

# Investor Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g19p74.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Shares** | **Bloomberg U.S. Securitized Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 | $10000 |
| **3/17** | $10025 | $10022 | $10044 |
| **3/18** | $10040 | $10101 | $10165 |
| **3/19** | $10438 | $10554 | $10620 |
| **3/20** | $11030 | $11281 | $11568 |
| **3/21** | $11338 | $11315 | $11650 |
| **3/22** | $10735 | $10765 | $11167 |
| **3/23** | $10136 | $10256 | $10633 |
| **3/24** | $10290 | $10421 | $10814 |
| **3/25** | $10836 | $10990 | $11342 |
| **3/26** | $11422 | $11622 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 5.40% | 0.15% | 1.34% |
| Bloomberg U.S. Securitized Bond Index | 5.75% | 0.54% | 1.51% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs U.S. Mortgages Fund

# Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $294030914 |
| # of Portfolio Holdings as of Period End | 888 |
| Portfolio Turnover Rate for the Period | 1,219% |
| Total Net Advisory Fees Paid for the Period | $610786 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective February 27, 2026, the Goldman Sachs Government Income Fund (the "Acquired Fund") was reorganized into the Fund, whereby the Fund acquired all of the assets and assumed all of the liabilities of the Acquired Fund. The performance and financial information presented prior to February 27, 2026, includes that of the Acquired Fund.

Effective July 29, 2025, investments related to floating and variable rate obligations was added as a principal risk of the Fund and investments related to other investment companies and reverse repurchase agreements were removed as principal risks of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 113.6% |
| Collateralized Mortgage Obligations | 6.9% |
| Commercial Mortgage-Backed Securities | 6.1% |
| U.S. Treasury Obligations | 2.2% |
| Collateralized Loan Obligations | 1.9% |
| Other | 1.8% |

---

# Goldman Sachs U.S. Mortgages Fund

# Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs U.S. Mortgages Fund

# 38144N197-AR-0326

# Investor Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs U.S. Mortgages Fund

# GSUPX: Separate Account Institutional

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Mortgages Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Separate Account Institutional | $45 | 0.44% |

---

## How did the Fund perform and what affected its performance?
The performance of agency mortgage-backed securities was volatile but broadly positive, with shifting interest rates, mixed macroeconomic data, geopolitical uncertainty and the outlook for Federal Reserve (Fed) policy the key influences. Spreads tightened amid healthy fundamentals and supportive supply/demand dynamics.

Top Contributors to Performance:

* Tactical management of the Fund's duration and yield curve positioning added most to the Fund's performance versus the Bloomberg U.S. Securitized Bond Index (Index). The Fund was helped by our participation, on a tactical basis, in month-end bond auctions. The Fund also benefited from our decision to maintain a steepening position on the U.S. Treasury yield curve between two-year and 10-year maturities. Short-term Treasury yields fell as the Fed began cutting interest rates in September 2025, while long-term Treasury yields remained elevated amid rising concerns about the U.S. deficit. Geopolitical uncertainty and worries about U.S. fiscal conditions also put upward pressure on long-term Treasury yields.

* Individual issue selection among agency mortgage-backed securities contributed positively to the Fund's relative performance. Positioning in lower-coupon Ginnie Mae mortgage-backed securities was particularly advantageous. 

* The Fund was helped by individual issue selection of non-qualified mortgage securities, highlighted by investments in discounted dollar-priced bonds, which outperformed during the Period. 

* Sector positioning added to the Fund's relative performance. The Fund benefited from its overweight positions compared to the Index in commercial mortgage-backed securities, mortgage-backed securities broadly and collateralized loan obligations.

Top Detractors from Performance:

* Our government/swaps strategy detracted from the Fund's relative performance, especially in April 2025 and in February and March 2026 when interest rate volatility increased on investor concerns about U.S. economic growth, inflationary pressures and geopolitical tensions. 

# Goldman Sachs U.S. Mortgages Fund

# Separate Account Institutional

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g21y92.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Separate Account Institutional** | **Bloomberg U.S. Securitized Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 | $10000 |
| **3/17** | $10035 | $10022 | $10044 |
| **3/18** | $10059 | $10101 | $10165 |
| **3/19** | $10468 | $10554 | $10620 |
| **3/20** | $11064 | $11281 | $11568 |
| **3/21** | $11395 | $11315 | $11650 |
| **3/22** | $10797 | $10765 | $11167 |
| **3/23** | $10213 | $10256 | $10633 |
| **3/24** | $10366 | $10421 | $10814 |
| **3/25** | $10927 | $10990 | $11342 |
| **3/26** | $11528 | $11622 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Separate Account Institutional | 5.50% | 0.23% | 1.43% |
| Bloomberg U.S. Securitized Bond Index | 5.75% | 0.54% | 1.51% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs U.S. Mortgages Fund

# Separate Account Institutional

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $294030914 |
| # of Portfolio Holdings as of Period End | 888 |
| Portfolio Turnover Rate for the Period | 1,219% |
| Total Net Advisory Fees Paid for the Period | $610786 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective February 27, 2026, the Goldman Sachs Government Income Fund (the "Acquired Fund") was reorganized into the Fund, whereby the Fund acquired all of the assets and assumed all of the liabilities of the Acquired Fund. The performance and financial information presented prior to February 27, 2026, includes that of the Acquired Fund.

Effective July 29, 2025, investments related to floating and variable rate obligations was added as a principal risk of the Fund and investments related to other investment companies and reverse repurchase agreements were removed as principal risks of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 113.6% |
| Collateralized Mortgage Obligations | 6.9% |
| Commercial Mortgage-Backed Securities | 6.1% |
| U.S. Treasury Obligations | 2.2% |
| Collateralized Loan Obligations | 1.9% |
| Other | 1.8% |

---

# Goldman Sachs U.S. Mortgages Fund

# Separate Account Institutional

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs U.S. Mortgages Fund

# 38143H837-AR-0326

# Separate Account Institutional
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs U.S. Mortgages Fund

# GGUSX: Service Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Mortgages Fund (the "Fund") for the period of February 20, 2026 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $10<sup>Footnote Reference(a)</sup> | 0.94%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Based on the period February 20, 2026 (commencement of operations) through March 31, 2026. Expenses would have been higher if the share class had been in existence for the full reporting period. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## How did the Fund perform and what affected its performance?
The performance of agency mortgage-backed securities was volatile but broadly positive, with shifting interest rates, mixed macroeconomic data, geopolitical uncertainty and the outlook for Federal Reserve (Fed) policy the key influences. Spreads tightened amid healthy fundamentals and supportive supply/demand dynamics.

Top Contributors to Performance:

* Tactical management of the Fund's duration and yield curve positioning added most to the Fund's performance versus the Bloomberg U.S. Securitized Bond Index (Index). The Fund was helped by our participation, on a tactical basis, in month-end bond auctions. The Fund also benefited from our decision to maintain a steepening position on the U.S. Treasury yield curve between two-year and 10-year maturities. Short-term Treasury yields fell as the Fed began cutting interest rates in September 2025, while long-term Treasury yields remained elevated amid rising concerns about the U.S. deficit. Geopolitical uncertainty and worries about U.S. fiscal conditions also put upward pressure on long-term Treasury yields.

* Individual issue selection among agency mortgage-backed securities contributed positively to the Fund's relative performance. Positioning in lower-coupon Ginnie Mae mortgage-backed securities was particularly advantageous. 

* The Fund was helped by individual issue selection of non-qualified mortgage securities, highlighted by investments in discounted dollar-priced bonds, which outperformed during the Period. 

* Sector positioning added to the Fund's relative performance. The Fund benefited from its overweight positions compared to the Index in commercial mortgage-backed securities, mortgage-backed securities broadly and collateralized loan obligations.

Top Detractors from Performance:

* Our government/swaps strategy detracted from the Fund's relative performance, especially in April 2025 and in February and March 2026 when interest rate volatility increased on investor concerns about U.S. economic growth, inflationary pressures and geopolitical tensions. 

# Goldman Sachs U.S. Mortgages Fund

# Service Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g00b40.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **Bloomberg U.S. Securitized Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **2/20/26** | $10000 | $10000 | $10000 |
| **3/26** | $9865 | $9895 | $9877 |

---

## Average Annual Total Returns (%)

---

| | |
|:---|:---|
| AATR | **Since Inception** |
| Service Class (Commenced February 20, 2026) | -1.35% |
| Bloomberg U.S. Securitized Bond Index | -1.05% |
| Bloomberg U.S. Aggregate Bond Index | -1.23% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs U.S. Mortgages Fund

# Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $294030914 |
| # of Portfolio Holdings as of Period End | 888 |
| Portfolio Turnover Rate for the Period | 1,219% |
| Total Net Advisory Fees Paid for the Period | $610786 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective February 27, 2026, the Goldman Sachs Government Income Fund (the "Acquired Fund") was reorganized into the Fund, whereby the Fund acquired all of the assets and assumed all of the liabilities of the Acquired Fund. The performance and financial information presented prior to February 27, 2026, includes that of the Acquired Fund.

Effective July 29, 2025, investments related to floating and variable rate obligations was added as a principal risk of the Fund and investments related to other investment companies and reverse repurchase agreements were removed as principal risks of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 113.6% |
| Collateralized Mortgage Obligations | 6.9% |
| Commercial Mortgage-Backed Securities | 6.1% |
| U.S. Treasury Obligations | 2.2% |
| Collateralized Loan Obligations | 1.9% |
| Other | 1.8% |

---

# Goldman Sachs U.S. Mortgages Fund

# Service Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs U.S. Mortgages Fund

# 38151N403-AR-0326

# Service Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Bond Fund

# GSFAX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $82 | 0.80% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's cross-sector strategy, especially overweights to the commercial mortgage-backed securities, mortgage-backed securities and collateralized loan obligation sectors. Sector overweights to high yield corporate bonds and emerging markets debt also added value. 

* The Fund's macro relative value country strategy contributed positively due mostly to its long New Zealand rates vs. short Japanese rates position.

* The Fund's duration and yield curve positioning strategies proved effective, largely driven by its short Japan position and our month-end systematic U.S. Treasury auction strategy. 

* Security selection strategies overall added value. Within the corporate credit sector, positioning along the short and intermediate segments of the credit curve and name selection of investment grade industrial bonds boosted results most. Within the securitized sector, our preference for lower-coupon agency mortgage-backed securities and name selection of non-agency mortgage-backed securities helped. Within the government/swaps sector, our U.S. butterfly trade and European steepener positions contributed most positively. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, a sector underweight to investment grade corporate bonds and a sector overweight to non-agency mortgage-backed securities detracted. 

* Individual issue selection within the emerging markets debt sector detracted slightly due to the Fund's underweight to Brazilian debt securities.

* The Fund's currency strategy detracted overall given its underweight of the new Taiwan dollar and its overweight of the Singapore dollar. 

# Goldman Sachs Bond Fund

# Class A

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g77v21.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $9625 | $10000 | $10000 |
| **3/17** | $9736 | $10115 | $10044 |
| **3/18** | $9757 | $10137 | $10165 |
| **3/19** | $10132 | $10527 | $10620 |
| **3/20** | $10706 | $11123 | $11568 |
| **3/21** | $11409 | $11853 | $11650 |
| **3/22** | $10847 | $11270 | $11167 |
| **3/23** | $10188 | $10585 | $10633 |
| **3/24** | $10437 | $10844 | $10814 |
| **3/25** | $10972 | $11399 | $11342 |
| **3/26** | $11469 | $11916 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 4.53% | 0.10% | 1.77% |
| Class A including sales charges | 0.56% | -0.66% | 1.38% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Bond Fund

# Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $362387489 |
| # of Portfolio Holdings as of Period End | 656 |
| Portfolio Turnover Rate for the Period | 978% |
| Total Net Advisory Fees Paid for the Period | $1434510 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

At a meeting held on April 21-22, 2026, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Core Plus Bond ETF (the "ETF"), a newly created shell series of Goldman Sachs ETF Trust. The ETF will be managed in a substantially similar manner to the Fund. The Reorganization is anticipated to occur on or about August 7, 2026.

Effective July 29, 2025, investments related to floating and variable rate obligations was added as a principal risk of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 35.7% |
| Commercial Mortgage-Backed Securities | 11.4% |
| Collateralized Loan Obligations | 9.8% |
| U.S. Treasury Obligations | 8.7% |
| Banks | 7.3% |
| Collateralized Mortgage Obligations | 6.0% |
| Software | 3.2% |
| Healthcare Providers & Services | 2.6% |
| Telecommunication Services | 1.6% |
| Other | 23.3% |

---

# Goldman Sachs Bond Fund

# Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Bond Fund

# 38143H449-AR-0326

# Class A
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Bond Fund

# GSFCX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $158 | 1.55% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's cross-sector strategy, especially overweights to the commercial mortgage-backed securities, mortgage-backed securities and collateralized loan obligation sectors. Sector overweights to high yield corporate bonds and emerging markets debt also added value. 

* The Fund's macro relative value country strategy contributed positively due mostly to its long New Zealand rates vs. short Japanese rates position.

* The Fund's duration and yield curve positioning strategies proved effective, largely driven by its short Japan position and our month-end systematic U.S. Treasury auction strategy. 

* Security selection strategies overall added value. Within the corporate credit sector, positioning along the short and intermediate segments of the credit curve and name selection of investment grade industrial bonds boosted results most. Within the securitized sector, our preference for lower-coupon agency mortgage-backed securities and name selection of non-agency mortgage-backed securities helped. Within the government/swaps sector, our U.S. butterfly trade and European steepener positions contributed most positively. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, a sector underweight to investment grade corporate bonds and a sector overweight to non-agency mortgage-backed securities detracted. 

* Individual issue selection within the emerging markets debt sector detracted slightly due to the Fund's underweight to Brazilian debt securities.

* The Fund's currency strategy detracted overall given its underweight of the new Taiwan dollar and its overweight of the Singapore dollar. 

# Goldman Sachs Bond Fund

# Class C

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g40b20.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $9900 | $10000 | $10000 |
| **3/17** | $9950 | $10050 | $10044 |
| **3/18** | $9898 | $9998 | $10165 |
| **3/19** | $10192 | $10295 | $10620 |
| **3/20** | $10691 | $10799 | $11568 |
| **3/21** | $11297 | $11411 | $11650 |
| **3/22** | $10670 | $10778 | $11167 |
| **3/23** | $9946 | $10046 | $10633 |
| **3/24** | $10114 | $10216 | $10814 |
| **3/25** | $10553 | $10659 | $11342 |
| **3/26** | $10949 | $11059 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 3.75% | -0.63% | 1.01% |
| Class C including sales charges | 2.72% | -0.63% | 1.01% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Bond Fund

# Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $362387489 |
| # of Portfolio Holdings as of Period End | 656 |
| Portfolio Turnover Rate for the Period | 978% |
| Total Net Advisory Fees Paid for the Period | $1434510 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

At a meeting held on April 21-22, 2026, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Core Plus Bond ETF (the "ETF"), a newly created shell series of Goldman Sachs ETF Trust. The ETF will be managed in a substantially similar manner to the Fund. The Reorganization is anticipated to occur on or about August 7, 2026.

Effective July 29, 2025, investments related to floating and variable rate obligations was added as a principal risk of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 35.7% |
| Commercial Mortgage-Backed Securities | 11.4% |
| Collateralized Loan Obligations | 9.8% |
| U.S. Treasury Obligations | 8.7% |
| Banks | 7.3% |
| Collateralized Mortgage Obligations | 6.0% |
| Software | 3.2% |
| Healthcare Providers & Services | 2.6% |
| Telecommunication Services | 1.6% |
| Other | 23.3% |

---

# Goldman Sachs Bond Fund

# Class C

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Bond Fund

# 38143H423-AR-0326

# Class C
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Bond Fund

# GMVPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $47 | 0.46% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's cross-sector strategy, especially overweights to the commercial mortgage-backed securities, mortgage-backed securities and collateralized loan obligation sectors. Sector overweights to high yield corporate bonds and emerging markets debt also added value. 

* The Fund's macro relative value country strategy contributed positively due mostly to its long New Zealand rates vs. short Japanese rates position.

* The Fund's duration and yield curve positioning strategies proved effective, largely driven by its short Japan position and our month-end systematic U.S. Treasury auction strategy. 

* Security selection strategies overall added value. Within the corporate credit sector, positioning along the short and intermediate segments of the credit curve and name selection of investment grade industrial bonds boosted results most. Within the securitized sector, our preference for lower-coupon agency mortgage-backed securities and name selection of non-agency mortgage-backed securities helped. Within the government/swaps sector, our U.S. butterfly trade and European steepener positions contributed most positively. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, a sector underweight to investment grade corporate bonds and a sector overweight to non-agency mortgage-backed securities detracted. 

* Individual issue selection within the emerging markets debt sector detracted slightly due to the Fund's underweight to Brazilian debt securities.

* The Fund's currency strategy detracted overall given its underweight of the new Taiwan dollar and its overweight of the Singapore dollar. 

# Goldman Sachs Bond Fund

# Class P

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g51u13.jpg)

---

| | | |
|:---|:---|:---|
| | **Class P** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/20/18** | $10000 | $10000 |
| **3/19** | $10472 | $10538 |
| **3/20** | $11105 | $11479 |
| **3/21** | $11874 | $11561 |
| **3/22** | $11328 | $11081 |
| **3/23** | $10674 | $10551 |
| **3/24** | $10973 | $10730 |
| **3/25** | $11573 | $11254 |
| **3/26** | $12138 | $11744 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 4.88% | 0.44% | 2.47% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 2.04% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Bond Fund

# Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $362387489 |
| # of Portfolio Holdings as of Period End | 656 |
| Portfolio Turnover Rate for the Period | 978% |
| Total Net Advisory Fees Paid for the Period | $1434510 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

At a meeting held on April 21-22, 2026, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Core Plus Bond ETF (the "ETF"), a newly created shell series of Goldman Sachs ETF Trust. The ETF will be managed in a substantially similar manner to the Fund. The Reorganization is anticipated to occur on or about August 7, 2026.

Effective July 29, 2025, investments related to floating and variable rate obligations was added as a principal risk of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 35.7% |
| Commercial Mortgage-Backed Securities | 11.4% |
| Collateralized Loan Obligations | 9.8% |
| U.S. Treasury Obligations | 8.7% |
| Banks | 7.3% |
| Collateralized Mortgage Obligations | 6.0% |
| Software | 3.2% |
| Healthcare Providers & Services | 2.6% |
| Telecommunication Services | 1.6% |
| Other | 23.3% |

---

# Goldman Sachs Bond Fund

# Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Bond Fund

# 38150B509-AR-0326

# Class P
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Bond Fund

# GSNRX: Class R

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $107 | 1.05% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's cross-sector strategy, especially overweights to the commercial mortgage-backed securities, mortgage-backed securities and collateralized loan obligation sectors. Sector overweights to high yield corporate bonds and emerging markets debt also added value. 

* The Fund's macro relative value country strategy contributed positively due mostly to its long New Zealand rates vs. short Japanese rates position.

* The Fund's duration and yield curve positioning strategies proved effective, largely driven by its short Japan position and our month-end systematic U.S. Treasury auction strategy. 

* Security selection strategies overall added value. Within the corporate credit sector, positioning along the short and intermediate segments of the credit curve and name selection of investment grade industrial bonds boosted results most. Within the securitized sector, our preference for lower-coupon agency mortgage-backed securities and name selection of non-agency mortgage-backed securities helped. Within the government/swaps sector, our U.S. butterfly trade and European steepener positions contributed most positively. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, a sector underweight to investment grade corporate bonds and a sector overweight to non-agency mortgage-backed securities detracted. 

* Individual issue selection within the emerging markets debt sector detracted slightly due to the Fund's underweight to Brazilian debt securities.

* The Fund's currency strategy detracted overall given its underweight of the new Taiwan dollar and its overweight of the Singapore dollar. 

# Goldman Sachs Bond Fund

# Class R

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g15x09.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 |
| **3/17** | $10090 | $10044 |
| **3/18** | $10087 | $10165 |
| **3/19** | $10448 | $10620 |
| **3/20** | $11013 | $11568 |
| **3/21** | $11707 | $11650 |
| **3/22** | $11103 | $11167 |
| **3/23** | $10400 | $10633 |
| **3/24** | $10628 | $10814 |
| **3/25** | $11145 | $11342 |
| **3/26** | $11620 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R | 4.27% | -0.15% | 1.51% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Bond Fund

# Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $362387489 |
| # of Portfolio Holdings as of Period End | 656 |
| Portfolio Turnover Rate for the Period | 978% |
| Total Net Advisory Fees Paid for the Period | $1434510 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

At a meeting held on April 21-22, 2026, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Core Plus Bond ETF (the "ETF"), a newly created shell series of Goldman Sachs ETF Trust. The ETF will be managed in a substantially similar manner to the Fund. The Reorganization is anticipated to occur on or about August 7, 2026.

Effective July 29, 2025, investments related to floating and variable rate obligations was added as a principal risk of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 35.7% |
| Commercial Mortgage-Backed Securities | 11.4% |
| Collateralized Loan Obligations | 9.8% |
| U.S. Treasury Obligations | 8.7% |
| Banks | 7.3% |
| Collateralized Mortgage Obligations | 6.0% |
| Software | 3.2% |
| Healthcare Providers & Services | 2.6% |
| Telecommunication Services | 1.6% |
| Other | 23.3% |

---

# Goldman Sachs Bond Fund

# Class R

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Bond Fund

# 38145N311-AR-0326

# Class R
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Bond Fund

# GSFUX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $47 | 0.46% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's cross-sector strategy, especially overweights to the commercial mortgage-backed securities, mortgage-backed securities and collateralized loan obligation sectors. Sector overweights to high yield corporate bonds and emerging markets debt also added value. 

* The Fund's macro relative value country strategy contributed positively due mostly to its long New Zealand rates vs. short Japanese rates position.

* The Fund's duration and yield curve positioning strategies proved effective, largely driven by its short Japan position and our month-end systematic U.S. Treasury auction strategy. 

* Security selection strategies overall added value. Within the corporate credit sector, positioning along the short and intermediate segments of the credit curve and name selection of investment grade industrial bonds boosted results most. Within the securitized sector, our preference for lower-coupon agency mortgage-backed securities and name selection of non-agency mortgage-backed securities helped. Within the government/swaps sector, our U.S. butterfly trade and European steepener positions contributed most positively. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, a sector underweight to investment grade corporate bonds and a sector overweight to non-agency mortgage-backed securities detracted. 

* Individual issue selection within the emerging markets debt sector detracted slightly due to the Fund's underweight to Brazilian debt securities.

* The Fund's currency strategy detracted overall given its underweight of the new Taiwan dollar and its overweight of the Singapore dollar. 

# Goldman Sachs Bond Fund

# Class R6

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g46l50.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 |
| **3/17** | $10151 | $10044 |
| **3/18** | $10210 | $10165 |
| **3/19** | $10628 | $10620 |
| **3/20** | $11270 | $11568 |
| **3/21** | $12051 | $11650 |
| **3/22** | $11497 | $11167 |
| **3/23** | $10834 | $10633 |
| **3/24** | $11137 | $10814 |
| **3/25** | $11746 | $11342 |
| **3/26** | $12321 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 4.89% | 0.44% | 2.11% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Bond Fund

# Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $362387489 |
| # of Portfolio Holdings as of Period End | 656 |
| Portfolio Turnover Rate for the Period | 978% |
| Total Net Advisory Fees Paid for the Period | $1434510 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

At a meeting held on April 21-22, 2026, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Core Plus Bond ETF (the "ETF"), a newly created shell series of Goldman Sachs ETF Trust. The ETF will be managed in a substantially similar manner to the Fund. The Reorganization is anticipated to occur on or about August 7, 2026.

Effective July 29, 2025, investments related to floating and variable rate obligations was added as a principal risk of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 35.7% |
| Commercial Mortgage-Backed Securities | 11.4% |
| Collateralized Loan Obligations | 9.8% |
| U.S. Treasury Obligations | 8.7% |
| Banks | 7.3% |
| Collateralized Mortgage Obligations | 6.0% |
| Software | 3.2% |
| Healthcare Providers & Services | 2.6% |
| Telecommunication Services | 1.6% |
| Other | 23.3% |

---

# Goldman Sachs Bond Fund

# Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Bond Fund

# 38147X556-AR-0326

# Class R6
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Bond Fund

# GSNIX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $48 | 0.47% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's cross-sector strategy, especially overweights to the commercial mortgage-backed securities, mortgage-backed securities and collateralized loan obligation sectors. Sector overweights to high yield corporate bonds and emerging markets debt also added value. 

* The Fund's macro relative value country strategy contributed positively due mostly to its long New Zealand rates vs. short Japanese rates position.

* The Fund's duration and yield curve positioning strategies proved effective, largely driven by its short Japan position and our month-end systematic U.S. Treasury auction strategy. 

* Security selection strategies overall added value. Within the corporate credit sector, positioning along the short and intermediate segments of the credit curve and name selection of investment grade industrial bonds boosted results most. Within the securitized sector, our preference for lower-coupon agency mortgage-backed securities and name selection of non-agency mortgage-backed securities helped. Within the government/swaps sector, our U.S. butterfly trade and European steepener positions contributed most positively. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, a sector underweight to investment grade corporate bonds and a sector overweight to non-agency mortgage-backed securities detracted. 

* Individual issue selection within the emerging markets debt sector detracted slightly due to the Fund's underweight to Brazilian debt securities.

* The Fund's currency strategy detracted overall given its underweight of the new Taiwan dollar and its overweight of the Singapore dollar. 

# Goldman Sachs Bond Fund

# Institutional Class

## Performance Overview
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g52j30.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $1000000 | $1000000 |
| **3/17** | $1015000 | $1004400 |
| **3/18** | $1020684 | $1016453 |
| **3/19** | $1063451 | $1061990 |
| **3/20** | $1127577 | $1156826 |
| **3/21** | $1204477 | $1165039 |
| **3/22** | $1148951 | $1116690 |
| **3/23** | $1083691 | $1063312 |
| **3/24** | $1113926 | $1081388 |
| **3/25** | $1173521 | $1134160 |
| **3/26** | $1230671 | $1183496 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 4.87% | 0.43% | 2.10% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Bond Fund

# Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $362387489 |
| # of Portfolio Holdings as of Period End | 656 |
| Portfolio Turnover Rate for the Period | 978% |
| Total Net Advisory Fees Paid for the Period | $1434510 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

At a meeting held on April 21-22, 2026, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Core Plus Bond ETF (the "ETF"), a newly created shell series of Goldman Sachs ETF Trust. The ETF will be managed in a substantially similar manner to the Fund. The Reorganization is anticipated to occur on or about August 7, 2026.

Effective July 29, 2025, investments related to floating and variable rate obligations was added as a principal risk of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 35.7% |
| Commercial Mortgage-Backed Securities | 11.4% |
| Collateralized Loan Obligations | 9.8% |
| U.S. Treasury Obligations | 8.7% |
| Banks | 7.3% |
| Collateralized Mortgage Obligations | 6.0% |
| Software | 3.2% |
| Healthcare Providers & Services | 2.6% |
| Telecommunication Services | 1.6% |
| Other | 23.3% |

---

# Goldman Sachs Bond Fund

# Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Bond Fund

# 38143H415-AR-0326

# Institutional Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Bond Fund

# GSNTX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $56 | 0.55% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's cross-sector strategy, especially overweights to the commercial mortgage-backed securities, mortgage-backed securities and collateralized loan obligation sectors. Sector overweights to high yield corporate bonds and emerging markets debt also added value. 

* The Fund's macro relative value country strategy contributed positively due mostly to its long New Zealand rates vs. short Japanese rates position.

* The Fund's duration and yield curve positioning strategies proved effective, largely driven by its short Japan position and our month-end systematic U.S. Treasury auction strategy. 

* Security selection strategies overall added value. Within the corporate credit sector, positioning along the short and intermediate segments of the credit curve and name selection of investment grade industrial bonds boosted results most. Within the securitized sector, our preference for lower-coupon agency mortgage-backed securities and name selection of non-agency mortgage-backed securities helped. Within the government/swaps sector, our U.S. butterfly trade and European steepener positions contributed most positively. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, a sector underweight to investment grade corporate bonds and a sector overweight to non-agency mortgage-backed securities detracted. 

* Individual issue selection within the emerging markets debt sector detracted slightly due to the Fund's underweight to Brazilian debt securities.

* The Fund's currency strategy detracted overall given its underweight of the new Taiwan dollar and its overweight of the Singapore dollar. 

# Goldman Sachs Bond Fund

# Investor Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g19d58.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor Shares** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 |
| **3/17** | $10140 | $10044 |
| **3/18** | $10188 | $10165 |
| **3/19** | $10605 | $10620 |
| **3/20** | $11225 | $11568 |
| **3/21** | $11992 | $11650 |
| **3/22** | $11428 | $11167 |
| **3/23** | $10767 | $10633 |
| **3/24** | $11058 | $10814 |
| **3/25** | $11653 | $11342 |
| **3/26** | $12211 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 4.79% | 0.36% | 2.02% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Bond Fund

# Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $362387489 |
| # of Portfolio Holdings as of Period End | 656 |
| Portfolio Turnover Rate for the Period | 978% |
| Total Net Advisory Fees Paid for the Period | $1434510 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

At a meeting held on April 21-22, 2026, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Core Plus Bond ETF (the "ETF"), a newly created shell series of Goldman Sachs ETF Trust. The ETF will be managed in a substantially similar manner to the Fund. The Reorganization is anticipated to occur on or about August 7, 2026.

Effective July 29, 2025, investments related to floating and variable rate obligations was added as a principal risk of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 35.7% |
| Commercial Mortgage-Backed Securities | 11.4% |
| Collateralized Loan Obligations | 9.8% |
| U.S. Treasury Obligations | 8.7% |
| Banks | 7.3% |
| Collateralized Mortgage Obligations | 6.0% |
| Software | 3.2% |
| Healthcare Providers & Services | 2.6% |
| Telecommunication Services | 1.6% |
| Other | 23.3% |

---

# Goldman Sachs Bond Fund

# Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Bond Fund

# 38145N295-AR-0326

# Investor Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Bond Fund

# GSNSX: Service Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $99 | 0.97% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's cross-sector strategy, especially overweights to the commercial mortgage-backed securities, mortgage-backed securities and collateralized loan obligation sectors. Sector overweights to high yield corporate bonds and emerging markets debt also added value. 

* The Fund's macro relative value country strategy contributed positively due mostly to its long New Zealand rates vs. short Japanese rates position.

* The Fund's duration and yield curve positioning strategies proved effective, largely driven by its short Japan position and our month-end systematic U.S. Treasury auction strategy. 

* Security selection strategies overall added value. Within the corporate credit sector, positioning along the short and intermediate segments of the credit curve and name selection of investment grade industrial bonds boosted results most. Within the securitized sector, our preference for lower-coupon agency mortgage-backed securities and name selection of non-agency mortgage-backed securities helped. Within the government/swaps sector, our U.S. butterfly trade and European steepener positions contributed most positively. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, a sector underweight to investment grade corporate bonds and a sector overweight to non-agency mortgage-backed securities detracted. 

* Individual issue selection within the emerging markets debt sector detracted slightly due to the Fund's underweight to Brazilian debt securities.

* The Fund's currency strategy detracted overall given its underweight of the new Taiwan dollar and its overweight of the Singapore dollar. 

# Goldman Sachs Bond Fund

# Service Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g05o13.jpg)

---

| | | |
|:---|:---|:---|
| | **Service Shares** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 |
| **3/17** | $10099 | $10044 |
| **3/18** | $10105 | $10165 |
| **3/19** | $10476 | $10620 |
| **3/20** | $11052 | $11568 |
| **3/21** | $11758 | $11650 |
| **3/22** | $11161 | $11167 |
| **3/23** | $10465 | $10633 |
| **3/24** | $10706 | $10814 |
| **3/25** | $11222 | $11342 |
| **3/26** | $11710 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Service Shares | 4.35% | -0.08% | 1.59% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Bond Fund

# Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $362387489 |
| # of Portfolio Holdings as of Period End | 656 |
| Portfolio Turnover Rate for the Period | 978% |
| Total Net Advisory Fees Paid for the Period | $1434510 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

At a meeting held on April 21-22, 2026, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Core Plus Bond ETF (the "ETF"), a newly created shell series of Goldman Sachs ETF Trust. The ETF will be managed in a substantially similar manner to the Fund. The Reorganization is anticipated to occur on or about August 7, 2026.

Effective July 29, 2025, investments related to floating and variable rate obligations was added as a principal risk of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 35.7% |
| Commercial Mortgage-Backed Securities | 11.4% |
| Collateralized Loan Obligations | 9.8% |
| U.S. Treasury Obligations | 8.7% |
| Banks | 7.3% |
| Collateralized Mortgage Obligations | 6.0% |
| Software | 3.2% |
| Healthcare Providers & Services | 2.6% |
| Telecommunication Services | 1.6% |
| Other | 23.3% |

---

# Goldman Sachs Bond Fund

# Service Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Bond Fund

# 38143H399-AR-0326

# Service Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Core Fixed Income Fund

# GCFIX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Core Fixed Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $72 | 0.71% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's cross-sector strategy, especially overweights to the commercial mortgage-backed securities, mortgage-backed securities and collateralized loan obligation sectors. Additionally, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, added to relative returns.

* The Fund's macro relative value country strategy contributed positively due mostly to its short Japanese rates position.

* Security selection strategies overall added value. Within the corporate credit sector, positioning along the short and intermediate segments of the credit curve and name selection of investment grade industrial bonds boosted results most. Within the securitized sector, our preference for lower-coupon agency mortgage-backed securities and name selection of non-agency mortgage-backed securities helped. Within the government/swaps sector, our U.S. butterfly trade and European steepener positions contributed most positively. 

* The Fund's duration and yield curve positioning strategies proved effective, largely driven by its short Japan position and our month-end systematic U.S. Treasury auction strategy. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, a sector underweight to investment grade corporate bonds and a sector overweight to non-agency mortgage-backed securities detracted. 

* Individual issue selection within the emerging markets debt sector detracted slightly due to the Fund's exposure to United Arab Emirates debt securities. 

# Goldman Sachs Core Fixed Income Fund

# Class A

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g15b45.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $9625 | $10000 | $10000 |
| **3/17** | $9715 | $10094 | $10044 |
| **3/18** | $9770 | $10151 | $10165 |
| **3/19** | $10200 | $10597 | $10620 |
| **3/20** | $10923 | $11348 | $11568 |
| **3/21** | $11341 | $11783 | $11650 |
| **3/22** | $10829 | $11251 | $11167 |
| **3/23** | $10235 | $10634 | $10633 |
| **3/24** | $10400 | $10805 | $10814 |
| **3/25** | $10895 | $11320 | $11342 |
| **3/26** | $11338 | $11780 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 4.07% | 0.00% | 1.65% |
| Class A including sales charges | 0.14% | -0.77% | 1.26% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Core Fixed Income Fund

# Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2542716942 |
| # of Portfolio Holdings as of Period End | 773 |
| Portfolio Turnover Rate for the Period | 788% |
| Total Net Advisory Fees Paid for the Period | $7792786 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective April 30, 2025, the Fund changed its non-fundamental policy to invest at least 80% of its net assets in core fixed income securities, which are fixed income securities that are rated investment grade, or, if unrated, determined by the Investment Adviser to be of comparable credit quality. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

Effective July 29, 2025, investments related to floating and variable rate obligations was added as a principal risk of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 32.3% |
| U.S. Treasury Obligations | 25.6% |
| Collateralized Loan Obligations | 9.0% |
| Banks | 6.9% |
| Commercial Mortgage-Backed Securities | 5.2% |
| Collateralized Mortgage Obligations | 4.0% |
| Healthcare Providers & Services | 3.1% |
| Software | 3.0% |
| Short-Term Investments | 1.5% |
| Other | 18.8% |

---

# Goldman Sachs Core Fixed Income Fund

# Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Core Fixed Income Fund

# 38142B419-AR-0326

# Class A
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Core Fixed Income Fund

# GCFCX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Core Fixed Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $148 | 1.46% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's cross-sector strategy, especially overweights to the commercial mortgage-backed securities, mortgage-backed securities and collateralized loan obligation sectors. Additionally, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, added to relative returns.

* The Fund's macro relative value country strategy contributed positively due mostly to its short Japanese rates position.

* Security selection strategies overall added value. Within the corporate credit sector, positioning along the short and intermediate segments of the credit curve and name selection of investment grade industrial bonds boosted results most. Within the securitized sector, our preference for lower-coupon agency mortgage-backed securities and name selection of non-agency mortgage-backed securities helped. Within the government/swaps sector, our U.S. butterfly trade and European steepener positions contributed most positively. 

* The Fund's duration and yield curve positioning strategies proved effective, largely driven by its short Japan position and our month-end systematic U.S. Treasury auction strategy. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, a sector underweight to investment grade corporate bonds and a sector overweight to non-agency mortgage-backed securities detracted. 

* Individual issue selection within the emerging markets debt sector detracted slightly due to the Fund's exposure to United Arab Emirates debt securities. 

# Goldman Sachs Core Fixed Income Fund

# Class C

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g58z09.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $9900 | $10000 | $10000 |
| **3/17** | $9920 | $10020 | $10044 |
| **3/18** | $9902 | $10002 | $10165 |
| **3/19** | $10250 | $10354 | $10620 |
| **3/20** | $10893 | $11003 | $11568 |
| **3/21** | $11225 | $11339 | $11650 |
| **3/22** | $10642 | $10749 | $11167 |
| **3/23** | $9987 | $10088 | $10633 |
| **3/24** | $10073 | $10175 | $10814 |
| **3/25** | $10474 | $10580 | $11342 |
| **3/26** | $10820 | $10929 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 3.30% | -0.73% | 0.89% |
| Class C including sales charges | 2.27% | -0.73% | 0.89% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Core Fixed Income Fund

# Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2542716942 |
| # of Portfolio Holdings as of Period End | 773 |
| Portfolio Turnover Rate for the Period | 788% |
| Total Net Advisory Fees Paid for the Period | $7792786 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective April 30, 2025, the Fund changed its non-fundamental policy to invest at least 80% of its net assets in core fixed income securities, which are fixed income securities that are rated investment grade, or, if unrated, determined by the Investment Adviser to be of comparable credit quality. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

Effective July 29, 2025, investments related to floating and variable rate obligations was added as a principal risk of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 32.3% |
| U.S. Treasury Obligations | 25.6% |
| Collateralized Loan Obligations | 9.0% |
| Banks | 6.9% |
| Commercial Mortgage-Backed Securities | 5.2% |
| Collateralized Mortgage Obligations | 4.0% |
| Healthcare Providers & Services | 3.1% |
| Software | 3.0% |
| Short-Term Investments | 1.5% |
| Other | 18.8% |

---

# Goldman Sachs Core Fixed Income Fund

# Class C

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Core Fixed Income Fund

# 38142B229-AR-0326

# Class C
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Core Fixed Income Fund

# GAKPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Core Fixed Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $38 | 0.37% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's cross-sector strategy, especially overweights to the commercial mortgage-backed securities, mortgage-backed securities and collateralized loan obligation sectors. Additionally, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, added to relative returns.

* The Fund's macro relative value country strategy contributed positively due mostly to its short Japanese rates position.

* Security selection strategies overall added value. Within the corporate credit sector, positioning along the short and intermediate segments of the credit curve and name selection of investment grade industrial bonds boosted results most. Within the securitized sector, our preference for lower-coupon agency mortgage-backed securities and name selection of non-agency mortgage-backed securities helped. Within the government/swaps sector, our U.S. butterfly trade and European steepener positions contributed most positively. 

* The Fund's duration and yield curve positioning strategies proved effective, largely driven by its short Japan position and our month-end systematic U.S. Treasury auction strategy. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, a sector underweight to investment grade corporate bonds and a sector overweight to non-agency mortgage-backed securities detracted. 

* Individual issue selection within the emerging markets debt sector detracted slightly due to the Fund's exposure to United Arab Emirates debt securities. 

# Goldman Sachs Core Fixed Income Fund

# Class P

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g29p52.jpg)

---

| | | |
|:---|:---|:---|
| | **Class P** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/20/18** | $10000 | $10000 |
| **3/19** | $10550 | $10538 |
| **3/20** | $11334 | $11479 |
| **3/21** | $11808 | $11561 |
| **3/22** | $11306 | $11081 |
| **3/23** | $10727 | $10551 |
| **3/24** | $10938 | $10730 |
| **3/25** | $11497 | $11254 |
| **3/26** | $12019 | $11744 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 4.54% | 0.36% | 2.34% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 2.04% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Core Fixed Income Fund

# Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2542716942 |
| # of Portfolio Holdings as of Period End | 773 |
| Portfolio Turnover Rate for the Period | 788% |
| Total Net Advisory Fees Paid for the Period | $7792786 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective April 30, 2025, the Fund changed its non-fundamental policy to invest at least 80% of its net assets in core fixed income securities, which are fixed income securities that are rated investment grade, or, if unrated, determined by the Investment Adviser to be of comparable credit quality. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

Effective July 29, 2025, investments related to floating and variable rate obligations was added as a principal risk of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 32.3% |
| U.S. Treasury Obligations | 25.6% |
| Collateralized Loan Obligations | 9.0% |
| Banks | 6.9% |
| Commercial Mortgage-Backed Securities | 5.2% |
| Collateralized Mortgage Obligations | 4.0% |
| Healthcare Providers & Services | 3.1% |
| Software | 3.0% |
| Short-Term Investments | 1.5% |
| Other | 18.8% |

---

# Goldman Sachs Core Fixed Income Fund

# Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Core Fixed Income Fund

# 38150B889-AR-0326

# Class P
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Core Fixed Income Fund

# GDFRX: Class R

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Core Fixed Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $98 | 0.96% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's cross-sector strategy, especially overweights to the commercial mortgage-backed securities, mortgage-backed securities and collateralized loan obligation sectors. Additionally, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, added to relative returns.

* The Fund's macro relative value country strategy contributed positively due mostly to its short Japanese rates position.

* Security selection strategies overall added value. Within the corporate credit sector, positioning along the short and intermediate segments of the credit curve and name selection of investment grade industrial bonds boosted results most. Within the securitized sector, our preference for lower-coupon agency mortgage-backed securities and name selection of non-agency mortgage-backed securities helped. Within the government/swaps sector, our U.S. butterfly trade and European steepener positions contributed most positively. 

* The Fund's duration and yield curve positioning strategies proved effective, largely driven by its short Japan position and our month-end systematic U.S. Treasury auction strategy. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, a sector underweight to investment grade corporate bonds and a sector overweight to non-agency mortgage-backed securities detracted. 

* Individual issue selection within the emerging markets debt sector detracted slightly due to the Fund's exposure to United Arab Emirates debt securities. 

# Goldman Sachs Core Fixed Income Fund

# Class R

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g13j65.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 |
| **3/17** | $10069 | $10044 |
| **3/18** | $10100 | $10165 |
| **3/19** | $10518 | $10620 |
| **3/20** | $11225 | $11568 |
| **3/21** | $11626 | $11650 |
| **3/22** | $11074 | $11167 |
| **3/23** | $10451 | $10633 |
| **3/24** | $10594 | $10814 |
| **3/25** | $11070 | $11342 |
| **3/26** | $11492 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R | 3.81% | -0.23% | 1.40% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Core Fixed Income Fund

# Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2542716942 |
| # of Portfolio Holdings as of Period End | 773 |
| Portfolio Turnover Rate for the Period | 788% |
| Total Net Advisory Fees Paid for the Period | $7792786 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective April 30, 2025, the Fund changed its non-fundamental policy to invest at least 80% of its net assets in core fixed income securities, which are fixed income securities that are rated investment grade, or, if unrated, determined by the Investment Adviser to be of comparable credit quality. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

Effective July 29, 2025, investments related to floating and variable rate obligations was added as a principal risk of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 32.3% |
| U.S. Treasury Obligations | 25.6% |
| Collateralized Loan Obligations | 9.0% |
| Banks | 6.9% |
| Commercial Mortgage-Backed Securities | 5.2% |
| Collateralized Mortgage Obligations | 4.0% |
| Healthcare Providers & Services | 3.1% |
| Software | 3.0% |
| Short-Term Investments | 1.5% |
| Other | 18.8% |

---

# Goldman Sachs Core Fixed Income Fund

# Class R

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Core Fixed Income Fund

# 38145N337-AR-0326

# Class R
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Core Fixed Income Fund

# GCFUX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Core Fixed Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $38 | 0.37% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's cross-sector strategy, especially overweights to the commercial mortgage-backed securities, mortgage-backed securities and collateralized loan obligation sectors. Additionally, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, added to relative returns.

* The Fund's macro relative value country strategy contributed positively due mostly to its short Japanese rates position.

* Security selection strategies overall added value. Within the corporate credit sector, positioning along the short and intermediate segments of the credit curve and name selection of investment grade industrial bonds boosted results most. Within the securitized sector, our preference for lower-coupon agency mortgage-backed securities and name selection of non-agency mortgage-backed securities helped. Within the government/swaps sector, our U.S. butterfly trade and European steepener positions contributed most positively. 

* The Fund's duration and yield curve positioning strategies proved effective, largely driven by its short Japan position and our month-end systematic U.S. Treasury auction strategy. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, a sector underweight to investment grade corporate bonds and a sector overweight to non-agency mortgage-backed securities detracted. 

* Individual issue selection within the emerging markets debt sector detracted slightly due to the Fund's exposure to United Arab Emirates debt securities. 

# Goldman Sachs Core Fixed Income Fund

# Class R6

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g96f82.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 |
| **3/17** | $10140 | $10044 |
| **3/18** | $10233 | $10165 |
| **3/19** | $10720 | $10620 |
| **3/20** | $11518 | $11568 |
| **3/21** | $11999 | $11650 |
| **3/22** | $11500 | $11167 |
| **3/23** | $10911 | $10633 |
| **3/24** | $11126 | $10814 |
| **3/25** | $11696 | $11342 |
| **3/26** | $12213 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 4.42% | 0.35% | 2.02% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Core Fixed Income Fund

# Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2542716942 |
| # of Portfolio Holdings as of Period End | 773 |
| Portfolio Turnover Rate for the Period | 788% |
| Total Net Advisory Fees Paid for the Period | $7792786 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective April 30, 2025, the Fund changed its non-fundamental policy to invest at least 80% of its net assets in core fixed income securities, which are fixed income securities that are rated investment grade, or, if unrated, determined by the Investment Adviser to be of comparable credit quality. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

Effective July 29, 2025, investments related to floating and variable rate obligations was added as a principal risk of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 32.3% |
| U.S. Treasury Obligations | 25.6% |
| Collateralized Loan Obligations | 9.0% |
| Banks | 6.9% |
| Commercial Mortgage-Backed Securities | 5.2% |
| Collateralized Mortgage Obligations | 4.0% |
| Healthcare Providers & Services | 3.1% |
| Software | 3.0% |
| Short-Term Investments | 1.5% |
| Other | 18.8% |

---

# Goldman Sachs Core Fixed Income Fund

# Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Core Fixed Income Fund

# 38147X333-AR-0326

# Class R6
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Core Fixed Income Fund

# GSFIX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Core Fixed Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $39 | 0.38% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's cross-sector strategy, especially overweights to the commercial mortgage-backed securities, mortgage-backed securities and collateralized loan obligation sectors. Additionally, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, added to relative returns.

* The Fund's macro relative value country strategy contributed positively due mostly to its short Japanese rates position.

* Security selection strategies overall added value. Within the corporate credit sector, positioning along the short and intermediate segments of the credit curve and name selection of investment grade industrial bonds boosted results most. Within the securitized sector, our preference for lower-coupon agency mortgage-backed securities and name selection of non-agency mortgage-backed securities helped. Within the government/swaps sector, our U.S. butterfly trade and European steepener positions contributed most positively. 

* The Fund's duration and yield curve positioning strategies proved effective, largely driven by its short Japan position and our month-end systematic U.S. Treasury auction strategy. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, a sector underweight to investment grade corporate bonds and a sector overweight to non-agency mortgage-backed securities detracted. 

* Individual issue selection within the emerging markets debt sector detracted slightly due to the Fund's exposure to United Arab Emirates debt securities. 

# Goldman Sachs Core Fixed Income Fund

# Institutional Class

## Performance Overview
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g47n49.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $1000000 | $1000000 |
| **3/17** | $1013800 | $1004400 |
| **3/18** | $1022012 | $1016453 |
| **3/19** | $1070557 | $1061990 |
| **3/20** | $1150100 | $1156826 |
| **3/21** | $1198059 | $1165039 |
| **3/22** | $1147980 | $1116690 |
| **3/23** | $1088974 | $1063312 |
| **3/24** | $1110209 | $1081388 |
| **3/25** | $1166941 | $1134160 |
| **3/26** | $1218403 | $1183496 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 4.41% | 0.34% | 1.99% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Core Fixed Income Fund

# Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2542716942 |
| # of Portfolio Holdings as of Period End | 773 |
| Portfolio Turnover Rate for the Period | 788% |
| Total Net Advisory Fees Paid for the Period | $7792786 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective April 30, 2025, the Fund changed its non-fundamental policy to invest at least 80% of its net assets in core fixed income securities, which are fixed income securities that are rated investment grade, or, if unrated, determined by the Investment Adviser to be of comparable credit quality. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

Effective July 29, 2025, investments related to floating and variable rate obligations was added as a principal risk of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 32.3% |
| U.S. Treasury Obligations | 25.6% |
| Collateralized Loan Obligations | 9.0% |
| Banks | 6.9% |
| Commercial Mortgage-Backed Securities | 5.2% |
| Collateralized Mortgage Obligations | 4.0% |
| Healthcare Providers & Services | 3.1% |
| Software | 3.0% |
| Short-Term Investments | 1.5% |
| Other | 18.8% |

---

# Goldman Sachs Core Fixed Income Fund

# Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Core Fixed Income Fund

# 38141W810-AR-0326

# Institutional Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Core Fixed Income Fund

# GDFTX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Core Fixed Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $47 | 0.46% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's cross-sector strategy, especially overweights to the commercial mortgage-backed securities, mortgage-backed securities and collateralized loan obligation sectors. Additionally, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, added to relative returns.

* The Fund's macro relative value country strategy contributed positively due mostly to its short Japanese rates position.

* Security selection strategies overall added value. Within the corporate credit sector, positioning along the short and intermediate segments of the credit curve and name selection of investment grade industrial bonds boosted results most. Within the securitized sector, our preference for lower-coupon agency mortgage-backed securities and name selection of non-agency mortgage-backed securities helped. Within the government/swaps sector, our U.S. butterfly trade and European steepener positions contributed most positively. 

* The Fund's duration and yield curve positioning strategies proved effective, largely driven by its short Japan position and our month-end systematic U.S. Treasury auction strategy. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, a sector underweight to investment grade corporate bonds and a sector overweight to non-agency mortgage-backed securities detracted. 

* Individual issue selection within the emerging markets debt sector detracted slightly due to the Fund's exposure to United Arab Emirates debt securities. 

# Goldman Sachs Core Fixed Income Fund

# Investor Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g87g37.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor Shares** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 |
| **3/17** | $10119 | $10044 |
| **3/18** | $10201 | $10165 |
| **3/19** | $10676 | $10620 |
| **3/20** | $11461 | $11568 |
| **3/21** | $11930 | $11650 |
| **3/22** | $11408 | $11167 |
| **3/23** | $10821 | $10633 |
| **3/24** | $11023 | $10814 |
| **3/25** | $11577 | $11342 |
| **3/26** | $12078 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 4.33% | 0.25% | 1.91% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Core Fixed Income Fund

# Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2542716942 |
| # of Portfolio Holdings as of Period End | 773 |
| Portfolio Turnover Rate for the Period | 788% |
| Total Net Advisory Fees Paid for the Period | $7792786 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective April 30, 2025, the Fund changed its non-fundamental policy to invest at least 80% of its net assets in core fixed income securities, which are fixed income securities that are rated investment grade, or, if unrated, determined by the Investment Adviser to be of comparable credit quality. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

Effective July 29, 2025, investments related to floating and variable rate obligations was added as a principal risk of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 32.3% |
| U.S. Treasury Obligations | 25.6% |
| Collateralized Loan Obligations | 9.0% |
| Banks | 6.9% |
| Commercial Mortgage-Backed Securities | 5.2% |
| Collateralized Mortgage Obligations | 4.0% |
| Healthcare Providers & Services | 3.1% |
| Software | 3.0% |
| Short-Term Investments | 1.5% |
| Other | 18.8% |

---

# Goldman Sachs Core Fixed Income Fund

# Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Core Fixed Income Fund

# 38145N329-AR-0326

# Investor Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Core Fixed Income Fund

# GSCSX: Service Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Core Fixed Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $90 | 0.88% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's cross-sector strategy, especially overweights to the commercial mortgage-backed securities, mortgage-backed securities and collateralized loan obligation sectors. Additionally, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, added to relative returns.

* The Fund's macro relative value country strategy contributed positively due mostly to its short Japanese rates position.

* Security selection strategies overall added value. Within the corporate credit sector, positioning along the short and intermediate segments of the credit curve and name selection of investment grade industrial bonds boosted results most. Within the securitized sector, our preference for lower-coupon agency mortgage-backed securities and name selection of non-agency mortgage-backed securities helped. Within the government/swaps sector, our U.S. butterfly trade and European steepener positions contributed most positively. 

* The Fund's duration and yield curve positioning strategies proved effective, largely driven by its short Japan position and our month-end systematic U.S. Treasury auction strategy. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, a sector underweight to investment grade corporate bonds and a sector overweight to non-agency mortgage-backed securities detracted. 

* Individual issue selection within the emerging markets debt sector detracted slightly due to the Fund's exposure to United Arab Emirates debt securities. 

# Goldman Sachs Core Fixed Income Fund

# Service Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g97e96.jpg)

---

| | | |
|:---|:---|:---|
| | **Service Shares** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 |
| **3/17** | $10079 | $10044 |
| **3/18** | $10120 | $10165 |
| **3/19** | $10548 | $10620 |
| **3/20** | $11275 | $11568 |
| **3/21** | $11687 | $11650 |
| **3/22** | $11133 | $11167 |
| **3/23** | $10508 | $10633 |
| **3/24** | $10661 | $10814 |
| **3/25** | $11149 | $11342 |
| **3/26** | $11596 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Service Shares | 4.01% | -0.16% | 1.49% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Core Fixed Income Fund

# Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2542716942 |
| # of Portfolio Holdings as of Period End | 773 |
| Portfolio Turnover Rate for the Period | 788% |
| Total Net Advisory Fees Paid for the Period | $7792786 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective April 30, 2025, the Fund changed its non-fundamental policy to invest at least 80% of its net assets in core fixed income securities, which are fixed income securities that are rated investment grade, or, if unrated, determined by the Investment Adviser to be of comparable credit quality. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

Effective July 29, 2025, investments related to floating and variable rate obligations was added as a principal risk of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 32.3% |
| U.S. Treasury Obligations | 25.6% |
| Collateralized Loan Obligations | 9.0% |
| Banks | 6.9% |
| Commercial Mortgage-Backed Securities | 5.2% |
| Collateralized Mortgage Obligations | 4.0% |
| Healthcare Providers & Services | 3.1% |
| Software | 3.0% |
| Short-Term Investments | 1.5% |
| Other | 18.8% |

---

# Goldman Sachs Core Fixed Income Fund

# Service Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Core Fixed Income Fund

# 38141W786-AR-0326

# Service Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Emerging Markets Debt Fund

# GSDAX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Debt Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $118 | 1.12% |

---

## How did the Fund perform and what affected its performance?
Emerging markets debt gained, overcoming slower economic growth concerns due to tariffs and geopolitical risk. Economic activity proved strong, supported by easier financial conditions, a weaker U.S. dollar and central bank rate cuts. Fiscal improvement and policymaking across emerging markets fueled positive ratings momentum.

Top Contributors to Performance:

* Relative to the J.P. Morgan Emerging Market Bond Index (EMBI℠) Global Diversified Index (Index), the Fund benefited from country allocations and individual security selection.

* In terms of country allocations, the Fund was helped by overweight positions versus the Index in Venezuela and Ecuador and by an underweight position in Ukraine. Venezuela's sovereign and quasi-sovereign bonds rallied strongly on speculation about the U.S.' efforts to promote political change. Ecuador's sovereign government bonds benefited from President Daniel Noboa's reelection, the country's adherence to International Monetary Fund programs, and strengthened liquidity through new international financing agreements. Ukraine's sovereign bonds weakened amid fading ceasefire optimism. 

* Within individual security selection, the Fund's exposure to the quasi-sovereign bonds of Venezuela's state-owned oil and natural gas company Petroleos de Venezuela (PDVSA) added most to relative performance. PDVSA gained on increased investor optimism about a formal debt restructuring following the arrest of President Nicolas Maduro in early 2026.

* Security selection of local emerging markets bonds contributed positively, highlighted by positions in Colombia, Uzbekistan and South Africa.

Top Detractors from Performance:

* Underweight positions versus the Index in Lebanon and Bolivia detracted from the Fund's relative performance. Prospects for reform lifted Lebanese sovereign bonds. Bolivia's sovereign bonds gained following the election of President Rodrigo Paz in November 2025, as his administration shifted the country toward orthodox fiscal policies and sought $1.4 billion in multilateral financing, which significantly reduced the market's default concerns.

* Among individual securities, the Fund was hurt by its out-of-Index exposure to the corporate bonds of Brazilian energy company Raizen Fuels, which weakened on deteriorating credit metrics, high levels of debt and sustained negative cash flows. 

* The Fund was hampered by an overweight in the quasi-sovereign bonds of Petroliam Nasional Berhad (Petronas), a Malaysian multinational oil and gas company. Petronas was pressured by persistent market challenges, unfavorable foreign exchange impacts and increased repair and maintenance costs.

* Security selection among local emerging markets bonds in the Czech Republic, Chile and Turkey detracted from the Fund's relative returns.

* The Fund's duration positioning strategy, specifically its slightly longer duration than that of the Index, detracted from relative performance. 

# Goldman Sachs Emerging Markets Debt Fund

# Class A

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g61f73.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/1/16** | $9550 | $10000 | $10000 | $10000 |
| **3/17** | $10389 | $10879 | $10892 | $10109 |
| **3/18** | $10779 | $11287 | $11360 | $10358 |
| **3/19** | $10862 | $11374 | $11839 | $10868 |
| **3/20** | $9612 | $10065 | $11029 | $11585 |
| **3/21** | $11510 | $12053 | $12793 | $11758 |
| **3/22** | $10631 | $11132 | $11842 | $11297 |
| **3/23** | $9559 | $10010 | $11022 | $10861 |
| **3/24** | $10793 | $11302 | $12266 | $11311 |
| **3/25** | $11496 | $12038 | $13093 | $11830 |
| **3/26** | $12742 | $13343 | $14453 | $12243 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 10.84% | 2.06% | 2.93% |
| Class A including sales charges | 5.88% | 1.13% | 2.45% |
| J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged) | 10.38% | 2.47% | 3.75% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 3.49% | 0.81% | 2.04% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Emerging Markets Debt Fund

# Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $440049831 |
| # of Portfolio Holdings as of Period End | 525 |
| Portfolio Turnover Rate for the Period | 51% |
| Total Net Advisory Fees Paid for the Period | $3699759 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Sovereign Debt Obligations | 68.5% |
| Oil Field Services | 6.5% |
| Banks | 3.9% |
| Engineering & Construction | 2.1% |
| Electrical | 1.7% |
| Food & Drug Retailing | 1.2% |
| Mining | 1.1% |
| Sovereign | 0.9% |
| Pipelines | 0.9% |
| Other | 9.8% |

---

# Goldman Sachs Emerging Markets Debt Fund

# Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Information has been obtained from sources believed to be reliable but J.P. Morgan and its data suppliers do not warrant its completeness or accuracy. This Index is used with permission. The Index may not be copied, used or distributed without J.P. Morgan's prior written approval. Copyright 2026, J.P. Morgan Chase & Co.. All rights reserved.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Emerging Markets Debt Fund

# 38143H803-AR-0326

# Class A
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Emerging Markets Debt Fund

# GSCDX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Debt Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $196 | 1.87% |

---

## How did the Fund perform and what affected its performance?
Emerging markets debt gained, overcoming slower economic growth concerns due to tariffs and geopolitical risk. Economic activity proved strong, supported by easier financial conditions, a weaker U.S. dollar and central bank rate cuts. Fiscal improvement and policymaking across emerging markets fueled positive ratings momentum.

Top Contributors to Performance:

* Relative to the J.P. Morgan Emerging Market Bond Index (EMBI℠) Global Diversified Index (Index), the Fund benefited from country allocations and individual security selection.

* In terms of country allocations, the Fund was helped by overweight positions versus the Index in Venezuela and Ecuador and by an underweight position in Ukraine. Venezuela's sovereign and quasi-sovereign bonds rallied strongly on speculation about the U.S.' efforts to promote political change. Ecuador's sovereign government bonds benefited from President Daniel Noboa's reelection, the country's adherence to International Monetary Fund programs, and strengthened liquidity through new international financing agreements. Ukraine's sovereign bonds weakened amid fading ceasefire optimism. 

* Within individual security selection, the Fund's exposure to the quasi-sovereign bonds of Venezuela's state-owned oil and natural gas company Petroleos de Venezuela (PDVSA) added most to relative performance. PDVSA gained on increased investor optimism about a formal debt restructuring following the arrest of President Nicolas Maduro in early 2026.

* Security selection of local emerging markets bonds contributed positively, highlighted by positions in Colombia, Uzbekistan and South Africa.

Top Detractors from Performance:

* Underweight positions versus the Index in Lebanon and Bolivia detracted from the Fund's relative performance. Prospects for reform lifted Lebanese sovereign bonds. Bolivia's sovereign bonds gained following the election of President Rodrigo Paz in November 2025, as his administration shifted the country toward orthodox fiscal policies and sought $1.4 billion in multilateral financing, which significantly reduced the market's default concerns.

* Among individual securities, the Fund was hurt by its out-of-Index exposure to the corporate bonds of Brazilian energy company Raizen Fuels, which weakened on deteriorating credit metrics, high levels of debt and sustained negative cash flows. 

* The Fund was hampered by an overweight in the quasi-sovereign bonds of Petroliam Nasional Berhad (Petronas), a Malaysian multinational oil and gas company. Petronas was pressured by persistent market challenges, unfavorable foreign exchange impacts and increased repair and maintenance costs.

* Security selection among local emerging markets bonds in the Czech Republic, Chile and Turkey detracted from the Fund's relative returns.

* The Fund's duration positioning strategy, specifically its slightly longer duration than that of the Index, detracted from relative performance. 

# Goldman Sachs Emerging Markets Debt Fund

# Class C

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g67r93.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/1/16** | $9900 | $10000 | $10000 | $10000 |
| **3/17** | $10690 | $10798 | $10892 | $10109 |
| **3/18** | $11018 | $11129 | $11360 | $10358 |
| **3/19** | $11012 | $11123 | $11839 | $10868 |
| **3/20** | $9679 | $9777 | $11029 | $11585 |
| **3/21** | $11495 | $11611 | $12793 | $11758 |
| **3/22** | $10536 | $10643 | $11842 | $11297 |
| **3/23** | $9403 | $9498 | $11022 | $10861 |
| **3/24** | $10539 | $10646 | $12266 | $11311 |
| **3/25** | $11142 | $11255 | $13093 | $11830 |
| **3/26** | $12248 | $12371 | $14453 | $12243 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 9.92% | 1.27% | 2.15% |
| Class C including sales charges | 8.87% | 1.27% | 2.15% |
| J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged) | 10.38% | 2.47% | 3.75% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 3.49% | 0.81% | 2.04% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Emerging Markets Debt Fund

# Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $440049831 |
| # of Portfolio Holdings as of Period End | 525 |
| Portfolio Turnover Rate for the Period | 51% |
| Total Net Advisory Fees Paid for the Period | $3699759 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Sovereign Debt Obligations | 68.5% |
| Oil Field Services | 6.5% |
| Banks | 3.9% |
| Engineering & Construction | 2.1% |
| Electrical | 1.7% |
| Food & Drug Retailing | 1.2% |
| Mining | 1.1% |
| Sovereign | 0.9% |
| Pipelines | 0.9% |
| Other | 9.8% |

---

# Goldman Sachs Emerging Markets Debt Fund

# Class C

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Information has been obtained from sources believed to be reliable but J.P. Morgan and its data suppliers do not warrant its completeness or accuracy. This Index is used with permission. The Index may not be copied, used or distributed without J.P. Morgan's prior written approval. Copyright 2026, J.P. Morgan Chase & Co.. All rights reserved.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Emerging Markets Debt Fund

# 38143H456-AR-0326

# Class C
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Emerging Markets Debt Fund

# GAIPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Debt Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $89 | 0.84% |

---

## How did the Fund perform and what affected its performance?
Emerging markets debt gained, overcoming slower economic growth concerns due to tariffs and geopolitical risk. Economic activity proved strong, supported by easier financial conditions, a weaker U.S. dollar and central bank rate cuts. Fiscal improvement and policymaking across emerging markets fueled positive ratings momentum.

Top Contributors to Performance:

* Relative to the J.P. Morgan Emerging Market Bond Index (EMBI℠) Global Diversified Index (Index), the Fund benefited from country allocations and individual security selection.

* In terms of country allocations, the Fund was helped by overweight positions versus the Index in Venezuela and Ecuador and by an underweight position in Ukraine. Venezuela's sovereign and quasi-sovereign bonds rallied strongly on speculation about the U.S.' efforts to promote political change. Ecuador's sovereign government bonds benefited from President Daniel Noboa's reelection, the country's adherence to International Monetary Fund programs, and strengthened liquidity through new international financing agreements. Ukraine's sovereign bonds weakened amid fading ceasefire optimism. 

* Within individual security selection, the Fund's exposure to the quasi-sovereign bonds of Venezuela's state-owned oil and natural gas company Petroleos de Venezuela (PDVSA) added most to relative performance. PDVSA gained on increased investor optimism about a formal debt restructuring following the arrest of President Nicolas Maduro in early 2026.

* Security selection of local emerging markets bonds contributed positively, highlighted by positions in Colombia, Uzbekistan and South Africa.

Top Detractors from Performance:

* Underweight positions versus the Index in Lebanon and Bolivia detracted from the Fund's relative performance. Prospects for reform lifted Lebanese sovereign bonds. Bolivia's sovereign bonds gained following the election of President Rodrigo Paz in November 2025, as his administration shifted the country toward orthodox fiscal policies and sought $1.4 billion in multilateral financing, which significantly reduced the market's default concerns.

* Among individual securities, the Fund was hurt by its out-of-Index exposure to the corporate bonds of Brazilian energy company Raizen Fuels, which weakened on deteriorating credit metrics, high levels of debt and sustained negative cash flows. 

* The Fund was hampered by an overweight in the quasi-sovereign bonds of Petroliam Nasional Berhad (Petronas), a Malaysian multinational oil and gas company. Petronas was pressured by persistent market challenges, unfavorable foreign exchange impacts and increased repair and maintenance costs.

* Security selection among local emerging markets bonds in the Czech Republic, Chile and Turkey detracted from the Fund's relative returns.

* The Fund's duration positioning strategy, specifically its slightly longer duration than that of the Index, detracted from relative performance. 

# Goldman Sachs Emerging Markets Debt Fund

# Class P

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g91w69.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/20/18** | $10000 | $10000 | $10000 |
| **3/19** | $10146 | $10486 | $10549 |
| **3/20** | $9017 | $9769 | $11244 |
| **3/21** | $10831 | $11332 | $11413 |
| **3/22** | $10026 | $10489 | $10965 |
| **3/23** | $9043 | $9763 | $10542 |
| **3/24** | $10239 | $10864 | $10979 |
| **3/25** | $10936 | $11597 | $11483 |
| **3/26** | $12144 | $12801 | $11883 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 11.04% | 2.31% | 2.47% |
| J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged) | 10.38% | 2.47% | 3.16% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 3.49% | 0.81% | 2.19% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Emerging Markets Debt Fund

# Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $440049831 |
| # of Portfolio Holdings as of Period End | 525 |
| Portfolio Turnover Rate for the Period | 51% |
| Total Net Advisory Fees Paid for the Period | $3699759 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Sovereign Debt Obligations | 68.5% |
| Oil Field Services | 6.5% |
| Banks | 3.9% |
| Engineering & Construction | 2.1% |
| Electrical | 1.7% |
| Food & Drug Retailing | 1.2% |
| Mining | 1.1% |
| Sovereign | 0.9% |
| Pipelines | 0.9% |
| Other | 9.8% |

---

# Goldman Sachs Emerging Markets Debt Fund

# Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Information has been obtained from sources believed to be reliable but J.P. Morgan and its data suppliers do not warrant its completeness or accuracy. This Index is used with permission. The Index may not be copied, used or distributed without J.P. Morgan's prior written approval. Copyright 2026, J.P. Morgan Chase & Co.. All rights reserved.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Emerging Markets Debt Fund

# 38150B863-AR-0326

# Class P
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Emerging Markets Debt Fund

# GSIUX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Debt Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $89 | 0.84% |

---

## How did the Fund perform and what affected its performance?
Emerging markets debt gained, overcoming slower economic growth concerns due to tariffs and geopolitical risk. Economic activity proved strong, supported by easier financial conditions, a weaker U.S. dollar and central bank rate cuts. Fiscal improvement and policymaking across emerging markets fueled positive ratings momentum.

Top Contributors to Performance:

* Relative to the J.P. Morgan Emerging Market Bond Index (EMBI℠) Global Diversified Index (Index), the Fund benefited from country allocations and individual security selection.

* In terms of country allocations, the Fund was helped by overweight positions versus the Index in Venezuela and Ecuador and by an underweight position in Ukraine. Venezuela's sovereign and quasi-sovereign bonds rallied strongly on speculation about the U.S.' efforts to promote political change. Ecuador's sovereign government bonds benefited from President Daniel Noboa's reelection, the country's adherence to International Monetary Fund programs, and strengthened liquidity through new international financing agreements. Ukraine's sovereign bonds weakened amid fading ceasefire optimism. 

* Within individual security selection, the Fund's exposure to the quasi-sovereign bonds of Venezuela's state-owned oil and natural gas company Petroleos de Venezuela (PDVSA) added most to relative performance. PDVSA gained on increased investor optimism about a formal debt restructuring following the arrest of President Nicolas Maduro in early 2026.

* Security selection of local emerging markets bonds contributed positively, highlighted by positions in Colombia, Uzbekistan and South Africa.

Top Detractors from Performance:

* Underweight positions versus the Index in Lebanon and Bolivia detracted from the Fund's relative performance. Prospects for reform lifted Lebanese sovereign bonds. Bolivia's sovereign bonds gained following the election of President Rodrigo Paz in November 2025, as his administration shifted the country toward orthodox fiscal policies and sought $1.4 billion in multilateral financing, which significantly reduced the market's default concerns.

* Among individual securities, the Fund was hurt by its out-of-Index exposure to the corporate bonds of Brazilian energy company Raizen Fuels, which weakened on deteriorating credit metrics, high levels of debt and sustained negative cash flows. 

* The Fund was hampered by an overweight in the quasi-sovereign bonds of Petroliam Nasional Berhad (Petronas), a Malaysian multinational oil and gas company. Petronas was pressured by persistent market challenges, unfavorable foreign exchange impacts and increased repair and maintenance costs.

* Security selection among local emerging markets bonds in the Czech Republic, Chile and Turkey detracted from the Fund's relative returns.

* The Fund's duration positioning strategy, specifically its slightly longer duration than that of the Index, detracted from relative performance. 

# Goldman Sachs Emerging Markets Debt Fund

# Class R6

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g64w43.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/1/16** | $10000 | $10000 | $10000 |
| **3/17** | $10917 | $10892 | $10109 |
| **3/18** | $11376 | $11360 | $10358 |
| **3/19** | $11495 | $11839 | $10868 |
| **3/20** | $10208 | $11029 | $11585 |
| **3/21** | $12261 | $12793 | $11758 |
| **3/22** | $11361 | $11842 | $11297 |
| **3/23** | $10238 | $11022 | $10861 |
| **3/24** | $11604 | $12266 | $11311 |
| **3/25** | $12393 | $13093 | $11830 |
| **3/26** | $13760 | $14453 | $12243 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 11.03% | 2.33% | 3.24% |
| J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged) | 10.38% | 2.47% | 3.75% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 3.49% | 0.81% | 2.04% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Emerging Markets Debt Fund

# Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $440049831 |
| # of Portfolio Holdings as of Period End | 525 |
| Portfolio Turnover Rate for the Period | 51% |
| Total Net Advisory Fees Paid for the Period | $3699759 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Sovereign Debt Obligations | 68.5% |
| Oil Field Services | 6.5% |
| Banks | 3.9% |
| Engineering & Construction | 2.1% |
| Electrical | 1.7% |
| Food & Drug Retailing | 1.2% |
| Mining | 1.1% |
| Sovereign | 0.9% |
| Pipelines | 0.9% |
| Other | 9.8% |

---

# Goldman Sachs Emerging Markets Debt Fund

# Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Information has been obtained from sources believed to be reliable but J.P. Morgan and its data suppliers do not warrant its completeness or accuracy. This Index is used with permission. The Index may not be copied, used or distributed without J.P. Morgan's prior written approval. Copyright 2026, J.P. Morgan Chase & Co.. All rights reserved.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Emerging Markets Debt Fund

# 38148U882-AR-0326

# Class R6
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Emerging Markets Debt Fund

# GSDIX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Debt Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $90 | 0.85% |

---

## How did the Fund perform and what affected its performance?
Emerging markets debt gained, overcoming slower economic growth concerns due to tariffs and geopolitical risk. Economic activity proved strong, supported by easier financial conditions, a weaker U.S. dollar and central bank rate cuts. Fiscal improvement and policymaking across emerging markets fueled positive ratings momentum.

Top Contributors to Performance:

* Relative to the J.P. Morgan Emerging Market Bond Index (EMBI℠) Global Diversified Index (Index), the Fund benefited from country allocations and individual security selection.

* In terms of country allocations, the Fund was helped by overweight positions versus the Index in Venezuela and Ecuador and by an underweight position in Ukraine. Venezuela's sovereign and quasi-sovereign bonds rallied strongly on speculation about the U.S.' efforts to promote political change. Ecuador's sovereign government bonds benefited from President Daniel Noboa's reelection, the country's adherence to International Monetary Fund programs, and strengthened liquidity through new international financing agreements. Ukraine's sovereign bonds weakened amid fading ceasefire optimism. 

* Within individual security selection, the Fund's exposure to the quasi-sovereign bonds of Venezuela's state-owned oil and natural gas company Petroleos de Venezuela (PDVSA) added most to relative performance. PDVSA gained on increased investor optimism about a formal debt restructuring following the arrest of President Nicolas Maduro in early 2026.

* Security selection of local emerging markets bonds contributed positively, highlighted by positions in Colombia, Uzbekistan and South Africa.

Top Detractors from Performance:

* Underweight positions versus the Index in Lebanon and Bolivia detracted from the Fund's relative performance. Prospects for reform lifted Lebanese sovereign bonds. Bolivia's sovereign bonds gained following the election of President Rodrigo Paz in November 2025, as his administration shifted the country toward orthodox fiscal policies and sought $1.4 billion in multilateral financing, which significantly reduced the market's default concerns.

* Among individual securities, the Fund was hurt by its out-of-Index exposure to the corporate bonds of Brazilian energy company Raizen Fuels, which weakened on deteriorating credit metrics, high levels of debt and sustained negative cash flows. 

* The Fund was hampered by an overweight in the quasi-sovereign bonds of Petroliam Nasional Berhad (Petronas), a Malaysian multinational oil and gas company. Petronas was pressured by persistent market challenges, unfavorable foreign exchange impacts and increased repair and maintenance costs.

* Security selection among local emerging markets bonds in the Czech Republic, Chile and Turkey detracted from the Fund's relative returns.

* The Fund's duration positioning strategy, specifically its slightly longer duration than that of the Index, detracted from relative performance. 

# Goldman Sachs Emerging Markets Debt Fund

# Institutional Class

## Performance Overview
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g95a52.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/1/16** | $1000000 | $1000000 | $1000000 |
| **3/17** | $1091500 | $1089200 | $1010900 |
| **3/18** | $1137125 | $1136036 | $1035768 |
| **3/19** | $1148951 | $1183863 | $1086832 |
| **3/20** | $1021073 | $1102886 | $1158454 |
| **3/21** | $1225185 | $1279348 | $1175831 |
| **3/22** | $1135134 | $1184165 | $1129738 |
| **3/23** | $1022756 | $1102221 | $1086130 |
| **3/24** | $1159191 | $1226551 | $1131096 |
| **3/25** | $1237900 | $1309343 | $1183013 |
| **3/26** | $1374317 | $1445253 | $1224300 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 11.02% | 2.32% | 3.23% |
| J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged) | 10.38% | 2.47% | 3.75% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 3.49% | 0.81% | 2.04% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Emerging Markets Debt Fund

# Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $440049831 |
| # of Portfolio Holdings as of Period End | 525 |
| Portfolio Turnover Rate for the Period | 51% |
| Total Net Advisory Fees Paid for the Period | $3699759 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Sovereign Debt Obligations | 68.5% |
| Oil Field Services | 6.5% |
| Banks | 3.9% |
| Engineering & Construction | 2.1% |
| Electrical | 1.7% |
| Food & Drug Retailing | 1.2% |
| Mining | 1.1% |
| Sovereign | 0.9% |
| Pipelines | 0.9% |
| Other | 9.8% |

---

# Goldman Sachs Emerging Markets Debt Fund

# Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Information has been obtained from sources believed to be reliable but J.P. Morgan and its data suppliers do not warrant its completeness or accuracy. This Index is used with permission. The Index may not be copied, used or distributed without J.P. Morgan's prior written approval. Copyright 2026, J.P. Morgan Chase & Co.. All rights reserved.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Emerging Markets Debt Fund

# 38143H886-AR-0326

# Institutional Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Emerging Markets Debt Fund

# GSIRX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Debt Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $92 | 0.87% |

---

## How did the Fund perform and what affected its performance?
Emerging markets debt gained, overcoming slower economic growth concerns due to tariffs and geopolitical risk. Economic activity proved strong, supported by easier financial conditions, a weaker U.S. dollar and central bank rate cuts. Fiscal improvement and policymaking across emerging markets fueled positive ratings momentum.

Top Contributors to Performance:

* Relative to the J.P. Morgan Emerging Market Bond Index (EMBI℠) Global Diversified Index (Index), the Fund benefited from country allocations and individual security selection.

* In terms of country allocations, the Fund was helped by overweight positions versus the Index in Venezuela and Ecuador and by an underweight position in Ukraine. Venezuela's sovereign and quasi-sovereign bonds rallied strongly on speculation about the U.S.' efforts to promote political change. Ecuador's sovereign government bonds benefited from President Daniel Noboa's reelection, the country's adherence to International Monetary Fund programs, and strengthened liquidity through new international financing agreements. Ukraine's sovereign bonds weakened amid fading ceasefire optimism. 

* Within individual security selection, the Fund's exposure to the quasi-sovereign bonds of Venezuela's state-owned oil and natural gas company Petroleos de Venezuela (PDVSA) added most to relative performance. PDVSA gained on increased investor optimism about a formal debt restructuring following the arrest of President Nicolas Maduro in early 2026.

* Security selection of local emerging markets bonds contributed positively, highlighted by positions in Colombia, Uzbekistan and South Africa.

Top Detractors from Performance:

* Underweight positions versus the Index in Lebanon and Bolivia detracted from the Fund's relative performance. Prospects for reform lifted Lebanese sovereign bonds. Bolivia's sovereign bonds gained following the election of President Rodrigo Paz in November 2025, as his administration shifted the country toward orthodox fiscal policies and sought $1.4 billion in multilateral financing, which significantly reduced the market's default concerns.

* Among individual securities, the Fund was hurt by its out-of-Index exposure to the corporate bonds of Brazilian energy company Raizen Fuels, which weakened on deteriorating credit metrics, high levels of debt and sustained negative cash flows. 

* The Fund was hampered by an overweight in the quasi-sovereign bonds of Petroliam Nasional Berhad (Petronas), a Malaysian multinational oil and gas company. Petronas was pressured by persistent market challenges, unfavorable foreign exchange impacts and increased repair and maintenance costs.

* Security selection among local emerging markets bonds in the Czech Republic, Chile and Turkey detracted from the Fund's relative returns.

* The Fund's duration positioning strategy, specifically its slightly longer duration than that of the Index, detracted from relative performance. 

# Goldman Sachs Emerging Markets Debt Fund

# Investor Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g37t71.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Shares** | **J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/1/16** | $10000 | $10000 | $10000 |
| **3/17** | $10905 | $10892 | $10109 |
| **3/18** | $11351 | $11360 | $10358 |
| **3/19** | $11459 | $11839 | $10868 |
| **3/20** | $10177 | $11029 | $11585 |
| **3/21** | $12214 | $12793 | $11758 |
| **3/22** | $11302 | $11842 | $11297 |
| **3/23** | $10190 | $11022 | $10861 |
| **3/24** | $11532 | $12266 | $11311 |
| **3/25** | $12313 | $13093 | $11830 |
| **3/26** | $13668 | $14453 | $12243 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 11.00% | 2.27% | 3.17% |
| J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged) | 10.38% | 2.47% | 3.75% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 3.49% | 0.81% | 2.04% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Emerging Markets Debt Fund

# Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $440049831 |
| # of Portfolio Holdings as of Period End | 525 |
| Portfolio Turnover Rate for the Period | 51% |
| Total Net Advisory Fees Paid for the Period | $3699759 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Sovereign Debt Obligations | 68.5% |
| Oil Field Services | 6.5% |
| Banks | 3.9% |
| Engineering & Construction | 2.1% |
| Electrical | 1.7% |
| Food & Drug Retailing | 1.2% |
| Mining | 1.1% |
| Sovereign | 0.9% |
| Pipelines | 0.9% |
| Other | 9.8% |

---

# Goldman Sachs Emerging Markets Debt Fund

# Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Information has been obtained from sources believed to be reliable but J.P. Morgan and its data suppliers do not warrant its completeness or accuracy. This Index is used with permission. The Index may not be copied, used or distributed without J.P. Morgan's prior written approval. Copyright 2026, J.P. Morgan Chase & Co.. All rights reserved.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Emerging Markets Debt Fund

# 38144N171-AR-0326

# Investor Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Enhanced Income Fund

# GEADX: Administration Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Enhanced Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administration | $61 | 0.60% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by exposures to investment grade corporate bonds, high yield corporate bonds, collateralized loan obligations and commercial mortgage-backed securities.

* Security selection strategies overall added value, especially the selection of specific investment grade industrials securities within the corporate bond sector and of collateralized loan obligations within the securitized credit sector. Selection within the government/swaps sector boosted results as well. 

Top Detractors from Performance:

* The Fund's duration and yield curve positioning strategy detracted from results, largely driven by our swap-spread positioning, or discretionary interest rate trades among U.S. Treasuries. 

# Goldman Sachs Enhanced Income Fund

# Administration Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g40b03.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administration Shares** | **ICE BofAML One-Year U.S. Treasury Note Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 | $10000 |
| **3/17** | $10128 | $10056 | $10044 |
| **3/18** | $10224 | $10122 | $10165 |
| **3/19** | $10462 | $10369 | $10620 |
| **3/20** | $10418 | $10769 | $11568 |
| **3/21** | $10918 | $10787 | $11650 |
| **3/22** | $10754 | $10685 | $11167 |
| **3/23** | $10874 | $10794 | $10633 |
| **3/24** | $11488 | $11259 | $10814 |
| **3/25** | $12083 | $11819 | $11342 |
| **3/26** | $12524 | $12253 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Administration Shares | 3.65% | 2.78% | 2.27% |
| ICE BofAML One-Year U.S. Treasury Note Index | 3.67% | 2.58% | 2.05% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Enhanced Income Fund

# Administration Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $486943005 |
| # of Portfolio Holdings as of Period End | 227 |
| Portfolio Turnover Rate for the Period | 65% |
| Total Net Advisory Fees Paid for the Period | $1399472 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective April 30, 2025, the Fund changed its principal investment strategy to adopt a non-fundamental policy to invest at least 80% of its net assets in fixed income securities and derivatives that have similar economic characteristics to such securities. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

Effective July 29, 2025, investments related to municipal securities and reverse repurchase agreements were removed as principal risks of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 22.4% |
| Collateralized Loan Obligations | 10.7% |
| Automotive | 10.1% |
| U.S. Treasury Obligations | 7.3% |
| Software | 5.0% |
| Electrical | 5.0% |
| Short-Term Investments | 4.1% |
| Commercial Mortgage-Backed Securities | 4.0% |
| Diversified Financial Services | 4.0% |
| Other | 25.9% |

---

# Goldman Sachs Enhanced Income Fund

# Administration Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Enhanced Income Fund

# 38142Y526-AR-0326

# Administration Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Enhanced Income Fund

# GEIAX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Enhanced Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $59 | 0.58% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by exposures to investment grade corporate bonds, high yield corporate bonds, collateralized loan obligations and commercial mortgage-backed securities.

* Security selection strategies overall added value, especially the selection of specific investment grade industrials securities within the corporate bond sector and of collateralized loan obligations within the securitized credit sector. Selection within the government/swaps sector boosted results as well. 

Top Detractors from Performance:

* The Fund's duration and yield curve positioning strategy detracted from results, largely driven by our swap-spread positioning, or discretionary interest rate trades among U.S. Treasuries. 

# Goldman Sachs Enhanced Income Fund

# Class A

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g04x04.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A** | **ICE BofAML One-Year U.S. Treasury Note Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 | $10000 |
| **3/17** | $10119 | $10056 | $10044 |
| **3/18** | $10206 | $10122 | $10165 |
| **3/19** | $10452 | $10369 | $10620 |
| **3/20** | $10409 | $10769 | $11568 |
| **3/21** | $10911 | $10787 | $11650 |
| **3/22** | $10749 | $10685 | $11167 |
| **3/23** | $10872 | $10794 | $10633 |
| **3/24** | $11487 | $11259 | $10814 |
| **3/25** | $12085 | $11819 | $11342 |
| **3/26** | $12528 | $12253 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 3.67% | 2.80% | 2.28% |
| ICE BofAML One-Year U.S. Treasury Note Index | 3.67% | 2.58% | 2.05% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Enhanced Income Fund

# Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $486943005 |
| # of Portfolio Holdings as of Period End | 227 |
| Portfolio Turnover Rate for the Period | 65% |
| Total Net Advisory Fees Paid for the Period | $1399472 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective April 30, 2025, the Fund changed its principal investment strategy to adopt a non-fundamental policy to invest at least 80% of its net assets in fixed income securities and derivatives that have similar economic characteristics to such securities. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

Effective July 29, 2025, investments related to municipal securities and reverse repurchase agreements were removed as principal risks of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 22.4% |
| Collateralized Loan Obligations | 10.7% |
| Automotive | 10.1% |
| U.S. Treasury Obligations | 7.3% |
| Software | 5.0% |
| Electrical | 5.0% |
| Short-Term Investments | 4.1% |
| Commercial Mortgage-Backed Securities | 4.0% |
| Diversified Financial Services | 4.0% |
| Other | 25.9% |

---

# Goldman Sachs Enhanced Income Fund

# Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Enhanced Income Fund

# 38142Y534-AR-0326

# Class A
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Enhanced Income Fund

# GAEPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Enhanced Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $35 | 0.34% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by exposures to investment grade corporate bonds, high yield corporate bonds, collateralized loan obligations and commercial mortgage-backed securities.

* Security selection strategies overall added value, especially the selection of specific investment grade industrials securities within the corporate bond sector and of collateralized loan obligations within the securitized credit sector. Selection within the government/swaps sector boosted results as well. 

Top Detractors from Performance:

* The Fund's duration and yield curve positioning strategy detracted from results, largely driven by our swap-spread positioning, or discretionary interest rate trades among U.S. Treasuries. 

# Goldman Sachs Enhanced Income Fund

# Class P

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g25j55.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **ICE BofAML One-Year U.S. Treasury Note Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/20/18** | $10000 | $10000 | $10000 |
| **3/19** | $10236 | $10242 | $10538 |
| **3/20** | $10220 | $10636 | $11479 |
| **3/21** | $10750 | $10654 | $11561 |
| **3/22** | $10616 | $10554 | $11081 |
| **3/23** | $10762 | $10662 | $10551 |
| **3/24** | $11387 | $11120 | $10730 |
| **3/25** | $12008 | $11674 | $11254 |
| **3/26** | $12492 | $12103 | $11744 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 4.03% | 3.05% | 2.84% |
| ICE BofAML One-Year U.S. Treasury Note Index | 3.67% | 2.58% | 2.43% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 2.04% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Enhanced Income Fund

# Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $486943005 |
| # of Portfolio Holdings as of Period End | 227 |
| Portfolio Turnover Rate for the Period | 65% |
| Total Net Advisory Fees Paid for the Period | $1399472 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective April 30, 2025, the Fund changed its principal investment strategy to adopt a non-fundamental policy to invest at least 80% of its net assets in fixed income securities and derivatives that have similar economic characteristics to such securities. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

Effective July 29, 2025, investments related to municipal securities and reverse repurchase agreements were removed as principal risks of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 22.4% |
| Collateralized Loan Obligations | 10.7% |
| Automotive | 10.1% |
| U.S. Treasury Obligations | 7.3% |
| Software | 5.0% |
| Electrical | 5.0% |
| Short-Term Investments | 4.1% |
| Commercial Mortgage-Backed Securities | 4.0% |
| Diversified Financial Services | 4.0% |
| Other | 25.9% |

---

# Goldman Sachs Enhanced Income Fund

# Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Enhanced Income Fund

# 38150B822-AR-0326

# Class P
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Enhanced Income Fund

# GEIUX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Enhanced Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $35 | 0.34% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by exposures to investment grade corporate bonds, high yield corporate bonds, collateralized loan obligations and commercial mortgage-backed securities.

* Security selection strategies overall added value, especially the selection of specific investment grade industrials securities within the corporate bond sector and of collateralized loan obligations within the securitized credit sector. Selection within the government/swaps sector boosted results as well. 

Top Detractors from Performance:

* The Fund's duration and yield curve positioning strategy detracted from results, largely driven by our swap-spread positioning, or discretionary interest rate trades among U.S. Treasuries. 

# Goldman Sachs Enhanced Income Fund

# Class R6

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g74w55.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **ICE BofAML One-Year U.S. Treasury Note Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 | $10000 |
| **3/17** | $10155 | $10056 | $10044 |
| **3/18** | $10278 | $10122 | $10165 |
| **3/19** | $10544 | $10369 | $10620 |
| **3/20** | $10527 | $10769 | $11568 |
| **3/21** | $11074 | $10787 | $11650 |
| **3/22** | $10935 | $10685 | $11167 |
| **3/23** | $11086 | $10794 | $10633 |
| **3/24** | $11742 | $11259 | $10814 |
| **3/25** | $12369 | $11819 | $11342 |
| **3/26** | $12868 | $12253 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 4.03% | 3.05% | 2.55% |
| ICE BofAML One-Year U.S. Treasury Note Index | 3.67% | 2.58% | 2.05% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Enhanced Income Fund

# Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $486943005 |
| # of Portfolio Holdings as of Period End | 227 |
| Portfolio Turnover Rate for the Period | 65% |
| Total Net Advisory Fees Paid for the Period | $1399472 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective April 30, 2025, the Fund changed its principal investment strategy to adopt a non-fundamental policy to invest at least 80% of its net assets in fixed income securities and derivatives that have similar economic characteristics to such securities. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

Effective July 29, 2025, investments related to municipal securities and reverse repurchase agreements were removed as principal risks of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 22.4% |
| Collateralized Loan Obligations | 10.7% |
| Automotive | 10.1% |
| U.S. Treasury Obligations | 7.3% |
| Software | 5.0% |
| Electrical | 5.0% |
| Short-Term Investments | 4.1% |
| Commercial Mortgage-Backed Securities | 4.0% |
| Diversified Financial Services | 4.0% |
| Other | 25.9% |

---

# Goldman Sachs Enhanced Income Fund

# Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Enhanced Income Fund

# 38147X622-AR-0326

# Class R6
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Enhanced Income Fund

# GEIIX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Enhanced Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $36 | 0.35% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by exposures to investment grade corporate bonds, high yield corporate bonds, collateralized loan obligations and commercial mortgage-backed securities.

* Security selection strategies overall added value, especially the selection of specific investment grade industrials securities within the corporate bond sector and of collateralized loan obligations within the securitized credit sector. Selection within the government/swaps sector boosted results as well. 

Top Detractors from Performance:

* The Fund's duration and yield curve positioning strategy detracted from results, largely driven by our swap-spread positioning, or discretionary interest rate trades among U.S. Treasuries. 

# Goldman Sachs Enhanced Income Fund

# Institutional Class

## Performance Overview
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g34y87.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **ICE BofAML One-Year U.S. Treasury Note Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $1000000 | $1000000 | $1000000 |
| **3/17** | $1015300 | $1005600 | $1004400 |
| **3/18** | $1026367 | $1012237 | $1016453 |
| **3/19** | $1054079 | $1036936 | $1061990 |
| **3/20** | $1052287 | $1076858 | $1156826 |
| **3/21** | $1106795 | $1078688 | $1165039 |
| **3/22** | $1092850 | $1068549 | $1116690 |
| **3/23** | $1107822 | $1079448 | $1063312 |
| **3/24** | $1172075 | $1125864 | $1081388 |
| **3/25** | $1235836 | $1181932 | $1134160 |
| **3/26** | $1285517 | $1225309 | $1183496 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 4.02% | 3.04% | 2.54% |
| ICE BofAML One-Year U.S. Treasury Note Index | 3.67% | 2.58% | 2.05% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Enhanced Income Fund

# Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $486943005 |
| # of Portfolio Holdings as of Period End | 227 |
| Portfolio Turnover Rate for the Period | 65% |
| Total Net Advisory Fees Paid for the Period | $1399472 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective April 30, 2025, the Fund changed its principal investment strategy to adopt a non-fundamental policy to invest at least 80% of its net assets in fixed income securities and derivatives that have similar economic characteristics to such securities. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

Effective July 29, 2025, investments related to municipal securities and reverse repurchase agreements were removed as principal risks of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 22.4% |
| Collateralized Loan Obligations | 10.7% |
| Automotive | 10.1% |
| U.S. Treasury Obligations | 7.3% |
| Software | 5.0% |
| Electrical | 5.0% |
| Short-Term Investments | 4.1% |
| Commercial Mortgage-Backed Securities | 4.0% |
| Diversified Financial Services | 4.0% |
| Other | 25.9% |

---

# Goldman Sachs Enhanced Income Fund

# Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Enhanced Income Fund

# 38142Y518-AR-0326

# Institutional Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Enhanced Income Fund

# GHIRX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Enhanced Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $44 | 0.43% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by exposures to investment grade corporate bonds, high yield corporate bonds, collateralized loan obligations and commercial mortgage-backed securities.

* Security selection strategies overall added value, especially the selection of specific investment grade industrials securities within the corporate bond sector and of collateralized loan obligations within the securitized credit sector. Selection within the government/swaps sector boosted results as well. 

Top Detractors from Performance:

* The Fund's duration and yield curve positioning strategy detracted from results, largely driven by our swap-spread positioning, or discretionary interest rate trades among U.S. Treasuries. 

# Goldman Sachs Enhanced Income Fund

# Investor Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g98i01.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Shares** | **ICE BofAML One-Year U.S. Treasury Note Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 | $10000 |
| **3/17** | $10144 | $10056 | $10044 |
| **3/18** | $10257 | $10122 | $10165 |
| **3/19** | $10513 | $10369 | $10620 |
| **3/20** | $10485 | $10769 | $11568 |
| **3/21** | $11019 | $10787 | $11650 |
| **3/22** | $10872 | $10685 | $11167 |
| **3/23** | $11012 | $10794 | $10633 |
| **3/24** | $11653 | $11259 | $10814 |
| **3/25** | $12265 | $11819 | $11342 |
| **3/26** | $12747 | $12253 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 3.93% | 2.95% | 2.46% |
| ICE BofAML One-Year U.S. Treasury Note Index | 3.67% | 2.58% | 2.05% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Enhanced Income Fund

# Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $486943005 |
| # of Portfolio Holdings as of Period End | 227 |
| Portfolio Turnover Rate for the Period | 65% |
| Total Net Advisory Fees Paid for the Period | $1399472 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective April 30, 2025, the Fund changed its principal investment strategy to adopt a non-fundamental policy to invest at least 80% of its net assets in fixed income securities and derivatives that have similar economic characteristics to such securities. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

Effective July 29, 2025, investments related to municipal securities and reverse repurchase agreements were removed as principal risks of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 22.4% |
| Collateralized Loan Obligations | 10.7% |
| Automotive | 10.1% |
| U.S. Treasury Obligations | 7.3% |
| Software | 5.0% |
| Electrical | 5.0% |
| Short-Term Investments | 4.1% |
| Commercial Mortgage-Backed Securities | 4.0% |
| Diversified Financial Services | 4.0% |
| Other | 25.9% |

---

# Goldman Sachs Enhanced Income Fund

# Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Enhanced Income Fund

# 38145L877-AR-0326

# Investor Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Enhanced Income Fund

# GESVX: Service Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Enhanced Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $86 | 0.85% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by exposures to investment grade corporate bonds, high yield corporate bonds, collateralized loan obligations and commercial mortgage-backed securities.

* Security selection strategies overall added value, especially the selection of specific investment grade industrials securities within the corporate bond sector and of collateralized loan obligations within the securitized credit sector. Selection within the government/swaps sector boosted results as well. 

Top Detractors from Performance:

* The Fund's duration and yield curve positioning strategy detracted from results, largely driven by our swap-spread positioning, or discretionary interest rate trades among U.S. Treasuries. 

# Goldman Sachs Enhanced Income Fund

# Service Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g46v72.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Shares** | **ICE BofAML One-Year U.S. Treasury Note Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/10/21** | $10000 | $10000 | $10000 |
| **3/22** | $9877 | $9916 | $9419 |
| **3/23** | $9963 | $10017 | $8969 |
| **3/24** | $10499 | $10448 | $9121 |
| **3/25** | $11004 | $10968 | $9566 |
| **3/26** | $11389 | $11371 | $9982 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Since Inception** |
| Service Shares (Commenced December 10, 2021) | 3.50% | 3.07% |
| ICE BofAML One-Year U.S. Treasury Note Index | 3.67% | 3.03% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | -0.04% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Enhanced Income Fund

# Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $486943005 |
| # of Portfolio Holdings as of Period End | 227 |
| Portfolio Turnover Rate for the Period | 65% |
| Total Net Advisory Fees Paid for the Period | $1399472 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective April 30, 2025, the Fund changed its principal investment strategy to adopt a non-fundamental policy to invest at least 80% of its net assets in fixed income securities and derivatives that have similar economic characteristics to such securities. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

Effective July 29, 2025, investments related to municipal securities and reverse repurchase agreements were removed as principal risks of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 22.4% |
| Collateralized Loan Obligations | 10.7% |
| Automotive | 10.1% |
| U.S. Treasury Obligations | 7.3% |
| Software | 5.0% |
| Electrical | 5.0% |
| Short-Term Investments | 4.1% |
| Commercial Mortgage-Backed Securities | 4.0% |
| Diversified Financial Services | 4.0% |
| Other | 25.9% |

---

# Goldman Sachs Enhanced Income Fund

# Service Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Enhanced Income Fund

# 38150C457-AR-0326

# Service Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Global Core Fixed Income Fund

# GSGIX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Global Core Fixed Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $88 | 0.87% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively due primarily to overweight exposures to commercial mortgage-backed securities and mortgage-backed securities within the securitized sector, which were generally supported by solid economic growth, robust fundamentals and strong demand for historically high yields. 

* The Fund's macro relative value country strategy contributed positively, driven by its short Japanese rates and long U.K. rates position in the fourth quarter of 2025. Japanese government bond yields rose in December 2025 on hawkish remarks from Bank of Japan Governor Ueda and other officials as well as on strong economic data. The Bank of Japan increased its rates by 25 basis points in its December meeting and hinted about further hikes ahead, inducing Japanese government bonds to sell off. In the U.K., gilts, or its government bonds, rallied in October 2025 after labor market and inflation data proved weaker than consensus expected, leading investors to price in more interest rate cuts from the Bank of England. A long New Zealand rates vs. short Japanese rates position also enhanced results. 

* The Fund's actively managed duration and yield curve strategy proved effective given our tactical month-end systematic U.S. Treasury auction strategy, especially in the second quarter of 2025 when rates rallied. The Fund's underweight in five-year Japanese rates in March 2026 also added value. Additionally, having U.S. and European yield curve steepener positions and a Japanese yield curve flattener position contributed positively. 

* Individual issue selection within the non-agency mortgage-backed securities, corporate bond, agency mortgage-backed securities and government sectors helped. 

Top Detractors from Performance:

* The Fund's currency strategy detracted from relative returns, driven by an underweight exposure to the New Zealand dollar in the second quarter of 2025 and by an overweight exposure to the South Korean won.

* Individual issue selection among emerging markets debt securities detracted, attributable mostly to the Fund's allocation to local emerging markets debt, particularly in March 2026.

* Within our macro relative value country strategy, a long Norwegian rates vs. short Swiss rates position and a long New Zealand rates vs. short European rates position dampened results.

* Within the Fund's cross-sector strategy, an underweight to investment grade corporate credit detracted. 

# Goldman Sachs Global Core Fixed Income Fund

# Class A

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g88s50.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/1/16** | $9625 | $10000 | $10000 |
| **3/17** | $9735 | $10114 | $10109 |
| **3/18** | $9869 | $10254 | $10358 |
| **3/19** | $10263 | $10663 | $10868 |
| **3/20** | $10765 | $11184 | $11585 |
| **3/21** | $11319 | $11760 | $11758 |
| **3/22** | $10806 | $11227 | $11297 |
| **3/23** | $10296 | $10697 | $10861 |
| **3/24** | $10725 | $11142 | $11311 |
| **3/25** | $11193 | $11629 | $11830 |
| **3/26** | $11551 | $12001 | $12243 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 3.20% | 0.41% | 1.84% |
| Class A including sales charges | -0.66% | -0.36% | 1.45% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 3.49% | 0.81% | 2.04% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Global Core Fixed Income Fund

# Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $801560122 |
| # of Portfolio Holdings as of Period End | 638 |
| Portfolio Turnover Rate for the Period | 488% |
| Total Net Advisory Fees Paid for the Period | $4032336 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective April 30, 2025, the Fund changed its non-fundamental policy to invest at least 80% of its net assets in core fixed income securities, which are fixed income securities that are rated investment grade, or, if unrated, determined by the Investment Adviser to be of comparable credit quality. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

Effective July 29, 2025, investments related to floating and variable rate obligations was added as a principal risk of the Fund.

Effective July 29, 2025, the Fund's Investment Adviser agreed to increase its management fee waiver in order to achieve an effective net management fee rate of 0.48% as an annual percentage of average daily net assets of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Sovereign Debt Obligations | 33.7% |
| Federal Agencies | 14.4% |
| Commercial Mortgage-Backed Securities | 11.9% |
| Banks | 10.0% |
| Collateralized Mortgage Obligations | 8.0% |
| Collateralized Loan Obligations | 7.7% |
| Automotive | 2.0% |
| Software | 1.7% |
| U.S. Treasury Obligations | 1.6% |
| Other | 13.7% |

---

# Goldman Sachs Global Core Fixed Income Fund

# Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Global Core Fixed Income Fund

# 38141W109-AR-0326

# Class A
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Global Core Fixed Income Fund

# GSLCX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Global Core Fixed Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $164 | 1.62% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively due primarily to overweight exposures to commercial mortgage-backed securities and mortgage-backed securities within the securitized sector, which were generally supported by solid economic growth, robust fundamentals and strong demand for historically high yields. 

* The Fund's macro relative value country strategy contributed positively, driven by its short Japanese rates and long U.K. rates position in the fourth quarter of 2025. Japanese government bond yields rose in December 2025 on hawkish remarks from Bank of Japan Governor Ueda and other officials as well as on strong economic data. The Bank of Japan increased its rates by 25 basis points in its December meeting and hinted about further hikes ahead, inducing Japanese government bonds to sell off. In the U.K., gilts, or its government bonds, rallied in October 2025 after labor market and inflation data proved weaker than consensus expected, leading investors to price in more interest rate cuts from the Bank of England. A long New Zealand rates vs. short Japanese rates position also enhanced results. 

* The Fund's actively managed duration and yield curve strategy proved effective given our tactical month-end systematic U.S. Treasury auction strategy, especially in the second quarter of 2025 when rates rallied. The Fund's underweight in five-year Japanese rates in March 2026 also added value. Additionally, having U.S. and European yield curve steepener positions and a Japanese yield curve flattener position contributed positively. 

* Individual issue selection within the non-agency mortgage-backed securities, corporate bond, agency mortgage-backed securities and government sectors helped. 

Top Detractors from Performance:

* The Fund's currency strategy detracted from relative returns, driven by an underweight exposure to the New Zealand dollar in the second quarter of 2025 and by an overweight exposure to the South Korean won.

* Individual issue selection among emerging markets debt securities detracted, attributable mostly to the Fund's allocation to local emerging markets debt, particularly in March 2026.

* Within our macro relative value country strategy, a long Norwegian rates vs. short Swiss rates position and a long New Zealand rates vs. short European rates position dampened results.

* Within the Fund's cross-sector strategy, an underweight to investment grade corporate credit detracted. 

# Goldman Sachs Global Core Fixed Income Fund

# Class C

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g71p55.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/1/16** | $9900 | $10000 | $10000 |
| **3/17** | $9942 | $10042 | $10109 |
| **3/18** | $10009 | $10110 | $10358 |
| **3/19** | $10333 | $10438 | $10868 |
| **3/20** | $10754 | $10863 | $11585 |
| **3/21** | $11227 | $11341 | $11758 |
| **3/22** | $10634 | $10742 | $11297 |
| **3/23** | $10068 | $10169 | $10861 |
| **3/24** | $10401 | $10506 | $11311 |
| **3/25** | $10775 | $10884 | $11830 |
| **3/26** | $11027 | $11139 | $12243 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 2.34% | -0.36% | 1.08% |
| Class C including sales charges | 1.32% | -0.36% | 1.08% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 3.49% | 0.81% | 2.04% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Global Core Fixed Income Fund

# Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $801560122 |
| # of Portfolio Holdings as of Period End | 638 |
| Portfolio Turnover Rate for the Period | 488% |
| Total Net Advisory Fees Paid for the Period | $4032336 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective April 30, 2025, the Fund changed its non-fundamental policy to invest at least 80% of its net assets in core fixed income securities, which are fixed income securities that are rated investment grade, or, if unrated, determined by the Investment Adviser to be of comparable credit quality. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

Effective July 29, 2025, investments related to floating and variable rate obligations was added as a principal risk of the Fund.

Effective July 29, 2025, the Fund's Investment Adviser agreed to increase its management fee waiver in order to achieve an effective net management fee rate of 0.48% as an annual percentage of average daily net assets of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Sovereign Debt Obligations | 33.7% |
| Federal Agencies | 14.4% |
| Commercial Mortgage-Backed Securities | 11.9% |
| Banks | 10.0% |
| Collateralized Mortgage Obligations | 8.0% |
| Collateralized Loan Obligations | 7.7% |
| Automotive | 2.0% |
| Software | 1.7% |
| U.S. Treasury Obligations | 1.6% |
| Other | 13.7% |

---

# Goldman Sachs Global Core Fixed Income Fund

# Class C

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Global Core Fixed Income Fund

# 38142B187-AR-0326

# Class C
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Global Core Fixed Income Fund

# GGXPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Global Core Fixed Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $54 | 0.53% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively due primarily to overweight exposures to commercial mortgage-backed securities and mortgage-backed securities within the securitized sector, which were generally supported by solid economic growth, robust fundamentals and strong demand for historically high yields. 

* The Fund's macro relative value country strategy contributed positively, driven by its short Japanese rates and long U.K. rates position in the fourth quarter of 2025. Japanese government bond yields rose in December 2025 on hawkish remarks from Bank of Japan Governor Ueda and other officials as well as on strong economic data. The Bank of Japan increased its rates by 25 basis points in its December meeting and hinted about further hikes ahead, inducing Japanese government bonds to sell off. In the U.K., gilts, or its government bonds, rallied in October 2025 after labor market and inflation data proved weaker than consensus expected, leading investors to price in more interest rate cuts from the Bank of England. A long New Zealand rates vs. short Japanese rates position also enhanced results. 

* The Fund's actively managed duration and yield curve strategy proved effective given our tactical month-end systematic U.S. Treasury auction strategy, especially in the second quarter of 2025 when rates rallied. The Fund's underweight in five-year Japanese rates in March 2026 also added value. Additionally, having U.S. and European yield curve steepener positions and a Japanese yield curve flattener position contributed positively. 

* Individual issue selection within the non-agency mortgage-backed securities, corporate bond, agency mortgage-backed securities and government sectors helped. 

Top Detractors from Performance:

* The Fund's currency strategy detracted from relative returns, driven by an underweight exposure to the New Zealand dollar in the second quarter of 2025 and by an overweight exposure to the South Korean won.

* Individual issue selection among emerging markets debt securities detracted, attributable mostly to the Fund's allocation to local emerging markets debt, particularly in March 2026.

* Within our macro relative value country strategy, a long Norwegian rates vs. short Swiss rates position and a long New Zealand rates vs. short European rates position dampened results.

* Within the Fund's cross-sector strategy, an underweight to investment grade corporate credit detracted. 

# Goldman Sachs Global Core Fixed Income Fund

# Class P

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g90y83.jpg)

---

| | | |
|:---|:---|:---|
| | **Class P** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/20/18** | $10000 | $10000 |
| **3/19** | $10477 | $10549 |
| **3/20** | $11026 | $11244 |
| **3/21** | $11631 | $11413 |
| **3/22** | $11139 | $10965 |
| **3/23** | $10657 | $10542 |
| **3/24** | $11137 | $10979 |
| **3/25** | $11662 | $11483 |
| **3/26** | $12076 | $11883 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 3.55% | 0.75% | 2.40% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 3.49% | 0.81% | 2.19% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Global Core Fixed Income Fund

# Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $801560122 |
| # of Portfolio Holdings as of Period End | 638 |
| Portfolio Turnover Rate for the Period | 488% |
| Total Net Advisory Fees Paid for the Period | $4032336 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective April 30, 2025, the Fund changed its non-fundamental policy to invest at least 80% of its net assets in core fixed income securities, which are fixed income securities that are rated investment grade, or, if unrated, determined by the Investment Adviser to be of comparable credit quality. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

Effective July 29, 2025, investments related to floating and variable rate obligations was added as a principal risk of the Fund.

Effective July 29, 2025, the Fund's Investment Adviser agreed to increase its management fee waiver in order to achieve an effective net management fee rate of 0.48% as an annual percentage of average daily net assets of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Sovereign Debt Obligations | 33.7% |
| Federal Agencies | 14.4% |
| Commercial Mortgage-Backed Securities | 11.9% |
| Banks | 10.0% |
| Collateralized Mortgage Obligations | 8.0% |
| Collateralized Loan Obligations | 7.7% |
| Automotive | 2.0% |
| Software | 1.7% |
| U.S. Treasury Obligations | 1.6% |
| Other | 13.7% |

---

# Goldman Sachs Global Core Fixed Income Fund

# Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Global Core Fixed Income Fund

# 38150B764-AR-0326

# Class P
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Global Core Fixed Income Fund

# GBIUX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Global Core Fixed Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $54 | 0.53% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively due primarily to overweight exposures to commercial mortgage-backed securities and mortgage-backed securities within the securitized sector, which were generally supported by solid economic growth, robust fundamentals and strong demand for historically high yields. 

* The Fund's macro relative value country strategy contributed positively, driven by its short Japanese rates and long U.K. rates position in the fourth quarter of 2025. Japanese government bond yields rose in December 2025 on hawkish remarks from Bank of Japan Governor Ueda and other officials as well as on strong economic data. The Bank of Japan increased its rates by 25 basis points in its December meeting and hinted about further hikes ahead, inducing Japanese government bonds to sell off. In the U.K., gilts, or its government bonds, rallied in October 2025 after labor market and inflation data proved weaker than consensus expected, leading investors to price in more interest rate cuts from the Bank of England. A long New Zealand rates vs. short Japanese rates position also enhanced results. 

* The Fund's actively managed duration and yield curve strategy proved effective given our tactical month-end systematic U.S. Treasury auction strategy, especially in the second quarter of 2025 when rates rallied. The Fund's underweight in five-year Japanese rates in March 2026 also added value. Additionally, having U.S. and European yield curve steepener positions and a Japanese yield curve flattener position contributed positively. 

* Individual issue selection within the non-agency mortgage-backed securities, corporate bond, agency mortgage-backed securities and government sectors helped. 

Top Detractors from Performance:

* The Fund's currency strategy detracted from relative returns, driven by an underweight exposure to the New Zealand dollar in the second quarter of 2025 and by an overweight exposure to the South Korean won.

* Individual issue selection among emerging markets debt securities detracted, attributable mostly to the Fund's allocation to local emerging markets debt, particularly in March 2026.

* Within our macro relative value country strategy, a long Norwegian rates vs. short Swiss rates position and a long New Zealand rates vs. short European rates position dampened results.

* Within the Fund's cross-sector strategy, an underweight to investment grade corporate credit detracted. 

# Goldman Sachs Global Core Fixed Income Fund

# Class R6

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g57u29.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/1/16** | $10000 | $10000 |
| **3/17** | $10150 | $10109 |
| **3/18** | $10326 | $10358 |
| **3/19** | $10775 | $10868 |
| **3/20** | $11339 | $11585 |
| **3/21** | $11962 | $11758 |
| **3/22** | $11456 | $11297 |
| **3/23** | $10959 | $10861 |
| **3/24** | $11442 | $11311 |
| **3/25** | $11982 | $11830 |
| **3/26** | $12407 | $12243 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 3.55% | 0.73% | 2.18% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 3.49% | 0.81% | 2.04% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Global Core Fixed Income Fund

# Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $801560122 |
| # of Portfolio Holdings as of Period End | 638 |
| Portfolio Turnover Rate for the Period | 488% |
| Total Net Advisory Fees Paid for the Period | $4032336 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective April 30, 2025, the Fund changed its non-fundamental policy to invest at least 80% of its net assets in core fixed income securities, which are fixed income securities that are rated investment grade, or, if unrated, determined by the Investment Adviser to be of comparable credit quality. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

Effective July 29, 2025, investments related to floating and variable rate obligations was added as a principal risk of the Fund.

Effective July 29, 2025, the Fund's Investment Adviser agreed to increase its management fee waiver in order to achieve an effective net management fee rate of 0.48% as an annual percentage of average daily net assets of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Sovereign Debt Obligations | 33.7% |
| Federal Agencies | 14.4% |
| Commercial Mortgage-Backed Securities | 11.9% |
| Banks | 10.0% |
| Collateralized Mortgage Obligations | 8.0% |
| Collateralized Loan Obligations | 7.7% |
| Automotive | 2.0% |
| Software | 1.7% |
| U.S. Treasury Obligations | 1.6% |
| Other | 13.7% |

---

# Goldman Sachs Global Core Fixed Income Fund

# Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Global Core Fixed Income Fund

# 38147X549-AR-0326

# Class R6
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Global Core Fixed Income Fund

# GSGLX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Global Core Fixed Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $55 | 0.54% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively due primarily to overweight exposures to commercial mortgage-backed securities and mortgage-backed securities within the securitized sector, which were generally supported by solid economic growth, robust fundamentals and strong demand for historically high yields. 

* The Fund's macro relative value country strategy contributed positively, driven by its short Japanese rates and long U.K. rates position in the fourth quarter of 2025. Japanese government bond yields rose in December 2025 on hawkish remarks from Bank of Japan Governor Ueda and other officials as well as on strong economic data. The Bank of Japan increased its rates by 25 basis points in its December meeting and hinted about further hikes ahead, inducing Japanese government bonds to sell off. In the U.K., gilts, or its government bonds, rallied in October 2025 after labor market and inflation data proved weaker than consensus expected, leading investors to price in more interest rate cuts from the Bank of England. A long New Zealand rates vs. short Japanese rates position also enhanced results. 

* The Fund's actively managed duration and yield curve strategy proved effective given our tactical month-end systematic U.S. Treasury auction strategy, especially in the second quarter of 2025 when rates rallied. The Fund's underweight in five-year Japanese rates in March 2026 also added value. Additionally, having U.S. and European yield curve steepener positions and a Japanese yield curve flattener position contributed positively. 

* Individual issue selection within the non-agency mortgage-backed securities, corporate bond, agency mortgage-backed securities and government sectors helped. 

Top Detractors from Performance:

* The Fund's currency strategy detracted from relative returns, driven by an underweight exposure to the New Zealand dollar in the second quarter of 2025 and by an overweight exposure to the South Korean won.

* Individual issue selection among emerging markets debt securities detracted, attributable mostly to the Fund's allocation to local emerging markets debt, particularly in March 2026.

* Within our macro relative value country strategy, a long Norwegian rates vs. short Swiss rates position and a long New Zealand rates vs. short European rates position dampened results.

* Within the Fund's cross-sector strategy, an underweight to investment grade corporate credit detracted. 

# Goldman Sachs Global Core Fixed Income Fund

# Institutional Class

## Performance Overview
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g60t60.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/1/16** | $1000000 | $1000000 |
| **3/17** | $1014800 | $1010900 |
| **3/18** | $1032255 | $1035768 |
| **3/19** | $1077054 | $1086832 |
| **3/20** | $1133384 | $1158454 |
| **3/21** | $1195494 | $1175831 |
| **3/22** | $1144805 | $1129738 |
| **3/23** | $1094090 | $1086130 |
| **3/24** | $1143215 | $1131096 |
| **3/25** | $1197060 | $1183013 |
| **3/26** | $1239436 | $1224300 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 3.54% | 0.72% | 2.17% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 3.49% | 0.81% | 2.04% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Global Core Fixed Income Fund

# Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $801560122 |
| # of Portfolio Holdings as of Period End | 638 |
| Portfolio Turnover Rate for the Period | 488% |
| Total Net Advisory Fees Paid for the Period | $4032336 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective April 30, 2025, the Fund changed its non-fundamental policy to invest at least 80% of its net assets in core fixed income securities, which are fixed income securities that are rated investment grade, or, if unrated, determined by the Investment Adviser to be of comparable credit quality. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

Effective July 29, 2025, investments related to floating and variable rate obligations was added as a principal risk of the Fund.

Effective July 29, 2025, the Fund's Investment Adviser agreed to increase its management fee waiver in order to achieve an effective net management fee rate of 0.48% as an annual percentage of average daily net assets of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Sovereign Debt Obligations | 33.7% |
| Federal Agencies | 14.4% |
| Commercial Mortgage-Backed Securities | 11.9% |
| Banks | 10.0% |
| Collateralized Mortgage Obligations | 8.0% |
| Collateralized Loan Obligations | 7.7% |
| Automotive | 2.0% |
| Software | 1.7% |
| U.S. Treasury Obligations | 1.6% |
| Other | 13.7% |

---

# Goldman Sachs Global Core Fixed Income Fund

# Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Global Core Fixed Income Fund

# 38141W737-AR-0326

# Institutional Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Global Core Fixed Income Fund

# GBIRX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Global Core Fixed Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $63 | 0.62% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively due primarily to overweight exposures to commercial mortgage-backed securities and mortgage-backed securities within the securitized sector, which were generally supported by solid economic growth, robust fundamentals and strong demand for historically high yields. 

* The Fund's macro relative value country strategy contributed positively, driven by its short Japanese rates and long U.K. rates position in the fourth quarter of 2025. Japanese government bond yields rose in December 2025 on hawkish remarks from Bank of Japan Governor Ueda and other officials as well as on strong economic data. The Bank of Japan increased its rates by 25 basis points in its December meeting and hinted about further hikes ahead, inducing Japanese government bonds to sell off. In the U.K., gilts, or its government bonds, rallied in October 2025 after labor market and inflation data proved weaker than consensus expected, leading investors to price in more interest rate cuts from the Bank of England. A long New Zealand rates vs. short Japanese rates position also enhanced results. 

* The Fund's actively managed duration and yield curve strategy proved effective given our tactical month-end systematic U.S. Treasury auction strategy, especially in the second quarter of 2025 when rates rallied. The Fund's underweight in five-year Japanese rates in March 2026 also added value. Additionally, having U.S. and European yield curve steepener positions and a Japanese yield curve flattener position contributed positively. 

* Individual issue selection within the non-agency mortgage-backed securities, corporate bond, agency mortgage-backed securities and government sectors helped. 

Top Detractors from Performance:

* The Fund's currency strategy detracted from relative returns, driven by an underweight exposure to the New Zealand dollar in the second quarter of 2025 and by an overweight exposure to the South Korean won.

* Individual issue selection among emerging markets debt securities detracted, attributable mostly to the Fund's allocation to local emerging markets debt, particularly in March 2026.

* Within our macro relative value country strategy, a long Norwegian rates vs. short Swiss rates position and a long New Zealand rates vs. short European rates position dampened results.

* Within the Fund's cross-sector strategy, an underweight to investment grade corporate credit detracted. 

# Goldman Sachs Global Core Fixed Income Fund

# Investor Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g28x13.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor Shares** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/1/16** | $10000 | $10000 |
| **3/17** | $10139 | $10109 |
| **3/18** | $10304 | $10358 |
| **3/19** | $10742 | $10868 |
| **3/20** | $11288 | $11585 |
| **3/21** | $11901 | $11758 |
| **3/22** | $11388 | $11297 |
| **3/23** | $10885 | $10861 |
| **3/24** | $11367 | $11311 |
| **3/25** | $11893 | $11830 |
| **3/26** | $12294 | $12243 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 3.37% | 0.65% | 2.09% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 3.49% | 0.81% | 2.04% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Global Core Fixed Income Fund

# Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $801560122 |
| # of Portfolio Holdings as of Period End | 638 |
| Portfolio Turnover Rate for the Period | 488% |
| Total Net Advisory Fees Paid for the Period | $4032336 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective April 30, 2025, the Fund changed its non-fundamental policy to invest at least 80% of its net assets in core fixed income securities, which are fixed income securities that are rated investment grade, or, if unrated, determined by the Investment Adviser to be of comparable credit quality. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

Effective July 29, 2025, investments related to floating and variable rate obligations was added as a principal risk of the Fund.

Effective July 29, 2025, the Fund's Investment Adviser agreed to increase its management fee waiver in order to achieve an effective net management fee rate of 0.48% as an annual percentage of average daily net assets of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Sovereign Debt Obligations | 33.7% |
| Federal Agencies | 14.4% |
| Commercial Mortgage-Backed Securities | 11.9% |
| Banks | 10.0% |
| Collateralized Mortgage Obligations | 8.0% |
| Collateralized Loan Obligations | 7.7% |
| Automotive | 2.0% |
| Software | 1.7% |
| U.S. Treasury Obligations | 1.6% |
| Other | 13.7% |

---

# Goldman Sachs Global Core Fixed Income Fund

# Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Global Core Fixed Income Fund

# 38144N155-AR-0326

# Investor Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Global Core Fixed Income Fund

# GGISX: Service Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Global Core Fixed Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $105 | 1.03% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively due primarily to overweight exposures to commercial mortgage-backed securities and mortgage-backed securities within the securitized sector, which were generally supported by solid economic growth, robust fundamentals and strong demand for historically high yields. 

* The Fund's macro relative value country strategy contributed positively, driven by its short Japanese rates and long U.K. rates position in the fourth quarter of 2025. Japanese government bond yields rose in December 2025 on hawkish remarks from Bank of Japan Governor Ueda and other officials as well as on strong economic data. The Bank of Japan increased its rates by 25 basis points in its December meeting and hinted about further hikes ahead, inducing Japanese government bonds to sell off. In the U.K., gilts, or its government bonds, rallied in October 2025 after labor market and inflation data proved weaker than consensus expected, leading investors to price in more interest rate cuts from the Bank of England. A long New Zealand rates vs. short Japanese rates position also enhanced results. 

* The Fund's actively managed duration and yield curve strategy proved effective given our tactical month-end systematic U.S. Treasury auction strategy, especially in the second quarter of 2025 when rates rallied. The Fund's underweight in five-year Japanese rates in March 2026 also added value. Additionally, having U.S. and European yield curve steepener positions and a Japanese yield curve flattener position contributed positively. 

* Individual issue selection within the non-agency mortgage-backed securities, corporate bond, agency mortgage-backed securities and government sectors helped. 

Top Detractors from Performance:

* The Fund's currency strategy detracted from relative returns, driven by an underweight exposure to the New Zealand dollar in the second quarter of 2025 and by an overweight exposure to the South Korean won.

* Individual issue selection among emerging markets debt securities detracted, attributable mostly to the Fund's allocation to local emerging markets debt, particularly in March 2026.

* Within our macro relative value country strategy, a long Norwegian rates vs. short Swiss rates position and a long New Zealand rates vs. short European rates position dampened results.

* Within the Fund's cross-sector strategy, an underweight to investment grade corporate credit detracted. 

# Goldman Sachs Global Core Fixed Income Fund

# Service Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g01a40.jpg)

---

| | | |
|:---|:---|:---|
| | **Service Shares** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/1/16** | $10000 | $10000 |
| **3/17** | $10090 | $10109 |
| **3/18** | $10222 | $10358 |
| **3/19** | $10606 | $10868 |
| **3/20** | $11107 | $11585 |
| **3/21** | $11660 | $11758 |
| **3/22** | $11108 | $11297 |
| **3/23** | $10567 | $10861 |
| **3/24** | $10978 | $11311 |
| **3/25** | $11439 | $11830 |
| **3/26** | $11778 | $12243 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Service Shares | 2.97% | 0.20% | 1.65% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 3.49% | 0.81% | 2.04% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Global Core Fixed Income Fund

# Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $801560122 |
| # of Portfolio Holdings as of Period End | 638 |
| Portfolio Turnover Rate for the Period | 488% |
| Total Net Advisory Fees Paid for the Period | $4032336 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective April 30, 2025, the Fund changed its non-fundamental policy to invest at least 80% of its net assets in core fixed income securities, which are fixed income securities that are rated investment grade, or, if unrated, determined by the Investment Adviser to be of comparable credit quality. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

Effective July 29, 2025, investments related to floating and variable rate obligations was added as a principal risk of the Fund.

Effective July 29, 2025, the Fund's Investment Adviser agreed to increase its management fee waiver in order to achieve an effective net management fee rate of 0.48% as an annual percentage of average daily net assets of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Sovereign Debt Obligations | 33.7% |
| Federal Agencies | 14.4% |
| Commercial Mortgage-Backed Securities | 11.9% |
| Banks | 10.0% |
| Collateralized Mortgage Obligations | 8.0% |
| Collateralized Loan Obligations | 7.7% |
| Automotive | 2.0% |
| Software | 1.7% |
| U.S. Treasury Obligations | 1.6% |
| Other | 13.7% |

---

# Goldman Sachs Global Core Fixed Income Fund

# Service Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Global Core Fixed Income Fund

# 38141W729-AR-0326

# Service Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs High Yield Floating Rate Fund

# GFRAX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Floating Rate Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $100 | 0.98% |

---

## How did the Fund perform and what affected its performance?
High yield floating rate bonds broadly gained, supported by Fed monetary policy, robust corporate earnings and favorable supply/demand dynamics. Yields were volatile, falling in the first half of the Period on expected Fed rate cuts and rising in the second half on worries about potential AI disruption and private credit stresses.

Top Contributors to Performance:

* The Fund's industry allocations added to its performance versus the S&P UBS Leveraged Loan Index (Index). Specifically, the Fund benefited from its underweights in non-cellular telecommunications and technology. An overweight position in basic industry also bolstered relative returns. 

* Selection within the diversified industrials, consumer services and aerospace and defense industries contributed positively to relative performance.

* In terms of individual issue selection, the Fund was helped by overweight positions in Plains All American Pipeline, a midstream energy company, and in Tosca, a provider of reusable plastic packaging and performance pooling solutions. The Fund's lack of exposure to Cast & Crew, which provides payroll, financial and human resources solutions to the entertainment industry, added further to relative results.

* Within credit quality positioning, the Fund benefited from its overweight in B-rated issues.

* The Fund's tactical allocation to high yield corporate bonds, which are not held by the Index, and its tactical use of credit default swaps contributed positively to returns.

Top Detractors from Performance:

* Selection in autos, capital goods and building materials hurt the Fund's relative performance. 

* Within individual issue selection, the Fund was hampered by its overweight positions in auto parts company First Brands Group and specialty chemical manufacturer Vibrantz Technologies as well as by its out-of-benchmark position in Apex Tools, a supplier of hand tools and power tools. 

* As for industry allocations, the Fund was hampered by its underweights in health care and cable and satellite TV. An overweight in chemicals also diminished relative returns. 

* Within credit quality positioning, the Fund's overweight versus the Index in CCC-rated issues and its underweight in BB-rated issues detracted from relative performance.

* The Fund's tactical allocation to equities limited gains.

# Goldman Sachs High Yield Floating Rate Fund

# Class A

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g48v15.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged)** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $9775 | $10000 | $10000 | $10000 |
| **3/17** | $10447 | $10687 | $10974 | $10044 |
| **3/18** | $10760 | $11008 | $11483 | $10165 |
| **3/19** | $10929 | $11180 | $11866 | $10620 |
| **3/20** | $9675 | $9898 | $10737 | $11568 |
| **3/21** | $11897 | $12171 | $12967 | $11650 |
| **3/22** | $12114 | $12393 | $13384 | $11167 |
| **3/23** | $12208 | $12489 | $13667 | $10633 |
| **3/24** | $13582 | $13895 | $15359 | $10814 |
| **3/25** | $14245 | $14573 | $16437 | $11342 |
| **3/26** | $14732 | $15071 | $17225 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 3.42% | 4.37% | 4.19% |
| Class A including sales charges | 1.09% | 3.88% | 3.95% |
| S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged) | 4.79% | 5.84% | 5.58% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs High Yield Floating Rate Fund

# Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1408024114 |
| # of Portfolio Holdings as of Period End | 391 |
| Portfolio Turnover Rate for the Period | 53% |
| Total Net Advisory Fees Paid for the Period | $9647885 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective March 6, 2026, the Fund changed its principal investment strategy to permit the Fund to invest in common stocks, warrants, rights, convertible securities and other equity securities. The Fund continues to be permitted to invest in fixed income instruments. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Insurance | 5.9% |
| Diversified Financial Services | 5.1% |
| Technology - Software | 5.0% |
| Commercial Services | 4.8% |
| Building & Construction | 4.4% |
| Aerospace & Defense | 3.9% |
| Chemicals | 3.8% |
| Technology | 3.7% |
| Consumer Cyclical Services | 3.7% |
| Other | 59.6% |

---

# Goldman Sachs High Yield Floating Rate Fund

# Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged) ("Index") and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Goldman Sachs.© 2026 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spglobal.com/spdji/en/. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS") and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). Neither S&P Dow Jones Indices LLC, SPFS, Dow Jones, their affiliates nor their licensors ("S&P DJI") make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and S&P DJI shall have no liability for any errors, omissions, or interruptions of any index or the data included therein.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs High Yield Floating Rate Fund

# 38145C471-AR-0326

# Class A
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs High Yield Floating Rate Fund

# GFRCX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Floating Rate Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $175 | 1.73% |

---

## How did the Fund perform and what affected its performance?
High yield floating rate bonds broadly gained, supported by Fed monetary policy, robust corporate earnings and favorable supply/demand dynamics. Yields were volatile, falling in the first half of the Period on expected Fed rate cuts and rising in the second half on worries about potential AI disruption and private credit stresses.

Top Contributors to Performance:

* The Fund's industry allocations added to its performance versus the S&P UBS Leveraged Loan Index (Index). Specifically, the Fund benefited from its underweights in non-cellular telecommunications and technology. An overweight position in basic industry also bolstered relative returns. 

* Selection within the diversified industrials, consumer services and aerospace and defense industries contributed positively to relative performance.

* In terms of individual issue selection, the Fund was helped by overweight positions in Plains All American Pipeline, a midstream energy company, and in Tosca, a provider of reusable plastic packaging and performance pooling solutions. The Fund's lack of exposure to Cast & Crew, which provides payroll, financial and human resources solutions to the entertainment industry, added further to relative results.

* Within credit quality positioning, the Fund benefited from its overweight in B-rated issues.

* The Fund's tactical allocation to high yield corporate bonds, which are not held by the Index, and its tactical use of credit default swaps contributed positively to returns.

Top Detractors from Performance:

* Selection in autos, capital goods and building materials hurt the Fund's relative performance. 

* Within individual issue selection, the Fund was hampered by its overweight positions in auto parts company First Brands Group and specialty chemical manufacturer Vibrantz Technologies as well as by its out-of-benchmark position in Apex Tools, a supplier of hand tools and power tools. 

* As for industry allocations, the Fund was hampered by its underweights in health care and cable and satellite TV. An overweight in chemicals also diminished relative returns. 

* Within credit quality positioning, the Fund's overweight versus the Index in CCC-rated issues and its underweight in BB-rated issues detracted from relative performance.

* The Fund's tactical allocation to equities limited gains.

# Goldman Sachs High Yield Floating Rate Fund

# Class C

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g72z71.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged)** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $9900 | $10000 | $10000 | $10000 |
| **3/17** | $10501 | $10607 | $10974 | $10044 |
| **3/18** | $10735 | $10844 | $11483 | $10165 |
| **3/19** | $10822 | $10931 | $11866 | $10620 |
| **3/20** | $9509 | $9605 | $10737 | $11568 |
| **3/21** | $11619 | $11736 | $12967 | $11650 |
| **3/22** | $11730 | $11849 | $13384 | $11167 |
| **3/23** | $11732 | $11851 | $13667 | $10633 |
| **3/24** | $12957 | $13088 | $15359 | $10814 |
| **3/25** | $13489 | $13625 | $16437 | $11342 |
| **3/26** | $13863 | $14004 | $17225 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 2.78% | 3.59% | 3.42% |
| Class C including sales charges | 1.75% | 3.59% | 3.42% |
| S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged) | 4.79% | 5.84% | 5.58% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs High Yield Floating Rate Fund

# Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1408024114 |
| # of Portfolio Holdings as of Period End | 391 |
| Portfolio Turnover Rate for the Period | 53% |
| Total Net Advisory Fees Paid for the Period | $9647885 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective March 6, 2026, the Fund changed its principal investment strategy to permit the Fund to invest in common stocks, warrants, rights, convertible securities and other equity securities. The Fund continues to be permitted to invest in fixed income instruments. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Insurance | 5.9% |
| Diversified Financial Services | 5.1% |
| Technology - Software | 5.0% |
| Commercial Services | 4.8% |
| Building & Construction | 4.4% |
| Aerospace & Defense | 3.9% |
| Chemicals | 3.8% |
| Technology | 3.7% |
| Consumer Cyclical Services | 3.7% |
| Other | 59.6% |

---

# Goldman Sachs High Yield Floating Rate Fund

# Class C

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged) ("Index") and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Goldman Sachs.© 2026 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spglobal.com/spdji/en/. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS") and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). Neither S&P Dow Jones Indices LLC, SPFS, Dow Jones, their affiliates nor their licensors ("S&P DJI") make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and S&P DJI shall have no liability for any errors, omissions, or interruptions of any index or the data included therein.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs High Yield Floating Rate Fund

# 38145C463-AR-0326

# Class C
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs High Yield Floating Rate Fund

# GGNPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Floating Rate Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $70 | 0.69% |

---

## How did the Fund perform and what affected its performance?
High yield floating rate bonds broadly gained, supported by Fed monetary policy, robust corporate earnings and favorable supply/demand dynamics. Yields were volatile, falling in the first half of the Period on expected Fed rate cuts and rising in the second half on worries about potential AI disruption and private credit stresses.

Top Contributors to Performance:

* The Fund's industry allocations added to its performance versus the S&P UBS Leveraged Loan Index (Index). Specifically, the Fund benefited from its underweights in non-cellular telecommunications and technology. An overweight position in basic industry also bolstered relative returns. 

* Selection within the diversified industrials, consumer services and aerospace and defense industries contributed positively to relative performance.

* In terms of individual issue selection, the Fund was helped by overweight positions in Plains All American Pipeline, a midstream energy company, and in Tosca, a provider of reusable plastic packaging and performance pooling solutions. The Fund's lack of exposure to Cast & Crew, which provides payroll, financial and human resources solutions to the entertainment industry, added further to relative results.

* Within credit quality positioning, the Fund benefited from its overweight in B-rated issues.

* The Fund's tactical allocation to high yield corporate bonds, which are not held by the Index, and its tactical use of credit default swaps contributed positively to returns.

Top Detractors from Performance:

* Selection in autos, capital goods and building materials hurt the Fund's relative performance. 

* Within individual issue selection, the Fund was hampered by its overweight positions in auto parts company First Brands Group and specialty chemical manufacturer Vibrantz Technologies as well as by its out-of-benchmark position in Apex Tools, a supplier of hand tools and power tools. 

* As for industry allocations, the Fund was hampered by its underweights in health care and cable and satellite TV. An overweight in chemicals also diminished relative returns. 

* Within credit quality positioning, the Fund's overweight versus the Index in CCC-rated issues and its underweight in BB-rated issues detracted from relative performance.

* The Fund's tactical allocation to equities limited gains.

# Goldman Sachs High Yield Floating Rate Fund

# Class P

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g33q78.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged)** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/20/18** | $10000 | $10000 | $10000 |
| **3/19** | $10132 | $10288 | $10538 |
| **3/20** | $9003 | $9310 | $11479 |
| **3/21** | $11118 | $11243 | $11561 |
| **3/22** | $11361 | $11604 | $11081 |
| **3/23** | $11489 | $11850 | $10551 |
| **3/24** | $12825 | $13317 | $10730 |
| **3/25** | $13493 | $14252 | $11254 |
| **3/26** | $13997 | $14935 | $11744 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 3.73% | 4.71% | 4.32% |
| S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged) | 4.79% | 5.84% | 5.17% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 2.04% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs High Yield Floating Rate Fund

# Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1408024114 |
| # of Portfolio Holdings as of Period End | 391 |
| Portfolio Turnover Rate for the Period | 53% |
| Total Net Advisory Fees Paid for the Period | $9647885 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective March 6, 2026, the Fund changed its principal investment strategy to permit the Fund to invest in common stocks, warrants, rights, convertible securities and other equity securities. The Fund continues to be permitted to invest in fixed income instruments. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Insurance | 5.9% |
| Diversified Financial Services | 5.1% |
| Technology - Software | 5.0% |
| Commercial Services | 4.8% |
| Building & Construction | 4.4% |
| Aerospace & Defense | 3.9% |
| Chemicals | 3.8% |
| Technology | 3.7% |
| Consumer Cyclical Services | 3.7% |
| Other | 59.6% |

---

# Goldman Sachs High Yield Floating Rate Fund

# Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged) ("Index") and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Goldman Sachs.© 2026 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spglobal.com/spdji/en/. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS") and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). Neither S&P Dow Jones Indices LLC, SPFS, Dow Jones, their affiliates nor their licensors ("S&P DJI") make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and S&P DJI shall have no liability for any errors, omissions, or interruptions of any index or the data included therein.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs High Yield Floating Rate Fund

# 38150B665-AR-0326

# Class P
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs High Yield Floating Rate Fund

# GFRRX: Class R

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Floating Rate Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $125 | 1.23% |

---

## How did the Fund perform and what affected its performance?
High yield floating rate bonds broadly gained, supported by Fed monetary policy, robust corporate earnings and favorable supply/demand dynamics. Yields were volatile, falling in the first half of the Period on expected Fed rate cuts and rising in the second half on worries about potential AI disruption and private credit stresses.

Top Contributors to Performance:

* The Fund's industry allocations added to its performance versus the S&P UBS Leveraged Loan Index (Index). Specifically, the Fund benefited from its underweights in non-cellular telecommunications and technology. An overweight position in basic industry also bolstered relative returns. 

* Selection within the diversified industrials, consumer services and aerospace and defense industries contributed positively to relative performance.

* In terms of individual issue selection, the Fund was helped by overweight positions in Plains All American Pipeline, a midstream energy company, and in Tosca, a provider of reusable plastic packaging and performance pooling solutions. The Fund's lack of exposure to Cast & Crew, which provides payroll, financial and human resources solutions to the entertainment industry, added further to relative results.

* Within credit quality positioning, the Fund benefited from its overweight in B-rated issues.

* The Fund's tactical allocation to high yield corporate bonds, which are not held by the Index, and its tactical use of credit default swaps contributed positively to returns.

Top Detractors from Performance:

* Selection in autos, capital goods and building materials hurt the Fund's relative performance. 

* Within individual issue selection, the Fund was hampered by its overweight positions in auto parts company First Brands Group and specialty chemical manufacturer Vibrantz Technologies as well as by its out-of-benchmark position in Apex Tools, a supplier of hand tools and power tools. 

* As for industry allocations, the Fund was hampered by its underweights in health care and cable and satellite TV. An overweight in chemicals also diminished relative returns. 

* Within credit quality positioning, the Fund's overweight versus the Index in CCC-rated issues and its underweight in BB-rated issues detracted from relative performance.

* The Fund's tactical allocation to equities limited gains.

# Goldman Sachs High Yield Floating Rate Fund

# Class R

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g57y96.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged)** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 | $10000 |
| **3/17** | $10661 | $10974 | $10044 |
| **3/18** | $10953 | $11483 | $10165 |
| **3/19** | $11097 | $11866 | $10620 |
| **3/20** | $9802 | $10737 | $11568 |
| **3/21** | $12026 | $12967 | $11650 |
| **3/22** | $12216 | $13384 | $11167 |
| **3/23** | $12279 | $13667 | $10633 |
| **3/24** | $13629 | $15359 | $10814 |
| **3/25** | $14258 | $16437 | $11342 |
| **3/26** | $14727 | $17225 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R | 3.29% | 4.13% | 3.94% |
| S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged) | 4.79% | 5.84% | 5.58% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs High Yield Floating Rate Fund

# Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1408024114 |
| # of Portfolio Holdings as of Period End | 391 |
| Portfolio Turnover Rate for the Period | 53% |
| Total Net Advisory Fees Paid for the Period | $9647885 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective March 6, 2026, the Fund changed its principal investment strategy to permit the Fund to invest in common stocks, warrants, rights, convertible securities and other equity securities. The Fund continues to be permitted to invest in fixed income instruments. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Insurance | 5.9% |
| Diversified Financial Services | 5.1% |
| Technology - Software | 5.0% |
| Commercial Services | 4.8% |
| Building & Construction | 4.4% |
| Aerospace & Defense | 3.9% |
| Chemicals | 3.8% |
| Technology | 3.7% |
| Consumer Cyclical Services | 3.7% |
| Other | 59.6% |

---

# Goldman Sachs High Yield Floating Rate Fund

# Class R

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged) ("Index") and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Goldman Sachs.© 2026 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spglobal.com/spdji/en/. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS") and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). Neither S&P Dow Jones Indices LLC, SPFS, Dow Jones, their affiliates nor their licensors ("S&P DJI") make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and S&P DJI shall have no liability for any errors, omissions, or interruptions of any index or the data included therein.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs High Yield Floating Rate Fund

# 38145C430-AR-0326

# Class R
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs High Yield Floating Rate Fund

# GFRSX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Floating Rate Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $70 | 0.69% |

---

## How did the Fund perform and what affected its performance?
High yield floating rate bonds broadly gained, supported by Fed monetary policy, robust corporate earnings and favorable supply/demand dynamics. Yields were volatile, falling in the first half of the Period on expected Fed rate cuts and rising in the second half on worries about potential AI disruption and private credit stresses.

Top Contributors to Performance:

* The Fund's industry allocations added to its performance versus the S&P UBS Leveraged Loan Index (Index). Specifically, the Fund benefited from its underweights in non-cellular telecommunications and technology. An overweight position in basic industry also bolstered relative returns. 

* Selection within the diversified industrials, consumer services and aerospace and defense industries contributed positively to relative performance.

* In terms of individual issue selection, the Fund was helped by overweight positions in Plains All American Pipeline, a midstream energy company, and in Tosca, a provider of reusable plastic packaging and performance pooling solutions. The Fund's lack of exposure to Cast & Crew, which provides payroll, financial and human resources solutions to the entertainment industry, added further to relative results.

* Within credit quality positioning, the Fund benefited from its overweight in B-rated issues.

* The Fund's tactical allocation to high yield corporate bonds, which are not held by the Index, and its tactical use of credit default swaps contributed positively to returns.

Top Detractors from Performance:

* Selection in autos, capital goods and building materials hurt the Fund's relative performance. 

* Within individual issue selection, the Fund was hampered by its overweight positions in auto parts company First Brands Group and specialty chemical manufacturer Vibrantz Technologies as well as by its out-of-benchmark position in Apex Tools, a supplier of hand tools and power tools. 

* As for industry allocations, the Fund was hampered by its underweights in health care and cable and satellite TV. An overweight in chemicals also diminished relative returns. 

* Within credit quality positioning, the Fund's overweight versus the Index in CCC-rated issues and its underweight in BB-rated issues detracted from relative performance.

* The Fund's tactical allocation to equities limited gains.

# Goldman Sachs High Yield Floating Rate Fund

# Class R6

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g48d64.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged)** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/17** | $10000 | $10000 | $10000 |
| **3/18** | $10117 | $10197 | $9899 |
| **3/19** | $10301 | $10537 | $10342 |
| **3/20** | $9154 | $9535 | $11266 |
| **3/21** | $11291 | $11515 | $11346 |
| **3/22** | $11537 | $11884 | $10875 |
| **3/23** | $11666 | $12136 | $10355 |
| **3/24** | $13024 | $13639 | $10531 |
| **3/25** | $13702 | $14596 | $11045 |
| **3/26** | $14213 | $15296 | $11526 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced November 30, 2017) | 3.73% | 4.71% | 4.30% |
| S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged) | 4.79% | 5.84% | 5.23% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.72% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs High Yield Floating Rate Fund

# Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1408024114 |
| # of Portfolio Holdings as of Period End | 391 |
| Portfolio Turnover Rate for the Period | 53% |
| Total Net Advisory Fees Paid for the Period | $9647885 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective March 6, 2026, the Fund changed its principal investment strategy to permit the Fund to invest in common stocks, warrants, rights, convertible securities and other equity securities. The Fund continues to be permitted to invest in fixed income instruments. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Insurance | 5.9% |
| Diversified Financial Services | 5.1% |
| Technology - Software | 5.0% |
| Commercial Services | 4.8% |
| Building & Construction | 4.4% |
| Aerospace & Defense | 3.9% |
| Chemicals | 3.8% |
| Technology | 3.7% |
| Consumer Cyclical Services | 3.7% |
| Other | 59.6% |

---

# Goldman Sachs High Yield Floating Rate Fund

# Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged) ("Index") and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Goldman Sachs.© 2026 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spglobal.com/spdji/en/. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS") and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). Neither S&P Dow Jones Indices LLC, SPFS, Dow Jones, their affiliates nor their licensors ("S&P DJI") make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and S&P DJI shall have no liability for any errors, omissions, or interruptions of any index or the data included therein.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs High Yield Floating Rate Fund

# 38145L166-AR-0326

# Class R6
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs High Yield Floating Rate Fund

# GSFRX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Floating Rate Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $71 | 0.70% |

---

## How did the Fund perform and what affected its performance?
High yield floating rate bonds broadly gained, supported by Fed monetary policy, robust corporate earnings and favorable supply/demand dynamics. Yields were volatile, falling in the first half of the Period on expected Fed rate cuts and rising in the second half on worries about potential AI disruption and private credit stresses.

Top Contributors to Performance:

* The Fund's industry allocations added to its performance versus the S&P UBS Leveraged Loan Index (Index). Specifically, the Fund benefited from its underweights in non-cellular telecommunications and technology. An overweight position in basic industry also bolstered relative returns. 

* Selection within the diversified industrials, consumer services and aerospace and defense industries contributed positively to relative performance.

* In terms of individual issue selection, the Fund was helped by overweight positions in Plains All American Pipeline, a midstream energy company, and in Tosca, a provider of reusable plastic packaging and performance pooling solutions. The Fund's lack of exposure to Cast & Crew, which provides payroll, financial and human resources solutions to the entertainment industry, added further to relative results.

* Within credit quality positioning, the Fund benefited from its overweight in B-rated issues.

* The Fund's tactical allocation to high yield corporate bonds, which are not held by the Index, and its tactical use of credit default swaps contributed positively to returns.

Top Detractors from Performance:

* Selection in autos, capital goods and building materials hurt the Fund's relative performance. 

* Within individual issue selection, the Fund was hampered by its overweight positions in auto parts company First Brands Group and specialty chemical manufacturer Vibrantz Technologies as well as by its out-of-benchmark position in Apex Tools, a supplier of hand tools and power tools. 

* As for industry allocations, the Fund was hampered by its underweights in health care and cable and satellite TV. An overweight in chemicals also diminished relative returns. 

* Within credit quality positioning, the Fund's overweight versus the Index in CCC-rated issues and its underweight in BB-rated issues detracted from relative performance.

* The Fund's tactical allocation to equities limited gains.

# Goldman Sachs High Yield Floating Rate Fund

# Institutional Class

## Performance Overview
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g02q51.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged)** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $1000000 | $1000000 | $1000000 |
| **3/17** | $1071200 | $1097400 | $1004400 |
| **3/18** | $1108156 | $1148319 | $1016453 |
| **3/19** | $1128214 | $1186558 | $1061990 |
| **3/20** | $1003434 | $1073717 | $1156826 |
| **3/21** | $1237635 | $1296728 | $1165039 |
| **3/22** | $1263130 | $1338353 | $1116690 |
| **3/23** | $1277025 | $1366726 | $1063312 |
| **3/24** | $1425543 | $1535926 | $1081388 |
| **3/25** | $1499528 | $1643748 | $1134160 |
| **3/26** | $1555161 | $1722484 | $1183496 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 3.71% | 4.67% | 4.51% |
| S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged) | 4.79% | 5.84% | 5.58% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs High Yield Floating Rate Fund

# Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1408024114 |
| # of Portfolio Holdings as of Period End | 391 |
| Portfolio Turnover Rate for the Period | 53% |
| Total Net Advisory Fees Paid for the Period | $9647885 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective March 6, 2026, the Fund changed its principal investment strategy to permit the Fund to invest in common stocks, warrants, rights, convertible securities and other equity securities. The Fund continues to be permitted to invest in fixed income instruments. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Insurance | 5.9% |
| Diversified Financial Services | 5.1% |
| Technology - Software | 5.0% |
| Commercial Services | 4.8% |
| Building & Construction | 4.4% |
| Aerospace & Defense | 3.9% |
| Chemicals | 3.8% |
| Technology | 3.7% |
| Consumer Cyclical Services | 3.7% |
| Other | 59.6% |

---

# Goldman Sachs High Yield Floating Rate Fund

# Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged) ("Index") and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Goldman Sachs.© 2026 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spglobal.com/spdji/en/. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS") and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). Neither S&P Dow Jones Indices LLC, SPFS, Dow Jones, their affiliates nor their licensors ("S&P DJI") make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and S&P DJI shall have no liability for any errors, omissions, or interruptions of any index or the data included therein.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs High Yield Floating Rate Fund

# 38145C455-AR-0326

# Institutional Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs High Yield Floating Rate Fund

# GFRIX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs High Yield Floating Rate Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $74 | 0.73% |

---

## How did the Fund perform and what affected its performance?
High yield floating rate bonds broadly gained, supported by Fed monetary policy, robust corporate earnings and favorable supply/demand dynamics. Yields were volatile, falling in the first half of the Period on expected Fed rate cuts and rising in the second half on worries about potential AI disruption and private credit stresses.

Top Contributors to Performance:

* The Fund's industry allocations added to its performance versus the S&P UBS Leveraged Loan Index (Index). Specifically, the Fund benefited from its underweights in non-cellular telecommunications and technology. An overweight position in basic industry also bolstered relative returns. 

* Selection within the diversified industrials, consumer services and aerospace and defense industries contributed positively to relative performance.

* In terms of individual issue selection, the Fund was helped by overweight positions in Plains All American Pipeline, a midstream energy company, and in Tosca, a provider of reusable plastic packaging and performance pooling solutions. The Fund's lack of exposure to Cast & Crew, which provides payroll, financial and human resources solutions to the entertainment industry, added further to relative results.

* Within credit quality positioning, the Fund benefited from its overweight in B-rated issues.

* The Fund's tactical allocation to high yield corporate bonds, which are not held by the Index, and its tactical use of credit default swaps contributed positively to returns.

Top Detractors from Performance:

* Selection in autos, capital goods and building materials hurt the Fund's relative performance. 

* Within individual issue selection, the Fund was hampered by its overweight positions in auto parts company First Brands Group and specialty chemical manufacturer Vibrantz Technologies as well as by its out-of-benchmark position in Apex Tools, a supplier of hand tools and power tools. 

* As for industry allocations, the Fund was hampered by its underweights in health care and cable and satellite TV. An overweight in chemicals also diminished relative returns. 

* Within credit quality positioning, the Fund's overweight versus the Index in CCC-rated issues and its underweight in BB-rated issues detracted from relative performance.

* The Fund's tactical allocation to equities limited gains.

# Goldman Sachs High Yield Floating Rate Fund

# Investor Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g12u45.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Shares** | **S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged)** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 | $10000 |
| **3/17** | $10702 | $10974 | $10044 |
| **3/18** | $11062 | $11483 | $10165 |
| **3/19** | $11264 | $11866 | $10620 |
| **3/20** | $10001 | $10737 | $11568 |
| **3/21** | $12337 | $12967 | $11650 |
| **3/22** | $12581 | $13384 | $11167 |
| **3/23** | $12712 | $13667 | $10633 |
| **3/24** | $14194 | $15359 | $10814 |
| **3/25** | $14925 | $16437 | $11342 |
| **3/26** | $15476 | $17225 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 3.69% | 4.64% | 4.46% |
| S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged) | 4.79% | 5.84% | 5.58% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs High Yield Floating Rate Fund

# Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1408024114 |
| # of Portfolio Holdings as of Period End | 391 |
| Portfolio Turnover Rate for the Period | 53% |
| Total Net Advisory Fees Paid for the Period | $9647885 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective March 6, 2026, the Fund changed its principal investment strategy to permit the Fund to invest in common stocks, warrants, rights, convertible securities and other equity securities. The Fund continues to be permitted to invest in fixed income instruments. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Insurance | 5.9% |
| Diversified Financial Services | 5.1% |
| Technology - Software | 5.0% |
| Commercial Services | 4.8% |
| Building & Construction | 4.4% |
| Aerospace & Defense | 3.9% |
| Chemicals | 3.8% |
| Technology | 3.7% |
| Consumer Cyclical Services | 3.7% |
| Other | 59.6% |

---

# Goldman Sachs High Yield Floating Rate Fund

# Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The S&P UBS Leveraged Loan Index (Total Return, USD, Unhedged) ("Index") and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Goldman Sachs.© 2026 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spglobal.com/spdji/en/. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS") and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). Neither S&P Dow Jones Indices LLC, SPFS, Dow Jones, their affiliates nor their licensors ("S&P DJI") make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and S&P DJI shall have no liability for any errors, omissions, or interruptions of any index or the data included therein.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs High Yield Floating Rate Fund

# 38145C448-AR-0326

# Investor Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Income Fund

# GSCHX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $90 | 0.88% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to the Fund's performance results was its cross-sector strategy, driven by its overweights to high yield corporate bonds and emerging markets debt. Sector overweights to commercial mortgage-backed securities and collateralized loan obligations also added value.

* The Fund's duration and yield curve positioning strategies contributed positively, largely driven by our discretionary interest rate trades in the U.S. and by the Fund's short positioning in the 20- and 30-year segments of the U.S. Treasury yield curve. 

* Security selection strategies overall added value. Within the corporate credit sector, name selection of high yield industrials bonds contributed most positively. Within the emerging markets debt sector, exposure to Latin America debt securities helped most. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, a sector underweight to mortgage-backed securities and our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted from relative returns.

* Individual issue selection within the securitized sector dampened Fund performance due primarily to an underweight to lower-coupon agency mortgage-backed securities. 

# Goldman Sachs Income Fund

# Class A

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g09p00.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/3/19** | $9625 | $10000 | $10000 |
| **3/20** | $8649 | $8986 | $10276 |
| **3/21** | $10374 | $10778 | $10349 |
| **3/22** | $10077 | $10470 | $9919 |
| **3/23** | $9689 | $10066 | $9445 |
| **3/24** | $10689 | $11105 | $9606 |
| **3/25** | $11347 | $11789 | $10075 |
| **3/26** | $11985 | $12452 | $10513 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class A (Commenced December 3, 2019) | 5.62% | 2.93% | 3.53% |
| Class A including sales charges | 1.65% | 2.14% | 2.90% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 0.79% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Income Fund

# Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $159221254 |
| # of Portfolio Holdings as of Period End | 651 |
| Portfolio Turnover Rate for the Period | 427% |
| Total Net Advisory Fees Paid for the Period | $753137 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective April 30, 2025, the Fund changed its principal investment strategy to adopt a non-fundamental policy to invest at least 80% of its net assets in fixed income securities. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

At a meeting held on April 21-22, 2026, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Income ETF (the "ETF"), a newly created shell series of Goldman Sachs ETF Trust. The ETF will be managed in a substantially similar manner to the Fund. The Reorganization is anticipated to occur on or about August 7, 2026.

The Fund's net expense ratio decreased during the Period as a result of a reduction in the "Other Expenses" limitation and the addition of a management fee waiver.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 11.6% |
| Pipelines | 6.0% |
| Collateralized Loan Obligations | 5.9% |
| Federal Agencies | 5.5% |
| Software | 5.5% |
| Oil Field Services | 5.4% |
| Diversified Financial Services | 4.5% |
| Telecommunication Services | 4.3% |
| Insurance | 4.1% |
| Other | 51.1% |

---

# Goldman Sachs Income Fund

# Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Income Fund

# 38150C754-AR-0326

# Class A
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Income Fund

# GSCJX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $167 | 1.63% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to the Fund's performance results was its cross-sector strategy, driven by its overweights to high yield corporate bonds and emerging markets debt. Sector overweights to commercial mortgage-backed securities and collateralized loan obligations also added value.

* The Fund's duration and yield curve positioning strategies contributed positively, largely driven by our discretionary interest rate trades in the U.S. and by the Fund's short positioning in the 20- and 30-year segments of the U.S. Treasury yield curve. 

* Security selection strategies overall added value. Within the corporate credit sector, name selection of high yield industrials bonds contributed most positively. Within the emerging markets debt sector, exposure to Latin America debt securities helped most. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, a sector underweight to mortgage-backed securities and our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted from relative returns.

* Individual issue selection within the securitized sector dampened Fund performance due primarily to an underweight to lower-coupon agency mortgage-backed securities. 

# Goldman Sachs Income Fund

# Class C

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g44a89.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/3/19** | $9900 | $10000 | $10000 |
| **3/20** | $8875 | $8965 | $10276 |
| **3/21** | $10567 | $10674 | $10349 |
| **3/22** | $10188 | $10291 | $9919 |
| **3/23** | $9722 | $9820 | $9445 |
| **3/24** | $10633 | $10740 | $9606 |
| **3/25** | $11205 | $11318 | $10075 |
| **3/26** | $11760 | $11879 | $10513 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class C (Commenced December 3, 2019) | 4.95% | 2.16% | 2.76% |
| Class C including sales charges | 3.91% | 2.16% | 2.76% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 0.79% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Income Fund

# Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $159221254 |
| # of Portfolio Holdings as of Period End | 651 |
| Portfolio Turnover Rate for the Period | 427% |
| Total Net Advisory Fees Paid for the Period | $753137 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective April 30, 2025, the Fund changed its principal investment strategy to adopt a non-fundamental policy to invest at least 80% of its net assets in fixed income securities. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

At a meeting held on April 21-22, 2026, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Income ETF (the "ETF"), a newly created shell series of Goldman Sachs ETF Trust. The ETF will be managed in a substantially similar manner to the Fund. The Reorganization is anticipated to occur on or about August 7, 2026.

The Fund's net expense ratio decreased during the Period as a result of a reduction in the "Other Expenses" limitation and the addition of a management fee waiver.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 11.6% |
| Pipelines | 6.0% |
| Collateralized Loan Obligations | 5.9% |
| Federal Agencies | 5.5% |
| Software | 5.5% |
| Oil Field Services | 5.4% |
| Diversified Financial Services | 4.5% |
| Telecommunication Services | 4.3% |
| Insurance | 4.1% |
| Other | 51.1% |

---

# Goldman Sachs Income Fund

# Class C

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Income Fund

# 38150C747-AR-0326

# Class C
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Income Fund

# GSCUX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $56 | 0.54% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to the Fund's performance results was its cross-sector strategy, driven by its overweights to high yield corporate bonds and emerging markets debt. Sector overweights to commercial mortgage-backed securities and collateralized loan obligations also added value.

* The Fund's duration and yield curve positioning strategies contributed positively, largely driven by our discretionary interest rate trades in the U.S. and by the Fund's short positioning in the 20- and 30-year segments of the U.S. Treasury yield curve. 

* Security selection strategies overall added value. Within the corporate credit sector, name selection of high yield industrials bonds contributed most positively. Within the emerging markets debt sector, exposure to Latin America debt securities helped most. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, a sector underweight to mortgage-backed securities and our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted from relative returns.

* Individual issue selection within the securitized sector dampened Fund performance due primarily to an underweight to lower-coupon agency mortgage-backed securities. 

# Goldman Sachs Income Fund

# Class P

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g26d06.jpg)

---

| | | |
|:---|:---|:---|
| | **Class P** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/3/19** | $10000 | $10000 |
| **3/20** | $8997 | $10276 |
| **3/21** | $10828 | $10349 |
| **3/22** | $10554 | $9919 |
| **3/23** | $10182 | $9445 |
| **3/24** | $11259 | $9606 |
| **3/25** | $12007 | $10075 |
| **3/26** | $12725 | $10513 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced December 3, 2019) | 5.98% | 3.28% | 3.88% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 0.79% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Income Fund

# Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $159221254 |
| # of Portfolio Holdings as of Period End | 651 |
| Portfolio Turnover Rate for the Period | 427% |
| Total Net Advisory Fees Paid for the Period | $753137 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective April 30, 2025, the Fund changed its principal investment strategy to adopt a non-fundamental policy to invest at least 80% of its net assets in fixed income securities. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

At a meeting held on April 21-22, 2026, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Income ETF (the "ETF"), a newly created shell series of Goldman Sachs ETF Trust. The ETF will be managed in a substantially similar manner to the Fund. The Reorganization is anticipated to occur on or about August 7, 2026.

The Fund's net expense ratio decreased during the Period as a result of a reduction in the "Other Expenses" limitation and the addition of a management fee waiver.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 11.6% |
| Pipelines | 6.0% |
| Collateralized Loan Obligations | 5.9% |
| Federal Agencies | 5.5% |
| Software | 5.5% |
| Oil Field Services | 5.4% |
| Diversified Financial Services | 4.5% |
| Telecommunication Services | 4.3% |
| Insurance | 4.1% |
| Other | 51.1% |

---

# Goldman Sachs Income Fund

# Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Income Fund

# 38150C689-AR-0326

# Class P
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Income Fund

# GSCRX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $56 | 0.54% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to the Fund's performance results was its cross-sector strategy, driven by its overweights to high yield corporate bonds and emerging markets debt. Sector overweights to commercial mortgage-backed securities and collateralized loan obligations also added value.

* The Fund's duration and yield curve positioning strategies contributed positively, largely driven by our discretionary interest rate trades in the U.S. and by the Fund's short positioning in the 20- and 30-year segments of the U.S. Treasury yield curve. 

* Security selection strategies overall added value. Within the corporate credit sector, name selection of high yield industrials bonds contributed most positively. Within the emerging markets debt sector, exposure to Latin America debt securities helped most. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, a sector underweight to mortgage-backed securities and our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted from relative returns.

* Individual issue selection within the securitized sector dampened Fund performance due primarily to an underweight to lower-coupon agency mortgage-backed securities. 

# Goldman Sachs Income Fund

# Class R6

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g15y09.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/3/19** | $10000 | $10000 |
| **3/20** | $8997 | $10276 |
| **3/21** | $10828 | $10349 |
| **3/22** | $10554 | $9919 |
| **3/23** | $10182 | $9445 |
| **3/24** | $11259 | $9606 |
| **3/25** | $12006 | $10075 |
| **3/26** | $12724 | $10513 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced December 3, 2019) | 5.98% | 3.28% | 3.88% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 0.79% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Income Fund

# Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $159221254 |
| # of Portfolio Holdings as of Period End | 651 |
| Portfolio Turnover Rate for the Period | 427% |
| Total Net Advisory Fees Paid for the Period | $753137 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective April 30, 2025, the Fund changed its principal investment strategy to adopt a non-fundamental policy to invest at least 80% of its net assets in fixed income securities. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

At a meeting held on April 21-22, 2026, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Income ETF (the "ETF"), a newly created shell series of Goldman Sachs ETF Trust. The ETF will be managed in a substantially similar manner to the Fund. The Reorganization is anticipated to occur on or about August 7, 2026.

The Fund's net expense ratio decreased during the Period as a result of a reduction in the "Other Expenses" limitation and the addition of a management fee waiver.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 11.6% |
| Pipelines | 6.0% |
| Collateralized Loan Obligations | 5.9% |
| Federal Agencies | 5.5% |
| Software | 5.5% |
| Oil Field Services | 5.4% |
| Diversified Financial Services | 4.5% |
| Telecommunication Services | 4.3% |
| Insurance | 4.1% |
| Other | 51.1% |

---

# Goldman Sachs Income Fund

# Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Income Fund

# 38150C697-AR-0326

# Class R6
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Income Fund

# GSNCX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $57 | 0.55% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to the Fund's performance results was its cross-sector strategy, driven by its overweights to high yield corporate bonds and emerging markets debt. Sector overweights to commercial mortgage-backed securities and collateralized loan obligations also added value.

* The Fund's duration and yield curve positioning strategies contributed positively, largely driven by our discretionary interest rate trades in the U.S. and by the Fund's short positioning in the 20- and 30-year segments of the U.S. Treasury yield curve. 

* Security selection strategies overall added value. Within the corporate credit sector, name selection of high yield industrials bonds contributed most positively. Within the emerging markets debt sector, exposure to Latin America debt securities helped most. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, a sector underweight to mortgage-backed securities and our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted from relative returns.

* Individual issue selection within the securitized sector dampened Fund performance due primarily to an underweight to lower-coupon agency mortgage-backed securities. 

# Goldman Sachs Income Fund

# Institutional Class

## Performance Overview
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g10l36.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/3/19** | $1000000 | $1000000 |
| **3/20** | $899700 | $1027600 |
| **3/21** | $1082699 | $1034896 |
| **3/22** | $1055198 | $991948 |
| **3/23** | $1017950 | $944533 |
| **3/24** | $1125445 | $960590 |
| **3/25** | $1198824 | $1007467 |
| **3/26** | $1271833 | $1051291 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Institutional Shares (Commenced December 3, 2019) | 6.09% | 3.27% | 3.87% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 0.79% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Income Fund

# Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $159221254 |
| # of Portfolio Holdings as of Period End | 651 |
| Portfolio Turnover Rate for the Period | 427% |
| Total Net Advisory Fees Paid for the Period | $753137 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective April 30, 2025, the Fund changed its principal investment strategy to adopt a non-fundamental policy to invest at least 80% of its net assets in fixed income securities. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

At a meeting held on April 21-22, 2026, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Income ETF (the "ETF"), a newly created shell series of Goldman Sachs ETF Trust. The ETF will be managed in a substantially similar manner to the Fund. The Reorganization is anticipated to occur on or about August 7, 2026.

The Fund's net expense ratio decreased during the Period as a result of a reduction in the "Other Expenses" limitation and the addition of a management fee waiver.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 11.6% |
| Pipelines | 6.0% |
| Collateralized Loan Obligations | 5.9% |
| Federal Agencies | 5.5% |
| Software | 5.5% |
| Oil Field Services | 5.4% |
| Diversified Financial Services | 4.5% |
| Telecommunication Services | 4.3% |
| Insurance | 4.1% |
| Other | 51.1% |

---

# Goldman Sachs Income Fund

# Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Income Fund

# 38150C739-AR-0326

# Institutional Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Income Fund

# GSCMX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $65 | 0.63% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to the Fund's performance results was its cross-sector strategy, driven by its overweights to high yield corporate bonds and emerging markets debt. Sector overweights to commercial mortgage-backed securities and collateralized loan obligations also added value.

* The Fund's duration and yield curve positioning strategies contributed positively, largely driven by our discretionary interest rate trades in the U.S. and by the Fund's short positioning in the 20- and 30-year segments of the U.S. Treasury yield curve. 

* Security selection strategies overall added value. Within the corporate credit sector, name selection of high yield industrials bonds contributed most positively. Within the emerging markets debt sector, exposure to Latin America debt securities helped most. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, a sector underweight to mortgage-backed securities and our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, detracted from relative returns.

* Individual issue selection within the securitized sector dampened Fund performance due primarily to an underweight to lower-coupon agency mortgage-backed securities. 

# Goldman Sachs Income Fund

# Investor Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g96r83.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor Shares** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/3/19** | $10000 | $10000 |
| **3/20** | $8994 | $10276 |
| **3/21** | $10814 | $10349 |
| **3/22** | $10531 | $9919 |
| **3/23** | $10151 | $9445 |
| **3/24** | $11226 | $9606 |
| **3/25** | $11961 | $10075 |
| **3/26** | $12663 | $10513 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Investor Shares (Commenced December 3, 2019) | 5.87% | 3.21% | 3.80% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 0.79% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Income Fund

# Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $159221254 |
| # of Portfolio Holdings as of Period End | 651 |
| Portfolio Turnover Rate for the Period | 427% |
| Total Net Advisory Fees Paid for the Period | $753137 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective April 30, 2025, the Fund changed its principal investment strategy to adopt a non-fundamental policy to invest at least 80% of its net assets in fixed income securities. These changes did not materially impact the way in which the Fund is managed or its portfolio holdings, and the Fund's investment objective did not change.

At a meeting held on April 21-22, 2026, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Income ETF (the "ETF"), a newly created shell series of Goldman Sachs ETF Trust. The ETF will be managed in a substantially similar manner to the Fund. The Reorganization is anticipated to occur on or about August 7, 2026.

The Fund's net expense ratio decreased during the Period as a result of a reduction in the "Other Expenses" limitation and the addition of a management fee waiver.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 11.6% |
| Pipelines | 6.0% |
| Collateralized Loan Obligations | 5.9% |
| Federal Agencies | 5.5% |
| Software | 5.5% |
| Oil Field Services | 5.4% |
| Diversified Financial Services | 4.5% |
| Telecommunication Services | 4.3% |
| Insurance | 4.1% |
| Other | 51.1% |

---

# Goldman Sachs Income Fund

# Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Income Fund

# 38150C721-AR-0326

# Investor Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Inflation Protected Securities Fund

# GSAPX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Inflation Protected Securities Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $68 | 0.67% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Specific selection of U.S. Treasury inflation protected securities (TIPS) contributed most positively to the Fund's relative results. Inflation expectations remained elevated amidst Liberation Day and the conflict in the Middle East. 

* The Fund's duration positioning strategy in aggregate contributed positively to its results. More specifically, our tactical auction month-end strategies helped. Investor sentiment had been optimistic at the start of 2025 but quickly deteriorated post Liberation Day in April 2025, the start of the Fund's Period, due to renewed inflation fears based on new rounds of tariffs and potential retaliations. The U.S. Administration's proposed tax cuts and spending plans exacerbated concerns around U.S. fiscal health. These factors, along with hedge funds' deleveraging trades, sparked the initial U.S. Treasury sell-off. Soon, resilient economic growth and positive labor market data suggested the U.S. Fed could cool inflation without triggering a recession, or, in other words, orchestrate a soft landing. However, frequent upside surprises in U.S. inflation data were seen during the Period. For example, the third quarter of 2025 saw a deterioration in economic data, with labor market weakness and inflationary fears sparking a broad rate rally. 

* The Fund's steepener trades proved beneficial, as the yield curve steepened. Short-term yields fell as the Fed entered its interest rate cutting cycle in September 2025. However, long-term yields remained elevated due to rising deficit concerns in the U.S. Additionally, geopolitical uncertainty and unresolved fiscal matters put upward pressure on long-term yields.

Top Detractors from Performance:

* Overall, our government/swaps target trades detracted from the Fund's relative results. This can be predominantly attributed to April 2025 and February/March 2026 when economic growth, inflation and geopolitical concerns heightened, resulting in rate volatility. The Fund's term premium trades, swap spreads, 5-year/5-year breakevens and fly trades all underperformed in aggregate. 

# Goldman Sachs Inflation Protected Securities Fund

# Class A

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g58g31.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **Bloomberg U.S. TIPS Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $9625 | $10000 | $10000 | $10000 |
| **3/17** | $9752 | $10132 | $10148 | $10044 |
| **3/18** | $9782 | $10163 | $10241 | $10165 |
| **3/19** | $9998 | $10388 | $10518 | $10620 |
| **3/20** | $10590 | $11003 | $11238 | $11568 |
| **3/21** | $11302 | $11742 | $12086 | $11650 |
| **3/22** | $11715 | $12171 | $12604 | $11167 |
| **3/23** | $10970 | $11397 | $11840 | $10633 |
| **3/24** | $10951 | $11378 | $11894 | $10814 |
| **3/25** | $11572 | $12023 | $12628 | $11342 |
| **3/26** | $11872 | $12334 | $13006 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 2.59% | 0.99% | 2.12% |
| Class A including sales charges | -1.24% | 0.22% | 1.73% |
| Bloomberg U.S. TIPS Index | 3.00% | 1.48% | 2.66% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Inflation Protected Securities Fund

# Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $227389097 |
| # of Portfolio Holdings as of Period End | 12 |
| Portfolio Turnover Rate for the Period | 221% |
| Total Net Advisory Fees Paid for the Period | $529312 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective July 29, 2025, investments related to other investment companies was removed as a principal risk of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 92.7% |
| Other | 4.9% |

---

# Goldman Sachs Inflation Protected Securities Fund

# Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Inflation Protected Securities Fund

# 38144N866-AR-0326

# Class A
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Inflation Protected Securities Fund

# GSCFX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Inflation Protected Securities Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $143 | 1.42% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Specific selection of U.S. Treasury inflation protected securities (TIPS) contributed most positively to the Fund's relative results. Inflation expectations remained elevated amidst Liberation Day and the conflict in the Middle East. 

* The Fund's duration positioning strategy in aggregate contributed positively to its results. More specifically, our tactical auction month-end strategies helped. Investor sentiment had been optimistic at the start of 2025 but quickly deteriorated post Liberation Day in April 2025, the start of the Fund's Period, due to renewed inflation fears based on new rounds of tariffs and potential retaliations. The U.S. Administration's proposed tax cuts and spending plans exacerbated concerns around U.S. fiscal health. These factors, along with hedge funds' deleveraging trades, sparked the initial U.S. Treasury sell-off. Soon, resilient economic growth and positive labor market data suggested the U.S. Fed could cool inflation without triggering a recession, or, in other words, orchestrate a soft landing. However, frequent upside surprises in U.S. inflation data were seen during the Period. For example, the third quarter of 2025 saw a deterioration in economic data, with labor market weakness and inflationary fears sparking a broad rate rally. 

* The Fund's steepener trades proved beneficial, as the yield curve steepened. Short-term yields fell as the Fed entered its interest rate cutting cycle in September 2025. However, long-term yields remained elevated due to rising deficit concerns in the U.S. Additionally, geopolitical uncertainty and unresolved fiscal matters put upward pressure on long-term yields.

Top Detractors from Performance:

* Overall, our government/swaps target trades detracted from the Fund's relative results. This can be predominantly attributed to April 2025 and February/March 2026 when economic growth, inflation and geopolitical concerns heightened, resulting in rate volatility. The Fund's term premium trades, swap spreads, 5-year/5-year breakevens and fly trades all underperformed in aggregate. 

# Goldman Sachs Inflation Protected Securities Fund

# Class C

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g48u53.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **Bloomberg U.S. TIPS Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $9900 | $10000 | $10000 | $10000 |
| **3/17** | $9958 | $10059 | $10148 | $10044 |
| **3/18** | $9917 | $10017 | $10241 | $10165 |
| **3/19** | $10053 | $10155 | $10518 | $10620 |
| **3/20** | $10570 | $10677 | $11238 | $11568 |
| **3/21** | $11205 | $11319 | $12086 | $11650 |
| **3/22** | $11532 | $11648 | $12604 | $11167 |
| **3/23** | $10710 | $10819 | $11840 | $10633 |
| **3/24** | $10618 | $10726 | $11894 | $10814 |
| **3/25** | $11128 | $11240 | $12628 | $11342 |
| **3/26** | $11331 | $11445 | $13006 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 1.82% | 0.22% | 1.36% |
| Class C including sales charges | 0.80% | 0.22% | 1.36% |
| Bloomberg U.S. TIPS Index | 3.00% | 1.48% | 2.66% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Inflation Protected Securities Fund

# Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $227389097 |
| # of Portfolio Holdings as of Period End | 12 |
| Portfolio Turnover Rate for the Period | 221% |
| Total Net Advisory Fees Paid for the Period | $529312 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective July 29, 2025, investments related to other investment companies was removed as a principal risk of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 92.7% |
| Other | 4.9% |

---

# Goldman Sachs Inflation Protected Securities Fund

# Class C

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Inflation Protected Securities Fund

# 38144N858-AR-0326

# Class C
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Inflation Protected Securities Fund

# GGJPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Inflation Protected Securities Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $33 | 0.33% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Specific selection of U.S. Treasury inflation protected securities (TIPS) contributed most positively to the Fund's relative results. Inflation expectations remained elevated amidst Liberation Day and the conflict in the Middle East. 

* The Fund's duration positioning strategy in aggregate contributed positively to its results. More specifically, our tactical auction month-end strategies helped. Investor sentiment had been optimistic at the start of 2025 but quickly deteriorated post Liberation Day in April 2025, the start of the Fund's Period, due to renewed inflation fears based on new rounds of tariffs and potential retaliations. The U.S. Administration's proposed tax cuts and spending plans exacerbated concerns around U.S. fiscal health. These factors, along with hedge funds' deleveraging trades, sparked the initial U.S. Treasury sell-off. Soon, resilient economic growth and positive labor market data suggested the U.S. Fed could cool inflation without triggering a recession, or, in other words, orchestrate a soft landing. However, frequent upside surprises in U.S. inflation data were seen during the Period. For example, the third quarter of 2025 saw a deterioration in economic data, with labor market weakness and inflationary fears sparking a broad rate rally. 

* The Fund's steepener trades proved beneficial, as the yield curve steepened. Short-term yields fell as the Fed entered its interest rate cutting cycle in September 2025. However, long-term yields remained elevated due to rising deficit concerns in the U.S. Additionally, geopolitical uncertainty and unresolved fiscal matters put upward pressure on long-term yields.

Top Detractors from Performance:

* Overall, our government/swaps target trades detracted from the Fund's relative results. This can be predominantly attributed to April 2025 and February/March 2026 when economic growth, inflation and geopolitical concerns heightened, resulting in rate volatility. The Fund's term premium trades, swap spreads, 5-year/5-year breakevens and fly trades all underperformed in aggregate. 

# Goldman Sachs Inflation Protected Securities Fund

# Class P

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g61b95.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Bloomberg U.S. TIPS Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/20/18** | $10000 | $10000 | $10000 |
| **3/19** | $10277 | $10309 | $10538 |
| **3/20** | $10935 | $11015 | $11479 |
| **3/21** | $11708 | $11846 | $11561 |
| **3/22** | $12182 | $12354 | $11081 |
| **3/23** | $11438 | $11605 | $10551 |
| **3/24** | $11469 | $11657 | $10730 |
| **3/25** | $12162 | $12377 | $11254 |
| **3/26** | $12515 | $12748 | $11744 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 2.90% | 1.34% | 2.86% |
| Bloomberg U.S. TIPS Index | 3.00% | 1.48% | 3.10% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 2.04% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Inflation Protected Securities Fund

# Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $227389097 |
| # of Portfolio Holdings as of Period End | 12 |
| Portfolio Turnover Rate for the Period | 221% |
| Total Net Advisory Fees Paid for the Period | $529312 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective July 29, 2025, investments related to other investment companies was removed as a principal risk of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 92.7% |
| Other | 4.9% |

---

# Goldman Sachs Inflation Protected Securities Fund

# Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Inflation Protected Securities Fund

# 38150B624-AR-0326

# Class P
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Inflation Protected Securities Fund

# GSRPX: Class R

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Inflation Protected Securities Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $93 | 0.92% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Specific selection of U.S. Treasury inflation protected securities (TIPS) contributed most positively to the Fund's relative results. Inflation expectations remained elevated amidst Liberation Day and the conflict in the Middle East. 

* The Fund's duration positioning strategy in aggregate contributed positively to its results. More specifically, our tactical auction month-end strategies helped. Investor sentiment had been optimistic at the start of 2025 but quickly deteriorated post Liberation Day in April 2025, the start of the Fund's Period, due to renewed inflation fears based on new rounds of tariffs and potential retaliations. The U.S. Administration's proposed tax cuts and spending plans exacerbated concerns around U.S. fiscal health. These factors, along with hedge funds' deleveraging trades, sparked the initial U.S. Treasury sell-off. Soon, resilient economic growth and positive labor market data suggested the U.S. Fed could cool inflation without triggering a recession, or, in other words, orchestrate a soft landing. However, frequent upside surprises in U.S. inflation data were seen during the Period. For example, the third quarter of 2025 saw a deterioration in economic data, with labor market weakness and inflationary fears sparking a broad rate rally. 

* The Fund's steepener trades proved beneficial, as the yield curve steepened. Short-term yields fell as the Fed entered its interest rate cutting cycle in September 2025. However, long-term yields remained elevated due to rising deficit concerns in the U.S. Additionally, geopolitical uncertainty and unresolved fiscal matters put upward pressure on long-term yields.

Top Detractors from Performance:

* Overall, our government/swaps target trades detracted from the Fund's relative results. This can be predominantly attributed to April 2025 and February/March 2026 when economic growth, inflation and geopolitical concerns heightened, resulting in rate volatility. The Fund's term premium trades, swap spreads, 5-year/5-year breakevens and fly trades all underperformed in aggregate. 

# Goldman Sachs Inflation Protected Securities Fund

# Class R

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g86y09.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. TIPS Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 | $10000 |
| **3/17** | $10107 | $10148 | $10044 |
| **3/18** | $10116 | $10241 | $10165 |
| **3/19** | $10305 | $10518 | $10620 |
| **3/20** | $10895 | $11238 | $11568 |
| **3/21** | $11595 | $12086 | $11650 |
| **3/22** | $11995 | $12604 | $11167 |
| **3/23** | $11200 | $11840 | $10633 |
| **3/24** | $11154 | $11894 | $10814 |
| **3/25** | $11764 | $12628 | $11342 |
| **3/26** | $12029 | $13006 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R | 2.25% | 0.74% | 1.86% |
| Bloomberg U.S. TIPS Index | 3.00% | 1.48% | 2.66% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Inflation Protected Securities Fund

# Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $227389097 |
| # of Portfolio Holdings as of Period End | 12 |
| Portfolio Turnover Rate for the Period | 221% |
| Total Net Advisory Fees Paid for the Period | $529312 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective July 29, 2025, investments related to other investment companies was removed as a principal risk of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 92.7% |
| Other | 4.9% |

---

# Goldman Sachs Inflation Protected Securities Fund

# Class R

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Inflation Protected Securities Fund

# 38145N261-AR-0326

# Class R
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Inflation Protected Securities Fund

# GSRUX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Inflation Protected Securities Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $33 | 0.33% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Specific selection of U.S. Treasury inflation protected securities (TIPS) contributed most positively to the Fund's relative results. Inflation expectations remained elevated amidst Liberation Day and the conflict in the Middle East. 

* The Fund's duration positioning strategy in aggregate contributed positively to its results. More specifically, our tactical auction month-end strategies helped. Investor sentiment had been optimistic at the start of 2025 but quickly deteriorated post Liberation Day in April 2025, the start of the Fund's Period, due to renewed inflation fears based on new rounds of tariffs and potential retaliations. The U.S. Administration's proposed tax cuts and spending plans exacerbated concerns around U.S. fiscal health. These factors, along with hedge funds' deleveraging trades, sparked the initial U.S. Treasury sell-off. Soon, resilient economic growth and positive labor market data suggested the U.S. Fed could cool inflation without triggering a recession, or, in other words, orchestrate a soft landing. However, frequent upside surprises in U.S. inflation data were seen during the Period. For example, the third quarter of 2025 saw a deterioration in economic data, with labor market weakness and inflationary fears sparking a broad rate rally. 

* The Fund's steepener trades proved beneficial, as the yield curve steepened. Short-term yields fell as the Fed entered its interest rate cutting cycle in September 2025. However, long-term yields remained elevated due to rising deficit concerns in the U.S. Additionally, geopolitical uncertainty and unresolved fiscal matters put upward pressure on long-term yields.

Top Detractors from Performance:

* Overall, our government/swaps target trades detracted from the Fund's relative results. This can be predominantly attributed to April 2025 and February/March 2026 when economic growth, inflation and geopolitical concerns heightened, resulting in rate volatility. The Fund's term premium trades, swap spreads, 5-year/5-year breakevens and fly trades all underperformed in aggregate. 

# Goldman Sachs Inflation Protected Securities Fund

# Class R6

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g75r72.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. TIPS Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 | $10000 |
| **3/17** | $10162 | $10148 | $10044 |
| **3/18** | $10238 | $10241 | $10165 |
| **3/19** | $10491 | $10518 | $10620 |
| **3/20** | $11153 | $11238 | $11568 |
| **3/21** | $11953 | $12086 | $11650 |
| **3/22** | $12426 | $12604 | $11167 |
| **3/23** | $11678 | $11840 | $10633 |
| **3/24** | $11698 | $11894 | $10814 |
| **3/25** | $12407 | $12628 | $11342 |
| **3/26** | $12767 | $13006 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 2.90% | 1.33% | 2.47% |
| Bloomberg U.S. TIPS Index | 3.00% | 1.48% | 2.66% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Inflation Protected Securities Fund

# Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $227389097 |
| # of Portfolio Holdings as of Period End | 12 |
| Portfolio Turnover Rate for the Period | 221% |
| Total Net Advisory Fees Paid for the Period | $529312 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective July 29, 2025, investments related to other investment companies was removed as a principal risk of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 92.7% |
| Other | 4.9% |

---

# Goldman Sachs Inflation Protected Securities Fund

# Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Inflation Protected Securities Fund

# 38147X580-AR-0326

# Class R6
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Inflation Protected Securities Fund

# GSIPX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Inflation Protected Securities Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $34 | 0.34% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Specific selection of U.S. Treasury inflation protected securities (TIPS) contributed most positively to the Fund's relative results. Inflation expectations remained elevated amidst Liberation Day and the conflict in the Middle East. 

* The Fund's duration positioning strategy in aggregate contributed positively to its results. More specifically, our tactical auction month-end strategies helped. Investor sentiment had been optimistic at the start of 2025 but quickly deteriorated post Liberation Day in April 2025, the start of the Fund's Period, due to renewed inflation fears based on new rounds of tariffs and potential retaliations. The U.S. Administration's proposed tax cuts and spending plans exacerbated concerns around U.S. fiscal health. These factors, along with hedge funds' deleveraging trades, sparked the initial U.S. Treasury sell-off. Soon, resilient economic growth and positive labor market data suggested the U.S. Fed could cool inflation without triggering a recession, or, in other words, orchestrate a soft landing. However, frequent upside surprises in U.S. inflation data were seen during the Period. For example, the third quarter of 2025 saw a deterioration in economic data, with labor market weakness and inflationary fears sparking a broad rate rally. 

* The Fund's steepener trades proved beneficial, as the yield curve steepened. Short-term yields fell as the Fed entered its interest rate cutting cycle in September 2025. However, long-term yields remained elevated due to rising deficit concerns in the U.S. Additionally, geopolitical uncertainty and unresolved fiscal matters put upward pressure on long-term yields.

Top Detractors from Performance:

* Overall, our government/swaps target trades detracted from the Fund's relative results. This can be predominantly attributed to April 2025 and February/March 2026 when economic growth, inflation and geopolitical concerns heightened, resulting in rate volatility. The Fund's term premium trades, swap spreads, 5-year/5-year breakevens and fly trades all underperformed in aggregate. 

# Goldman Sachs Inflation Protected Securities Fund

# Institutional Class

## Performance Overview
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g52q30.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **Bloomberg U.S. TIPS Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $1000000 | $1000000 | $1000000 |
| **3/17** | $1017000 | $1014800 | $1004400 |
| **3/18** | $1023509 | $1024136 | $1016453 |
| **3/19** | $1049608 | $1051788 | $1061990 |
| **3/20** | $1115629 | $1123835 | $1156826 |
| **3/21** | $1194392 | $1208572 | $1165039 |
| **3/22** | $1242645 | $1260420 | $1116690 |
| **3/23** | $1167465 | $1184039 | $1063312 |
| **3/24** | $1169333 | $1189367 | $1081388 |
| **3/25** | $1239961 | $1262751 | $1134160 |
| **3/26** | $1275796 | $1300633 | $1183496 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 2.89% | 1.33% | 2.46% |
| Bloomberg U.S. TIPS Index | 3.00% | 1.48% | 2.66% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Inflation Protected Securities Fund

# Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $227389097 |
| # of Portfolio Holdings as of Period End | 12 |
| Portfolio Turnover Rate for the Period | 221% |
| Total Net Advisory Fees Paid for the Period | $529312 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective July 29, 2025, investments related to other investment companies was removed as a principal risk of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 92.7% |
| Other | 4.9% |

---

# Goldman Sachs Inflation Protected Securities Fund

# Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Inflation Protected Securities Fund

# 38144N841-AR-0326

# Institutional Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Inflation Protected Securities Fund

# GSTPX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Inflation Protected Securities Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $43 | 0.42% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Specific selection of U.S. Treasury inflation protected securities (TIPS) contributed most positively to the Fund's relative results. Inflation expectations remained elevated amidst Liberation Day and the conflict in the Middle East. 

* The Fund's duration positioning strategy in aggregate contributed positively to its results. More specifically, our tactical auction month-end strategies helped. Investor sentiment had been optimistic at the start of 2025 but quickly deteriorated post Liberation Day in April 2025, the start of the Fund's Period, due to renewed inflation fears based on new rounds of tariffs and potential retaliations. The U.S. Administration's proposed tax cuts and spending plans exacerbated concerns around U.S. fiscal health. These factors, along with hedge funds' deleveraging trades, sparked the initial U.S. Treasury sell-off. Soon, resilient economic growth and positive labor market data suggested the U.S. Fed could cool inflation without triggering a recession, or, in other words, orchestrate a soft landing. However, frequent upside surprises in U.S. inflation data were seen during the Period. For example, the third quarter of 2025 saw a deterioration in economic data, with labor market weakness and inflationary fears sparking a broad rate rally. 

* The Fund's steepener trades proved beneficial, as the yield curve steepened. Short-term yields fell as the Fed entered its interest rate cutting cycle in September 2025. However, long-term yields remained elevated due to rising deficit concerns in the U.S. Additionally, geopolitical uncertainty and unresolved fiscal matters put upward pressure on long-term yields.

Top Detractors from Performance:

* Overall, our government/swaps target trades detracted from the Fund's relative results. This can be predominantly attributed to April 2025 and February/March 2026 when economic growth, inflation and geopolitical concerns heightened, resulting in rate volatility. The Fund's term premium trades, swap spreads, 5-year/5-year breakevens and fly trades all underperformed in aggregate. 

# Goldman Sachs Inflation Protected Securities Fund

# Investor Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g78x62.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Shares** | **Bloomberg U.S. TIPS Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 | $10000 |
| **3/17** | $10164 | $10148 | $10044 |
| **3/18** | $10220 | $10241 | $10165 |
| **3/19** | $10473 | $10518 | $10620 |
| **3/20** | $11117 | $11238 | $11568 |
| **3/21** | $11899 | $12086 | $11650 |
| **3/22** | $12363 | $12604 | $11167 |
| **3/23** | $11600 | $11840 | $10633 |
| **3/24** | $11621 | $11894 | $10814 |
| **3/25** | $12304 | $12628 | $11342 |
| **3/26** | $12655 | $13006 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 2.85% | 1.24% | 2.38% |
| Bloomberg U.S. TIPS Index | 3.00% | 1.48% | 2.66% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Inflation Protected Securities Fund

# Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $227389097 |
| # of Portfolio Holdings as of Period End | 12 |
| Portfolio Turnover Rate for the Period | 221% |
| Total Net Advisory Fees Paid for the Period | $529312 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective July 29, 2025, investments related to other investment companies was removed as a principal risk of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 92.7% |
| Other | 4.9% |

---

# Goldman Sachs Inflation Protected Securities Fund

# Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Inflation Protected Securities Fund

# 38145N253-AR-0326

# Investor Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Investment Grade Credit Fund

# GSGAX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investment Grade Credit Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $73 | 0.71% |

---

## How did the Fund perform and what affected its performance?
Investment grade corporate bonds broadly gained, buoyed by the start of the Fed's easing cycle and resilient fundamentals. Periodic volatility stemmed from macro and geopolitical events, such as trade tariffs, a government shutdown that delayed economic releases, and an energy shock driven by conflict in the Middle East.

Top Contributors to Performance:

* Relative to the Bloomberg U.S. Credit Index (Index), the Fund benefited from effective individual issue selection in the investment grade corporate bonds of industrials and financials companies. 

* Within our cross-sector strategy, the Fund was helped by its overweight to credit beta (that is, its exposure to corporate bond market risk), as investment grade credit spreads narrowed during the Period. Spread tightening was supported by strong corporate fundamentals with solid earnings growth, accommodative Fed monetary policy, and favorable supply/demand dynamics as global demand for investment grade corporate bonds remained robust.

* The Fund was aided by its credit curve positioning, wherein it was overweight relative to the Index in short- and intermediate-maturity investment grade corporate bonds and underweight longer-maturity investment grade corporate bonds. This positioning added substantial value, as longer-term yields fell less than short- and intermediate-term yields during the Period.

* Exposure to investment grade credit default swap indices versus cash bonds bolstered the Fund's relative performance, as synthetics outperformed cash bonds.

* The Fund's selective down-in-quality bias, specifically its overweight versus the Index in BBB-rated issues, contributed positively to returns. Lower quality corporate bonds generally outperformed their higher quality counterparts during the Period.

* Our systematic auction strategy, through which we participate in bond auctions, had a positive impact on relative results.

Top Detractors from Performance:

* The Fund was hurt by our government/swap selection strategy. At the beginning of the Period, the Fund's positioning detracted from relative returns amid increasing concerns about a drop in demand for U.S. assets by foreign investors. Later in the Period, the Fund's positioning detracted from performance, as risk sentiment deteriorated, driven by themes related to potential AI disruption and by geopolitical tensions.

* An overweight position versus the Index in the investment grade corporate bonds of technology companies weighed on the Fund's relative performance. 

# Goldman Sachs Investment Grade Credit Fund

# Class A

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g64h02.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **Bloomberg U.S. Credit Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $9625 | $10000 | $10000 | $10000 |
| **3/17** | $9890 | $10275 | $10296 | $10044 |
| **3/18** | $10121 | $10515 | $10563 | $10165 |
| **3/19** | $10641 | $11056 | $11079 | $10620 |
| **3/20** | $10853 | $11276 | $11644 | $11568 |
| **3/21** | $12072 | $12542 | $12562 | $11650 |
| **3/22** | $11538 | $11988 | $12039 | $11167 |
| **3/23** | $10879 | $11303 | $11400 | $10633 |
| **3/24** | $11373 | $11817 | $11873 | $10814 |
| **3/25** | $11934 | $12399 | $12451 | $11342 |
| **3/26** | $12462 | $12947 | $13054 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 4.42% | 0.64% | 2.62% |
| Class A including sales charges | 0.54% | -0.12% | 2.23% |
| Bloomberg U.S. Credit Index | 4.84% | 0.77% | 2.70% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Investment Grade Credit Fund

# Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $683513575 |
| # of Portfolio Holdings as of Period End | 496 |
| Portfolio Turnover Rate for the Period | 37% |
| Total Net Advisory Fees Paid for the Period | $2229862 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 22.0% |
| Software | 8.7% |
| Diversified Financial Services | 4.7% |
| Automotive | 4.4% |
| Real Estate Investment Trust | 4.3% |
| Healthcare Providers & Services | 4.2% |
| Electrical | 3.8% |
| Aerospace & Defense | 3.5% |
| Agriculture | 3.1% |
| Other | 36.2% |

---

# Goldman Sachs Investment Grade Credit Fund

# Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Investment Grade Credit Fund

# 38143H852-AR-0326

# Class A
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Investment Grade Credit Fund

# GGBPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investment Grade Credit Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $38 | 0.37% |

---

## How did the Fund perform and what affected its performance?
Investment grade corporate bonds broadly gained, buoyed by the start of the Fed's easing cycle and resilient fundamentals. Periodic volatility stemmed from macro and geopolitical events, such as trade tariffs, a government shutdown that delayed economic releases, and an energy shock driven by conflict in the Middle East.

Top Contributors to Performance:

* Relative to the Bloomberg U.S. Credit Index (Index), the Fund benefited from effective individual issue selection in the investment grade corporate bonds of industrials and financials companies. 

* Within our cross-sector strategy, the Fund was helped by its overweight to credit beta (that is, its exposure to corporate bond market risk), as investment grade credit spreads narrowed during the Period. Spread tightening was supported by strong corporate fundamentals with solid earnings growth, accommodative Fed monetary policy, and favorable supply/demand dynamics as global demand for investment grade corporate bonds remained robust.

* The Fund was aided by its credit curve positioning, wherein it was overweight relative to the Index in short- and intermediate-maturity investment grade corporate bonds and underweight longer-maturity investment grade corporate bonds. This positioning added substantial value, as longer-term yields fell less than short- and intermediate-term yields during the Period.

* Exposure to investment grade credit default swap indices versus cash bonds bolstered the Fund's relative performance, as synthetics outperformed cash bonds.

* The Fund's selective down-in-quality bias, specifically its overweight versus the Index in BBB-rated issues, contributed positively to returns. Lower quality corporate bonds generally outperformed their higher quality counterparts during the Period.

* Our systematic auction strategy, through which we participate in bond auctions, had a positive impact on relative results.

Top Detractors from Performance:

* The Fund was hurt by our government/swap selection strategy. At the beginning of the Period, the Fund's positioning detracted from relative returns amid increasing concerns about a drop in demand for U.S. assets by foreign investors. Later in the Period, the Fund's positioning detracted from performance, as risk sentiment deteriorated, driven by themes related to potential AI disruption and by geopolitical tensions.

* An overweight position versus the Index in the investment grade corporate bonds of technology companies weighed on the Fund's relative performance. 

# Goldman Sachs Investment Grade Credit Fund

# Class P

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g49q89.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Bloomberg U.S. Credit Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/20/18** | $10000 | $10000 | $10000 |
| **3/19** | $10612 | $10584 | $10538 |
| **3/20** | $10872 | $11124 | $11479 |
| **3/21** | $12134 | $12000 | $11561 |
| **3/22** | $11637 | $11501 | $11081 |
| **3/23** | $11010 | $10890 | $10551 |
| **3/24** | $11549 | $11342 | $10730 |
| **3/25** | $12160 | $11895 | $11254 |
| **3/26** | $12740 | $12470 | $11744 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 4.77% | 0.98% | 3.09% |
| Bloomberg U.S. Credit Index | 4.84% | 0.77% | 2.81% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 2.04% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Investment Grade Credit Fund

# Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $683513575 |
| # of Portfolio Holdings as of Period End | 496 |
| Portfolio Turnover Rate for the Period | 37% |
| Total Net Advisory Fees Paid for the Period | $2229862 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 22.0% |
| Software | 8.7% |
| Diversified Financial Services | 4.7% |
| Automotive | 4.4% |
| Real Estate Investment Trust | 4.3% |
| Healthcare Providers & Services | 4.2% |
| Electrical | 3.8% |
| Aerospace & Defense | 3.5% |
| Agriculture | 3.1% |
| Other | 36.2% |

---

# Goldman Sachs Investment Grade Credit Fund

# Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Investment Grade Credit Fund

# 38150B558-AR-0326

# Class P
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Investment Grade Credit Fund

# GTIUX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investment Grade Credit Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $38 | 0.37% |

---

## How did the Fund perform and what affected its performance?
Investment grade corporate bonds broadly gained, buoyed by the start of the Fed's easing cycle and resilient fundamentals. Periodic volatility stemmed from macro and geopolitical events, such as trade tariffs, a government shutdown that delayed economic releases, and an energy shock driven by conflict in the Middle East.

Top Contributors to Performance:

* Relative to the Bloomberg U.S. Credit Index (Index), the Fund benefited from effective individual issue selection in the investment grade corporate bonds of industrials and financials companies. 

* Within our cross-sector strategy, the Fund was helped by its overweight to credit beta (that is, its exposure to corporate bond market risk), as investment grade credit spreads narrowed during the Period. Spread tightening was supported by strong corporate fundamentals with solid earnings growth, accommodative Fed monetary policy, and favorable supply/demand dynamics as global demand for investment grade corporate bonds remained robust.

* The Fund was aided by its credit curve positioning, wherein it was overweight relative to the Index in short- and intermediate-maturity investment grade corporate bonds and underweight longer-maturity investment grade corporate bonds. This positioning added substantial value, as longer-term yields fell less than short- and intermediate-term yields during the Period.

* Exposure to investment grade credit default swap indices versus cash bonds bolstered the Fund's relative performance, as synthetics outperformed cash bonds.

* The Fund's selective down-in-quality bias, specifically its overweight versus the Index in BBB-rated issues, contributed positively to returns. Lower quality corporate bonds generally outperformed their higher quality counterparts during the Period.

* Our systematic auction strategy, through which we participate in bond auctions, had a positive impact on relative results.

Top Detractors from Performance:

* The Fund was hurt by our government/swap selection strategy. At the beginning of the Period, the Fund's positioning detracted from relative returns amid increasing concerns about a drop in demand for U.S. assets by foreign investors. Later in the Period, the Fund's positioning detracted from performance, as risk sentiment deteriorated, driven by themes related to potential AI disruption and by geopolitical tensions.

* An overweight position versus the Index in the investment grade corporate bonds of technology companies weighed on the Fund's relative performance. 

# Goldman Sachs Investment Grade Credit Fund

# Class R6

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g62i16.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Credit Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 | $10000 |
| **3/17** | $10323 | $10296 | $10044 |
| **3/18** | $10602 | $10563 | $10165 |
| **3/19** | $11173 | $11079 | $10620 |
| **3/20** | $11447 | $11644 | $11568 |
| **3/21** | $12761 | $12562 | $11650 |
| **3/22** | $12252 | $12039 | $11167 |
| **3/23** | $11593 | $11400 | $10633 |
| **3/24** | $12161 | $11873 | $10814 |
| **3/25** | $12804 | $12451 | $11342 |
| **3/26** | $13415 | $13054 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 4.77% | 1.00% | 2.98% |
| Bloomberg U.S. Credit Index | 4.84% | 0.77% | 2.70% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Investment Grade Credit Fund

# Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $683513575 |
| # of Portfolio Holdings as of Period End | 496 |
| Portfolio Turnover Rate for the Period | 37% |
| Total Net Advisory Fees Paid for the Period | $2229862 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 22.0% |
| Software | 8.7% |
| Diversified Financial Services | 4.7% |
| Automotive | 4.4% |
| Real Estate Investment Trust | 4.3% |
| Healthcare Providers & Services | 4.2% |
| Electrical | 3.8% |
| Aerospace & Defense | 3.5% |
| Agriculture | 3.1% |
| Other | 36.2% |

---

# Goldman Sachs Investment Grade Credit Fund

# Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Investment Grade Credit Fund

# 38148U866-AR-0326

# Class R6
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Investment Grade Credit Fund

# GSGDX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investment Grade Credit Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $39 | 0.38% |

---

## How did the Fund perform and what affected its performance?
Investment grade corporate bonds broadly gained, buoyed by the start of the Fed's easing cycle and resilient fundamentals. Periodic volatility stemmed from macro and geopolitical events, such as trade tariffs, a government shutdown that delayed economic releases, and an energy shock driven by conflict in the Middle East.

Top Contributors to Performance:

* Relative to the Bloomberg U.S. Credit Index (Index), the Fund benefited from effective individual issue selection in the investment grade corporate bonds of industrials and financials companies. 

* Within our cross-sector strategy, the Fund was helped by its overweight to credit beta (that is, its exposure to corporate bond market risk), as investment grade credit spreads narrowed during the Period. Spread tightening was supported by strong corporate fundamentals with solid earnings growth, accommodative Fed monetary policy, and favorable supply/demand dynamics as global demand for investment grade corporate bonds remained robust.

* The Fund was aided by its credit curve positioning, wherein it was overweight relative to the Index in short- and intermediate-maturity investment grade corporate bonds and underweight longer-maturity investment grade corporate bonds. This positioning added substantial value, as longer-term yields fell less than short- and intermediate-term yields during the Period.

* Exposure to investment grade credit default swap indices versus cash bonds bolstered the Fund's relative performance, as synthetics outperformed cash bonds.

* The Fund's selective down-in-quality bias, specifically its overweight versus the Index in BBB-rated issues, contributed positively to returns. Lower quality corporate bonds generally outperformed their higher quality counterparts during the Period.

* Our systematic auction strategy, through which we participate in bond auctions, had a positive impact on relative results.

Top Detractors from Performance:

* The Fund was hurt by our government/swap selection strategy. At the beginning of the Period, the Fund's positioning detracted from relative returns amid increasing concerns about a drop in demand for U.S. assets by foreign investors. Later in the Period, the Fund's positioning detracted from performance, as risk sentiment deteriorated, driven by themes related to potential AI disruption and by geopolitical tensions.

* An overweight position versus the Index in the investment grade corporate bonds of technology companies weighed on the Fund's relative performance. 

# Goldman Sachs Investment Grade Credit Fund

# Institutional Class

## Performance Overview
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g26x06.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **Bloomberg U.S. Credit Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $1000000 | $1000000 | $1000000 |
| **3/17** | $1031000 | $1029600 | $1004400 |
| **3/18** | $1058734 | $1056267 | $1016453 |
| **3/19** | $1116858 | $1107918 | $1061990 |
| **3/20** | $1144110 | $1164422 | $1156826 |
| **3/21** | $1275339 | $1256178 | $1165039 |
| **3/22** | $1224326 | $1203921 | $1116690 |
| **3/23** | $1156988 | $1139993 | $1063312 |
| **3/24** | $1213564 | $1187303 | $1081388 |
| **3/25** | $1277641 | $1245124 | $1134160 |
| **3/26** | $1338456 | $1305388 | $1183496 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 4.76% | 0.97% | 2.96% |
| Bloomberg U.S. Credit Index | 4.84% | 0.77% | 2.70% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Investment Grade Credit Fund

# Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $683513575 |
| # of Portfolio Holdings as of Period End | 496 |
| Portfolio Turnover Rate for the Period | 37% |
| Total Net Advisory Fees Paid for the Period | $2229862 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 22.0% |
| Software | 8.7% |
| Diversified Financial Services | 4.7% |
| Automotive | 4.4% |
| Real Estate Investment Trust | 4.3% |
| Healthcare Providers & Services | 4.2% |
| Electrical | 3.8% |
| Aerospace & Defense | 3.5% |
| Agriculture | 3.1% |
| Other | 36.2% |

---

# Goldman Sachs Investment Grade Credit Fund

# Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Investment Grade Credit Fund

# 38143H845-AR-0326

# Institutional Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Investment Grade Credit Fund

# GTIRX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investment Grade Credit Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $47 | 0.46% |

---

## How did the Fund perform and what affected its performance?
Investment grade corporate bonds broadly gained, buoyed by the start of the Fed's easing cycle and resilient fundamentals. Periodic volatility stemmed from macro and geopolitical events, such as trade tariffs, a government shutdown that delayed economic releases, and an energy shock driven by conflict in the Middle East.

Top Contributors to Performance:

* Relative to the Bloomberg U.S. Credit Index (Index), the Fund benefited from effective individual issue selection in the investment grade corporate bonds of industrials and financials companies. 

* Within our cross-sector strategy, the Fund was helped by its overweight to credit beta (that is, its exposure to corporate bond market risk), as investment grade credit spreads narrowed during the Period. Spread tightening was supported by strong corporate fundamentals with solid earnings growth, accommodative Fed monetary policy, and favorable supply/demand dynamics as global demand for investment grade corporate bonds remained robust.

* The Fund was aided by its credit curve positioning, wherein it was overweight relative to the Index in short- and intermediate-maturity investment grade corporate bonds and underweight longer-maturity investment grade corporate bonds. This positioning added substantial value, as longer-term yields fell less than short- and intermediate-term yields during the Period.

* Exposure to investment grade credit default swap indices versus cash bonds bolstered the Fund's relative performance, as synthetics outperformed cash bonds.

* The Fund's selective down-in-quality bias, specifically its overweight versus the Index in BBB-rated issues, contributed positively to returns. Lower quality corporate bonds generally outperformed their higher quality counterparts during the Period.

* Our systematic auction strategy, through which we participate in bond auctions, had a positive impact on relative results.

Top Detractors from Performance:

* The Fund was hurt by our government/swap selection strategy. At the beginning of the Period, the Fund's positioning detracted from relative returns amid increasing concerns about a drop in demand for U.S. assets by foreign investors. Later in the Period, the Fund's positioning detracted from performance, as risk sentiment deteriorated, driven by themes related to potential AI disruption and by geopolitical tensions.

* An overweight position versus the Index in the investment grade corporate bonds of technology companies weighed on the Fund's relative performance. 

# Goldman Sachs Investment Grade Credit Fund

# Investor Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g48z62.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Shares** | **Bloomberg U.S. Credit Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 | $10000 |
| **3/17** | $10301 | $10296 | $10044 |
| **3/18** | $10569 | $10563 | $10165 |
| **3/19** | $11127 | $11079 | $10620 |
| **3/20** | $11388 | $11644 | $11568 |
| **3/21** | $12684 | $12562 | $11650 |
| **3/22** | $12168 | $12039 | $11167 |
| **3/23** | $11489 | $11400 | $10633 |
| **3/24** | $12041 | $11873 | $10814 |
| **3/25** | $12667 | $12451 | $11342 |
| **3/26** | $13259 | $13054 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 4.68% | 0.89% | 2.86% |
| Bloomberg U.S. Credit Index | 4.84% | 0.77% | 2.70% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Investment Grade Credit Fund

# Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $683513575 |
| # of Portfolio Holdings as of Period End | 496 |
| Portfolio Turnover Rate for the Period | 37% |
| Total Net Advisory Fees Paid for the Period | $2229862 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 22.0% |
| Software | 8.7% |
| Diversified Financial Services | 4.7% |
| Automotive | 4.4% |
| Real Estate Investment Trust | 4.3% |
| Healthcare Providers & Services | 4.2% |
| Electrical | 3.8% |
| Aerospace & Defense | 3.5% |
| Agriculture | 3.1% |
| Other | 36.2% |

---

# Goldman Sachs Investment Grade Credit Fund

# Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Investment Grade Credit Fund

# 38144N189-AR-0326

# Investor Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Investment Grade Credit Fund

# GSCPX: Separate Account Institutional

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Investment Grade Credit Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Separate Account Institutional | $38 | 0.37% |

---

## How did the Fund perform and what affected its performance?
Investment grade corporate bonds broadly gained, buoyed by the start of the Fed's easing cycle and resilient fundamentals. Periodic volatility stemmed from macro and geopolitical events, such as trade tariffs, a government shutdown that delayed economic releases, and an energy shock driven by conflict in the Middle East.

Top Contributors to Performance:

* Relative to the Bloomberg U.S. Credit Index (Index), the Fund benefited from effective individual issue selection in the investment grade corporate bonds of industrials and financials companies. 

* Within our cross-sector strategy, the Fund was helped by its overweight to credit beta (that is, its exposure to corporate bond market risk), as investment grade credit spreads narrowed during the Period. Spread tightening was supported by strong corporate fundamentals with solid earnings growth, accommodative Fed monetary policy, and favorable supply/demand dynamics as global demand for investment grade corporate bonds remained robust.

* The Fund was aided by its credit curve positioning, wherein it was overweight relative to the Index in short- and intermediate-maturity investment grade corporate bonds and underweight longer-maturity investment grade corporate bonds. This positioning added substantial value, as longer-term yields fell less than short- and intermediate-term yields during the Period.

* Exposure to investment grade credit default swap indices versus cash bonds bolstered the Fund's relative performance, as synthetics outperformed cash bonds.

* The Fund's selective down-in-quality bias, specifically its overweight versus the Index in BBB-rated issues, contributed positively to returns. Lower quality corporate bonds generally outperformed their higher quality counterparts during the Period.

* Our systematic auction strategy, through which we participate in bond auctions, had a positive impact on relative results.

Top Detractors from Performance:

* The Fund was hurt by our government/swap selection strategy. At the beginning of the Period, the Fund's positioning detracted from relative returns amid increasing concerns about a drop in demand for U.S. assets by foreign investors. Later in the Period, the Fund's positioning detracted from performance, as risk sentiment deteriorated, driven by themes related to potential AI disruption and by geopolitical tensions.

* An overweight position versus the Index in the investment grade corporate bonds of technology companies weighed on the Fund's relative performance. 

# Goldman Sachs Investment Grade Credit Fund

# Separate Account Institutional

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g23p24.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Separate Account Institutional** | **Bloomberg U.S. Credit Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 | $10000 |
| **3/17** | $10310 | $10296 | $10044 |
| **3/18** | $10587 | $10563 | $10165 |
| **3/19** | $11158 | $11079 | $10620 |
| **3/20** | $11431 | $11644 | $11568 |
| **3/21** | $12757 | $12562 | $11650 |
| **3/22** | $12236 | $12039 | $11167 |
| **3/23** | $11577 | $11400 | $10633 |
| **3/24** | $12145 | $11873 | $10814 |
| **3/25** | $12771 | $12451 | $11342 |
| **3/26** | $13380 | $13054 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Separate Account Institutional | 4.77% | 0.96% | 2.95% |
| Bloomberg U.S. Credit Index | 4.84% | 0.77% | 2.70% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Investment Grade Credit Fund

# Separate Account Institutional

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $683513575 |
| # of Portfolio Holdings as of Period End | 496 |
| Portfolio Turnover Rate for the Period | 37% |
| Total Net Advisory Fees Paid for the Period | $2229862 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 22.0% |
| Software | 8.7% |
| Diversified Financial Services | 4.7% |
| Automotive | 4.4% |
| Real Estate Investment Trust | 4.3% |
| Healthcare Providers & Services | 4.2% |
| Electrical | 3.8% |
| Aerospace & Defense | 3.5% |
| Agriculture | 3.1% |
| Other | 36.2% |

---

# Goldman Sachs Investment Grade Credit Fund

# Separate Account Institutional

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Investment Grade Credit Fund

# 38143H829-AR-0326

# Separate Account Institutional
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Emerging Markets Credit Fund

# GAMDX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Credit Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $118 | 1.14% |

---

## How did the Fund perform and what affected its performance?
Emerging markets corporate bonds broadly gained, supported by robust corporate fundamentals, positive credit ratings momentum, and U.S. dollar weakness. Despite tariff uncertainty and geopolitical disruption, the sector was resilient amid strong economic activity and easier financial conditions in emerging markets.

Top Contributors to Performance:

* Compared to the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠)–Broad Diversified (Index), the Fund benefited from its long beta exposure (that is, the Fund's broad overweight versus the Index) to emerging markets corporate bonds, especially overweights in BB- and BBB-rated issuers.

* The Fund's positioning in quasi-sovereign emerging markets debt added to relative performance. 

* Strong security selection among emerging markets corporate bonds contributed positively. The Fund was helped most by an overweight position in Panama-based Aeropuerto Internacional de Tocumen, which performed strongly as passenger traffic increased and new air carriers began using the airport.

* An overweight to the corporate bonds of MC Brazil Downstream Trading was advantageous. The Luxembourg-registered petroleum refiner benefited from robust growth in refining margins.

* The Fund's overweight in the corporate bonds of Seplat Energy bolstered relative performance. The Nigerian independent energy company performed well on strong third quarter 2025 results with production near the top end of management guidance thanks to steady onshore performance and stable gains driven by an offshore well restoration program.

* Selection of sovereign emerging markets debt added to the Fund's relative returns, especially selection in Nigeria, Ivory Coast and El Salvador.

* Our duration positioning strategy, wherein we managed the Fund with a slightly shorter duration than the Index, contributed positively to relative results. 

Top Detractors from Performance:

* The Fund was hurt by its overweight position compared to the Index in Brazilian energy company Raizen Fuels. In early February 2026, Raizen Fuels' corporate bonds sold off sharply following a news report that the company had hired legal advisors ahead of a potential debt restructuring, which contradicted previous management assurances regarding liquidity and equity injections. Shortly afterwards, the company was downgraded by credit rating agencies Fitch Ratings and S&P Global Ratings.

* A modest overweight in Braskem Netherlands Finance detracted from relative performance. The company's bonds underperformed following credit rating downgrades and on news its management had hired advisors to review its capital structure.

* The Fund was hampered by a slight underweight in the corporate bonds of NWD Finance, a Hong Kong-based real estate company. The bonds strengthened as the Hong Kong housing market experienced a gradual recovery, supported by rising rents and the potential of interest rate cuts that could support development.

* The Fund's exposure to Sri Lankan and Romanian sovereign debt was a drag on relative performance.

# Goldman Sachs Emerging Markets Credit Fund

# Class A

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g49h97.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/1/16** | $9550 | $10000 | $10000 | $10000 |
| **3/17** | $10143 | $10621 | $10869 | $10109 |
| **3/18** | $11556 | $12101 | $11267 | $10358 |
| **3/19** | $10160 | $10639 | $11785 | $10868 |
| **3/20** | $9137 | $9567 | $11386 | $11585 |
| **3/21** | $10567 | $11065 | $13470 | $11758 |
| **3/22** | $9879 | $10344 | $12494 | $11297 |
| **3/23** | $9702 | $10159 | $12290 | $10861 |
| **3/24** | $10413 | $10904 | $13417 | $11311 |
| **3/25** | $11178 | $11704 | $14455 | $11830 |
| **3/26** | $11888 | $12449 | $15313 | $12243 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 6.36% | 2.38% | 2.21% |
| Class A including sales charges | 1.55% | 1.45% | 1.74% |
| J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged) | 5.93% | 2.60% | 4.35% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 3.49% | 0.81% | 2.04% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Emerging Markets Credit Fund

# Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $20130850 |
| # of Portfolio Holdings as of Period End | 112 |
| Portfolio Turnover Rate for the Period | 51% |
| Total Net Advisory Fees Paid for the Period | $192856 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 18.2% |
| Oil Field Services | 13.7% |
| Electrical | 9.7% |
| Engineering & Construction | 7.0% |
| Commercial Services | 5.2% |
| Sovereign Debt Obligations | 4.1% |
| Mining | 4.0% |
| Beverages | 3.5% |
| Iron/Steel | 3.1% |
| Other | 29.4% |

---

# Goldman Sachs Emerging Markets Credit Fund

# Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Information has been obtained from sources believed to be reliable but J.P. Morgan and its data suppliers do not warrant its completeness or accuracy. This Index is used with permission. The Index may not be copied, used or distributed without J.P. Morgan's prior written approval. Copyright 2026, J.P. Morgan Chase & Co.. All rights reserved.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Emerging Markets Credit Fund

# 38145N105-AR-0326

# Class A
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Emerging Markets Credit Fund

# GCMDX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Credit Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $194 | 1.89% |

---

## How did the Fund perform and what affected its performance?
Emerging markets corporate bonds broadly gained, supported by robust corporate fundamentals, positive credit ratings momentum, and U.S. dollar weakness. Despite tariff uncertainty and geopolitical disruption, the sector was resilient amid strong economic activity and easier financial conditions in emerging markets.

Top Contributors to Performance:

* Compared to the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠)–Broad Diversified (Index), the Fund benefited from its long beta exposure (that is, the Fund's broad overweight versus the Index) to emerging markets corporate bonds, especially overweights in BB- and BBB-rated issuers.

* The Fund's positioning in quasi-sovereign emerging markets debt added to relative performance. 

* Strong security selection among emerging markets corporate bonds contributed positively. The Fund was helped most by an overweight position in Panama-based Aeropuerto Internacional de Tocumen, which performed strongly as passenger traffic increased and new air carriers began using the airport.

* An overweight to the corporate bonds of MC Brazil Downstream Trading was advantageous. The Luxembourg-registered petroleum refiner benefited from robust growth in refining margins.

* The Fund's overweight in the corporate bonds of Seplat Energy bolstered relative performance. The Nigerian independent energy company performed well on strong third quarter 2025 results with production near the top end of management guidance thanks to steady onshore performance and stable gains driven by an offshore well restoration program.

* Selection of sovereign emerging markets debt added to the Fund's relative returns, especially selection in Nigeria, Ivory Coast and El Salvador.

* Our duration positioning strategy, wherein we managed the Fund with a slightly shorter duration than the Index, contributed positively to relative results. 

Top Detractors from Performance:

* The Fund was hurt by its overweight position compared to the Index in Brazilian energy company Raizen Fuels. In early February 2026, Raizen Fuels' corporate bonds sold off sharply following a news report that the company had hired legal advisors ahead of a potential debt restructuring, which contradicted previous management assurances regarding liquidity and equity injections. Shortly afterwards, the company was downgraded by credit rating agencies Fitch Ratings and S&P Global Ratings.

* A modest overweight in Braskem Netherlands Finance detracted from relative performance. The company's bonds underperformed following credit rating downgrades and on news its management had hired advisors to review its capital structure.

* The Fund was hampered by a slight underweight in the corporate bonds of NWD Finance, a Hong Kong-based real estate company. The bonds strengthened as the Hong Kong housing market experienced a gradual recovery, supported by rising rents and the potential of interest rate cuts that could support development.

* The Fund's exposure to Sri Lankan and Romanian sovereign debt was a drag on relative performance.

# Goldman Sachs Emerging Markets Credit Fund

# Class C

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g20x83.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/1/16** | $9900 | $10000 | $10000 | $10000 |
| **3/17** | $10403 | $10508 | $10869 | $10109 |
| **3/18** | $11766 | $11885 | $11267 | $10358 |
| **3/19** | $10264 | $10368 | $11785 | $10868 |
| **3/20** | $9159 | $9251 | $11386 | $11585 |
| **3/21** | $10535 | $10641 | $13470 | $11758 |
| **3/22** | $9756 | $9855 | $12494 | $11297 |
| **3/23** | $9508 | $9604 | $12290 | $10861 |
| **3/24** | $10129 | $10231 | $13417 | $11311 |
| **3/25** | $10792 | $10901 | $14455 | $11830 |
| **3/26** | $11393 | $11508 | $15313 | $12243 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 5.57% | 1.58% | 1.41% |
| Class C including sales charges | 4.51% | 1.58% | 1.41% |
| J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged) | 5.93% | 2.60% | 4.35% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 3.49% | 0.81% | 2.04% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Emerging Markets Credit Fund

# Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $20130850 |
| # of Portfolio Holdings as of Period End | 112 |
| Portfolio Turnover Rate for the Period | 51% |
| Total Net Advisory Fees Paid for the Period | $192856 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 18.2% |
| Oil Field Services | 13.7% |
| Electrical | 9.7% |
| Engineering & Construction | 7.0% |
| Commercial Services | 5.2% |
| Sovereign Debt Obligations | 4.1% |
| Mining | 4.0% |
| Beverages | 3.5% |
| Iron/Steel | 3.1% |
| Other | 29.4% |

---

# Goldman Sachs Emerging Markets Credit Fund

# Class C

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Information has been obtained from sources believed to be reliable but J.P. Morgan and its data suppliers do not warrant its completeness or accuracy. This Index is used with permission. The Index may not be copied, used or distributed without J.P. Morgan's prior written approval. Copyright 2026, J.P. Morgan Chase & Co.. All rights reserved.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Emerging Markets Credit Fund

# 38145N204-AR-0326

# Class C
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Emerging Markets Credit Fund

# GMWPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Credit Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $86 | 0.83% |

---

## How did the Fund perform and what affected its performance?
Emerging markets corporate bonds broadly gained, supported by robust corporate fundamentals, positive credit ratings momentum, and U.S. dollar weakness. Despite tariff uncertainty and geopolitical disruption, the sector was resilient amid strong economic activity and easier financial conditions in emerging markets.

Top Contributors to Performance:

* Compared to the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠)–Broad Diversified (Index), the Fund benefited from its long beta exposure (that is, the Fund's broad overweight versus the Index) to emerging markets corporate bonds, especially overweights in BB- and BBB-rated issuers.

* The Fund's positioning in quasi-sovereign emerging markets debt added to relative performance. 

* Strong security selection among emerging markets corporate bonds contributed positively. The Fund was helped most by an overweight position in Panama-based Aeropuerto Internacional de Tocumen, which performed strongly as passenger traffic increased and new air carriers began using the airport.

* An overweight to the corporate bonds of MC Brazil Downstream Trading was advantageous. The Luxembourg-registered petroleum refiner benefited from robust growth in refining margins.

* The Fund's overweight in the corporate bonds of Seplat Energy bolstered relative performance. The Nigerian independent energy company performed well on strong third quarter 2025 results with production near the top end of management guidance thanks to steady onshore performance and stable gains driven by an offshore well restoration program.

* Selection of sovereign emerging markets debt added to the Fund's relative returns, especially selection in Nigeria, Ivory Coast and El Salvador.

* Our duration positioning strategy, wherein we managed the Fund with a slightly shorter duration than the Index, contributed positively to relative results. 

Top Detractors from Performance:

* The Fund was hurt by its overweight position compared to the Index in Brazilian energy company Raizen Fuels. In early February 2026, Raizen Fuels' corporate bonds sold off sharply following a news report that the company had hired legal advisors ahead of a potential debt restructuring, which contradicted previous management assurances regarding liquidity and equity injections. Shortly afterwards, the company was downgraded by credit rating agencies Fitch Ratings and S&P Global Ratings.

* A modest overweight in Braskem Netherlands Finance detracted from relative performance. The company's bonds underperformed following credit rating downgrades and on news its management had hired advisors to review its capital structure.

* The Fund was hampered by a slight underweight in the corporate bonds of NWD Finance, a Hong Kong-based real estate company. The bonds strengthened as the Hong Kong housing market experienced a gradual recovery, supported by rising rents and the potential of interest rate cuts that could support development.

* The Fund's exposure to Sri Lankan and Romanian sovereign debt was a drag on relative performance.

# Goldman Sachs Emerging Markets Credit Fund

# Class P

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g21g05.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/20/18** | $10000 | $10000 | $10000 |
| **3/19** | $8934 | $10481 | $10549 |
| **3/20** | $8055 | $10126 | $11244 |
| **3/21** | $9365 | $11980 | $11413 |
| **3/22** | $8764 | $11111 | $10965 |
| **3/23** | $8650 | $10930 | $10542 |
| **3/24** | $9316 | $11932 | $10979 |
| **3/25** | $10006 | $12856 | $11483 |
| **3/26** | $10674 | $13618 | $11883 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 6.68% | 2.65% | 0.82% |
| J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged) | 5.93% | 2.60% | 3.96% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 3.49% | 0.81% | 2.19% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Emerging Markets Credit Fund

# Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $20130850 |
| # of Portfolio Holdings as of Period End | 112 |
| Portfolio Turnover Rate for the Period | 51% |
| Total Net Advisory Fees Paid for the Period | $192856 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 18.2% |
| Oil Field Services | 13.7% |
| Electrical | 9.7% |
| Engineering & Construction | 7.0% |
| Commercial Services | 5.2% |
| Sovereign Debt Obligations | 4.1% |
| Mining | 4.0% |
| Beverages | 3.5% |
| Iron/Steel | 3.1% |
| Other | 29.4% |

---

# Goldman Sachs Emerging Markets Credit Fund

# Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Information has been obtained from sources believed to be reliable but J.P. Morgan and its data suppliers do not warrant its completeness or accuracy. This Index is used with permission. The Index may not be copied, used or distributed without J.P. Morgan's prior written approval. Copyright 2026, J.P. Morgan Chase & Co.. All rights reserved.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Emerging Markets Credit Fund

# 38150B517-AR-0326

# Class P
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Emerging Markets Credit Fund

# GIMSX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Credit Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $86 | 0.83% |

---

## How did the Fund perform and what affected its performance?
Emerging markets corporate bonds broadly gained, supported by robust corporate fundamentals, positive credit ratings momentum, and U.S. dollar weakness. Despite tariff uncertainty and geopolitical disruption, the sector was resilient amid strong economic activity and easier financial conditions in emerging markets.

Top Contributors to Performance:

* Compared to the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠)–Broad Diversified (Index), the Fund benefited from its long beta exposure (that is, the Fund's broad overweight versus the Index) to emerging markets corporate bonds, especially overweights in BB- and BBB-rated issuers.

* The Fund's positioning in quasi-sovereign emerging markets debt added to relative performance. 

* Strong security selection among emerging markets corporate bonds contributed positively. The Fund was helped most by an overweight position in Panama-based Aeropuerto Internacional de Tocumen, which performed strongly as passenger traffic increased and new air carriers began using the airport.

* An overweight to the corporate bonds of MC Brazil Downstream Trading was advantageous. The Luxembourg-registered petroleum refiner benefited from robust growth in refining margins.

* The Fund's overweight in the corporate bonds of Seplat Energy bolstered relative performance. The Nigerian independent energy company performed well on strong third quarter 2025 results with production near the top end of management guidance thanks to steady onshore performance and stable gains driven by an offshore well restoration program.

* Selection of sovereign emerging markets debt added to the Fund's relative returns, especially selection in Nigeria, Ivory Coast and El Salvador.

* Our duration positioning strategy, wherein we managed the Fund with a slightly shorter duration than the Index, contributed positively to relative results. 

Top Detractors from Performance:

* The Fund was hurt by its overweight position compared to the Index in Brazilian energy company Raizen Fuels. In early February 2026, Raizen Fuels' corporate bonds sold off sharply following a news report that the company had hired legal advisors ahead of a potential debt restructuring, which contradicted previous management assurances regarding liquidity and equity injections. Shortly afterwards, the company was downgraded by credit rating agencies Fitch Ratings and S&P Global Ratings.

* A modest overweight in Braskem Netherlands Finance detracted from relative performance. The company's bonds underperformed following credit rating downgrades and on news its management had hired advisors to review its capital structure.

* The Fund was hampered by a slight underweight in the corporate bonds of NWD Finance, a Hong Kong-based real estate company. The bonds strengthened as the Hong Kong housing market experienced a gradual recovery, supported by rising rents and the potential of interest rate cuts that could support development.

* The Fund's exposure to Sri Lankan and Romanian sovereign debt was a drag on relative performance.

# Goldman Sachs Emerging Markets Credit Fund

# Class R6

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g02c66.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **11/30/17** | $10000 | $10000 | $10000 |
| **3/18** | $10788 | $9919 | $10011 |
| **3/19** | $9509 | $10375 | $10505 |
| **3/20** | $8573 | $10024 | $11197 |
| **3/21** | $9968 | $11859 | $11365 |
| **3/22** | $9328 | $10999 | $10919 |
| **3/23** | $9186 | $10820 | $10498 |
| **3/24** | $9915 | $11812 | $10932 |
| **3/25** | $10675 | $12726 | $11434 |
| **3/26** | $11388 | $13481 | $11833 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced November 30, 2017) | 6.68% | 2.70% | 1.57% |
| J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged) | 5.93% | 2.60% | 3.65% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 3.49% | 0.81% | 2.04% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Emerging Markets Credit Fund

# Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $20130850 |
| # of Portfolio Holdings as of Period End | 112 |
| Portfolio Turnover Rate for the Period | 51% |
| Total Net Advisory Fees Paid for the Period | $192856 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 18.2% |
| Oil Field Services | 13.7% |
| Electrical | 9.7% |
| Engineering & Construction | 7.0% |
| Commercial Services | 5.2% |
| Sovereign Debt Obligations | 4.1% |
| Mining | 4.0% |
| Beverages | 3.5% |
| Iron/Steel | 3.1% |
| Other | 29.4% |

---

# Goldman Sachs Emerging Markets Credit Fund

# Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Information has been obtained from sources believed to be reliable but J.P. Morgan and its data suppliers do not warrant its completeness or accuracy. This Index is used with permission. The Index may not be copied, used or distributed without J.P. Morgan's prior written approval. Copyright 2026, J.P. Morgan Chase & Co.. All rights reserved.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Emerging Markets Credit Fund

# 38145L174-AR-0326

# Class R6
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Emerging Markets Credit Fund

# GIMDX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Credit Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $87 | 0.84% |

---

## How did the Fund perform and what affected its performance?
Emerging markets corporate bonds broadly gained, supported by robust corporate fundamentals, positive credit ratings momentum, and U.S. dollar weakness. Despite tariff uncertainty and geopolitical disruption, the sector was resilient amid strong economic activity and easier financial conditions in emerging markets.

Top Contributors to Performance:

* Compared to the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠)–Broad Diversified (Index), the Fund benefited from its long beta exposure (that is, the Fund's broad overweight versus the Index) to emerging markets corporate bonds, especially overweights in BB- and BBB-rated issuers.

* The Fund's positioning in quasi-sovereign emerging markets debt added to relative performance. 

* Strong security selection among emerging markets corporate bonds contributed positively. The Fund was helped most by an overweight position in Panama-based Aeropuerto Internacional de Tocumen, which performed strongly as passenger traffic increased and new air carriers began using the airport.

* An overweight to the corporate bonds of MC Brazil Downstream Trading was advantageous. The Luxembourg-registered petroleum refiner benefited from robust growth in refining margins.

* The Fund's overweight in the corporate bonds of Seplat Energy bolstered relative performance. The Nigerian independent energy company performed well on strong third quarter 2025 results with production near the top end of management guidance thanks to steady onshore performance and stable gains driven by an offshore well restoration program.

* Selection of sovereign emerging markets debt added to the Fund's relative returns, especially selection in Nigeria, Ivory Coast and El Salvador.

* Our duration positioning strategy, wherein we managed the Fund with a slightly shorter duration than the Index, contributed positively to relative results. 

Top Detractors from Performance:

* The Fund was hurt by its overweight position compared to the Index in Brazilian energy company Raizen Fuels. In early February 2026, Raizen Fuels' corporate bonds sold off sharply following a news report that the company had hired legal advisors ahead of a potential debt restructuring, which contradicted previous management assurances regarding liquidity and equity injections. Shortly afterwards, the company was downgraded by credit rating agencies Fitch Ratings and S&P Global Ratings.

* A modest overweight in Braskem Netherlands Finance detracted from relative performance. The company's bonds underperformed following credit rating downgrades and on news its management had hired advisors to review its capital structure.

* The Fund was hampered by a slight underweight in the corporate bonds of NWD Finance, a Hong Kong-based real estate company. The bonds strengthened as the Hong Kong housing market experienced a gradual recovery, supported by rising rents and the potential of interest rate cuts that could support development.

* The Fund's exposure to Sri Lankan and Romanian sovereign debt was a drag on relative performance.

# Goldman Sachs Emerging Markets Credit Fund

# Institutional Class

## Performance Overview
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g21w83.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/1/16** | $1000000 | $1000000 | $1000000 |
| **3/17** | $1062000 | $1086900 | $1010900 |
| **3/18** | $1213760 | $1126681 | $1035768 |
| **3/19** | $1069808 | $1178508 | $1086832 |
| **3/20** | $964432 | $1138556 | $1158454 |
| **3/21** | $1121248 | $1347026 | $1175831 |
| **3/22** | $1049152 | $1249367 | $1129738 |
| **3/23** | $1035408 | $1229002 | $1086130 |
| **3/24** | $1115031 | $1341702 | $1131096 |
| **3/25** | $1197432 | $1445549 | $1183013 |
| **3/26** | $1277301 | $1531270 | $1224300 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 6.67% | 2.64% | 2.48% |
| J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged) | 5.93% | 2.60% | 4.35% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 3.49% | 0.81% | 2.04% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Emerging Markets Credit Fund

# Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $20130850 |
| # of Portfolio Holdings as of Period End | 112 |
| Portfolio Turnover Rate for the Period | 51% |
| Total Net Advisory Fees Paid for the Period | $192856 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 18.2% |
| Oil Field Services | 13.7% |
| Electrical | 9.7% |
| Engineering & Construction | 7.0% |
| Commercial Services | 5.2% |
| Sovereign Debt Obligations | 4.1% |
| Mining | 4.0% |
| Beverages | 3.5% |
| Iron/Steel | 3.1% |
| Other | 29.4% |

---

# Goldman Sachs Emerging Markets Credit Fund

# Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Information has been obtained from sources believed to be reliable but J.P. Morgan and its data suppliers do not warrant its completeness or accuracy. This Index is used with permission. The Index may not be copied, used or distributed without J.P. Morgan's prior written approval. Copyright 2026, J.P. Morgan Chase & Co.. All rights reserved.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Emerging Markets Credit Fund

# 38145N303-AR-0326

# Institutional Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Emerging Markets Credit Fund

# GLIRX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Credit Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $92 | 0.89% |

---

## How did the Fund perform and what affected its performance?
Emerging markets corporate bonds broadly gained, supported by robust corporate fundamentals, positive credit ratings momentum, and U.S. dollar weakness. Despite tariff uncertainty and geopolitical disruption, the sector was resilient amid strong economic activity and easier financial conditions in emerging markets.

Top Contributors to Performance:

* Compared to the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠)–Broad Diversified (Index), the Fund benefited from its long beta exposure (that is, the Fund's broad overweight versus the Index) to emerging markets corporate bonds, especially overweights in BB- and BBB-rated issuers.

* The Fund's positioning in quasi-sovereign emerging markets debt added to relative performance. 

* Strong security selection among emerging markets corporate bonds contributed positively. The Fund was helped most by an overweight position in Panama-based Aeropuerto Internacional de Tocumen, which performed strongly as passenger traffic increased and new air carriers began using the airport.

* An overweight to the corporate bonds of MC Brazil Downstream Trading was advantageous. The Luxembourg-registered petroleum refiner benefited from robust growth in refining margins.

* The Fund's overweight in the corporate bonds of Seplat Energy bolstered relative performance. The Nigerian independent energy company performed well on strong third quarter 2025 results with production near the top end of management guidance thanks to steady onshore performance and stable gains driven by an offshore well restoration program.

* Selection of sovereign emerging markets debt added to the Fund's relative returns, especially selection in Nigeria, Ivory Coast and El Salvador.

* Our duration positioning strategy, wherein we managed the Fund with a slightly shorter duration than the Index, contributed positively to relative results. 

Top Detractors from Performance:

* The Fund was hurt by its overweight position compared to the Index in Brazilian energy company Raizen Fuels. In early February 2026, Raizen Fuels' corporate bonds sold off sharply following a news report that the company had hired legal advisors ahead of a potential debt restructuring, which contradicted previous management assurances regarding liquidity and equity injections. Shortly afterwards, the company was downgraded by credit rating agencies Fitch Ratings and S&P Global Ratings.

* A modest overweight in Braskem Netherlands Finance detracted from relative performance. The company's bonds underperformed following credit rating downgrades and on news its management had hired advisors to review its capital structure.

* The Fund was hampered by a slight underweight in the corporate bonds of NWD Finance, a Hong Kong-based real estate company. The bonds strengthened as the Hong Kong housing market experienced a gradual recovery, supported by rising rents and the potential of interest rate cuts that could support development.

* The Fund's exposure to Sri Lankan and Romanian sovereign debt was a drag on relative performance.

# Goldman Sachs Emerging Markets Credit Fund

# Investor Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g34o42.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Shares** | **J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/1/16** | $10000 | $10000 | $10000 |
| **3/17** | $10630 | $10869 | $10109 |
| **3/18** | $12144 | $11267 | $10358 |
| **3/19** | $10697 | $11785 | $10868 |
| **3/20** | $9659 | $11386 | $11585 |
| **3/21** | $11201 | $13470 | $11758 |
| **3/22** | $10497 | $12494 | $11297 |
| **3/23** | $10333 | $12290 | $10861 |
| **3/24** | $11118 | $13417 | $11311 |
| **3/25** | $11963 | $14455 | $11830 |
| **3/26** | $12755 | $15313 | $12243 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 6.62% | 2.63% | 2.46% |
| J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged) | 5.93% | 2.60% | 4.35% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 3.49% | 0.81% | 2.04% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Emerging Markets Credit Fund

# Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $20130850 |
| # of Portfolio Holdings as of Period End | 112 |
| Portfolio Turnover Rate for the Period | 51% |
| Total Net Advisory Fees Paid for the Period | $192856 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 18.2% |
| Oil Field Services | 13.7% |
| Electrical | 9.7% |
| Engineering & Construction | 7.0% |
| Commercial Services | 5.2% |
| Sovereign Debt Obligations | 4.1% |
| Mining | 4.0% |
| Beverages | 3.5% |
| Iron/Steel | 3.1% |
| Other | 29.4% |

---

# Goldman Sachs Emerging Markets Credit Fund

# Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Information has been obtained from sources believed to be reliable but J.P. Morgan and its data suppliers do not warrant its completeness or accuracy. This Index is used with permission. The Index may not be copied, used or distributed without J.P. Morgan's prior written approval. Copyright 2026, J.P. Morgan Chase & Co.. All rights reserved.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Emerging Markets Credit Fund

# 38144N163-AR-0326

# Investor Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Short Duration High Yield Fund

# GSAUX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration High Yield Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $98 | 0.95% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. High yield bonds and bank loans were among the best performing fixed income sectors. Within high yield, lower quality outperformed higher quality with little dispersion, with the reverse true among bank loans.

Top Contributors to Performance:

* Sector allocation positioning overall contributed positively to relative results, with the Fund's long positioning in energy and industrial manufacturing particularly helpful. More specifically, long positioning in capital goods, diversified industrials and basic industry contributed most positively. 

* Selection within diversified industrials, gas distribution utilities and cable & satellite TV media helped most. 

* The largest individual contributors to relative results during the Period included the Fund's tactical allocation to Noble Corp. PLC and its lack of holdings in New Fortress Energy Inc. and Saks Global Enterprises. 

Top Detractors from Performance:

* Detracting most from relative results was the Fund's cross-sector strategy, most notably our structural out-of-benchmark allocation to leveraged bank loans, which underperformed high yield bonds during the Period. 

* From a sector allocation perspective, the biggest detractors from relative performance were the Fund's short positioning in health care, non-cellular telecommunications and metals & mining. 

* At the sector level, selection within autos, technology and finance hurt most. 

* Individual issue selection as a whole detracted. The largest individual detractors during the Period included the Fund's tactical allocations to First Brands Group LLC and FNZ Group Services Ltd. and its underweight to Warner Brothers Discovery Inc. 

# Goldman Sachs Short Duration High Yield Fund

# Class A

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g31f10.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index** | **ICE BofAML Three-Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $9775 | $10000 | $10000 | $10000 | $10000 |
| **3/17** | $10088 | $10320 | $11118 | $10036 | $10044 |
| **3/18** | $10175 | $10409 | $11505 | $10147 | $10165 |
| **3/19** | $10237 | $10472 | $12200 | $10362 | $10620 |
| **3/20** | $9733 | $9957 | $11420 | $10596 | $11568 |
| **3/21** | $11297 | $11557 | $13695 | $10608 | $11650 |
| **3/22** | $11194 | $11452 | $13758 | $10615 | $11167 |
| **3/23** | $10734 | $10981 | $13751 | $10881 | $10633 |
| **3/24** | $11605 | $11872 | $15125 | $11451 | $10814 |
| **3/25** | $12293 | $12576 | $16141 | $12021 | $11342 |
| **3/26** | $12978 | $13276 | $17213 | $12501 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 5.57% | 2.81% | 2.87% |
| Class A including sales charges | 1.57% | 2.02% | 2.48% |
| Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index | 6.64% | 4.68% | 5.58% |
| ICE BofAML Three-Month U.S. Treasury Bill Index | 3.99% | 3.34% | 2.26% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Short Duration High Yield Fund

# Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $38462568 |
| # of Portfolio Holdings as of Period End | 344 |
| Portfolio Turnover Rate for the Period | 54% |
| Total Net Advisory Fees Paid for the Period | $198609 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

The Fund's net expense ratio decreased during the Period as a result of a reduction in management fees.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Oil Field Services | 10.5% |
| Media | 7.6% |
| Pipelines | 7.5% |
| Retailing | 6.7% |
| Commercial Services | 4.4% |
| Telecommunication Services | 4.2% |
| Diversified Financial Services | 3.9% |
| Insurance | 3.3% |
| Internet | 3.2% |
| Other | 46.6% |

---

# Goldman Sachs Short Duration High Yield Fund

# Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration High Yield Fund

# 38145L273-AR-0326

# Class A
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Short Duration High Yield Fund

# GSAVX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration High Yield Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $174 | 1.70% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. High yield bonds and bank loans were among the best performing fixed income sectors. Within high yield, lower quality outperformed higher quality with little dispersion, with the reverse true among bank loans.

Top Contributors to Performance:

* Sector allocation positioning overall contributed positively to relative results, with the Fund's long positioning in energy and industrial manufacturing particularly helpful. More specifically, long positioning in capital goods, diversified industrials and basic industry contributed most positively. 

* Selection within diversified industrials, gas distribution utilities and cable & satellite TV media helped most. 

* The largest individual contributors to relative results during the Period included the Fund's tactical allocation to Noble Corp. PLC and its lack of holdings in New Fortress Energy Inc. and Saks Global Enterprises. 

Top Detractors from Performance:

* Detracting most from relative results was the Fund's cross-sector strategy, most notably our structural out-of-benchmark allocation to leveraged bank loans, which underperformed high yield bonds during the Period. 

* From a sector allocation perspective, the biggest detractors from relative performance were the Fund's short positioning in health care, non-cellular telecommunications and metals & mining. 

* At the sector level, selection within autos, technology and finance hurt most. 

* Individual issue selection as a whole detracted. The largest individual detractors during the Period included the Fund's tactical allocations to First Brands Group LLC and FNZ Group Services Ltd. and its underweight to Warner Brothers Discovery Inc. 

# Goldman Sachs Short Duration High Yield Fund

# Class C

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g58g42.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index** | **ICE BofAML Three-Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $9900 | $10000 | $10000 | $10000 | $10000 |
| **3/17** | $10141 | $10243 | $11118 | $10036 | $10044 |
| **3/18** | $10153 | $10255 | $11505 | $10147 | $10165 |
| **3/19** | $10127 | $10230 | $12200 | $10362 | $10620 |
| **3/20** | $9568 | $9665 | $11420 | $10596 | $11568 |
| **3/21** | $11011 | $11122 | $13695 | $10608 | $11650 |
| **3/22** | $10842 | $10951 | $13758 | $10615 | $11167 |
| **3/23** | $10305 | $10409 | $13751 | $10881 | $10633 |
| **3/24** | $11059 | $11171 | $15125 | $11451 | $10814 |
| **3/25** | $11628 | $11745 | $16141 | $12021 | $11342 |
| **3/26** | $12185 | $12308 | $17213 | $12501 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 4.79% | 2.05% | 2.10% |
| Class C including sales charges | 3.74% | 2.05% | 2.10% |
| Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index | 6.64% | 4.68% | 5.58% |
| ICE BofAML Three-Month U.S. Treasury Bill Index | 3.99% | 3.34% | 2.26% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Short Duration High Yield Fund

# Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $38462568 |
| # of Portfolio Holdings as of Period End | 344 |
| Portfolio Turnover Rate for the Period | 54% |
| Total Net Advisory Fees Paid for the Period | $198609 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

The Fund's net expense ratio decreased during the Period as a result of a reduction in management fees.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Oil Field Services | 10.5% |
| Media | 7.6% |
| Pipelines | 7.5% |
| Retailing | 6.7% |
| Commercial Services | 4.4% |
| Telecommunication Services | 4.2% |
| Diversified Financial Services | 3.9% |
| Insurance | 3.3% |
| Internet | 3.2% |
| Other | 46.6% |

---

# Goldman Sachs Short Duration High Yield Fund

# Class C

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration High Yield Fund

# 38145L265-AR-0326

# Class C
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Short Duration High Yield Fund

# GMUPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration High Yield Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $63 | 0.61% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. High yield bonds and bank loans were among the best performing fixed income sectors. Within high yield, lower quality outperformed higher quality with little dispersion, with the reverse true among bank loans.

Top Contributors to Performance:

* Sector allocation positioning overall contributed positively to relative results, with the Fund's long positioning in energy and industrial manufacturing particularly helpful. More specifically, long positioning in capital goods, diversified industrials and basic industry contributed most positively. 

* Selection within diversified industrials, gas distribution utilities and cable & satellite TV media helped most. 

* The largest individual contributors to relative results during the Period included the Fund's tactical allocation to Noble Corp. PLC and its lack of holdings in New Fortress Energy Inc. and Saks Global Enterprises. 

Top Detractors from Performance:

* Detracting most from relative results was the Fund's cross-sector strategy, most notably our structural out-of-benchmark allocation to leveraged bank loans, which underperformed high yield bonds during the Period. 

* From a sector allocation perspective, the biggest detractors from relative performance were the Fund's short positioning in health care, non-cellular telecommunications and metals & mining. 

* At the sector level, selection within autos, technology and finance hurt most. 

* Individual issue selection as a whole detracted. The largest individual detractors during the Period included the Fund's tactical allocations to First Brands Group LLC and FNZ Group Services Ltd. and its underweight to Warner Brothers Discovery Inc. 

# Goldman Sachs Short Duration High Yield Fund

# Class P

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g07r17.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class P** | **Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index** | **ICE BofAML Three-Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/20/18** | $10000 | $10000 | $10000 | $10000 |
| **3/19** | $9993 | $10526 | $10203 | $10538 |
| **3/20** | $9545 | $9853 | $10433 | $11479 |
| **3/21** | $11106 | $11816 | $10445 | $11561 |
| **3/22** | $11042 | $11871 | $10451 | $11081 |
| **3/23** | $10622 | $11865 | $10713 | $10551 |
| **3/24** | $11524 | $13050 | $11275 | $10730 |
| **3/25** | $12249 | $13927 | $11836 | $11254 |
| **3/26** | $12975 | $14852 | $12308 | $11744 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 5.93% | 3.16% | 3.33% |
| Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index | 6.64% | 4.68% | 5.10% |
| ICE BofAML Three-Month U.S. Treasury Bill Index | 3.99% | 3.34% | 2.65% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 2.04% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Short Duration High Yield Fund

# Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $38462568 |
| # of Portfolio Holdings as of Period End | 344 |
| Portfolio Turnover Rate for the Period | 54% |
| Total Net Advisory Fees Paid for the Period | $198609 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

The Fund's net expense ratio decreased during the Period as a result of a reduction in management fees.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Oil Field Services | 10.5% |
| Media | 7.6% |
| Pipelines | 7.5% |
| Retailing | 6.7% |
| Commercial Services | 4.4% |
| Telecommunication Services | 4.2% |
| Diversified Financial Services | 3.9% |
| Insurance | 3.3% |
| Internet | 3.2% |
| Other | 46.6% |

---

# Goldman Sachs Short Duration High Yield Fund

# Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration High Yield Fund

# 38150B491-AR-0326

# Class P
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Short Duration High Yield Fund

# GSSAX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration High Yield Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $63 | 0.61% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. High yield bonds and bank loans were among the best performing fixed income sectors. Within high yield, lower quality outperformed higher quality with little dispersion, with the reverse true among bank loans.

Top Contributors to Performance:

* Sector allocation positioning overall contributed positively to relative results, with the Fund's long positioning in energy and industrial manufacturing particularly helpful. More specifically, long positioning in capital goods, diversified industrials and basic industry contributed most positively. 

* Selection within diversified industrials, gas distribution utilities and cable & satellite TV media helped most. 

* The largest individual contributors to relative results during the Period included the Fund's tactical allocation to Noble Corp. PLC and its lack of holdings in New Fortress Energy Inc. and Saks Global Enterprises. 

Top Detractors from Performance:

* Detracting most from relative results was the Fund's cross-sector strategy, most notably our structural out-of-benchmark allocation to leveraged bank loans, which underperformed high yield bonds during the Period. 

* From a sector allocation perspective, the biggest detractors from relative performance were the Fund's short positioning in health care, non-cellular telecommunications and metals & mining. 

* At the sector level, selection within autos, technology and finance hurt most. 

* Individual issue selection as a whole detracted. The largest individual detractors during the Period included the Fund's tactical allocations to First Brands Group LLC and FNZ Group Services Ltd. and its underweight to Warner Brothers Discovery Inc. 

# Goldman Sachs Short Duration High Yield Fund

# Class R6

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g48j33.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index** | **ICE BofAML Three-Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/17** | $10000 | $10000 | $10000 | $10000 |
| **3/18** | $9938 | $10035 | $10047 | $9899 |
| **3/19** | $10022 | $10641 | $10260 | $10342 |
| **3/20** | $9574 | $9961 | $10491 | $11266 |
| **3/21** | $11138 | $11945 | $10503 | $11346 |
| **3/22** | $11087 | $12000 | $10510 | $10875 |
| **3/23** | $10653 | $11994 | $10774 | $10355 |
| **3/24** | $11557 | $13193 | $11338 | $10531 |
| **3/25** | $12269 | $14079 | $11902 | $11045 |
| **3/26** | $12979 | $15014 | $12377 | $11526 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced November 30, 2017) | 5.79% | 3.11% | 3.18% |
| Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index | 6.64% | 4.68% | 5.00% |
| ICE BofAML Three-Month U.S. Treasury Bill Index | 3.99% | 3.34% | 2.59% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.72% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Short Duration High Yield Fund

# Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $38462568 |
| # of Portfolio Holdings as of Period End | 344 |
| Portfolio Turnover Rate for the Period | 54% |
| Total Net Advisory Fees Paid for the Period | $198609 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

The Fund's net expense ratio decreased during the Period as a result of a reduction in management fees.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Oil Field Services | 10.5% |
| Media | 7.6% |
| Pipelines | 7.5% |
| Retailing | 6.7% |
| Commercial Services | 4.4% |
| Telecommunication Services | 4.2% |
| Diversified Financial Services | 3.9% |
| Insurance | 3.3% |
| Internet | 3.2% |
| Other | 46.6% |

---

# Goldman Sachs Short Duration High Yield Fund

# Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration High Yield Fund

# 38145L141-AR-0326

# Class R6
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Short Duration High Yield Fund

# GSAWX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration High Yield Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $64 | 0.62% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. High yield bonds and bank loans were among the best performing fixed income sectors. Within high yield, lower quality outperformed higher quality with little dispersion, with the reverse true among bank loans.

Top Contributors to Performance:

* Sector allocation positioning overall contributed positively to relative results, with the Fund's long positioning in energy and industrial manufacturing particularly helpful. More specifically, long positioning in capital goods, diversified industrials and basic industry contributed most positively. 

* Selection within diversified industrials, gas distribution utilities and cable & satellite TV media helped most. 

* The largest individual contributors to relative results during the Period included the Fund's tactical allocation to Noble Corp. PLC and its lack of holdings in New Fortress Energy Inc. and Saks Global Enterprises. 

Top Detractors from Performance:

* Detracting most from relative results was the Fund's cross-sector strategy, most notably our structural out-of-benchmark allocation to leveraged bank loans, which underperformed high yield bonds during the Period. 

* From a sector allocation perspective, the biggest detractors from relative performance were the Fund's short positioning in health care, non-cellular telecommunications and metals & mining. 

* At the sector level, selection within autos, technology and finance hurt most. 

* Individual issue selection as a whole detracted. The largest individual detractors during the Period included the Fund's tactical allocations to First Brands Group LLC and FNZ Group Services Ltd. and its underweight to Warner Brothers Discovery Inc. 

# Goldman Sachs Short Duration High Yield Fund

# Institutional Class

## Performance Overview
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g56x48.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Shares** | **Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index** | **ICE BofAML Three-Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $1000000 | $1000000 | $1000000 | $1000000 |
| **3/17** | $1035500 | $1111800 | $1003570 | $1004400 |
| **3/18** | $1049169 | $1150491 | $1014705 | $1016453 |
| **3/19** | $1057982 | $1219980 | $1036249 | $1061990 |
| **3/20** | $1009314 | $1142024 | $1059599 | $1156826 |
| **3/21** | $1175549 | $1369515 | $1060839 | $1165039 |
| **3/22** | $1168730 | $1375814 | $1061510 | $1116690 |
| **3/23** | $1124319 | $1375126 | $1088128 | $1063312 |
| **3/24** | $1219548 | $1512502 | $1145141 | $1081388 |
| **3/25** | $1296136 | $1614142 | $1202098 | $1134160 |
| **3/26** | $1372867 | $1721321 | $1250113 | $1183496 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 5.92% | 3.15% | 3.22% |
| Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index | 6.64% | 4.68% | 5.58% |
| ICE BofAML Three-Month U.S. Treasury Bill Index | 3.99% | 3.34% | 2.26% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Short Duration High Yield Fund

# Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $38462568 |
| # of Portfolio Holdings as of Period End | 344 |
| Portfolio Turnover Rate for the Period | 54% |
| Total Net Advisory Fees Paid for the Period | $198609 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

The Fund's net expense ratio decreased during the Period as a result of a reduction in management fees.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Oil Field Services | 10.5% |
| Media | 7.6% |
| Pipelines | 7.5% |
| Retailing | 6.7% |
| Commercial Services | 4.4% |
| Telecommunication Services | 4.2% |
| Diversified Financial Services | 3.9% |
| Insurance | 3.3% |
| Internet | 3.2% |
| Other | 46.6% |

---

# Goldman Sachs Short Duration High Yield Fund

# Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration High Yield Fund

# 38145L257-AR-0326

# Institutional Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Short Duration High Yield Fund

# GSAYX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration High Yield Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $72 | 0.70% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. High yield bonds and bank loans were among the best performing fixed income sectors. Within high yield, lower quality outperformed higher quality with little dispersion, with the reverse true among bank loans.

Top Contributors to Performance:

* Sector allocation positioning overall contributed positively to relative results, with the Fund's long positioning in energy and industrial manufacturing particularly helpful. More specifically, long positioning in capital goods, diversified industrials and basic industry contributed most positively. 

* Selection within diversified industrials, gas distribution utilities and cable & satellite TV media helped most. 

* The largest individual contributors to relative results during the Period included the Fund's tactical allocation to Noble Corp. PLC and its lack of holdings in New Fortress Energy Inc. and Saks Global Enterprises. 

Top Detractors from Performance:

* Detracting most from relative results was the Fund's cross-sector strategy, most notably our structural out-of-benchmark allocation to leveraged bank loans, which underperformed high yield bonds during the Period. 

* From a sector allocation perspective, the biggest detractors from relative performance were the Fund's short positioning in health care, non-cellular telecommunications and metals & mining. 

* At the sector level, selection within autos, technology and finance hurt most. 

* Individual issue selection as a whole detracted. The largest individual detractors during the Period included the Fund's tactical allocations to First Brands Group LLC and FNZ Group Services Ltd. and its underweight to Warner Brothers Discovery Inc. 

# Goldman Sachs Short Duration High Yield Fund

# Investor Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g57n80.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investor Shares** | **Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index** | **ICE BofAML Three-Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 | $10000 | $10000 |
| **3/17** | $10345 | $11118 | $10036 | $10044 |
| **3/18** | $10461 | $11505 | $10147 | $10165 |
| **3/19** | $10539 | $12200 | $10362 | $10620 |
| **3/20** | $10058 | $11420 | $10596 | $11568 |
| **3/21** | $11703 | $13695 | $10608 | $11650 |
| **3/22** | $11626 | $13758 | $10615 | $11167 |
| **3/23** | $11161 | $13751 | $10881 | $10633 |
| **3/24** | $12112 | $15125 | $11451 | $10814 |
| **3/25** | $12846 | $16141 | $12021 | $11342 |
| **3/26** | $13595 | $17213 | $12501 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 5.83% | 3.04% | 3.12% |
| Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index | 6.64% | 4.68% | 5.58% |
| ICE BofAML Three-Month U.S. Treasury Bill Index | 3.99% | 3.34% | 2.26% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Short Duration High Yield Fund

# Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $38462568 |
| # of Portfolio Holdings as of Period End | 344 |
| Portfolio Turnover Rate for the Period | 54% |
| Total Net Advisory Fees Paid for the Period | $198609 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

The Fund's net expense ratio decreased during the Period as a result of a reduction in management fees.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Oil Field Services | 10.5% |
| Media | 7.6% |
| Pipelines | 7.5% |
| Retailing | 6.7% |
| Commercial Services | 4.4% |
| Telecommunication Services | 4.2% |
| Diversified Financial Services | 3.9% |
| Insurance | 3.3% |
| Internet | 3.2% |
| Other | 46.6% |

---

# Goldman Sachs Short Duration High Yield Fund

# Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration High Yield Fund

# 38145L240-AR-0326

# Investor Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Short Duration Bond Fund

# GDIAX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $74 | 0.72% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by overweights to high yield corporate bonds, investment grade corporate bonds and segments of the securitized sector, specifically commercial mortgage-backed securities and collateralized loan obligations. 

* The Fund's macro relative value country strategy notably boosted relative results.

* Security selection strategies overall added value, especially the selection of non-agency mortgage-backed securities within the securitized sector. Selection among corporate bonds buoyed relative results as well. 

* The Fund's duration and yield curve positioning strategy contributed positively to results, largely driven by our swap-spread positioning, or discretionary interest rate trades among U.S. Treasuries. 

Top Detractors from Performance:

* Individual issue selection within the government/swaps sector detracted from the Fund's relative results.

* Target foreign currency trades detracted overall. 

# Goldman Sachs Short Duration Bond Fund

# Class A

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g49q40.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **Goldman Sachs Short Duration Bond Fund Composite Index (Total Return, USD, Unhedged)** | **Bloomberg U.S. 1-3 Year Corporate Bond Index** | **Bloomberg U.S. 1-3 Year Government Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $9850 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **3/17** | $10033 | $10186 | $10107 | $10189 | $10025 | $10044 |
| **3/18** | $10014 | $10167 | $10146 | $10266 | $10027 | $10165 |
| **3/19** | $10316 | $10473 | $10479 | $10658 | $10302 | $10620 |
| **3/20** | $10462 | $10621 | $10856 | $10853 | $10855 | $11568 |
| **3/21** | $11157 | $11327 | $11166 | $11437 | $10894 | $11650 |
| **3/22** | $10795 | $10960 | $10853 | $11149 | $10563 | $11167 |
| **3/23** | $10727 | $10891 | $10886 | $11189 | $10587 | $10633 |
| **3/24** | $11216 | $11387 | $11320 | $11749 | $10903 | $10814 |
| **3/25** | $11868 | $12049 | $11974 | $12471 | $11494 | $11342 |
| **3/26** | $12369 | $12557 | $12470 | $13034 | $11927 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 4.22% | 2.08% | 2.30% |
| Class A including sales charges | 2.64% | 1.78% | 2.15% |
| Goldman Sachs Short Duration Bond Fund Composite Index (Total Return, USD, Unhedged) | 4.14% | 2.23% | 2.23% |
| Bloomberg U.S. 1-3 Year Corporate Bond Index | 4.51% | 2.65% | 2.68% |
| Bloomberg U.S. 1-3 Year Government Bond Index | 3.77% | 1.83% | 1.78% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Short Duration Bond Fund

# Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1334889250 |
| # of Portfolio Holdings as of Period End | 363 |
| Portfolio Turnover Rate for the Period | 141% |
| Total Net Advisory Fees Paid for the Period | $5079643 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective July 29, 2025, investments related to reverse repurchase agreements was removed as a principal risk of the Fund.

Effective July 29, 2025, the Fund's Investment Adviser agreed to reduce the "Other Expenses" limitation for the Fund from 0.014% to 0.004%. This agreement will remain in effect through at least July 29, 2026, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

Effective July 29, 2025, Goldman Sachs & Co. LLC ("Goldman Sachs"), the Fund's transfer agent, agreed to increase its transfer agency fee waiver from 0.02% to 0.05%. This agreement will remain in effect through at least July 29, 2026, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 12.9% |
| Collateralized Loan Obligations | 11.4% |
| Commercial Mortgage-Backed Securities | 10.8% |
| U.S. Treasury Obligations | 8.3% |
| Short-Term Investments | 5.7% |
| Diversified Financial Services | 5.0% |
| Federal Agencies | 4.8% |
| Collateralized Mortgage Obligations | 4.8% |
| Software | 4.4% |
| Other | 31.0% |

---

# Goldman Sachs Short Duration Bond Fund

# Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration Bond Fund

# 38145L646-AR-0326

# Class A
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Short Duration Bond Fund

# GDICX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $115 | 1.13% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by overweights to high yield corporate bonds, investment grade corporate bonds and segments of the securitized sector, specifically commercial mortgage-backed securities and collateralized loan obligations. 

* The Fund's macro relative value country strategy notably boosted relative results.

* Security selection strategies overall added value, especially the selection of non-agency mortgage-backed securities within the securitized sector. Selection among corporate bonds buoyed relative results as well. 

* The Fund's duration and yield curve positioning strategy contributed positively to results, largely driven by our swap-spread positioning, or discretionary interest rate trades among U.S. Treasuries. 

Top Detractors from Performance:

* Individual issue selection within the government/swaps sector detracted from the Fund's relative results.

* Target foreign currency trades detracted overall. 

# Goldman Sachs Short Duration Bond Fund

# Class C

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g39b15.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **Goldman Sachs Short Duration Bond Fund Composite Index (Total Return, USD, Unhedged)** | **Bloomberg U.S. 1-3 Year Corporate Bond Index** | **Bloomberg U.S. 1-3 Year Government Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $9935 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **3/17** | $10080 | $10146 | $10107 | $10189 | $10025 | $10044 |
| **3/18** | $10032 | $10097 | $10146 | $10266 | $10027 | $10165 |
| **3/19** | $10293 | $10361 | $10479 | $10658 | $10302 | $10620 |
| **3/20** | $10387 | $10455 | $10856 | $10853 | $10855 | $11568 |
| **3/21** | $11033 | $11105 | $11166 | $11437 | $10894 | $11650 |
| **3/22** | $10633 | $10702 | $10853 | $11149 | $10563 | $11167 |
| **3/23** | $10524 | $10593 | $10886 | $11189 | $10587 | $10633 |
| **3/24** | $10949 | $11021 | $11320 | $11749 | $10903 | $10814 |
| **3/25** | $11540 | $11615 | $11974 | $12471 | $11494 | $11342 |
| **3/26** | $11991 | $12069 | $12470 | $13034 | $11927 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 3.91% | 1.68% | 1.90% |
| Class C including sales charges | 3.24% | 1.68% | 1.90% |
| Goldman Sachs Short Duration Bond Fund Composite Index (Total Return, USD, Unhedged) | 4.14% | 2.23% | 2.23% |
| Bloomberg U.S. 1-3 Year Corporate Bond Index | 4.51% | 2.65% | 2.68% |
| Bloomberg U.S. 1-3 Year Government Bond Index | 3.77% | 1.83% | 1.78% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Short Duration Bond Fund

# Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1334889250 |
| # of Portfolio Holdings as of Period End | 363 |
| Portfolio Turnover Rate for the Period | 141% |
| Total Net Advisory Fees Paid for the Period | $5079643 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective July 29, 2025, investments related to reverse repurchase agreements was removed as a principal risk of the Fund.

Effective July 29, 2025, the Fund's Investment Adviser agreed to reduce the "Other Expenses" limitation for the Fund from 0.014% to 0.004%. This agreement will remain in effect through at least July 29, 2026, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

Effective July 29, 2025, Goldman Sachs & Co. LLC ("Goldman Sachs"), the Fund's transfer agent, agreed to increase its transfer agency fee waiver from 0.02% to 0.05%. This agreement will remain in effect through at least July 29, 2026, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 12.9% |
| Collateralized Loan Obligations | 11.4% |
| Commercial Mortgage-Backed Securities | 10.8% |
| U.S. Treasury Obligations | 8.3% |
| Short-Term Investments | 5.7% |
| Diversified Financial Services | 5.0% |
| Federal Agencies | 4.8% |
| Collateralized Mortgage Obligations | 4.8% |
| Software | 4.4% |
| Other | 31.0% |

---

# Goldman Sachs Short Duration Bond Fund

# Class C

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration Bond Fund

# 38145L638-AR-0326

# Class C
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Short Duration Bond Fund

# GMCPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $43 | 0.42% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by overweights to high yield corporate bonds, investment grade corporate bonds and segments of the securitized sector, specifically commercial mortgage-backed securities and collateralized loan obligations. 

* The Fund's macro relative value country strategy notably boosted relative results.

* Security selection strategies overall added value, especially the selection of non-agency mortgage-backed securities within the securitized sector. Selection among corporate bonds buoyed relative results as well. 

* The Fund's duration and yield curve positioning strategy contributed positively to results, largely driven by our swap-spread positioning, or discretionary interest rate trades among U.S. Treasuries. 

Top Detractors from Performance:

* Individual issue selection within the government/swaps sector detracted from the Fund's relative results.

* Target foreign currency trades detracted overall. 

# Goldman Sachs Short Duration Bond Fund

# Class P

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g49c05.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class P** | **Goldman Sachs Short Duration Bond Fund Composite Index (Total Return, USD, Unhedged)** | **Bloomberg U.S. 1-3 Year Corporate Bond Index** | **Bloomberg U.S. 1-3 Year Government Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/20/18** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **3/19** | $10351 | $10337 | $10379 | $10296 | $10538 |
| **3/20** | $10524 | $10709 | $10568 | $10849 | $11479 |
| **3/21** | $11261 | $11014 | $11137 | $10887 | $11561 |
| **3/22** | $10943 | $10706 | $10856 | $10557 | $11081 |
| **3/23** | $10910 | $10738 | $10896 | $10581 | $10551 |
| **3/24** | $11432 | $11167 | $11441 | $10896 | $10730 |
| **3/25** | $12135 | $11812 | $12144 | $11487 | $11254 |
| **3/26** | $12684 | $12301 | $12692 | $11920 | $11744 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 4.53% | 2.41% | 3.03% |
| Goldman Sachs Short Duration Bond Fund Composite Index (Total Return, USD, Unhedged) | 4.14% | 2.23% | 2.64% |
| Bloomberg U.S. 1-3 Year Corporate Bond Index | 4.51% | 2.65% | 3.04% |
| Bloomberg U.S. 1-3 Year Government Bond Index | 3.77% | 1.83% | 2.23% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 2.04% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Short Duration Bond Fund

# Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1334889250 |
| # of Portfolio Holdings as of Period End | 363 |
| Portfolio Turnover Rate for the Period | 141% |
| Total Net Advisory Fees Paid for the Period | $5079643 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective July 29, 2025, investments related to reverse repurchase agreements was removed as a principal risk of the Fund.

Effective July 29, 2025, the Fund's Investment Adviser agreed to reduce the "Other Expenses" limitation for the Fund from 0.014% to 0.004%. This agreement will remain in effect through at least July 29, 2026, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 12.9% |
| Collateralized Loan Obligations | 11.4% |
| Commercial Mortgage-Backed Securities | 10.8% |
| U.S. Treasury Obligations | 8.3% |
| Short-Term Investments | 5.7% |
| Diversified Financial Services | 5.0% |
| Federal Agencies | 4.8% |
| Collateralized Mortgage Obligations | 4.8% |
| Software | 4.4% |
| Other | 31.0% |

---

# Goldman Sachs Short Duration Bond Fund

# Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration Bond Fund

# 38150B384-AR-0326

# Class P
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Short Duration Bond Fund

# GIFRX: Class R

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $100 | 0.98% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by overweights to high yield corporate bonds, investment grade corporate bonds and segments of the securitized sector, specifically commercial mortgage-backed securities and collateralized loan obligations. 

* The Fund's macro relative value country strategy notably boosted relative results.

* Security selection strategies overall added value, especially the selection of non-agency mortgage-backed securities within the securitized sector. Selection among corporate bonds buoyed relative results as well. 

* The Fund's duration and yield curve positioning strategy contributed positively to results, largely driven by our swap-spread positioning, or discretionary interest rate trades among U.S. Treasuries. 

Top Detractors from Performance:

* Individual issue selection within the government/swaps sector detracted from the Fund's relative results.

* Target foreign currency trades detracted overall. 

# Goldman Sachs Short Duration Bond Fund

# Class R

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g59s44.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R** | **Goldman Sachs Short Duration Bond Fund Composite Index (Total Return, USD, Unhedged)** | **Bloomberg U.S. 1-3 Year Corporate Bond Index** | **Bloomberg U.S. 1-3 Year Government Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **3/17** | $10162 | $10107 | $10189 | $10025 | $10044 |
| **3/18** | $10118 | $10146 | $10266 | $10027 | $10165 |
| **3/19** | $10398 | $10479 | $10658 | $10302 | $10620 |
| **3/20** | $10508 | $10856 | $10853 | $10855 | $11568 |
| **3/21** | $11177 | $11166 | $11437 | $10894 | $11650 |
| **3/22** | $10799 | $10853 | $11149 | $10563 | $11167 |
| **3/23** | $10705 | $10886 | $11189 | $10587 | $10633 |
| **3/24** | $11167 | $11320 | $11749 | $10903 | $10814 |
| **3/25** | $11785 | $11974 | $12471 | $11494 | $11342 |
| **3/26** | $12264 | $12470 | $13034 | $11927 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R | 4.06% | 1.88% | 2.06% |
| Goldman Sachs Short Duration Bond Fund Composite Index (Total Return, USD, Unhedged) | 4.14% | 2.23% | 2.23% |
| Bloomberg U.S. 1-3 Year Corporate Bond Index | 4.51% | 2.65% | 2.68% |
| Bloomberg U.S. 1-3 Year Government Bond Index | 3.77% | 1.83% | 1.78% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Short Duration Bond Fund

# Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1334889250 |
| # of Portfolio Holdings as of Period End | 363 |
| Portfolio Turnover Rate for the Period | 141% |
| Total Net Advisory Fees Paid for the Period | $5079643 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective July 29, 2025, investments related to reverse repurchase agreements was removed as a principal risk of the Fund.

Effective July 29, 2025, the Fund's Investment Adviser agreed to reduce the "Other Expenses" limitation for the Fund from 0.014% to 0.004%. This agreement will remain in effect through at least July 29, 2026, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

Effective July 29, 2025, Goldman Sachs & Co. LLC ("Goldman Sachs"), the Fund's transfer agent, agreed to increase its transfer agency fee waiver from 0.02% to 0.05%. This agreement will remain in effect through at least July 29, 2026, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 12.9% |
| Collateralized Loan Obligations | 11.4% |
| Commercial Mortgage-Backed Securities | 10.8% |
| U.S. Treasury Obligations | 8.3% |
| Short-Term Investments | 5.7% |
| Diversified Financial Services | 5.0% |
| Federal Agencies | 4.8% |
| Collateralized Mortgage Obligations | 4.8% |
| Software | 4.4% |
| Other | 31.0% |

---

# Goldman Sachs Short Duration Bond Fund

# Class R

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration Bond Fund

# 38145L596-AR-0326

# Class R
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Short Duration Bond Fund

# GDIUX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $43 | 0.42% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by overweights to high yield corporate bonds, investment grade corporate bonds and segments of the securitized sector, specifically commercial mortgage-backed securities and collateralized loan obligations. 

* The Fund's macro relative value country strategy notably boosted relative results.

* Security selection strategies overall added value, especially the selection of non-agency mortgage-backed securities within the securitized sector. Selection among corporate bonds buoyed relative results as well. 

* The Fund's duration and yield curve positioning strategy contributed positively to results, largely driven by our swap-spread positioning, or discretionary interest rate trades among U.S. Treasuries. 

Top Detractors from Performance:

* Individual issue selection within the government/swaps sector detracted from the Fund's relative results.

* Target foreign currency trades detracted overall. 

# Goldman Sachs Short Duration Bond Fund

# Class R6

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g53p77.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6** | **Goldman Sachs Short Duration Bond Fund Composite Index (Total Return, USD, Unhedged)** | **Bloomberg U.S. 1-3 Year Corporate Bond Index** | **Bloomberg U.S. 1-3 Year Government Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **3/17** | $10230 | $10107 | $10189 | $10025 | $10044 |
| **3/18** | $10243 | $10146 | $10266 | $10027 | $10165 |
| **3/19** | $10587 | $10479 | $10658 | $10302 | $10620 |
| **3/20** | $10764 | $10856 | $10853 | $10855 | $11568 |
| **3/21** | $11518 | $11166 | $11437 | $10894 | $11650 |
| **3/22** | $11181 | $10853 | $11149 | $10563 | $11167 |
| **3/23** | $11147 | $10886 | $11189 | $10587 | $10633 |
| **3/24** | $11692 | $11320 | $11749 | $10903 | $10814 |
| **3/25** | $12411 | $11974 | $12471 | $11494 | $11342 |
| **3/26** | $12973 | $12470 | $13034 | $11927 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 4.53% | 2.41% | 2.64% |
| Goldman Sachs Short Duration Bond Fund Composite Index (Total Return, USD, Unhedged) | 4.14% | 2.23% | 2.23% |
| Bloomberg U.S. 1-3 Year Corporate Bond Index | 4.51% | 2.65% | 2.68% |
| Bloomberg U.S. 1-3 Year Government Bond Index | 3.77% | 1.83% | 1.78% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Short Duration Bond Fund

# Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1334889250 |
| # of Portfolio Holdings as of Period End | 363 |
| Portfolio Turnover Rate for the Period | 141% |
| Total Net Advisory Fees Paid for the Period | $5079643 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective July 29, 2025, investments related to reverse repurchase agreements was removed as a principal risk of the Fund.

Effective July 29, 2025, the Fund's Investment Adviser agreed to reduce the "Other Expenses" limitation for the Fund from 0.014% to 0.004%. This agreement will remain in effect through at least July 29, 2026, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 12.9% |
| Collateralized Loan Obligations | 11.4% |
| Commercial Mortgage-Backed Securities | 10.8% |
| U.S. Treasury Obligations | 8.3% |
| Short-Term Investments | 5.7% |
| Diversified Financial Services | 5.0% |
| Federal Agencies | 4.8% |
| Collateralized Mortgage Obligations | 4.8% |
| Software | 4.4% |
| Other | 31.0% |

---

# Goldman Sachs Short Duration Bond Fund

# Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration Bond Fund

# 38147X564-AR-0326

# Class R6
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Short Duration Bond Fund

# GDFIX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $44 | 0.43% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by overweights to high yield corporate bonds, investment grade corporate bonds and segments of the securitized sector, specifically commercial mortgage-backed securities and collateralized loan obligations. 

* The Fund's macro relative value country strategy notably boosted relative results.

* Security selection strategies overall added value, especially the selection of non-agency mortgage-backed securities within the securitized sector. Selection among corporate bonds buoyed relative results as well. 

* The Fund's duration and yield curve positioning strategy contributed positively to results, largely driven by our swap-spread positioning, or discretionary interest rate trades among U.S. Treasuries. 

Top Detractors from Performance:

* Individual issue selection within the government/swaps sector detracted from the Fund's relative results.

* Target foreign currency trades detracted overall. 

# Goldman Sachs Short Duration Bond Fund

# Institutional Class

## Performance Overview
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g28u09.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Institutional Shares** | **Bloomberg U.S. 1-3 Year Corporate Bond Index** | **Bloomberg U.S. 1-3 Year Government Bond Index** | **Goldman Sachs Short Duration Bond Fund Composite Index (Total Return, USD, Unhedged)** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $1000000 | $1000000 | $1000000 | $1000000 | $1000000 |
| **3/17** | $1022100 | $1018864 | $1002535 | $1010700 | $1004400 |
| **3/18** | $1023735 | $1026634 | $1002740 | $1014642 | $1016453 |
| **3/19** | $1058133 | $1065836 | $1030172 | $1047922 | $1061990 |
| **3/20** | $1076756 | $1085284 | $1085503 | $1085647 | $1156826 |
| **3/21** | $1152021 | $1143746 | $1089365 | $1116588 | $1165039 |
| **3/22** | $1118382 | $1114878 | $1056305 | $1085324 | $1116690 |
| **3/23** | $1114915 | $1118913 | $1058729 | $1088580 | $1063312 |
| **3/24** | $1168097 | $1174937 | $1090284 | $1132014 | $1081388 |
| **3/25** | $1239818 | $1247137 | $1149377 | $1197444 | $1134160 |
| **3/26** | $1297097 | $1303420 | $1192694 | $1247019 | $1183496 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 4.62% | 2.40% | 2.63% |
| Goldman Sachs Short Duration Bond Fund Composite Index (Total Return, USD, Unhedged) | 4.14% | 2.23% | 2.23% |
| Bloomberg U.S. 1-3 Year Corporate Bond Index | 4.51% | 2.65% | 2.68% |
| Bloomberg U.S. 1-3 Year Government Bond Index | 3.77% | 1.83% | 1.78% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Short Duration Bond Fund

# Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1334889250 |
| # of Portfolio Holdings as of Period End | 363 |
| Portfolio Turnover Rate for the Period | 141% |
| Total Net Advisory Fees Paid for the Period | $5079643 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective July 29, 2025, investments related to reverse repurchase agreements was removed as a principal risk of the Fund.

Effective July 29, 2025, the Fund's Investment Adviser agreed to reduce the "Other Expenses" limitation for the Fund from 0.014% to 0.004%. This agreement will remain in effect through at least July 29, 2026, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 12.9% |
| Collateralized Loan Obligations | 11.4% |
| Commercial Mortgage-Backed Securities | 10.8% |
| U.S. Treasury Obligations | 8.3% |
| Short-Term Investments | 5.7% |
| Diversified Financial Services | 5.0% |
| Federal Agencies | 4.8% |
| Collateralized Mortgage Obligations | 4.8% |
| Software | 4.4% |
| Other | 31.0% |

---

# Goldman Sachs Short Duration Bond Fund

# Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration Bond Fund

# 38145L620-AR-0326

# Institutional Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Short Duration Bond Fund

# GSSRX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $48 | 0.47% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by overweights to high yield corporate bonds, investment grade corporate bonds and segments of the securitized sector, specifically commercial mortgage-backed securities and collateralized loan obligations. 

* The Fund's macro relative value country strategy notably boosted relative results.

* Security selection strategies overall added value, especially the selection of non-agency mortgage-backed securities within the securitized sector. Selection among corporate bonds buoyed relative results as well. 

* The Fund's duration and yield curve positioning strategy contributed positively to results, largely driven by our swap-spread positioning, or discretionary interest rate trades among U.S. Treasuries. 

Top Detractors from Performance:

* Individual issue selection within the government/swaps sector detracted from the Fund's relative results.

* Target foreign currency trades detracted overall. 

# Goldman Sachs Short Duration Bond Fund

# Investor Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g73a88.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Investor Shares** | **Goldman Sachs Short Duration Bond Fund Composite Index (Total Return, USD, Unhedged)** | **Bloomberg U.S. 1-3 Year Corporate Bond Index** | **Bloomberg U.S. 1-3 Year Government Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **3/17** | $10222 | $10107 | $10189 | $10025 | $10044 |
| **3/18** | $10228 | $10146 | $10266 | $10027 | $10165 |
| **3/19** | $10563 | $10479 | $10658 | $10302 | $10620 |
| **3/20** | $10728 | $10856 | $10853 | $10855 | $11568 |
| **3/21** | $11469 | $11166 | $11437 | $10894 | $11650 |
| **3/22** | $11137 | $10853 | $11149 | $10563 | $11167 |
| **3/23** | $11096 | $10886 | $11189 | $10587 | $10633 |
| **3/24** | $11619 | $11320 | $11749 | $10903 | $10814 |
| **3/25** | $12324 | $11974 | $12471 | $11494 | $11342 |
| **3/26** | $12888 | $12470 | $13034 | $11927 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 4.58% | 2.36% | 2.57% |
| Goldman Sachs Short Duration Bond Fund Composite Index (Total Return, USD, Unhedged) | 4.14% | 2.23% | 2.23% |
| Bloomberg U.S. 1-3 Year Corporate Bond Index | 4.51% | 2.65% | 2.68% |
| Bloomberg U.S. 1-3 Year Government Bond Index | 3.77% | 1.83% | 1.78% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Short Duration Bond Fund

# Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1334889250 |
| # of Portfolio Holdings as of Period End | 363 |
| Portfolio Turnover Rate for the Period | 141% |
| Total Net Advisory Fees Paid for the Period | $5079643 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective July 29, 2025, investments related to reverse repurchase agreements was removed as a principal risk of the Fund.

Effective July 29, 2025, the Fund's Investment Adviser agreed to reduce the "Other Expenses" limitation for the Fund from 0.014% to 0.004%. This agreement will remain in effect through at least July 29, 2026, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

Effective July 29, 2025, Goldman Sachs & Co. LLC ("Goldman Sachs"), the Fund's transfer agent, agreed to increase its transfer agency fee waiver from 0.02% to 0.05%. This agreement will remain in effect through at least July 29, 2026, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 12.9% |
| Collateralized Loan Obligations | 11.4% |
| Commercial Mortgage-Backed Securities | 10.8% |
| U.S. Treasury Obligations | 8.3% |
| Short-Term Investments | 5.7% |
| Diversified Financial Services | 5.0% |
| Federal Agencies | 4.8% |
| Collateralized Mortgage Obligations | 4.8% |
| Software | 4.4% |
| Other | 31.0% |

---

# Goldman Sachs Short Duration Bond Fund

# Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration Bond Fund

# 38145L612-AR-0326

# Investor Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Short Duration Government Fund

# GSSDX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Government Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $82 | 0.81% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by exposure to mortgage-backed securities. 

* Security selection strategies overall added value, attributable mainly to specific selection among agency mortgage-backed securities. Selection within the government/swaps sector boosted results as well. 

* The Fund's duration and yield curve positioning strategy, in aggregate, contributed positively to relative results, largely driven by our swap-spread positioning, or discretionary interest rate trades among U.S. Treasuries. The Fund's underweight to the two-year segment of the U.S. Treasury yield curve also helped. 

Top Detractors from Performance:

* Overall, our government/swaps target trades detracted from the Fund's relative results. This can be predominantly attributed to April 2025 and February/March 2026 when economic growth, inflation and geopolitical concerns heightened, resulting in rate volatility.

* Within the Fund's duration and yield curve positioning strategy, an overweight to the one-year segment of the U.S. Treasury yield curve detracted. 

# Goldman Sachs Short Duration Government Fund

# Class A

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g32n05.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **ICE BofAML Two-Year U.S. Treasury Note Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $9850 | $10000 | $10000 | $10000 |
| **3/17** | $9895 | $10046 | $10007 | $10044 |
| **3/18** | $9874 | $10024 | $9989 | $10165 |
| **3/19** | $10068 | $10221 | $10250 | $10620 |
| **3/20** | $10488 | $10648 | $10800 | $11568 |
| **3/21** | $10611 | $10772 | $10821 | $11650 |
| **3/22** | $10145 | $10299 | $10498 | $11167 |
| **3/23** | $10021 | $10174 | $10462 | $10633 |
| **3/24** | $10247 | $10404 | $10699 | $10814 |
| **3/25** | $10736 | $10900 | $11249 | $11342 |
| **3/26** | $11063 | $11231 | $11640 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 3.04% | 0.84% | 1.17% |
| Class A including sales charges | 1.53% | 0.54% | 1.02% |
| ICE BofAML Two-Year U.S. Treasury Note Index | 3.48% | 1.47% | 1.53% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Short Duration Government Fund

# Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $500736791 |
| # of Portfolio Holdings as of Period End | 516 |
| Portfolio Turnover Rate for the Period | 643% |
| Total Net Advisory Fees Paid for the Period | $2043966 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective July 29, 2025, investments related to credit/default was added as a principal risk of the Fund and investments related to other investment companies and reverse repurchase agreements were removed as principal risks of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 58.6% |
| Federal Agencies | 40.2% |
| Agency Debentures | 3.9% |
| Commercial Mortgage-Backed Securities | 3.8% |
| Collateralized Mortgage Obligations | 2.5% |
| Other | 8.5% |

---

# Goldman Sachs Short Duration Government Fund

# Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration Government Fund

# 38142B476-AR-0326

# Class A
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Short Duration Government Fund

# GSDCX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Government Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $123 | 1.21% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by exposure to mortgage-backed securities. 

* Security selection strategies overall added value, attributable mainly to specific selection among agency mortgage-backed securities. Selection within the government/swaps sector boosted results as well. 

* The Fund's duration and yield curve positioning strategy, in aggregate, contributed positively to relative results, largely driven by our swap-spread positioning, or discretionary interest rate trades among U.S. Treasuries. The Fund's underweight to the two-year segment of the U.S. Treasury yield curve also helped. 

Top Detractors from Performance:

* Overall, our government/swaps target trades detracted from the Fund's relative results. This can be predominantly attributed to April 2025 and February/March 2026 when economic growth, inflation and geopolitical concerns heightened, resulting in rate volatility.

* Within the Fund's duration and yield curve positioning strategy, an overweight to the one-year segment of the U.S. Treasury yield curve detracted. 

# Goldman Sachs Short Duration Government Fund

# Class C

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g73p75.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **ICE BofAML Two-Year U.S. Treasury Note Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $9935 | $10000 | $10000 | $10000 |
| **3/17** | $9941 | $10006 | $10007 | $10044 |
| **3/18** | $9888 | $9953 | $9989 | $10165 |
| **3/19** | $10033 | $10098 | $10250 | $10620 |
| **3/20** | $10411 | $10479 | $10800 | $11568 |
| **3/21** | $10491 | $10560 | $10821 | $11650 |
| **3/22** | $9991 | $10056 | $10498 | $11167 |
| **3/23** | $9827 | $9891 | $10462 | $10633 |
| **3/24** | $10009 | $10074 | $10699 | $10814 |
| **3/25** | $10446 | $10514 | $11249 | $11342 |
| **3/26** | $10721 | $10791 | $11640 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 2.63% | 0.44% | 0.76% |
| Class C including sales charges | 1.97% | 0.44% | 0.76% |
| ICE BofAML Two-Year U.S. Treasury Note Index | 3.48% | 1.47% | 1.53% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Short Duration Government Fund

# Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $500736791 |
| # of Portfolio Holdings as of Period End | 516 |
| Portfolio Turnover Rate for the Period | 643% |
| Total Net Advisory Fees Paid for the Period | $2043966 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective July 29, 2025, investments related to credit/default was added as a principal risk of the Fund and investments related to other investment companies and reverse repurchase agreements were removed as principal risks of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 58.6% |
| Federal Agencies | 40.2% |
| Agency Debentures | 3.9% |
| Commercial Mortgage-Backed Securities | 3.8% |
| Collateralized Mortgage Obligations | 2.5% |
| Other | 8.5% |

---

# Goldman Sachs Short Duration Government Fund

# Class C

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration Government Fund

# 38142B237-AR-0326

# Class C
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Short Duration Government Fund

# GMDPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Government Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $48 | 0.47% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by exposure to mortgage-backed securities. 

* Security selection strategies overall added value, attributable mainly to specific selection among agency mortgage-backed securities. Selection within the government/swaps sector boosted results as well. 

* The Fund's duration and yield curve positioning strategy, in aggregate, contributed positively to relative results, largely driven by our swap-spread positioning, or discretionary interest rate trades among U.S. Treasuries. The Fund's underweight to the two-year segment of the U.S. Treasury yield curve also helped. 

Top Detractors from Performance:

* Overall, our government/swaps target trades detracted from the Fund's relative results. This can be predominantly attributed to April 2025 and February/March 2026 when economic growth, inflation and geopolitical concerns heightened, resulting in rate volatility.

* Within the Fund's duration and yield curve positioning strategy, an overweight to the one-year segment of the U.S. Treasury yield curve detracted. 

# Goldman Sachs Short Duration Government Fund

# Class P

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g05n13.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **ICE BofAML Two-Year U.S. Treasury Note Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/20/18** | $10000 | $10000 | $10000 |
| **3/19** | $10239 | $10282 | $10538 |
| **3/20** | $10704 | $10834 | $11479 |
| **3/21** | $10867 | $10855 | $11561 |
| **3/22** | $10423 | $10531 | $11081 |
| **3/23** | $10330 | $10495 | $10551 |
| **3/24** | $10600 | $10733 | $10730 |
| **3/25** | $11145 | $11284 | $11254 |
| **3/26** | $11523 | $11677 | $11744 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 3.39% | 1.18% | 1.80% |
| ICE BofAML Two-Year U.S. Treasury Note Index | 3.48% | 1.47% | 1.97% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 2.04% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Short Duration Government Fund

# Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $500736791 |
| # of Portfolio Holdings as of Period End | 516 |
| Portfolio Turnover Rate for the Period | 643% |
| Total Net Advisory Fees Paid for the Period | $2043966 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective July 29, 2025, investments related to credit/default was added as a principal risk of the Fund and investments related to other investment companies and reverse repurchase agreements were removed as principal risks of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 58.6% |
| Federal Agencies | 40.2% |
| Agency Debentures | 3.9% |
| Commercial Mortgage-Backed Securities | 3.8% |
| Collateralized Mortgage Obligations | 2.5% |
| Other | 8.5% |

---

# Goldman Sachs Short Duration Government Fund

# Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration Government Fund

# 38150B392-AR-0326

# Class P
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Short Duration Government Fund

# GSTUX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Government Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $48 | 0.47% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by exposure to mortgage-backed securities. 

* Security selection strategies overall added value, attributable mainly to specific selection among agency mortgage-backed securities. Selection within the government/swaps sector boosted results as well. 

* The Fund's duration and yield curve positioning strategy, in aggregate, contributed positively to relative results, largely driven by our swap-spread positioning, or discretionary interest rate trades among U.S. Treasuries. The Fund's underweight to the two-year segment of the U.S. Treasury yield curve also helped. 

Top Detractors from Performance:

* Overall, our government/swaps target trades detracted from the Fund's relative results. This can be predominantly attributed to April 2025 and February/March 2026 when economic growth, inflation and geopolitical concerns heightened, resulting in rate volatility.

* Within the Fund's duration and yield curve positioning strategy, an overweight to the one-year segment of the U.S. Treasury yield curve detracted. 

# Goldman Sachs Short Duration Government Fund

# Class R6

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g78v41.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **ICE BofAML Two-Year U.S. Treasury Note Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 | $10000 |
| **3/17** | $10082 | $10007 | $10044 |
| **3/18** | $10094 | $9989 | $10165 |
| **3/19** | $10329 | $10250 | $10620 |
| **3/20** | $10787 | $10800 | $11568 |
| **3/21** | $10951 | $10821 | $11650 |
| **3/22** | $10515 | $10498 | $11167 |
| **3/23** | $10421 | $10462 | $10633 |
| **3/24** | $10693 | $10699 | $10814 |
| **3/25** | $11243 | $11249 | $11342 |
| **3/26** | $11624 | $11640 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 3.39% | 1.20% | 1.52% |
| ICE BofAML Two-Year U.S. Treasury Note Index | 3.48% | 1.47% | 1.53% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Short Duration Government Fund

# Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $500736791 |
| # of Portfolio Holdings as of Period End | 516 |
| Portfolio Turnover Rate for the Period | 643% |
| Total Net Advisory Fees Paid for the Period | $2043966 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective July 29, 2025, investments related to credit/default was added as a principal risk of the Fund and investments related to other investment companies and reverse repurchase agreements were removed as principal risks of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 58.6% |
| Federal Agencies | 40.2% |
| Agency Debentures | 3.9% |
| Commercial Mortgage-Backed Securities | 3.8% |
| Collateralized Mortgage Obligations | 2.5% |
| Other | 8.5% |

---

# Goldman Sachs Short Duration Government Fund

# Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration Government Fund

# 38147X598-AR-0326

# Class R6
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Short Duration Government Fund

# GSTGX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Government Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $49 | 0.48% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by exposure to mortgage-backed securities. 

* Security selection strategies overall added value, attributable mainly to specific selection among agency mortgage-backed securities. Selection within the government/swaps sector boosted results as well. 

* The Fund's duration and yield curve positioning strategy, in aggregate, contributed positively to relative results, largely driven by our swap-spread positioning, or discretionary interest rate trades among U.S. Treasuries. The Fund's underweight to the two-year segment of the U.S. Treasury yield curve also helped. 

Top Detractors from Performance:

* Overall, our government/swaps target trades detracted from the Fund's relative results. This can be predominantly attributed to April 2025 and February/March 2026 when economic growth, inflation and geopolitical concerns heightened, resulting in rate volatility.

* Within the Fund's duration and yield curve positioning strategy, an overweight to the one-year segment of the U.S. Treasury yield curve detracted. 

# Goldman Sachs Short Duration Government Fund

# Institutional Class

## Performance Overview
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g96o64.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **ICE BofAML Two-Year U.S. Treasury Note Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $1000000 | $1000000 | $1000000 |
| **3/17** | $1008000 | $1000700 | $1004400 |
| **3/18** | $1009109 | $998899 | $1016453 |
| **3/19** | $1032520 | $1024970 | $1061990 |
| **3/20** | $1078158 | $1080011 | $1156826 |
| **3/21** | $1094438 | $1082063 | $1165039 |
| **3/22** | $1049675 | $1049817 | $1116690 |
| **3/23** | $1041278 | $1046248 | $1063312 |
| **3/24** | $1067206 | $1069893 | $1081388 |
| **3/25** | $1121953 | $1124886 | $1134160 |
| **3/26** | $1159875 | $1164032 | $1183496 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 3.38% | 1.17% | 1.49% |
| ICE BofAML Two-Year U.S. Treasury Note Index | 3.48% | 1.47% | 1.53% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Short Duration Government Fund

# Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $500736791 |
| # of Portfolio Holdings as of Period End | 516 |
| Portfolio Turnover Rate for the Period | 643% |
| Total Net Advisory Fees Paid for the Period | $2043966 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective July 29, 2025, investments related to credit/default was added as a principal risk of the Fund and investments related to other investment companies and reverse repurchase agreements were removed as principal risks of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 58.6% |
| Federal Agencies | 40.2% |
| Agency Debentures | 3.9% |
| Commercial Mortgage-Backed Securities | 3.8% |
| Collateralized Mortgage Obligations | 2.5% |
| Other | 8.5% |

---

# Goldman Sachs Short Duration Government Fund

# Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration Government Fund

# 38141W307-AR-0326

# Institutional Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Short Duration Government Fund

# GTDTX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Government Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $57 | 0.56% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by exposure to mortgage-backed securities. 

* Security selection strategies overall added value, attributable mainly to specific selection among agency mortgage-backed securities. Selection within the government/swaps sector boosted results as well. 

* The Fund's duration and yield curve positioning strategy, in aggregate, contributed positively to relative results, largely driven by our swap-spread positioning, or discretionary interest rate trades among U.S. Treasuries. The Fund's underweight to the two-year segment of the U.S. Treasury yield curve also helped. 

Top Detractors from Performance:

* Overall, our government/swaps target trades detracted from the Fund's relative results. This can be predominantly attributed to April 2025 and February/March 2026 when economic growth, inflation and geopolitical concerns heightened, resulting in rate volatility.

* Within the Fund's duration and yield curve positioning strategy, an overweight to the one-year segment of the U.S. Treasury yield curve detracted. 

# Goldman Sachs Short Duration Government Fund

# Investor Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g46o14.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Shares** | **ICE BofAML Two-Year U.S. Treasury Note Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 | $10000 |
| **3/17** | $10072 | $10007 | $10044 |
| **3/18** | $10085 | $9989 | $10165 |
| **3/19** | $10310 | $10250 | $10620 |
| **3/20** | $10755 | $10800 | $11568 |
| **3/21** | $10920 | $10821 | $11650 |
| **3/22** | $10467 | $10498 | $11167 |
| **3/23** | $10365 | $10462 | $10633 |
| **3/24** | $10626 | $10699 | $10814 |
| **3/25** | $11161 | $11249 | $11342 |
| **3/26** | $11529 | $11640 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 3.30% | 1.09% | 1.43% |
| ICE BofAML Two-Year U.S. Treasury Note Index | 3.48% | 1.47% | 1.53% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Short Duration Government Fund

# Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $500736791 |
| # of Portfolio Holdings as of Period End | 516 |
| Portfolio Turnover Rate for the Period | 643% |
| Total Net Advisory Fees Paid for the Period | $2043966 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective July 29, 2025, investments related to credit/default was added as a principal risk of the Fund and investments related to other investment companies and reverse repurchase agreements were removed as principal risks of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 58.6% |
| Federal Agencies | 40.2% |
| Agency Debentures | 3.9% |
| Commercial Mortgage-Backed Securities | 3.8% |
| Collateralized Mortgage Obligations | 2.5% |
| Other | 8.5% |

---

# Goldman Sachs Short Duration Government Fund

# Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration Government Fund

# 38145N360-AR-0326

# Investor Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Short Duration Government Fund

# GSDSX: Service Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short Duration Government Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $99 | 0.98% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* The Fund's cross-sector strategy contributed most positively to its relative results, driven primarily by exposure to mortgage-backed securities. 

* Security selection strategies overall added value, attributable mainly to specific selection among agency mortgage-backed securities. Selection within the government/swaps sector boosted results as well. 

* The Fund's duration and yield curve positioning strategy, in aggregate, contributed positively to relative results, largely driven by our swap-spread positioning, or discretionary interest rate trades among U.S. Treasuries. The Fund's underweight to the two-year segment of the U.S. Treasury yield curve also helped. 

Top Detractors from Performance:

* Overall, our government/swaps target trades detracted from the Fund's relative results. This can be predominantly attributed to April 2025 and February/March 2026 when economic growth, inflation and geopolitical concerns heightened, resulting in rate volatility.

* Within the Fund's duration and yield curve positioning strategy, an overweight to the one-year segment of the U.S. Treasury yield curve detracted. 

# Goldman Sachs Short Duration Government Fund

# Service Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g30d72.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Shares** | **ICE BofAML Two-Year U.S. Treasury Note Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 | $10000 |
| **3/17** | $10030 | $10007 | $10044 |
| **3/18** | $10001 | $9989 | $10165 |
| **3/19** | $10171 | $10250 | $10620 |
| **3/20** | $10579 | $10800 | $11568 |
| **3/21** | $10685 | $10821 | $11650 |
| **3/22** | $10197 | $10498 | $11167 |
| **3/23** | $10055 | $10462 | $10633 |
| **3/24** | $10265 | $10699 | $10814 |
| **3/25** | $10738 | $11249 | $11342 |
| **3/26** | $11046 | $11640 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Service Shares | 2.87% | 0.66% | 1.00% |
| ICE BofAML Two-Year U.S. Treasury Note Index | 3.48% | 1.47% | 1.53% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Short Duration Government Fund

# Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $500736791 |
| # of Portfolio Holdings as of Period End | 516 |
| Portfolio Turnover Rate for the Period | 643% |
| Total Net Advisory Fees Paid for the Period | $2043966 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective July 29, 2025, investments related to credit/default was added as a principal risk of the Fund and investments related to other investment companies and reverse repurchase agreements were removed as principal risks of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 58.6% |
| Federal Agencies | 40.2% |
| Agency Debentures | 3.9% |
| Commercial Mortgage-Backed Securities | 3.8% |
| Collateralized Mortgage Obligations | 2.5% |
| Other | 8.5% |

---

# Goldman Sachs Short Duration Government Fund

# Service Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short Duration Government Fund

# 38141W869-AR-0326

# Service Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Short-Term Conservative Income Fund

# GPAPX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short-Term Conservative Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $48 | 0.47% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Security selection strategies overall added the most value, attributable mainly to the selection of specific investment grade financials securities within the corporate bond sector. Securitized credit selection boosted results as well, albeit more modestly. 

* The Fund's cross-sector strategy contributed positively to its relative results, driven primarily by an overweight to investment grade corporate bonds. To a lesser extent, exposure to the emerging markets debt sector also buoyed relative results.

* The Fund's duration and yield curve positioning strategy contributed positively to results, largely driven by its underweight to the six-month segment of the U.S. Treasury yield curve, particularly in July and October 2025 when this segment sold off.

Top Detractors from Performance:

* None of the Fund's risk exposures detracted meaningfully from relative performance during the Period.

# Goldman Sachs Short-Term Conservative Income Fund

# Class A

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g53k87.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A** | **Bloomberg Short-Term Government/Corporate Index** | **ICE BofAML 3-6 Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/31/16** | $10000 | $10000 | $10000 | $10000 |
| **3/17** | $10041 | $10026 | $10016 | $9857 |
| **3/18** | $10145 | $10138 | $10124 | $9975 |
| **3/19** | $10390 | $10383 | $10350 | $10422 |
| **3/20** | $10459 | $10668 | $10616 | $11353 |
| **3/21** | $10712 | $10730 | $10631 | $11433 |
| **3/22** | $10654 | $10706 | $10632 | $10959 |
| **3/23** | $10928 | $10935 | $10902 | $10435 |
| **3/24** | $11549 | $11502 | $11474 | $10613 |
| **3/25** | $12149 | $12105 | $12057 | $11130 |
| **3/26** | $12657 | $12605 | $12553 | $11615 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class A (Commenced October 31, 2016) | 4.18% | 3.39% | 2.53% |
| Bloomberg Short-Term Government/Corporate Index | 4.13% | 3.27% | 2.49% |
| ICE BofAML 3-6 Month U.S. Treasury Bill Index | 4.11% | 3.38% | 2.44% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.60% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Short-Term Conservative Income Fund

# Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2029365240 |
| # of Portfolio Holdings as of Period End | 200 |
| Portfolio Turnover Rate for the Period | 115% |
| Total Net Advisory Fees Paid for the Period | $4259840 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 38.6% |
| Short-Term Investments | 23.3% |
| Automotive | 12.2% |
| Diversified Financial Services | 4.7% |
| Insurance | 4.4% |
| U.S. Treasury Obligations | 3.8% |
| Software | 1.8% |
| Telecommunication Services | 1.8% |
| Electrical | 1.1% |
| Other | 8.6% |

---

# Goldman Sachs Short-Term Conservative Income Fund

# Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY

SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY

WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX

DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR

THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO

THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY

COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS

IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY

SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR

SERVICES.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short-Term Conservative Income Fund

# 38148U288-AR-0326

# Class A
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Short-Term Conservative Income Fund

# GMBPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short-Term Conservative Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $24 | 0.23% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Security selection strategies overall added the most value, attributable mainly to the selection of specific investment grade financials securities within the corporate bond sector. Securitized credit selection boosted results as well, albeit more modestly. 

* The Fund's cross-sector strategy contributed positively to its relative results, driven primarily by an overweight to investment grade corporate bonds. To a lesser extent, exposure to the emerging markets debt sector also buoyed relative results.

* The Fund's duration and yield curve positioning strategy contributed positively to results, largely driven by its underweight to the six-month segment of the U.S. Treasury yield curve, particularly in July and October 2025 when this segment sold off.

Top Detractors from Performance:

* None of the Fund's risk exposures detracted meaningfully from relative performance during the Period.

# Goldman Sachs Short-Term Conservative Income Fund

# Class P

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g89g44.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class P** | **Bloomberg Short-Term Government/Corporate Index** | **ICE BofAML 3-6 Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/20/18** | $10000 | $10000 | $10000 | $10000 |
| **3/19** | $10248 | $10233 | $10212 | $10538 |
| **3/20** | $10331 | $10513 | $10474 | $11479 |
| **3/21** | $10617 | $10575 | $10489 | $11561 |
| **3/22** | $10574 | $10551 | $10490 | $11081 |
| **3/23** | $10881 | $10777 | $10757 | $10551 |
| **3/24** | $11529 | $11336 | $11321 | $10730 |
| **3/25** | $12156 | $11930 | $11896 | $11254 |
| **3/26** | $12693 | $12422 | $12385 | $11744 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 4.42% | 3.64% | 3.05% |
| Bloomberg Short-Term Government/Corporate Index | 4.13% | 3.27% | 2.76% |
| ICE BofAML 3-6 Month U.S. Treasury Bill Index | 4.11% | 3.38% | 2.73% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 2.04% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Short-Term Conservative Income Fund

# Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2029365240 |
| # of Portfolio Holdings as of Period End | 200 |
| Portfolio Turnover Rate for the Period | 115% |
| Total Net Advisory Fees Paid for the Period | $4259840 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 38.6% |
| Short-Term Investments | 23.3% |
| Automotive | 12.2% |
| Diversified Financial Services | 4.7% |
| Insurance | 4.4% |
| U.S. Treasury Obligations | 3.8% |
| Software | 1.8% |
| Telecommunication Services | 1.8% |
| Electrical | 1.1% |
| Other | 8.6% |

---

# Goldman Sachs Short-Term Conservative Income Fund

# Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY

SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY

WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX

DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR

THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO

THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY

COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS

IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY

SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR

SERVICES.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short-Term Conservative Income Fund

# 38150B376-AR-0326

# Class P
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Short-Term Conservative Income Fund

# GPPSX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short-Term Conservative Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $24 | 0.23% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Security selection strategies overall added the most value, attributable mainly to the selection of specific investment grade financials securities within the corporate bond sector. Securitized credit selection boosted results as well, albeit more modestly. 

* The Fund's cross-sector strategy contributed positively to its relative results, driven primarily by an overweight to investment grade corporate bonds. To a lesser extent, exposure to the emerging markets debt sector also buoyed relative results.

* The Fund's duration and yield curve positioning strategy contributed positively to results, largely driven by its underweight to the six-month segment of the U.S. Treasury yield curve, particularly in July and October 2025 when this segment sold off.

Top Detractors from Performance:

* None of the Fund's risk exposures detracted meaningfully from relative performance during the Period.

# Goldman Sachs Short-Term Conservative Income Fund

# Class R6

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g95d30.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg Short-Term Government/Corporate Index** | **ICE BofAML 3-6 Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/17** | $10000 | $10000 | $10000 | $10000 |
| **3/18** | $10043 | $10041 | $10044 | $9899 |
| **3/19** | $10326 | $10285 | $10268 | $10342 |
| **3/20** | $10420 | $10567 | $10532 | $11266 |
| **3/21** | $10697 | $10628 | $10547 | $11346 |
| **3/22** | $10653 | $10605 | $10548 | $10875 |
| **3/23** | $10953 | $10831 | $10816 | $10355 |
| **3/24** | $11616 | $11393 | $11383 | $10531 |
| **3/25** | $12236 | $11990 | $11962 | $11045 |
| **3/26** | $12790 | $12485 | $12453 | $11526 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced November 30, 2017) | 4.53% | 3.64% | 3.00% |
| Bloomberg Short-Term Government/Corporate Index | 4.13% | 3.27% | 2.70% |
| ICE BofAML 3-6 Month U.S. Treasury Bill Index | 4.11% | 3.38% | 2.67% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.72% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Short-Term Conservative Income Fund

# Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2029365240 |
| # of Portfolio Holdings as of Period End | 200 |
| Portfolio Turnover Rate for the Period | 115% |
| Total Net Advisory Fees Paid for the Period | $4259840 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 38.6% |
| Short-Term Investments | 23.3% |
| Automotive | 12.2% |
| Diversified Financial Services | 4.7% |
| Insurance | 4.4% |
| U.S. Treasury Obligations | 3.8% |
| Software | 1.8% |
| Telecommunication Services | 1.8% |
| Electrical | 1.1% |
| Other | 8.6% |

---

# Goldman Sachs Short-Term Conservative Income Fund

# Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY

SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY

WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX

DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR

THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO

THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY

COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS

IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY

SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR

SERVICES.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short-Term Conservative Income Fund

# 38145L133-AR-0326

# Class R6
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Short-Term Conservative Income Fund

# GPPIX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short-Term Conservative Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $25 | 0.24% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Security selection strategies overall added the most value, attributable mainly to the selection of specific investment grade financials securities within the corporate bond sector. Securitized credit selection boosted results as well, albeit more modestly. 

* The Fund's cross-sector strategy contributed positively to its relative results, driven primarily by an overweight to investment grade corporate bonds. To a lesser extent, exposure to the emerging markets debt sector also buoyed relative results.

* The Fund's duration and yield curve positioning strategy contributed positively to results, largely driven by its underweight to the six-month segment of the U.S. Treasury yield curve, particularly in July and October 2025 when this segment sold off.

Top Detractors from Performance:

* None of the Fund's risk exposures detracted meaningfully from relative performance during the Period.

# Goldman Sachs Short-Term Conservative Income Fund

# Institutional Class

## Performance Overview
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g11y49.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Shares** | **Bloomberg Short-Term Government/Corporate Index** | **ICE BofAML 3-6 Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $1000000 | $1000000 | $1000000 | $1000000 |
| **3/17** | $1012200 | $1007369 | $1004300 | $1004400 |
| **3/18** | $1026371 | $1018540 | $1015146 | $1016453 |
| **3/19** | $1055314 | $1043238 | $1037784 | $1061990 |
| **3/20** | $1063757 | $1071806 | $1064455 | $1156826 |
| **3/21** | $1092053 | $1078087 | $1065945 | $1165039 |
| **3/22** | $1088558 | $1075664 | $1066052 | $1116690 |
| **3/23** | $1120127 | $1098666 | $1093130 | $1063312 |
| **3/24** | $1186550 | $1155638 | $1150519 | $1081388 |
| **3/25** | $1250980 | $1216228 | $1208966 | $1134160 |
| **3/26** | $1306148 | $1266418 | $1258654 | $1183496 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 4.41% | 3.65% | 2.71% |
| Bloomberg Short-Term Government/Corporate Index | 4.13% | 3.27% | 2.39% |
| ICE BofAML 3-6 Month U.S. Treasury Bill Index | 4.11% | 3.38% | 2.33% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Short-Term Conservative Income Fund

# Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2029365240 |
| # of Portfolio Holdings as of Period End | 200 |
| Portfolio Turnover Rate for the Period | 115% |
| Total Net Advisory Fees Paid for the Period | $4259840 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 38.6% |
| Short-Term Investments | 23.3% |
| Automotive | 12.2% |
| Diversified Financial Services | 4.7% |
| Insurance | 4.4% |
| U.S. Treasury Obligations | 3.8% |
| Software | 1.8% |
| Telecommunication Services | 1.8% |
| Electrical | 1.1% |
| Other | 8.6% |

---

# Goldman Sachs Short-Term Conservative Income Fund

# Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY

SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY

WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX

DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR

THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO

THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY

COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS

IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY

SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR

SERVICES.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short-Term Conservative Income Fund

# 38147X705-AR-0326

# Institutional Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Short-Term Conservative Income Fund

# GPPOX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Short-Term Conservative Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $33 | 0.32% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Security selection strategies overall added the most value, attributable mainly to the selection of specific investment grade financials securities within the corporate bond sector. Securitized credit selection boosted results as well, albeit more modestly. 

* The Fund's cross-sector strategy contributed positively to its relative results, driven primarily by an overweight to investment grade corporate bonds. To a lesser extent, exposure to the emerging markets debt sector also buoyed relative results.

* The Fund's duration and yield curve positioning strategy contributed positively to results, largely driven by its underweight to the six-month segment of the U.S. Treasury yield curve, particularly in July and October 2025 when this segment sold off.

Top Detractors from Performance:

* None of the Fund's risk exposures detracted meaningfully from relative performance during the Period.

# Goldman Sachs Short-Term Conservative Income Fund

# Investor Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g82c37.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investor Shares** | **Bloomberg Short-Term Government/Corporate Index** | **ICE BofAML 3-6 Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **8/14/18** | $10000 | $10000 | $10000 | $10000 |
| **3/19** | $10168 | $10163 | $10149 | $10428 |
| **3/20** | $10240 | $10442 | $10410 | $11359 |
| **3/21** | $10503 | $10503 | $10424 | $11440 |
| **3/22** | $10461 | $10479 | $10425 | $10965 |
| **3/23** | $10746 | $10703 | $10690 | $10441 |
| **3/24** | $11386 | $11258 | $11251 | $10618 |
| **3/25** | $11983 | $11849 | $11823 | $11137 |
| **3/26** | $12514 | $12337 | $12309 | $11621 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Investor Shares (Commenced August 14, 2018) | 4.43% | 3.56% | 2.98% |
| Bloomberg Short-Term Government/Corporate Index | 4.13% | 3.27% | 2.79% |
| ICE BofAML 3-6 Month U.S. Treasury Bill Index | 4.11% | 3.38% | 2.76% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.99% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Short-Term Conservative Income Fund

# Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2029365240 |
| # of Portfolio Holdings as of Period End | 200 |
| Portfolio Turnover Rate for the Period | 115% |
| Total Net Advisory Fees Paid for the Period | $4259840 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Banks | 38.6% |
| Short-Term Investments | 23.3% |
| Automotive | 12.2% |
| Diversified Financial Services | 4.7% |
| Insurance | 4.4% |
| U.S. Treasury Obligations | 3.8% |
| Software | 1.8% |
| Telecommunication Services | 1.8% |
| Electrical | 1.1% |
| Other | 8.6% |

---

# Goldman Sachs Short-Term Conservative Income Fund

# Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY

SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY

WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX

DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR

THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO

THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY

COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS

IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY

SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR

SERVICES.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Short-Term Conservative Income Fund

# 38147X218-AR-0326

# Investor Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Dynamic Bond Fund

# GSZAX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Dynamic Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $104 | 1.01% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's cross-sector strategy, especially overweights to the high yield corporate bond, commercial mortgage-backed securities, mortgage-backed securities and collateralized loan obligation sectors. Additionally, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, added to relative returns.

* The Fund's macro relative value country strategy contributed positively due mostly to its long New Zealand rates vs. short Japanese rates position.

* The Fund's duration and yield curve positioning strategies proved effective, largely driven by its short Japan position and our month-end systematic U.S. Treasury auction strategy. The Fund's long positioning in the 20- and 30-year segments of the U.S. Treasury yield curve also helped. 

* Security selection strategies overall added value. Within the securitized sector, our preference for current-coupon agency mortgage-backed securities and name selection of non-agency mortgage-backed securities helped. Within the government/swaps sector, positioning in European steepeners and Japanese flatteners and a preference for futures over cash U.S. Treasuries as an element of duration management contributed most positively. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, a sector underweight to investment grade corporate bonds and a sector overweight to non-agency mortgage-backed securities detracted. 

* Individual issue selection within the emerging markets debt sector detracted due to the Fund's exposure to the debt securities of Zambia and Romania. 

* The Fund's currency strategy detracted overall given its underweight of the new Taiwan dollar. 

# Goldman Sachs Dynamic Bond Fund

# Class A

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g07u62.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **ICE BofAML Three-Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $9625 | $10000 | $10000 | $10000 |
| **3/17** | $10091 | $10484 | $10036 | $10044 |
| **3/18** | $10004 | $10394 | $10147 | $10165 |
| **3/19** | $10050 | $10442 | $10363 | $10620 |
| **3/20** | $9482 | $9852 | $10596 | $11568 |
| **3/21** | $10916 | $11341 | $10608 | $11650 |
| **3/22** | $10794 | $11214 | $10615 | $11167 |
| **3/23** | $10971 | $11398 | $10881 | $10633 |
| **3/24** | $11883 | $12346 | $11451 | $10814 |
| **3/25** | $12712 | $13207 | $12020 | $11342 |
| **3/26** | $13488 | $14014 | $12500 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 6.11% | 4.32% | 3.43% |
| Class A including sales charges | 2.09% | 3.52% | 3.03% |
| ICE BofAML Three-Month U.S. Treasury Bill Index | 3.99% | 3.34% | 2.26% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Dynamic Bond Fund

# Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1675953498 |
| # of Portfolio Holdings as of Period End | 745 |
| Portfolio Turnover Rate for the Period | 1,898% |
| Total Net Advisory Fees Paid for the Period | $7265376 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective July 29, 2025, the Fund's Investment Adviser agreed to reduce the "Other Expenses" limitation for the Fund from 0.054% to 0.014%. The agreement will remain in effect through at least July 29, 2026, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 32.1% |
| Collateralized Loan Obligations | 17.9% |
| U.S. Treasury Obligations | 17.0% |
| Commercial Mortgage-Backed Securities | 12.1% |
| Short-Term Investments | 9.9% |
| Collateralized Mortgage Obligations | 6.1% |
| Sovereign Debt Obligations | 4.5% |
| Oil Field Services | 2.1% |
| Pipelines | 1.8% |
| Other | 22.0% |

---

# Goldman Sachs Dynamic Bond Fund

# Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Dynamic Bond Fund

# 38145C661-AR-0326

# Class A
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Dynamic Bond Fund

# GSZCX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Dynamic Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $181 | 1.76% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's cross-sector strategy, especially overweights to the high yield corporate bond, commercial mortgage-backed securities, mortgage-backed securities and collateralized loan obligation sectors. Additionally, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, added to relative returns.

* The Fund's macro relative value country strategy contributed positively due mostly to its long New Zealand rates vs. short Japanese rates position.

* The Fund's duration and yield curve positioning strategies proved effective, largely driven by its short Japan position and our month-end systematic U.S. Treasury auction strategy. The Fund's long positioning in the 20- and 30-year segments of the U.S. Treasury yield curve also helped. 

* Security selection strategies overall added value. Within the securitized sector, our preference for current-coupon agency mortgage-backed securities and name selection of non-agency mortgage-backed securities helped. Within the government/swaps sector, positioning in European steepeners and Japanese flatteners and a preference for futures over cash U.S. Treasuries as an element of duration management contributed most positively. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, a sector underweight to investment grade corporate bonds and a sector overweight to non-agency mortgage-backed securities detracted. 

* Individual issue selection within the emerging markets debt sector detracted due to the Fund's exposure to the debt securities of Zambia and Romania. 

* The Fund's currency strategy detracted overall given its underweight of the new Taiwan dollar. 

# Goldman Sachs Dynamic Bond Fund

# Class C

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g03e11.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **ICE BofAML Three-Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $9900 | $10000 | $10000 | $10000 |
| **3/17** | $10321 | $10425 | $10036 | $10044 |
| **3/18** | $10156 | $10258 | $10147 | $10165 |
| **3/19** | $10114 | $10216 | $10363 | $10620 |
| **3/20** | $9478 | $9574 | $10596 | $11568 |
| **3/21** | $10827 | $10937 | $10608 | $11650 |
| **3/22** | $10630 | $10738 | $10615 | $11167 |
| **3/23** | $10716 | $10825 | $10881 | $10633 |
| **3/24** | $11522 | $11639 | $11451 | $10814 |
| **3/25** | $12226 | $12350 | $12020 | $11342 |
| **3/26** | $12881 | $13011 | $12500 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 5.35% | 3.53% | 2.67% |
| Class C including sales charges | 4.31% | 3.53% | 2.67% |
| ICE BofAML Three-Month U.S. Treasury Bill Index | 3.99% | 3.34% | 2.26% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Dynamic Bond Fund

# Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1675953498 |
| # of Portfolio Holdings as of Period End | 745 |
| Portfolio Turnover Rate for the Period | 1,898% |
| Total Net Advisory Fees Paid for the Period | $7265376 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective July 29, 2025, the Fund's Investment Adviser agreed to reduce the "Other Expenses" limitation for the Fund from 0.054% to 0.014%. The agreement will remain in effect through at least July 29, 2026, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 32.1% |
| Collateralized Loan Obligations | 17.9% |
| U.S. Treasury Obligations | 17.0% |
| Commercial Mortgage-Backed Securities | 12.1% |
| Short-Term Investments | 9.9% |
| Collateralized Mortgage Obligations | 6.1% |
| Sovereign Debt Obligations | 4.5% |
| Oil Field Services | 2.1% |
| Pipelines | 1.8% |
| Other | 22.0% |

---

# Goldman Sachs Dynamic Bond Fund

# Class C

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Dynamic Bond Fund

# 38145C653-AR-0326

# Class C
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Dynamic Bond Fund

# GSOPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Dynamic Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $69 | 0.67% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's cross-sector strategy, especially overweights to the high yield corporate bond, commercial mortgage-backed securities, mortgage-backed securities and collateralized loan obligation sectors. Additionally, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, added to relative returns.

* The Fund's macro relative value country strategy contributed positively due mostly to its long New Zealand rates vs. short Japanese rates position.

* The Fund's duration and yield curve positioning strategies proved effective, largely driven by its short Japan position and our month-end systematic U.S. Treasury auction strategy. The Fund's long positioning in the 20- and 30-year segments of the U.S. Treasury yield curve also helped. 

* Security selection strategies overall added value. Within the securitized sector, our preference for current-coupon agency mortgage-backed securities and name selection of non-agency mortgage-backed securities helped. Within the government/swaps sector, positioning in European steepeners and Japanese flatteners and a preference for futures over cash U.S. Treasuries as an element of duration management contributed most positively. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, a sector underweight to investment grade corporate bonds and a sector overweight to non-agency mortgage-backed securities detracted. 

* Individual issue selection within the emerging markets debt sector detracted due to the Fund's exposure to the debt securities of Zambia and Romania. 

* The Fund's currency strategy detracted overall given its underweight of the new Taiwan dollar. 

# Goldman Sachs Dynamic Bond Fund

# Class P

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g24a59.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **ICE BofAML Three-Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/20/18** | $10000 | $10000 | $10000 |
| **3/19** | $9988 | $10203 | $10538 |
| **3/20** | $9457 | $10433 | $11479 |
| **3/21** | $10925 | $10445 | $11561 |
| **3/22** | $10848 | $10451 | $11081 |
| **3/23** | $11051 | $10714 | $10551 |
| **3/24** | $12012 | $11275 | $10730 |
| **3/25** | $12894 | $11835 | $11254 |
| **3/26** | $13715 | $12308 | $11744 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 20, 2018) | 6.37% | 4.65% | 4.05% |
| ICE BofAML Three-Month U.S. Treasury Bill Index | 3.99% | 3.34% | 2.65% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 2.04% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Dynamic Bond Fund

# Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1675953498 |
| # of Portfolio Holdings as of Period End | 745 |
| Portfolio Turnover Rate for the Period | 1,898% |
| Total Net Advisory Fees Paid for the Period | $7265376 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective July 29, 2025, the Fund's Investment Adviser agreed to reduce the "Other Expenses" limitation for the Fund from 0.054% to 0.014%. The agreement will remain in effect through at least July 29, 2026, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 32.1% |
| Collateralized Loan Obligations | 17.9% |
| U.S. Treasury Obligations | 17.0% |
| Commercial Mortgage-Backed Securities | 12.1% |
| Short-Term Investments | 9.9% |
| Collateralized Mortgage Obligations | 6.1% |
| Sovereign Debt Obligations | 4.5% |
| Oil Field Services | 2.1% |
| Pipelines | 1.8% |
| Other | 22.0% |

---

# Goldman Sachs Dynamic Bond Fund

# Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Dynamic Bond Fund

# 38150B277-AR-0326

# Class P
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Dynamic Bond Fund

# GSZRX: Class R

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Dynamic Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $130 | 1.26% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's cross-sector strategy, especially overweights to the high yield corporate bond, commercial mortgage-backed securities, mortgage-backed securities and collateralized loan obligation sectors. Additionally, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, added to relative returns.

* The Fund's macro relative value country strategy contributed positively due mostly to its long New Zealand rates vs. short Japanese rates position.

* The Fund's duration and yield curve positioning strategies proved effective, largely driven by its short Japan position and our month-end systematic U.S. Treasury auction strategy. The Fund's long positioning in the 20- and 30-year segments of the U.S. Treasury yield curve also helped. 

* Security selection strategies overall added value. Within the securitized sector, our preference for current-coupon agency mortgage-backed securities and name selection of non-agency mortgage-backed securities helped. Within the government/swaps sector, positioning in European steepeners and Japanese flatteners and a preference for futures over cash U.S. Treasuries as an element of duration management contributed most positively. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, a sector underweight to investment grade corporate bonds and a sector overweight to non-agency mortgage-backed securities detracted. 

* Individual issue selection within the emerging markets debt sector detracted due to the Fund's exposure to the debt securities of Zambia and Romania. 

* The Fund's currency strategy detracted overall given its underweight of the new Taiwan dollar. 

# Goldman Sachs Dynamic Bond Fund

# Class R

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g48u84.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **ICE BofAML Three-Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 | $10000 |
| **3/17** | $10471 | $10036 | $10044 |
| **3/18** | $10354 | $10147 | $10165 |
| **3/19** | $10364 | $10363 | $10620 |
| **3/20** | $9753 | $10596 | $11568 |
| **3/21** | $11214 | $10608 | $11650 |
| **3/22** | $11062 | $10615 | $11167 |
| **3/23** | $11204 | $10881 | $10633 |
| **3/24** | $12109 | $11451 | $10814 |
| **3/25** | $12909 | $12020 | $11342 |
| **3/26** | $13666 | $12500 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R | 5.86% | 4.03% | 3.17% |
| ICE BofAML Three-Month U.S. Treasury Bill Index | 3.99% | 3.34% | 2.26% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Dynamic Bond Fund

# Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1675953498 |
| # of Portfolio Holdings as of Period End | 745 |
| Portfolio Turnover Rate for the Period | 1,898% |
| Total Net Advisory Fees Paid for the Period | $7265376 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective July 29, 2025, the Fund's Investment Adviser agreed to reduce the "Other Expenses" limitation for the Fund from 0.054% to 0.014%. The agreement will remain in effect through at least July 29, 2026, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 32.1% |
| Collateralized Loan Obligations | 17.9% |
| U.S. Treasury Obligations | 17.0% |
| Commercial Mortgage-Backed Securities | 12.1% |
| Short-Term Investments | 9.9% |
| Collateralized Mortgage Obligations | 6.1% |
| Sovereign Debt Obligations | 4.5% |
| Oil Field Services | 2.1% |
| Pipelines | 1.8% |
| Other | 22.0% |

---

# Goldman Sachs Dynamic Bond Fund

# Class R

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Dynamic Bond Fund

# 38145C620-AR-0326

# Class R
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Dynamic Bond Fund

# GSZUX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Dynamic Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $69 | 0.67% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's cross-sector strategy, especially overweights to the high yield corporate bond, commercial mortgage-backed securities, mortgage-backed securities and collateralized loan obligation sectors. Additionally, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, added to relative returns.

* The Fund's macro relative value country strategy contributed positively due mostly to its long New Zealand rates vs. short Japanese rates position.

* The Fund's duration and yield curve positioning strategies proved effective, largely driven by its short Japan position and our month-end systematic U.S. Treasury auction strategy. The Fund's long positioning in the 20- and 30-year segments of the U.S. Treasury yield curve also helped. 

* Security selection strategies overall added value. Within the securitized sector, our preference for current-coupon agency mortgage-backed securities and name selection of non-agency mortgage-backed securities helped. Within the government/swaps sector, positioning in European steepeners and Japanese flatteners and a preference for futures over cash U.S. Treasuries as an element of duration management contributed most positively. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, a sector underweight to investment grade corporate bonds and a sector overweight to non-agency mortgage-backed securities detracted. 

* Individual issue selection within the emerging markets debt sector detracted due to the Fund's exposure to the debt securities of Zambia and Romania. 

* The Fund's currency strategy detracted overall given its underweight of the new Taiwan dollar. 

# Goldman Sachs Dynamic Bond Fund

# Class R6

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g55g69.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **ICE BofAML Three-Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 | $10000 |
| **3/17** | $10521 | $10036 | $10044 |
| **3/18** | $10470 | $10147 | $10165 |
| **3/19** | $10544 | $10363 | $10620 |
| **3/20** | $9983 | $10596 | $11568 |
| **3/21** | $11531 | $10608 | $11650 |
| **3/22** | $11449 | $10615 | $11167 |
| **3/23** | $11663 | $10881 | $10633 |
| **3/24** | $12677 | $11451 | $10814 |
| **3/25** | $13606 | $12020 | $11342 |
| **3/26** | $14487 | $12500 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 6.47% | 4.67% | 3.77% |
| ICE BofAML Three-Month U.S. Treasury Bill Index | 3.99% | 3.34% | 2.26% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Dynamic Bond Fund

# Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1675953498 |
| # of Portfolio Holdings as of Period End | 745 |
| Portfolio Turnover Rate for the Period | 1,898% |
| Total Net Advisory Fees Paid for the Period | $7265376 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective July 29, 2025, the Fund's Investment Adviser agreed to reduce the "Other Expenses" limitation for the Fund from 0.054% to 0.014%. The agreement will remain in effect through at least July 29, 2026, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 32.1% |
| Collateralized Loan Obligations | 17.9% |
| U.S. Treasury Obligations | 17.0% |
| Commercial Mortgage-Backed Securities | 12.1% |
| Short-Term Investments | 9.9% |
| Collateralized Mortgage Obligations | 6.1% |
| Sovereign Debt Obligations | 4.5% |
| Oil Field Services | 2.1% |
| Pipelines | 1.8% |
| Other | 22.0% |

---

# Goldman Sachs Dynamic Bond Fund

# Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Dynamic Bond Fund

# 38147X531-AR-0326

# Class R6
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Dynamic Bond Fund

# GSZIX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Dynamic Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $70 | 0.68% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's cross-sector strategy, especially overweights to the high yield corporate bond, commercial mortgage-backed securities, mortgage-backed securities and collateralized loan obligation sectors. Additionally, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, added to relative returns.

* The Fund's macro relative value country strategy contributed positively due mostly to its long New Zealand rates vs. short Japanese rates position.

* The Fund's duration and yield curve positioning strategies proved effective, largely driven by its short Japan position and our month-end systematic U.S. Treasury auction strategy. The Fund's long positioning in the 20- and 30-year segments of the U.S. Treasury yield curve also helped. 

* Security selection strategies overall added value. Within the securitized sector, our preference for current-coupon agency mortgage-backed securities and name selection of non-agency mortgage-backed securities helped. Within the government/swaps sector, positioning in European steepeners and Japanese flatteners and a preference for futures over cash U.S. Treasuries as an element of duration management contributed most positively. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, a sector underweight to investment grade corporate bonds and a sector overweight to non-agency mortgage-backed securities detracted. 

* Individual issue selection within the emerging markets debt sector detracted due to the Fund's exposure to the debt securities of Zambia and Romania. 

* The Fund's currency strategy detracted overall given its underweight of the new Taiwan dollar. 

# Goldman Sachs Dynamic Bond Fund

# Institutional Class

## Performance Overview
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g25c63.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **ICE BofAML Three-Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $1000000 | $1000000 | $1000000 |
| **3/17** | $1051900 | $1003600 | $1004400 |
| **3/18** | $1046746 | $1014740 | $1016453 |
| **3/19** | $1054178 | $1036252 | $1061990 |
| **3/20** | $997990 | $1059568 | $1156826 |
| **3/21** | $1153876 | $1060840 | $1165039 |
| **3/22** | $1144299 | $1061476 | $1116690 |
| **3/23** | $1166841 | $1088119 | $1063312 |
| **3/24** | $1268007 | $1145137 | $1081388 |
| **3/25** | $1360698 | $1202050 | $1134160 |
| **3/26** | $1448463 | $1250012 | $1183496 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 6.45% | 4.65% | 3.77% |
| ICE BofAML Three-Month U.S. Treasury Bill Index | 3.99% | 3.34% | 2.26% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Dynamic Bond Fund

# Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1675953498 |
| # of Portfolio Holdings as of Period End | 745 |
| Portfolio Turnover Rate for the Period | 1,898% |
| Total Net Advisory Fees Paid for the Period | $7265376 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective July 29, 2025, the Fund's Investment Adviser agreed to reduce the "Other Expenses" limitation for the Fund from 0.054% to 0.014%. The agreement will remain in effect through at least July 29, 2026, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 32.1% |
| Collateralized Loan Obligations | 17.9% |
| U.S. Treasury Obligations | 17.0% |
| Commercial Mortgage-Backed Securities | 12.1% |
| Short-Term Investments | 9.9% |
| Collateralized Mortgage Obligations | 6.1% |
| Sovereign Debt Obligations | 4.5% |
| Oil Field Services | 2.1% |
| Pipelines | 1.8% |
| Other | 22.0% |

---

# Goldman Sachs Dynamic Bond Fund

# Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Dynamic Bond Fund

# 38145C646-AR-0326

# Institutional Class
![Image](g35612g92h01.jpg)

Annual Shareholder Report

March 31, 2026

# Goldman Sachs Dynamic Bond Fund

# GZIRX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Dynamic Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $77 | 0.75% |

---

## How did the Fund perform and what affected its performance?
Fixed income markets broadly gained, with falling interest rates, shifting macroeconomic data, geopolitical uncertainty and changing expectations about U.S. Fed monetary policy key influences. Most spread sectors outperformed U.S. Treasuries, led by emerging markets debt and high yield corporate bonds. The U.S. yield curve steepened.

Top Contributors to Performance:

* Contributing most positively to relative results was the Fund's cross-sector strategy, especially overweights to the high yield corporate bond, commercial mortgage-backed securities, mortgage-backed securities and collateralized loan obligation sectors. Additionally, our credit hedge, where we paired an overweight to corporate credit with an overweight in U.S. rates to protect against a growth shock, added to relative returns.

* The Fund's macro relative value country strategy contributed positively due mostly to its long New Zealand rates vs. short Japanese rates position.

* The Fund's duration and yield curve positioning strategies proved effective, largely driven by its short Japan position and our month-end systematic U.S. Treasury auction strategy. The Fund's long positioning in the 20- and 30-year segments of the U.S. Treasury yield curve also helped. 

* Security selection strategies overall added value. Within the securitized sector, our preference for current-coupon agency mortgage-backed securities and name selection of non-agency mortgage-backed securities helped. Within the government/swaps sector, positioning in European steepeners and Japanese flatteners and a preference for futures over cash U.S. Treasuries as an element of duration management contributed most positively. 

Top Detractors from Performance:

* Within the Fund's cross-sector strategy, a sector underweight to investment grade corporate bonds and a sector overweight to non-agency mortgage-backed securities detracted. 

* Individual issue selection within the emerging markets debt sector detracted due to the Fund's exposure to the debt securities of Zambia and Romania. 

* The Fund's currency strategy detracted overall given its underweight of the new Taiwan dollar. 

# Goldman Sachs Dynamic Bond Fund

# Investor Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g35612g80b16.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Shares** | **ICE BofAML Three-Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/1/16** | $10000 | $10000 | $10000 |
| **3/17** | $10510 | $10036 | $10044 |
| **3/18** | $10451 | $10147 | $10165 |
| **3/19** | $10515 | $10363 | $10620 |
| **3/20** | $9945 | $10596 | $11568 |
| **3/21** | $11488 | $10608 | $11650 |
| **3/22** | $11385 | $10615 | $11167 |
| **3/23** | $11588 | $10881 | $10633 |
| **3/24** | $12597 | $11451 | $10814 |
| **3/25** | $13494 | $12020 | $11342 |
| **3/26** | $14355 | $12500 | $11835 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 6.38% | 4.55% | 3.68% |
| ICE BofAML Three-Month U.S. Treasury Bill Index | 3.99% | 3.34% | 2.26% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Dynamic Bond Fund

# Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1675953498 |
| # of Portfolio Holdings as of Period End | 745 |
| Portfolio Turnover Rate for the Period | 1,898% |
| Total Net Advisory Fees Paid for the Period | $7265376 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective July 29, 2025, the Fund's Investment Adviser agreed to reduce the "Other Expenses" limitation for the Fund from 0.054% to 0.014%. The agreement will remain in effect through at least July 29, 2026, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

"Other" in the table below primarily represent Corporate Obligations and associated sub sectors.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Federal Agencies | 32.1% |
| Collateralized Loan Obligations | 17.9% |
| U.S. Treasury Obligations | 17.0% |
| Commercial Mortgage-Backed Securities | 12.1% |
| Short-Term Investments | 9.9% |
| Collateralized Mortgage Obligations | 6.1% |
| Sovereign Debt Obligations | 4.5% |
| Oil Field Services | 2.1% |
| Pipelines | 1.8% |
| Other | 22.0% |

---

# Goldman Sachs Dynamic Bond Fund

# Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Dynamic Bond Fund

# 38145C638-AR-0326

# Investor Class

------

ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the "Code of Ethics").

(b) Not applicable.

(c) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(d) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(e) Not applicable.

(f) A copy of the Code of Ethics is available as provided in Item 19(a)(1) of this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant's board of trustees has determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its audit committee. Michael Latham is the "audit committee financial expert" and "independent" (as each term is defined in Item 3 of Form N-CSR).

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

**Table 1 — Items 4(a) - 4(d). The accountant fees below reflect the aggregate fees billed by all of the Funds of the Goldman Sachs Trust and includes the Goldman Sachs Funds to which this certified shareholder report relates.** 

---

| | | | |
|:---|:---|:---|:---|
|  | **2026** | **2025** | **Description of Services Rendered** |
|  Audit Fees: |  |  |  |
| • PricewaterhouseCoopers LLP<br>("PwC") | $3249606 | $3871978 | Financial Statement audits. |
|  Audit-Related Fees: |  |  |  |
| • PwC | $462000 | $460728 | Other attest services. |
|  Tax Fees: |  |  |  |
| • PwC | $0 | $0 |  |
|  All Other Fees: |  |  |  |
| • PwC | $0 | $0 |  |

---

**Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs Trust's service affiliates\* that were pre-approved by the Audit Committee of the Goldman Sachs Trust pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.** 

---

| | | | |
|:---|:---|:---|:---|
|  | **2026** | **2025** | **Description of Services Rendered** |
|  Audit-Related Fees: |  |  |  |
| • PwC | $2212960 | $2122312 | Internal control review performed in accordance with Statement on Standards for Attestation Engagements No. 16 and semi-annual updates related to withholding tax accrual for non-US jurisdictions. These fees are borne by the Funds' Adviser. |

---

\* These include the advisor (excluding sub-advisors) and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant (hereinafter referred to as "service affiliates").

#### Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures
<u>Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs Trust.</u> The Audit and Non-Audit Services Pre-Approval Policy (the "Policy") adopted by the Audit Committee of Goldman Sachs Trust ("GST") sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GST may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission's rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.

<u>De Minimis Waiver.</u> The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GST at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.

<u>Pre-Approval of Non-Audit Services Provided to GST's Investment Advisers.</u> The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GST, the Audit Committee will pre-approve those non-audit services provided to GST's investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GST) where the engagement relates directly to the operations or financial reporting of GST.

**Item 4(e)(2) –** 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GST's Audit Committee pursuant to the "de minimis" exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GST's service affiliates listed in Table 2 were approved by GST's Audit Committee pursuant to the "de minimis" exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

**Item 4(f) –** Not applicable.

#### Item 4(g) Aggregate Non-Audit Fees Disclosure
The aggregate non-audit fees billed to GST by PwC for the twelve months ended March 31, 2026 and March 31, 2025 were approximately $462,000 and $460,728, respectively. The aggregate non-audit fees billed to GST's adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2025 and December 31, 2024 were approximately $19.0 million and $20.7 million, respectively. With regard to the aggregate non-audit fees billed to GST's adviser and service affiliates, the 2025 and 2024 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GST's operations or financial reporting.

**Item 4(h) —** GST's Audit Committee has considered whether the provision of non-audit services to GST's investment adviser and service affiliates that did not require pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the auditors' independence.

**Item 4(i) –** Not applicable.

**Item 4(j) –** Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

Schedule of Investments is included in Item 7 of this report.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

------

![LOGO](g35612g01g01.jpg)

Goldman Sachs Funds Annual Financial Statements March 31, 2026 Multi Sector Fixed Income Funds Goldman Sachs Bond Fund Goldman Sachs Core Fixed Income Fund Goldman Sachs Dynamic Bond Fund Goldman Sachs Global Core Fixed Income Fund Goldman Sachs Income Fund

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Multi Sector Fixed Income Funds

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  **[Schedules of Investments](#msfi35612_1)** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Bond Fund](#msfi35612_2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Core Fixed Income Fund](#msfi35612_3) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Dynamic Bond Fund](#msfi35612_4) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Global Core Fixed Income Fund](#msfi35612_5) | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Income Fund](#msfi35612_6) | 99 |
|  **[Financial Statements](#msfi35612_7)** | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#msfi35612_8) | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#msfi35612_9) | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#msfi35612_10) | 119 |
|  **[Financial Highlights](#msfi35612_11)** | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Bond Fund](#msfi35612_12) | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Core Fixed Income Fund](#msfi35612_13) | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Dynamic Bond Fund](#msfi35612_14) | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Global Core Fixed Income Fund](#msfi35612_15) | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Income Fund](#msfi35612_16) | 152 |
|  **[Notes to Financial Statements](#msfi35612_17)** | 158 |
|  **[Report of Independent Registered Public Accounting Firm](#msfi35612_18)** | 191 |
|  **[Other Information](#msfi35612_19)** | 192 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – 53.1% | Mortgage-Backed Obligations – 53.1% | Mortgage-Backed Obligations – 53.1% | Mortgage-Backed Obligations – 53.1% |
| Collateralized Mortgage Obligations – 6.0% | Collateralized Mortgage Obligations – 6.0% | Collateralized Mortgage Obligations – 6.0% | Collateralized Mortgage Obligations – 6.0% |
| Interest Only – 0.1% | Interest Only – 0.1% | Interest Only – 0.1% | Interest Only – 0.1% |
| Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE<br>(-1X 1 mo. USD Term SOFR + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE<br>(-1X 1 mo. USD Term SOFR + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE<br>(-1X 1 mo. USD Term SOFR + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE<br>(-1X 1 mo. USD Term SOFR + 5.936%) |
| 196474 | 2.263 %<sup>(a)(b)</sup> | 03/15/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18597 |
| Federal National Mortgage Association REMICS Series 2017-31,<br>Class SG (-1X 1 mo. USD Term SOFR + 5.986%) | Federal National Mortgage Association REMICS Series 2017-31,<br>Class SG (-1X 1 mo. USD Term SOFR + 5.986%) | Federal National Mortgage Association REMICS Series 2017-31,<br>Class SG (-1X 1 mo. USD Term SOFR + 5.986%) | Federal National Mortgage Association REMICS Series 2017-31,<br>Class SG (-1X 1 mo. USD Term SOFR + 5.986%) |
| 306795 | 2.324 <sup>(a)(b)</sup> | 05/25/47 | 35014 |
| Federal National Mortgage Association REMICS Series 2012-5,<br>Class SA (-1X 1 mo. USD Term SOFR + 5.836%) | Federal National Mortgage Association REMICS Series 2012-5,<br>Class SA (-1X 1 mo. USD Term SOFR + 5.836%) | Federal National Mortgage Association REMICS Series 2012-5,<br>Class SA (-1X 1 mo. USD Term SOFR + 5.836%) | Federal National Mortgage Association REMICS Series 2012-5,<br>Class SA (-1X 1 mo. USD Term SOFR + 5.836%) |
| 120126 | 2.174 <sup>(a)(b)</sup> | 02/25/42 | 11366 |
| Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) |
| 82422 | 2.311 <sup>(a)(b)(c)</sup> | 10/20/43 | 3788 |
| Government National Mortgage Association REMICS Series 2014-133, Class BS (-1X 1 mo. USD Term SOFR + 5.486%) | Government National Mortgage Association REMICS Series 2014-133, Class BS (-1X 1 mo. USD Term SOFR + 5.486%) | Government National Mortgage Association REMICS Series 2014-133, Class BS (-1X 1 mo. USD Term SOFR + 5.486%) | Government National Mortgage Association REMICS Series 2014-133, Class BS (-1X 1 mo. USD Term SOFR + 5.486%) |
| 82098 | 1.811 <sup>(a)(b)(c)</sup> | 09/20/44 | 6239 |
| Government National Mortgage Association REMICS Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) |
| 271600 | 2.411 <sup>(a)(b)(c)</sup> | 09/20/48 | 31145 |
| Government National Mortgage Association REMICS Series 2019-6,<br>Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-6,<br>Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-6,<br>Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-6,<br>Class SA (-1X 1 mo. USD Term SOFR + 5.936%) |
| 64354 | 2.261 <sup>(a)(b)(c)</sup> | 01/20/49 | 6964 |
| Government National Mortgage Association REMICS Series 2019-1,<br>Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1,<br>Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1,<br>Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1,<br>Class SN (-1X 1 mo. USD Term SOFR + 5.936%) |
| 58359 | 2.261 <sup>(a)(b)(c)</sup> | 01/20/49 | 6346 |
| Government National Mortgage Association REMICS Series 2014-162, Class SA (-1X 1 mo. USD Term SOFR + 5.486%) | Government National Mortgage Association REMICS Series 2014-162, Class SA (-1X 1 mo. USD Term SOFR + 5.486%) | Government National Mortgage Association REMICS Series 2014-162, Class SA (-1X 1 mo. USD Term SOFR + 5.486%) | Government National Mortgage Association REMICS Series 2014-162, Class SA (-1X 1 mo. USD Term SOFR + 5.486%) |
| 70916 | 1.811 <sup>(a)(b)(c)</sup> | 11/20/44 | 6184 |
| Government National Mortgage Association REMICS Series 2015-123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) |
| 114099 | 2.461 <sup>(a)(b)(c)</sup> | 09/20/45 | 13430 |
| Government National Mortgage Association REMICS Series 2016-27,<br>Class IA | Government National Mortgage Association REMICS Series 2016-27,<br>Class IA | Government National Mortgage Association REMICS Series 2016-27,<br>Class IA | Government National Mortgage Association REMICS Series 2016-27,<br>Class IA |
| 88129 | 4.000 <sup>(c)(d)</sup> | 06/20/45 | 11459 |
| Government National Mortgage Association REMICS Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) |
| 186962 | 2.411 <sup>(a)(b)(c)</sup> | 09/20/48 | 21195 |
| Government National Mortgage Association REMICS Series 2019-153, Class EI | Government National Mortgage Association REMICS Series 2019-153, Class EI | Government National Mortgage Association REMICS Series 2019-153, Class EI | Government National Mortgage Association REMICS Series 2019-153, Class EI |
| 855599 | 4.000 <sup>(c)(d)</sup> | 12/20/49 | 181819 |
| Government National Mortgage Association REMICS Series 2010-20,<br>Class SE (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2010-20,<br>Class SE (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2010-20,<br>Class SE (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2010-20,<br>Class SE (-1X 1 mo. USD Term SOFR + 6.136%) |
| 292653 | 2.461 <sup>(a)(b)(c)</sup> | 02/20/40 | 30290 |
| Government National Mortgage Association REMICS Series 2015-119, Class SN (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-119, Class SN (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-119, Class SN (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-119, Class SN (-1X 1 mo. USD Term SOFR + 6.136%) |
| 91859 | 2.461 <sup>(a)(b)(c)</sup> | 08/20/45 | 10712 |
| Government National Mortgage Association REMICS Series 2013-181, Class SA (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2013-181, Class SA (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2013-181, Class SA (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2013-181, Class SA (-1X 1 mo. USD Term SOFR + 5.986%) |
| 145157 | 2.311 <sup>(a)(b)(c)</sup> | 11/20/43 | 14479 |
| Government National Mortgage Association REMICS Series 2015-167, Class AS (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-167, Class AS (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-167, Class AS (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-167, Class AS (-1X 1 mo. USD Term SOFR + 6.136%) |
| 69053 | 2.461 <sup>(a)(b)(c)</sup> | 11/20/45 | 7904 |
|  |  |  | 416931 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Regular Floater<sup>(b)</sup> –0.5% | Regular Floater<sup>(b)</sup> –0.5% | Regular Floater<sup>(b)</sup> –0.5% | Regular Floater<sup>(b)</sup> –0.5% |
| Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) |
| 394774 | 4.662% | 02/25/55 | $394344 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series<br>2024-DNA3, Class M2 (1 mo. USD Term SOFR + 1.450%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series<br>2024-DNA3, Class M2 (1 mo. USD Term SOFR + 1.450%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series<br>2024-DNA3, Class M2 (1 mo. USD Term SOFR + 1.450%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series<br>2024-DNA3, Class M2 (1 mo. USD Term SOFR + 1.450%) |
| 465671 | 5.112 <sup>(c)(e)</sup> | 10/25/44 | 465286 |
| Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) |
| 766154 | 4.662 | 03/25/55 | 770454 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1630084 |
| **Sequential Fixed Rate – 2.1%** | **Sequential Fixed Rate – 2.1%** | **Sequential Fixed Rate – 2.1%** | **Sequential Fixed Rate – 2.1%** |
| BRAVO Residential Funding Trust Series 2025-NQM7, Class A1A | BRAVO Residential Funding Trust Series 2025-NQM7, Class A1A | BRAVO Residential Funding Trust Series 2025-NQM7, Class A1A | BRAVO Residential Funding Trust Series 2025-NQM7, Class A1A |
| 865226 | 5.459 <sup>(c)(e)(f)</sup> | 07/25/65 | 867914 |
| COLT Mortgage Loan Trust Series 2025-6, Class A1 | COLT Mortgage Loan Trust Series 2025-6, Class A1 | COLT Mortgage Loan Trust Series 2025-6, Class A1 | COLT Mortgage Loan Trust Series 2025-6, Class A1 |
| 727154 | 5.529 <sup>(c)(e)(f)</sup> | 08/25/70 | 729788 |
| Ellington Financial Mortgage Trust Series 2026-NQM4, Class A1A | Ellington Financial Mortgage Trust Series 2026-NQM4, Class A1A | Ellington Financial Mortgage Trust Series 2026-NQM4, Class A1A | Ellington Financial Mortgage Trust Series 2026-NQM4, Class A1A |
| 1150000 | 5.466 <sup>(c)(e)(f)</sup> | 04/25/71 | 1150211 |
| Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B |
| 10008 | 7.000 | 10/25/42 | 10659 |
| Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B |
| 27884 | 7.000 | 07/25/42 | 29951 |
| Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB |
| 111237 | 5.000 | 06/25/41 | 111691 |
| Federal National Mortgage Association REMICS Series 2005-70, Class PA | Federal National Mortgage Association REMICS Series 2005-70, Class PA | Federal National Mortgage Association REMICS Series 2005-70, Class PA | Federal National Mortgage Association REMICS Series 2005-70, Class PA |
| 13799 | 5.500 | 08/25/35 | 14150 |
| Government National Mortgage Association REMICS Series 2021- 135, Class A | Government National Mortgage Association REMICS Series 2021- 135, Class A | Government National Mortgage Association REMICS Series 2021- 135, Class A | Government National Mortgage Association REMICS Series 2021- 135, Class A |
| 2143389 | 2.000 <sup>(c)</sup> | 08/20/51 | 1765259 |
| JP Morgan Mortgage Trust Series 2025-NQM4, Class A1A | JP Morgan Mortgage Trust Series 2025-NQM4, Class A1A | JP Morgan Mortgage Trust Series 2025-NQM4, Class A1A | JP Morgan Mortgage Trust Series 2025-NQM4, Class A1A |
| 927492 | 4.954 <sup>(c)(e)(f)</sup> | 03/25/66 | 922174 |
| OBX Trust Series 2025-NQM13, Class A1A | OBX Trust Series 2025-NQM13, Class A1A | OBX Trust Series 2025-NQM13, Class A1A | OBX Trust Series 2025-NQM13, Class A1A |
| 447802 | 5.441 <sup>(c)(e)(f)</sup> | 05/25/65 | 449080 |
| Verus Securitization Trust Series 2021-7, Class A1 | Verus Securitization Trust Series 2021-7, Class A1 | Verus Securitization Trust Series 2021-7, Class A1 | Verus Securitization Trust Series 2021-7, Class A1 |
| 747031 | 2.829 <sup>(c)(e)(f)</sup> | 10/25/66 | 688337 |
| Verus Securitization Trust Series 2025-1, Class A1A | Verus Securitization Trust Series 2025-1, Class A1A | Verus Securitization Trust Series 2025-1, Class A1A | Verus Securitization Trust Series 2025-1, Class A1A |
| 991079 | 5.620 <sup>(c)(e)(f)</sup> | 01/25/70 | 996128 |
|  |  |  | 7735342 |
| **Sequential Floating Rate<sup>(b)(c)</sup> –3.3%** | **Sequential Floating Rate<sup>(b)(c)</sup> –3.3%** | **Sequential Floating Rate<sup>(b)(c)</sup> –3.3%** | **Sequential Floating Rate<sup>(b)(c)</sup> –3.3%** |
| Angel Oak Mortgage Trust Series 2019-6, Class B1 | Angel Oak Mortgage Trust Series 2019-6, Class B1 | Angel Oak Mortgage Trust Series 2019-6, Class B1 | Angel Oak Mortgage Trust Series 2019-6, Class B1 |
| 850000 | 3.941 <sup>(e)</sup> | 11/25/59 | 819227 |
| CIM Trust Series 2019-INV3, Class A15 | CIM Trust Series 2019-INV3, Class A15 | CIM Trust Series 2019-INV3, Class A15 | CIM Trust Series 2019-INV3, Class A15 |
| 42017 | 3.500 <sup>(e)</sup> | 08/25/49 | 37586 |
| COLT Mortgage Loan Trust Series 2021-4, Class A1 | COLT Mortgage Loan Trust Series 2021-4, Class A1 | COLT Mortgage Loan Trust Series 2021-4, Class A1 | COLT Mortgage Loan Trust Series 2021-4, Class A1 |
| 887119 | 1.397 <sup>(e)</sup> | 10/25/66 | 757687 |
| Countrywide Alternative Loan Trust Series 2006-OC8, Class 2A3 (1 mo. USD Term SOFR + 0.614%) | Countrywide Alternative Loan Trust Series 2006-OC8, Class 2A3 (1 mo. USD Term SOFR + 0.614%) | Countrywide Alternative Loan Trust Series 2006-OC8, Class 2A3 (1 mo. USD Term SOFR + 0.614%) | Countrywide Alternative Loan Trust Series 2006-OC8, Class 2A3 (1 mo. USD Term SOFR + 0.614%) |
| 894868 | 4.293 | 11/25/36 | 772906 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>1</sub>

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R08, Class 1B1 (1 mo. USD Term SOFR + 3.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R08, Class 1B1 (1 mo. USD Term SOFR + 3.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R08, Class 1B1 (1 mo. USD Term SOFR + 3.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R08, Class 1B1 (1 mo. USD Term SOFR + 3.550%) |
| 330000 | 7.212 %<sup>(e)</sup> | 10/25/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342280 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) |
| 225000 | 5.462 <sup>(e)</sup> | 01/25/44 | 225972 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) |
| 250000 | 5.312 <sup>(e)</sup> | 05/25/44 | 249805 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) |
| 250000 | 5.612 <sup>(e)</sup> | 03/25/44 | 251420 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) |
| 321687 | 5.262 <sup>(e)</sup> | 09/25/44 | 321071 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1B1 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1B1 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1B1 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1B1 (1 mo. USD Term SOFR + 1.700%) |
| 350000 | 5.362 <sup>(e)</sup> | 01/25/45 | 347321 |
| GCAT Trust Series 2019-NQM3, Class M1 | GCAT Trust Series 2019-NQM3, Class M1 | GCAT Trust Series 2019-NQM3, Class M1 | GCAT Trust Series 2019-NQM3, Class M1 |
| 500000 | 3.450 <sup>(e)</sup> | 11/25/59 | 485433 |
| GCAT Trust Series 2021-NQM5, Class A2 | GCAT Trust Series 2021-NQM5, Class A2 | GCAT Trust Series 2021-NQM5, Class A2 | GCAT Trust Series 2021-NQM5, Class A2 |
| 545947 | 1.417 <sup>(e)</sup> | 07/25/66 | 460722 |
| JP Morgan Alternative Loan Trust Series 2006-A7, Class 1A1 (1 mo. USD Term SOFR + 0.434%) | JP Morgan Alternative Loan Trust Series 2006-A7, Class 1A1 (1 mo. USD Term SOFR + 0.434%) | JP Morgan Alternative Loan Trust Series 2006-A7, Class 1A1 (1 mo. USD Term SOFR + 0.434%) | JP Morgan Alternative Loan Trust Series 2006-A7, Class 1A1 (1 mo. USD Term SOFR + 0.434%) |
| 87320 | 4.113 | 12/25/36 | 81472 |
| JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 |
| 664325 | 2.520 <sup>(e)</sup> | 05/25/52 | 563143 |
| JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 |
| 484933 | 5.990 <sup>(e)</sup> | 07/25/64 | 487311 |
| JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 |
| 820011 | 3.000 <sup>(e)</sup> | 05/25/54 | 748561 |
| Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 |
| 57772 | 3.250 <sup>(e)</sup> | 07/25/59 | 56767 |
| Mill City Mortgage Loan Trust Series 2019-GS2, Class M1 | Mill City Mortgage Loan Trust Series 2019-GS2, Class M1 | Mill City Mortgage Loan Trust Series 2019-GS2, Class M1 | Mill City Mortgage Loan Trust Series 2019-GS2, Class M1 |
| 720000 | 3.000 <sup>(e)</sup> | 08/25/59 | 678247 |
| Mill City Mortgage Loan Trust Series 2021-NMR1, Class M2 | Mill City Mortgage Loan Trust Series 2021-NMR1, Class M2 | Mill City Mortgage Loan Trust Series 2021-NMR1, Class M2 | Mill City Mortgage Loan Trust Series 2021-NMR1, Class M2 |
| 760000 | 2.500 <sup>(e)</sup> | 11/25/60 | 687679 |
| PRKCM Trust Series 2021-AFC2, Class A1 | PRKCM Trust Series 2021-AFC2, Class A1 | PRKCM Trust Series 2021-AFC2, Class A1 | PRKCM Trust Series 2021-AFC2, Class A1 |
| 580446 | 2.071 <sup>(e)</sup> | 11/25/56 | 514076 |
| PRKCM Trust Series 2021-AFC2, Class A2 | PRKCM Trust Series 2021-AFC2, Class A2 | PRKCM Trust Series 2021-AFC2, Class A2 | PRKCM Trust Series 2021-AFC2, Class A2 |
| 625000 | 2.693 <sup>(e)</sup> | 11/25/56 | 462218 |
| Starwood Mortgage Residential Trust Series 2021-6, Class A1 | Starwood Mortgage Residential Trust Series 2021-6, Class A1 | Starwood Mortgage Residential Trust Series 2021-6, Class A1 | Starwood Mortgage Residential Trust Series 2021-6, Class A1 |
| 293774 | 1.920 <sup>(e)</sup> | 11/25/66 | 259429 |
| Starwood Mortgage Residential Trust Series 2020-2, Class B1E | Starwood Mortgage Residential Trust Series 2020-2, Class B1E | Starwood Mortgage Residential Trust Series 2020-2, Class B1E | Starwood Mortgage Residential Trust Series 2020-2, Class B1E |
| 950000 | 3.000 <sup>(e)</sup> | 04/25/60 | 929363 |
| Towd Point Mortgage Trust Series 2017-3, Class B2 | Towd Point Mortgage Trust Series 2017-3, Class B2 | Towd Point Mortgage Trust Series 2017-3, Class B2 | Towd Point Mortgage Trust Series 2017-3, Class B2 |
| 100000 | 3.822 <sup>(e)</sup> | 07/25/57 | 91442 |
| Verus Securitization Trust Series 2025-1, Class A1 | Verus Securitization Trust Series 2025-1, Class A1 | Verus Securitization Trust Series 2025-1, Class A1 | Verus Securitization Trust Series 2025-1, Class A1 |
| 738452 | 5.620 <sup>(e)</sup> | 01/25/70 | 741930 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) |
| Vista Point Securitization Trust Series 2020-2, Class M1 | Vista Point Securitization Trust Series 2020-2, Class M1 | Vista Point Securitization Trust Series 2020-2, Class M1 | Vista Point Securitization Trust Series 2020-2, Class M1 |
| 500000 | 3.401 %<sup>(e)</sup> | 04/25/65 | $475603 |
| Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 |
| 21553 | 3.500 <sup>(e)</sup> | 07/25/49 | 19494 |
|  |  |  | 11868165 |
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | 21650522 |
| **Commercial Mortgage-Backed Securities – 11.4%** | **Commercial Mortgage-Backed Securities – 11.4%** | **Commercial Mortgage-Backed Securities – 11.4%** | **Commercial Mortgage-Backed Securities – 11.4%** |
| **Regular Floater<sup>(b)(e)</sup> –0.4%** | **Regular Floater<sup>(b)(e)</sup> –0.4%** | **Regular Floater<sup>(b)(e)</sup> –0.4%** | **Regular Floater<sup>(b)(e)</sup> –0.4%** |
| TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) |
| 1150000 | 5.805% | 11/15/29 | $1147551 |
| TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) |
| 250000 | 6.603 | 11/15/29 | 250265 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1397816 |
| **Sequential Fixed Rate – 3.3%** | **Sequential Fixed Rate – 3.3%** | **Sequential Fixed Rate – 3.3%** |  |
| Bank Series 2021-BN35, Class A5 | Bank Series 2021-BN35, Class A5 | Bank Series 2021-BN35, Class A5 | Bank Series 2021-BN35, Class A5 |
| 950000 | 2.285 <sup>(c)</sup> | 06/15/64 | 839731 |
| Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS |
| 300000 | 6.139 <sup>(c)</sup> | 11/15/57 | 310186 |
| BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 |
| 900000 | 6.160 <sup>(c)</sup> | 12/15/56 | 961250 |
| BWAY Mortgage Trust Series 2013-1515, Class A2 | BWAY Mortgage Trust Series 2013-1515, Class A2 | BWAY Mortgage Trust Series 2013-1515, Class A2 | BWAY Mortgage Trust Series 2013-1515, Class A2 |
| 624649 | 3.454 <sup>(c)(e)</sup> | 03/10/33 | 600418 |
| COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A |
| 875000 | 6.338 <sup>(e)</sup> | 08/10/44 | 912325 |
| DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A |
| 1100000 | 2.956 <sup>(e)</sup> | 05/10/41 | 987655 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B |
| 650000 | 3.598 <sup>(c)(e)</sup> | 06/05/39 | 600513 |
| Manhattan West Mortgage Trust Series 2020-1MW, Class A | Manhattan West Mortgage Trust Series 2020-1MW, Class A | Manhattan West Mortgage Trust Series 2020-1MW, Class A | Manhattan West Mortgage Trust Series 2020-1MW, Class A |
| 750000 | 2.130 <sup>(e)</sup> | 09/10/39 | 722615 |
| Morgan Stanley Capital I Trust Series 2018-H4, Class A4 | Morgan Stanley Capital I Trust Series 2018-H4, Class A4 | Morgan Stanley Capital I Trust Series 2018-H4, Class A4 | Morgan Stanley Capital I Trust Series 2018-H4, Class A4 |
| 400000 | 4.310 <sup>(c)</sup> | 12/15/51 | 396567 |
| MSWF Commercial Mortgage Trust Series 2023-2, Class A2 | MSWF Commercial Mortgage Trust Series 2023-2, Class A2 | MSWF Commercial Mortgage Trust Series 2023-2, Class A2 | MSWF Commercial Mortgage Trust Series 2023-2, Class A2 |
| 637721 | 6.890 <sup>(c)</sup> | 12/15/56 | 662568 |
| ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A |
| 1500000 | 5.388 <sup>(e)</sup> | 11/13/41 | 1525303 |
| ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D |
| 950000 | 7.109 <sup>(e)</sup> | 11/13/41 | 987619 |
| SLG Office Trust Series 2021-OVA, Class A | SLG Office Trust Series 2021-OVA, Class A | SLG Office Trust Series 2021-OVA, Class A | SLG Office Trust Series 2021-OVA, Class A |
| 600000 | 2.585 <sup>(e)</sup> | 07/15/41 | 533828 |
| Wells Fargo Commercial Mortgage Trust Series 2017-C39, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2017-C39, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2017-C39, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2017-C39, Class A5 |
| 1125000 | 3.418 <sup>(c)</sup> | 09/15/50 | 1107355 |
| Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 |
| 825000 | 2.626 <sup>(c)</sup> | 04/15/54 | 743346 |
|  |  |  | 11891279 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **2** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate<sup>(b)</sup> –7.7% | Sequential Floating Rate<sup>(b)</sup> –7.7% | Sequential Floating Rate<sup>(b)</sup> –7.7% | Sequential Floating Rate<sup>(b)</sup> –7.7% |
| Bank Series 2022-BNK44, Class A5 | Bank Series 2022-BNK44, Class A5 | Bank Series 2022-BNK44, Class A5 | Bank Series 2022-BNK44, Class A5 |
| 500000 | 5.743 %<sup>(c)</sup> | 11/15/55 | $&nbsp;&nbsp;&nbsp;&nbsp;525784 |
| Bank5 Series 2024-5YR8, Class C | Bank5 Series 2024-5YR8, Class C | Bank5 Series 2024-5YR8, Class C | Bank5 Series 2024-5YR8, Class C |
| 150000 | 6.775 <sup>(c)</sup> | 08/15/57 | 153636 |
| Bank5 Series 2025-5YR16, Class AS | Bank5 Series 2025-5YR16, Class AS | Bank5 Series 2025-5YR16, Class AS | Bank5 Series 2025-5YR16, Class AS |
| 950000 | 5.751 <sup>(c)</sup> | 08/15/63 | 972703 |
| Bank5 Series 2026-5YR21, Class C | Bank5 Series 2026-5YR21, Class C | Bank5 Series 2026-5YR21, Class C | Bank5 Series 2026-5YR21, Class C |
| 250000 | 6.160 <sup>(c)</sup> | 04/15/59 | 247804 |
| Bank5 Trust Series 2025-5YR13, Class AS | Bank5 Trust Series 2025-5YR13, Class AS | Bank5 Trust Series 2025-5YR13, Class AS | Bank5 Trust Series 2025-5YR13, Class AS |
| 500000 | 6.096 <sup>(c)</sup> | 01/15/58 | 517394 |
| BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) |
| 650000 | 4.592 <sup>(e)</sup> | 03/15/37 | 616316 |
| BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) |
| 225000 | 4.841 <sup>(e)</sup> | 03/15/37 | 208125 |
| BFLD Commercial Mortgage Trust Series 2025-5MW, Class C | BFLD Commercial Mortgage Trust Series 2025-5MW, Class C | BFLD Commercial Mortgage Trust Series 2025-5MW, Class C | BFLD Commercial Mortgage Trust Series 2025-5MW, Class C |
| 500000 | 5.451 <sup>(e)</sup> | 10/10/42 | 499287 |
| BFLD Commercial Mortgage Trust Series 2025-660F, Class C (1 mo. USD Term SOFR + 2.150%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class C (1 mo. USD Term SOFR + 2.150%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class C (1 mo. USD Term SOFR + 2.150%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class C (1 mo. USD Term SOFR + 2.150%) |
| 1000000 | 5.823 <sup>(e)</sup> | 11/15/42 | 996692 |
| BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) | BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) | BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) | BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) |
| 535410 | 5.015 <sup>(e)</sup> | 03/15/41 | 534085 |
| BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A |
| 675000 | 5.011 <sup>(e)</sup> | 06/15/44 | 686576 |
| BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) | BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) | BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) | BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) |
| 879102 | 5.115 <sup>(e)</sup> | 02/15/39 | 879323 |
| BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) |
| 351489 | 5.064 <sup>(e)</sup> | 03/15/41 | 351508 |
| BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A |
| 450000 | 5.050 <sup>(e)</sup> | 11/13/46 | 446184 |
| BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) |
| 1050000 | 5.315 <sup>(e)</sup> | 02/15/41 | 1046117 |
| BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) | BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) | BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) | BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) |
| 812944 | 5.514 <sup>(e)</sup> | 04/15/41 | 812478 |
| BX Trust Series 2024-BRVE, Class B (1 mo. USD Term SOFR + 2.540%) | BX Trust Series 2024-BRVE, Class B (1 mo. USD Term SOFR + 2.540%) | BX Trust Series 2024-BRVE, Class B (1 mo. USD Term SOFR + 2.540%) | BX Trust Series 2024-BRVE, Class B (1 mo. USD Term SOFR + 2.540%) |
| 478203 | 6.213 <sup>(e)</sup> | 04/15/41 | 478078 |
| BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) |
| 683211 | 4.816 <sup>(e)</sup> | 03/15/30 | 679610 |
| BX Trust Series 2025-ARIA, Class A | BX Trust Series 2025-ARIA, Class A | BX Trust Series 2025-ARIA, Class A | BX Trust Series 2025-ARIA, Class A |
| 1400000 | 5.031 <sup>(e)</sup> | 12/13/42 | 1407712 |
| Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A |
| 800000 | 4.802 <sup>(e)</sup> | 08/10/42 | 806642 |
| Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B |
| 1000000 | 5.210 <sup>(e)</sup> | 08/10/42 | 1008251 |
| Durst Commercial Mortgage Trust Series 2025-151, Class C | Durst Commercial Mortgage Trust Series 2025-151, Class C | Durst Commercial Mortgage Trust Series 2025-151, Class C | Durst Commercial Mortgage Trust Series 2025-151, Class C |
| 350000 | 5.436 <sup>(e)</sup> | 08/10/42 | 351751 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate<sup>(b)</sup> – (continued) | Sequential Floating Rate<sup>(b)</sup> – (continued) | Sequential Floating Rate<sup>(b)</sup> – (continued) | Sequential Floating Rate<sup>(b)</sup> – (continued) |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) |
| 452034 | 4.349 %<sup>(c)</sup> | 02/25/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452453 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF73, Class AS (1 mo. USD SOFR Historical Calendar Day Compounded + 0.670%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF73, Class AS (1 mo. USD SOFR Historical Calendar Day Compounded + 0.670%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF73, Class AS (1 mo. USD SOFR Historical Calendar Day Compounded + 0.670%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF73, Class AS (1 mo. USD SOFR Historical Calendar Day Compounded + 0.670%) |
| 215866 | 4.339 <sup>(c)</sup> | 11/25/29 | 215866 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K544, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K544, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K544, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K544, Class A2 |
| 1350000 | 4.266 <sup>(c)</sup> | 07/25/30 | 1349010 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class C | Hudson Yards Mortgage Trust Series 2025-SPRL, Class C | Hudson Yards Mortgage Trust Series 2025-SPRL, Class C | Hudson Yards Mortgage Trust Series 2025-SPRL, Class C |
| 340000 | 5.952 <sup>(e)</sup> | 01/13/40 | 348642 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D |
| 375000 | 6.340 <sup>(e)</sup> | 01/13/40 | 385027 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A |
| 800000 | 5.467 <sup>(e)</sup> | 01/13/40 | 819239 |
| IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A |
| 700000 | 5.295 <sup>(c)(e)</sup> | 03/14/47 | 705896 |
| IRV Trust Series 2025-200P, Class C | IRV Trust Series 2025-200P, Class C | IRV Trust Series 2025-200P, Class C | IRV Trust Series 2025-200P, Class C |
| 500000 | 5.730 <sup>(c)(e)</sup> | 03/14/47 | 495744 |
| IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D |
| 350000 | 6.166 <sup>(c)(e)</sup> | 03/14/47 | 350544 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A |
| 300000 | 5.797 <sup>(e)</sup> | 10/05/39 | 302748 |
| KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%) | KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%) | KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%) | KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%) |
| 475000 | 5.563 <sup>(e)</sup> | 08/15/41 | 474276 |
| LBTY Commercial Mortgage Trust Series 2026-225L, Class D | LBTY Commercial Mortgage Trust Series 2026-225L, Class D | LBTY Commercial Mortgage Trust Series 2026-225L, Class D | LBTY Commercial Mortgage Trust Series 2026-225L, Class D |
| 900000 | 5.709 <sup>(e)</sup> | 02/10/43 | 880325 |
| MAD Commercial Mortgage Trust Series 2025-11MD, Class D | MAD Commercial Mortgage Trust Series 2025-11MD, Class D | MAD Commercial Mortgage Trust Series 2025-11MD, Class D | MAD Commercial Mortgage Trust Series 2025-11MD, Class D |
| 900000 | 5.935 <sup>(e)</sup> | 10/15/42 | 904808 |
| NY Commercial Mortgage Trust Series 2025-299P, Class B | NY Commercial Mortgage Trust Series 2025-299P, Class B | NY Commercial Mortgage Trust Series 2025-299P, Class B | NY Commercial Mortgage Trust Series 2025-299P, Class B |
| 450000 | 5.928 <sup>(e)</sup> | 02/10/47 | 461645 |
| NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) |
| 1000000 | 5.416 <sup>(e)</sup> | 10/15/40 | 1000086 |
| NYC Commercial Mortgage Trust Series 2025-11X, Class B (1 mo. USD Term SOFR + 2.093%) | NYC Commercial Mortgage Trust Series 2025-11X, Class B (1 mo. USD Term SOFR + 2.093%) | NYC Commercial Mortgage Trust Series 2025-11X, Class B (1 mo. USD Term SOFR + 2.093%) | NYC Commercial Mortgage Trust Series 2025-11X, Class B (1 mo. USD Term SOFR + 2.093%) |
| 550000 | 5.766 <sup>(e)</sup> | 10/15/40 | 550172 |
| One New York Plaza Trust Series 2020-1NYP, Class A (1 mo. USD Term SOFR + 1.064%) | One New York Plaza Trust Series 2020-1NYP, Class A (1 mo. USD Term SOFR + 1.064%) | One New York Plaza Trust Series 2020-1NYP, Class A (1 mo. USD Term SOFR + 1.064%) | One New York Plaza Trust Series 2020-1NYP, Class A (1 mo. USD Term SOFR + 1.064%) |
| 542747 | 4.738 <sup>(e)</sup> | 01/15/36 | 523769 |
| TEXAS Commercial Mortgage Trust Series 2025-TWR, Class C (1 mo. USD Term SOFR + 2.142%) | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class C (1 mo. USD Term SOFR + 2.142%) | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class C (1 mo. USD Term SOFR + 2.142%) | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class C (1 mo. USD Term SOFR + 2.142%) |
| 150000 | 5.815 <sup>(e)</sup> | 04/15/42 | 149062 |
| VTR Commercial Mortgage Trust Series 2025-STEM, Class A | VTR Commercial Mortgage Trust Series 2025-STEM, Class A | VTR Commercial Mortgage Trust Series 2025-STEM, Class A | VTR Commercial Mortgage Trust Series 2025-STEM, Class A |
| 850000 | 4.698 <sup>(e)</sup> | 10/13/39 | 842650 |
| VTR Commercial Mortgage Trust Series 2025-STEM, Class C | VTR Commercial Mortgage Trust Series 2025-STEM, Class C | VTR Commercial Mortgage Trust Series 2025-STEM, Class C | VTR Commercial Mortgage Trust Series 2025-STEM, Class C |
| 300000 | 5.471 <sup>(e)</sup> | 10/13/39 | 296069 |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A |
| 875000 | 4.954 <sup>(e)</sup> | 07/15/35 | 878379 |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B |
| 550000 | 5.360 <sup>(e)</sup> | 07/15/35 | 551436 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>3</sub>

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate<sup>(b)</sup> – (continued) | Sequential Floating Rate<sup>(b)</sup> – (continued) | Sequential Floating Rate<sup>(b)</sup> – (continued) | Sequential Floating Rate<sup>(b)</sup> – (continued) |
| Wells Fargo Commercial Mortgage Trust Series 2026-1250B, Class A | Wells Fargo Commercial Mortgage Trust Series 2026-1250B, Class A | Wells Fargo Commercial Mortgage Trust Series 2026-1250B, Class A | Wells Fargo Commercial Mortgage Trust Series 2026-1250B, Class A |
| 750000 | 4.833 %<sup>(e)</sup> | 03/10/41 | $741927 |
|  |  |  | 27905829 |
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | $41194924 |
| **Federal Agencies – 35.7%** | **Federal Agencies – 35.7%** | **Federal Agencies – 35.7%** | **Federal Agencies – 35.7%** |
| **Adjustable Rate Federal Home Loan Mortgage Corp.<sup>(b)</sup> – 0.0%** | **Adjustable Rate Federal Home Loan Mortgage Corp.<sup>(b)</sup> – 0.0%** | **Adjustable Rate Federal Home Loan Mortgage Corp.<sup>(b)</sup> – 0.0%** | **Adjustable Rate Federal Home Loan Mortgage Corp.<sup>(b)</sup> – 0.0%** |
| (RFUCC 1 yr. Treasury + 1.785%) | (RFUCC 1 yr. Treasury + 1.785%) | (RFUCC 1 yr. Treasury + 1.785%) | (RFUCC 1 yr. Treasury + 1.785%) |
| 2169 | 6.535% | 09/01/35 | $2244 |
| **Federal Home Loan Mortgage Corp. – 0.4%** | **Federal Home Loan Mortgage Corp. – 0.4%** | **Federal Home Loan Mortgage Corp. – 0.4%** | **Federal Home Loan Mortgage Corp. – 0.4%** |
| 8200 | 6.000 | 08/01/27 | 8252 |
| 3744 | 5.000 | 08/01/33 | 3813 |
| 619 | 5.000 | 09/01/33 | 630 |
| 961 | 5.000 | 10/01/33 | 979 |
| 887 | 5.000 | 11/01/34 | 903 |
| 37077 | 5.000 | 12/01/34 | 37756 |
| 1245 | 5.000 | 07/01/35 | 1268 |
| 1 | 5.000 | 11/01/35 | 1 |
| 12853 | 5.000 | 03/01/39 | 13088 |
| 1047 | 5.000 | 05/01/39 | 1067 |
| 807 | 5.000 | 08/01/40 | 821 |
| 10708 | 4.000 | 02/01/41 | 10474 |
| 1122 | 5.000 | 06/01/41 | 1140 |
| 280606 | 4.000 | 03/01/48 | 268722 |
| 285071 | 4.000 | 04/01/48 | 272407 |
| 794331 | 4.500 | 08/01/48 | 781616 |
|  |  |  | 1402937 |
| Federal National Mortgage Association – 1.3% | Federal National Mortgage Association – 1.3% | Federal National Mortgage Association – 1.3% | Federal National Mortgage Association – 1.3% |
| 4937252 | 5.500 | 11/01/55 | 4990281 |
| Government National Mortgage Association – 9.3% | Government National Mortgage Association – 9.3% | Government National Mortgage Association – 9.3% | Government National Mortgage Association – 9.3% |
| 6025 | 5.500 | 11/15/32 | 6156 |
| 2594 | 5.500 | 01/15/33 | 2629 |
| 12250 | 5.500 | 02/15/33 | 12555 |
| 11047 | 5.500 | 03/15/33 | 11297 |
| 12978 | 5.500 | 07/15/33 | 13278 |
| 6081 | 5.500 | 08/15/33 | 6202 |
| 2291 | 5.500 | 09/15/33 | 2328 |
| 6395 | 5.500 | 04/15/34 | 6511 |
| 4785 | 5.500 | 05/15/34 | 4865 |
| 52859 | 5.500 | 09/15/34 | 54412 |
| 52437 | 5.500 | 12/15/34 | 53918 |
| 38768 | 5.500 | 01/15/35 | 39949 |
| 149 | 5.500 | 05/15/36 | 151 |
| 1980 | 4.000 | 02/20/41 | 1917 |
| 3176 | 4.000 | 11/20/41 | 3070 |
| 536 | 4.000 | 01/20/42 | 518 |
| 1730 | 4.000 | 04/20/42 | 1672 |
| 1080 | 4.000 | 10/20/42 | 1043 |
| 274039 | 4.000 | 08/20/43 | 264002 |
| 1536 | 4.000 | 03/20/44 | 1479 |
| 1881 | 4.000 | 05/20/44 | 1810 |
| 131343 | 4.000 | 11/20/44 | 126157 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) |
| $| 31781 | 4.000% | 12/20/44 | $| 30526 |
|  | 8644 | 4.000 | 05/20/45 |  | 8296 |
|  | 31294 | 4.000 | 07/20/45 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30012 |
|  | 170643 | 4.000 | 01/20/46 |  | 163508 |
|  | 543814 | 4.500 | 05/20/48 |  | 535391 |
|  | 814713 | 4.500 | 08/20/48 |  | 801586 |
|  | 92415 | 5.000 | 08/20/48 |  | 93333 |
|  | 573415 | 4.500 | 09/20/48 |  | 564175 |
|  | 664594 | 5.000 | 10/20/48 |  | 670784 |
|  | 370198 | 5.000 | 11/20/48 |  | 373646 |
|  | 378961 | 5.000 | 12/20/48 |  | 382254 |
|  | 887620 | 4.500 | 01/20/49 |  | 873041 |
|  | 702422 | 5.000 | 01/20/49 |  | 708086 |
|  | 355272 | 4.000 | 02/20/49 |  | 338290 |
|  | 726172 | 4.500 | 02/20/49 |  | 714017 |
|  | 18504 | 4.500 | 03/20/49 |  | 18200 |
|  | 227991 | 4.000 | 03/20/49 |  | 217093 |
|  | 61113 | 5.000 | 03/20/49 |  | 61644 |
|  | 384782 | 4.000 | 04/20/49 |  | 366028 |
|  | 505528 | 3.000 | 08/20/49 |  | 453949 |
|  | 219347 | 4.500 | 10/20/49 |  | 215813 |
|  | 228448 | 4.500 | 12/20/49 |  | 224695 |
|  | 987839 | 3.000 | 03/20/50 |  | 883955 |
|  | 209949 | 4.000 | 01/20/51 |  | 199520 |
|  | 245688 | 2.500 | 09/20/51 |  | 211141 |
|  | 454396 | 2.500 | 11/20/51 |  | 391211 |
|  | 788607 | 3.000 | 11/20/51 |  | 701278 |
|  | 259170 | 2.500 | 12/20/51 |  | 223132 |
|  | 1422581 | 4.500 | 09/20/52 |  | 1389468 |
|  | 1478701 | 5.000 | 02/20/56 |  | 1475376 |
|  | 3000000 | 2.000 | TBA-30yr<sup>(g)</sup> |  | 2471508 |
|  | 4000000 | 2.500 | TBA-30yr<sup>(g)</sup> |  | 3433991 |
|  | 3000000 | 3.500 | TBA-30yr<sup>(g)</sup> |  | 2736563 |
|  | 2000000 | 5.500 | TBA-30yr<sup>(g)</sup> |  | 2011060 |
|  | 4000000 | 5.000 | TBA-30yr<sup>(g)</sup> |  | 3949954 |
|  | 5000000 | 6.000 | TBA-30yr<sup>(g)</sup> |  | 5082422 |
|  |  |  |  |  | 33620865 |
| Uniform Mortgage-Backed Security – 24.7% | Uniform Mortgage-Backed Security – 24.7% | Uniform Mortgage-Backed Security – 24.7% | Uniform Mortgage-Backed Security – 24.7% | Uniform Mortgage-Backed Security – 24.7% | Uniform Mortgage-Backed Security – 24.7% |
|  | 1719 | 4.500 | 02/01/39 |  | 1716 |
|  | 1433 | 4.500 | 04/01/39 |  | 1428 |
|  | 34457 | 4.500 | 12/01/39 |  | 34364 |
|  | 33304 | 4.500 | 06/01/40 |  | 33238 |
|  | 13018 | 4.500 | 08/01/41 |  | 12954 |
|  | 14801 | 3.000 | 12/01/42 |  | 13790 |
|  | 48510 | 3.000 | 01/01/43 |  | 44996 |
|  | 12121 | 3.000 | 02/01/43 |  | 11260 |
|  | 5042 | 3.000 | 03/01/43 |  | 4707 |
|  | 59578 | 3.000 | 04/01/43 |  | 55007 |
|  | 15132 | 3.000 | 05/01/43 |  | 13922 |
|  | 13282 | 3.000 | 06/01/43 |  | 12223 |
|  | 9471 | 5.000 | 06/01/44 |  | 9603 |
|  | 11270 | 3.500 | 03/01/45 |  | 10535 |
|  | 693425 | 4.500 | 04/01/45 |  | 688643 |
|  | 241005 | 3.000 | 04/01/45 |  | 217880 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **4** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) |
| $— | 81688 | 4.500% | 05/01/45 | $80869 |
|  | 332477 | 4.500 | 06/01/45 | 329355 |
|  | 21483 | 4.000 | 03/01/46 | 20679 |
|  | 26466 | 4.000 | 06/01/46 | 25386 |
|  | 8093 | 4.000 | 08/01/46 | 7763 |
|  | 59745 | 4.000 | 10/01/46 | 57305 |
|  | 47307 | 4.000 | 06/01/47 | 45343 |
|  | 233412 | 4.500 | 07/01/47 | 228813 |
|  | 120181 | 4.500 | 11/01/47 | 117813 |
|  | 146803 | 4.000 | 12/01/47 | 140847 |
|  | 416798 | 4.000 | 01/01/48 | 399626 |
|  | 440066 | 4.000 | 02/01/48 | 422002 |
|  | 315334 | 4.000 | 03/01/48 | 302343 |
|  | 384803 | 4.500 | 05/01/48 | 376018 |
|  | 426141 | 4.000 | 06/01/48 | 408318 |
|  | 205985 | 4.500 | 09/01/48 | 202441 |
|  | 854925 | 5.000 | 11/01/48 | 861500 |
|  | 1355632 | 3.000 | 09/01/49 | 1217695 |
|  | 25372 | 4.500 | 10/01/49 | 24753 |
|  | 725368 | 4.500 | 01/01/50 | 709203 |
|  | 1661582 | 4.000 | 03/01/50 | 1584300 |
|  | 3820055 | 4.500 | 03/01/50 | 3751587 |
|  | 708930 | 2.500 | 09/01/50 | 610626 |
|  | 4925200 | 2.000 | 10/01/50 | 4011890 |
|  | 5525581 | 3.000 | 10/01/50 | 4946790 |
|  | 1716809 | 3.000 | 11/01/50 | 1536757 |
|  | 4921241 | 2.000 | 11/01/50 | 4006946 |
|  | 2003975 | 3.000 | 12/01/50 | 1794433 |
|  | 2367373 | 2.500 | 02/01/51 | 2013137 |
|  | 2665216 | 2.000 | 03/01/51 | 2171920 |
|  | 477873 | 2.000 | 04/01/51 | 388255 |
|  | 9195337 | 2.000 | 05/01/51 | 7469397 |
|  | 3664534 | 2.500 | 05/01/51 | 3133417 |
|  | 826662 | 2.500 | 08/01/51 | 708933 |
|  | 4823973 | 2.500 | 09/01/51 | 4126643 |
|  | 2419280 | 6.000 | 11/01/52 | 2508833 |
|  | 429411 | 6.000 | 12/01/52 | 445467 |
|  | 2320308 | 4.500 | 05/01/53 | 2268788 |
|  | 1809242 | 6.500 | 09/01/53 | 1882726 |
|  | 675497 | 6.500 | 12/01/53 | 710004 |
|  | 1935590 | 6.000 | 01/01/54 | 1977359 |
|  | 2275775 | 6.500 | 06/01/54 | 2395055 |
|  | 1972270 | 6.000 | 08/01/55 | 2022813 |
|  | 3000000 | 2.500 | TBA-30yr<sup>(g)</sup> | 2521875 |
|  | 2000000 | 4.000 | TBA-30yr<sup>(g)</sup> | 1884766 |
|  | 7000000 | 3.500 | TBA-30yr<sup>(g)</sup> | 6413203 |
|  | 5000000 | 4.500 | TBA-30yr<sup>(g)</sup> | 4960547 |
|  | 7000000 | 5.500 | TBA-30yr<sup>(g)</sup> | 7029258 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) |
| $| 3000000 | 6.000% | TBA-30yr<sup>(g)</sup> | $3056953 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89477016 |
|  **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | $129493343 |
|  **TOTAL MORTGAGE-BACKED**<br> **OBLIGATIONS**<br> **(Cost $194,831,663)** | **TOTAL MORTGAGE-BACKED**<br> **OBLIGATIONS**<br> **(Cost $194,831,663)** | **TOTAL MORTGAGE-BACKED**<br> **OBLIGATIONS**<br> **(Cost $194,831,663)** | **TOTAL MORTGAGE-BACKED**<br> **OBLIGATIONS**<br> **(Cost $194,831,663)** | $192338789 |
| Corporate Obligations – 32.6% | Corporate Obligations – 32.6% | Corporate Obligations – 32.6% | Corporate Obligations – 32.6% | Corporate Obligations – 32.6% |
| Advertising<sup>(c)(e)</sup> – 0.1% | Advertising<sup>(c)(e)</sup> – 0.1% | Advertising<sup>(c)(e)</sup> – 0.1% | Advertising<sup>(c)(e)</sup> – 0.1% | Advertising<sup>(c)(e)</sup> – 0.1% |
|  Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. |
|  $ | 510000 | 5.375% | 11/01/33 | $501896 |
| Aerospace & Defense<sup>(c)</sup> – 1.1% | Aerospace & Defense<sup>(c)</sup> – 1.1% | Aerospace & Defense<sup>(c)</sup> – 1.1% | Aerospace & Defense<sup>(c)</sup> – 1.1% | Aerospace & Defense<sup>(c)</sup> – 1.1% |
|  Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
|  | 1400000 | 3.450 | 11/01/28 | 1368136 |
|  | 145000 | 2.950 | 02/01/30 | 136393 |
|  | 1211000 | 5.150 | 05/01/30 | 1229504 |
|  | 457000 | 6.528 | 05/01/34 | 497810 |
|  | 25000 | 3.500 | 03/01/39 | 20100 |
|  | 15000 | 3.375 | 06/15/46 | 10331 |
|  | 386000 | 6.858 | 05/01/54 | 424681 |
|  Moog, Inc. <sup>(e)</sup> | Moog, Inc. <sup>(e)</sup> | Moog, Inc. <sup>(e)</sup> | Moog, Inc. <sup>(e)</sup> | Moog, Inc. <sup>(e)</sup> |
|  | 120000 | 5.500 | 10/15/34 | 120473 |
|  TransDigm, Inc. <sup>(e)</sup> | TransDigm, Inc. <sup>(e)</sup> | TransDigm, Inc. <sup>(e)</sup> | TransDigm, Inc. <sup>(e)</sup> | TransDigm, Inc. <sup>(e)</sup> |
|  | 165000 | 6.125 | 07/31/34 | 162546 |
|  |  |  |  | 3969974 |
| Agriculture<sup>(c)</sup> – 0.5% | Agriculture<sup>(c)</sup> – 0.5% | Agriculture<sup>(c)</sup> – 0.5% | Agriculture<sup>(c)</sup> – 0.5% |  |
|  BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
|  | 1050000 | 6.000 | 02/20/34 | 1109083 |
|  | 835000 | 5.625 | 08/15/35 | 859115 |
|  |  |  |  | 1968198 |
| Airlines<sup>(c)</sup> – 0.1% | Airlines<sup>(c)</sup> – 0.1% | Airlines<sup>(c)</sup> – 0.1% | Airlines<sup>(c)</sup> – 0.1% |  |
|  United Airlines Holdings, Inc. | United Airlines Holdings, Inc. | United Airlines Holdings, Inc. | United Airlines Holdings, Inc. | United Airlines Holdings, Inc. |
|  | 299000 | 5.375 | 03/01/31 | 292835 |
| Automotive<sup>(c)</sup> – 0.7% | Automotive<sup>(c)</sup> – 0.7% | Automotive<sup>(c)</sup> – 0.7% | Automotive<sup>(c)</sup> – 0.7% |  |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  | 500000 | 5.850 | 05/17/27 | 503670 |
|  | 1370000 | 5.420 | 04/09/31 | 1344778 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  | 500000 | 2.350 | 01/08/31 | 445470 |
|  Qnity Electronics, Inc. <sup>(e)</sup> | Qnity Electronics, Inc. <sup>(e)</sup> | Qnity Electronics, Inc. <sup>(e)</sup> | Qnity Electronics, Inc. <sup>(e)</sup> | Qnity Electronics, Inc. <sup>(e)</sup> |
|  | 120000 | 5.750 | 08/15/32 | 120150 |
|  | 80000 | 6.250 | 08/15/33 | 81164 |
|  |  |  |  | 2495232 |
| Banks – 7.3% | Banks – 7.3% | Banks – 7.3% | Banks – 7.3% |  |
|  Banco Mercantil del Norte SA <sup>(b)(c)(e)</sup> (5 yr. CMT + 4.643%) | Banco Mercantil del Norte SA <sup>(b)(c)(e)</sup> (5 yr. CMT + 4.643%) | Banco Mercantil del Norte SA <sup>(b)(c)(e)</sup> (5 yr. CMT + 4.643%) | Banco Mercantil del Norte SA <sup>(b)(c)(e)</sup> (5 yr. CMT + 4.643%) | Banco Mercantil del Norte SA <sup>(b)(c)(e)</sup> (5 yr. CMT + 4.643%) |
|  | 260000 | 5.875 | 01/24/27 | 256922 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  | 600000 | 4.250 | 04/11/27 | 599214 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>5</sub>

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| $| 200000 | 2.749% | 12/03/30 | 179634 |
|  | 600000 | 6.921 | 08/08/33 | 647370 |
|  Bank of America Corp. <sup>(b)(c)</sup> | Bank of America Corp. <sup>(b)(c)</sup> | Bank of America Corp. <sup>(b)(c)</sup> | Bank of America Corp. <sup>(b)(c)</sup> | Bank of America Corp. <sup>(b)(c)</sup> |
| (3 mo. USD Term SOFR + 1.252%) | (3 mo. USD Term SOFR + 1.252%) | (3 mo. USD Term SOFR + 1.252%) | (3 mo. USD Term SOFR + 1.252%) | (3 mo. USD Term SOFR + 1.252%) |
|  | 75000 | 2.496 | 02/13/31 | 69325 |
|  (3 mo. USD Term SOFR + 1.572%) | (3 mo. USD Term SOFR + 1.572%) | (3 mo. USD Term SOFR + 1.572%) | (3 mo. USD Term SOFR + 1.572%) | (3 mo. USD Term SOFR + 1.572%) |
|  | 750000 | 4.271 | 07/23/29 | 746902 |
|  (3 mo. USD Term SOFR + 1.837%) | (3 mo. USD Term SOFR + 1.837%) | (3 mo. USD Term SOFR + 1.837%) | (3 mo. USD Term SOFR + 1.837%) | (3 mo. USD Term SOFR + 1.837%) |
|  | 525000 | 3.824 | 01/20/28 | 522349 |
|  (5 yr. CMT + 1.200%) | (5 yr. CMT + 1.200%) | (5 yr. CMT + 1.200%) | (5 yr. CMT + 1.200%) | (5 yr. CMT + 1.200%) |
|  | 475000 | 2.482 | 09/21/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410338 |
|  (Secured Overnight Financing Rate + 1.130%) | (Secured Overnight Financing Rate + 1.130%) | (Secured Overnight Financing Rate + 1.130%) | (Secured Overnight Financing Rate + 1.130%) | (Secured Overnight Financing Rate + 1.130%) |
|  | 1925000 | 5.045 | 02/06/37 | 1899205 |
|  (Secured Overnight Financing Rate + 1.530%) | (Secured Overnight Financing Rate + 1.530%) | (Secured Overnight Financing Rate + 1.530%) | (Secured Overnight Financing Rate + 1.530%) | (Secured Overnight Financing Rate + 1.530%) |
|  | 600000 | 1.898 | 07/23/31 | 534702 |
|  (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) |
|  | 1600000 | 5.202 | 04/25/29 | 1622704 |
|  (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) |
|  | 275000 | 4.571 | 04/27/33 | 269937 |
|  (Secured Overnight Financing Rate + 2.040%) | (Secured Overnight Financing Rate + 2.040%) | (Secured Overnight Financing Rate + 2.040%) | (Secured Overnight Financing Rate + 2.040%) | (Secured Overnight Financing Rate + 2.040%) |
|  | 550000 | 4.948 | 07/22/28 | 553454 |
|  BPCE SA <sup>(e)</sup> | BPCE SA <sup>(e)</sup> | BPCE SA <sup>(e)</sup> | BPCE SA <sup>(e)</sup> | BPCE SA <sup>(e)</sup> |
|  | 525000 | 4.625 | 09/12/28 | 524842 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  | 125000 | 4.300 | 11/20/26 | 124871 |
|  (5 yr. CMT + 3.001%) | (5 yr. CMT + 3.001%) | (5 yr. CMT + 3.001%) | (5 yr. CMT + 3.001%) | (5 yr. CMT + 3.001%) |
|  | 365000 | 6.625 <sup>(b)(c)</sup> | 02/15/31 | 364967 |
|  (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) |
|  | 550000 | 2.976 <sup>(b)(c)</sup> | 11/05/30 | 519233 |
|  (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) |
|  | 355000 | 6.020 <sup>(b)(c)</sup> | 01/24/36 | 362782 |
|  (Secured Overnight Financing Rate + 2.086%) | (Secured Overnight Financing Rate + 2.086%) | (Secured Overnight Financing Rate + 2.086%) | (Secured Overnight Financing Rate + 2.086%) | (Secured Overnight Financing Rate + 2.086%) |
|  | 800000 | 4.910 <sup>(b)(c)</sup> | 05/24/33 | 796440 |
|  First Horizon Corp. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.766%) | First Horizon Corp. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.766%) | First Horizon Corp. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.766%) | First Horizon Corp. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.766%) | First Horizon Corp. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.766%) |
|  | 330000 | 5.514 | 03/07/31 | 334247 |
|  JPMorgan Chase & Co. <sup>(b)(c)</sup> | JPMorgan Chase & Co. <sup>(b)(c)</sup> | JPMorgan Chase & Co. <sup>(b)(c)</sup> | JPMorgan Chase & Co. <sup>(b)(c)</sup> | JPMorgan Chase & Co. <sup>(b)(c)</sup> |
|  (3 mo. USD Term SOFR + 2.515%) | (3 mo. USD Term SOFR + 2.515%) | (3 mo. USD Term SOFR + 2.515%) | (3 mo. USD Term SOFR + 2.515%) | (3 mo. USD Term SOFR + 2.515%) |
|  | 200000 | 2.956 | 05/13/31 | 186374 |
|  (Secured Overnight Financing Rate + 0.840%) | (Secured Overnight Financing Rate + 0.840%) | (Secured Overnight Financing Rate + 0.840%) | (Secured Overnight Financing Rate + 0.840%) | (Secured Overnight Financing Rate + 0.840%) |
|  | 795000 | 4.347 | 01/22/32 | 783711 |
|  (Secured Overnight Financing Rate + 1.070%) | (Secured Overnight Financing Rate + 1.070%) | (Secured Overnight Financing Rate + 1.070%) | (Secured Overnight Financing Rate + 1.070%) | (Secured Overnight Financing Rate + 1.070%) |
|  | 1085000 | 4.898 | 01/22/37 | 1061434 |
|  (Secured Overnight Financing Rate + 1.300%) | (Secured Overnight Financing Rate + 1.300%) | (Secured Overnight Financing Rate + 1.300%) | (Secured Overnight Financing Rate + 1.300%) | (Secured Overnight Financing Rate + 1.300%) |
|  | 475000 | 5.193 | 02/05/37 | 466374 |
|  (Secured Overnight Financing Rate + 1.680%) | (Secured Overnight Financing Rate + 1.680%) | (Secured Overnight Financing Rate + 1.680%) | (Secured Overnight Financing Rate + 1.680%) | (Secured Overnight Financing Rate + 1.680%) |
|  | 840000 | 5.572 | 04/22/36 | 864108 |
|  M&T Bank Corp. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.260%) | M&T Bank Corp. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.260%) | M&T Bank Corp. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.260%) | M&T Bank Corp. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.260%) | M&T Bank Corp. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.260%) |
|  | 650000 | 6.082 | 03/13/32 | 681050 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  | 174000 | 3.950 | 04/23/27 | 172939 |
|  (3 mo. USD Term SOFR + 1.890%) | (3 mo. USD Term SOFR + 1.890%) | (3 mo. USD Term SOFR + 1.890%) | (3 mo. USD Term SOFR + 1.890%) | (3 mo. USD Term SOFR + 1.890%) |
|  | 200000 | 4.431 <sup>(b)(c)</sup> | 01/23/30 | 198952 |
|  (Secured Overnight Financing Rate + 1.034%) | (Secured Overnight Financing Rate + 1.034%) | (Secured Overnight Financing Rate + 1.034%) | (Secured Overnight Financing Rate + 1.034%) | (Secured Overnight Financing Rate + 1.034%) |
|  | 750000 | 1.794 <sup>(b)(c)</sup> | 02/13/32 | 649755 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| (Secured Overnight Financing Rate + 1.143%) | (Secured Overnight Financing Rate + 1.143%) | (Secured Overnight Financing Rate + 1.143%) | (Secured Overnight Financing Rate + 1.143%) |
| 725000 | 2.699 %<sup>(b)(c)</sup> | 01/22/31 | $673402 |
| (Secured Overnight Financing Rate + 1.184%) | (Secured Overnight Financing Rate + 1.184%) | (Secured Overnight Financing Rate + 1.184%) | (Secured Overnight Financing Rate + 1.184%) |
| 925000 | 5.073 <sup>(b)(c)</sup> | 01/30/37 | 905973 |
| (Secured Overnight Financing Rate + 1.290%) | (Secured Overnight Financing Rate + 1.290%) | (Secured Overnight Financing Rate + 1.290%) | (Secured Overnight Financing Rate + 1.290%) |
| 141000 | 2.943 <sup>(b)(c)</sup> | 01/21/33 | 126731 |
| (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) |
| 1395000 | 5.164 <sup>(b)(c)</sup> | 04/20/29 | 1411042 |
| (Secured Overnight Financing Rate + 1.757%) | (Secured Overnight Financing Rate + 1.757%) | (Secured Overnight Financing Rate + 1.757%) | (Secured Overnight Financing Rate + 1.757%) |
| 310000 | 5.664 <sup>(b)(c)</sup> | 04/17/36 | &nbsp;&nbsp;&nbsp;&nbsp;317335 |
| NatWest Group PLC <sup>(b)(c)</sup> (1 yr. CMT + 1.050%) | NatWest Group PLC <sup>(b)(c)</sup> (1 yr. CMT + 1.050%) | NatWest Group PLC <sup>(b)(c)</sup> (1 yr. CMT + 1.050%) | NatWest Group PLC <sup>(b)(c)</sup> (1 yr. CMT + 1.050%) |
| 200000 | 5.115 | 05/23/31 | 202006 |
| Truist Financial Corp. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.050%) | Truist Financial Corp. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.050%) | Truist Financial Corp. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.050%) | Truist Financial Corp. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.050%) |
| 150000 | 6.047 | 06/08/27 | 150384 |
| U.S. Bancorp <sup>(b)(c)</sup> | U.S. Bancorp <sup>(b)(c)</sup> | U.S. Bancorp <sup>(b)(c)</sup> | U.S. Bancorp <sup>(b)(c)</sup> |
| (5 yr. CMT + 2.541%) | (5 yr. CMT + 2.541%) | (5 yr. CMT + 2.541%) | (5 yr. CMT + 2.541%) |
| 650000 | 3.700 | 01/15/27 | 635661 |
| (Secured Overnight Financing Rate + 1.296%) | (Secured Overnight Financing Rate + 1.296%) | (Secured Overnight Financing Rate + 1.296%) | (Secured Overnight Financing Rate + 1.296%) |
| 890000 | 5.083 | 05/15/31 | 902371 |
| UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
| 307000 | 4.550 | 04/17/26 | 307034 |
| 2025000 | 4.282 <sup>(c)(e)</sup> | 01/09/28 | 2017183 |
| (5 yr. CMT + 4.758%) | (5 yr. CMT + 4.758%) | (5 yr. CMT + 4.758%) | (5 yr. CMT + 4.758%) |
| 200000 | 9.250 <sup>(b)(c)(e)</sup> | 11/13/33 | 225348 |
| (Secured Overnight Financing Rate + 1.760%) | (Secured Overnight Financing Rate + 1.760%) | (Secured Overnight Financing Rate + 1.760%) | (Secured Overnight Financing Rate + 1.760%) |
| 510000 | 5.580 <sup>(b)(c)(e)</sup> | 05/09/36 | 516865 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| 675000 | 3.000 | 10/23/26 | 670228 |
| 600000 | 4.300 | 07/22/27 | 599022 |
| 75000 | 4.150 <sup>(c)</sup> | 01/24/29 | 74568 |
| (Secured Overnight Financing Rate + 1.980%) | (Secured Overnight Financing Rate + 1.980%) | (Secured Overnight Financing Rate + 1.980%) | (Secured Overnight Financing Rate + 1.980%) |
| 400000 | 4.808 <sup>(b)(c)</sup> | 07/25/28 | 401672 |
|  |  |  | 26540960 |
| Beverages<sup>(c)</sup> – 0.7% | Beverages<sup>(c)</sup> – 0.7% | Beverages<sup>(c)</sup> – 0.7% | Beverages<sup>(c)</sup> – 0.7% |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 500000 | 3.600 | 02/15/28 | 492440 |
| 325000 | 2.250 | 08/01/31 | 286647 |
| JDE Peet's NV <sup>(e)</sup> | JDE Peet's NV <sup>(e)</sup> | JDE Peet's NV <sup>(e)</sup> | JDE Peet's NV <sup>(e)</sup> |
| 375000 | 1.375 | 01/15/27 | 365378 |
| Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
| 575000 | 4.597 | 05/25/28 | 574948 |
| 925000 | 2.250 | 03/15/31 | 816599 |
|  |  |  | 2536012 |
| Biotechnology<sup>(c)</sup> – 0.7% | Biotechnology<sup>(c)</sup> – 0.7% | Biotechnology<sup>(c)</sup> – 0.7% | Biotechnology<sup>(c)</sup> – 0.7% |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 1278000 | 5.250 | 03/02/30 | 1312774 |
| CSL Finance PLC <sup>(e)</sup> | CSL Finance PLC <sup>(e)</sup> | CSL Finance PLC <sup>(e)</sup> | CSL Finance PLC <sup>(e)</sup> |
| 100000 | 3.850 | 04/27/27 | 99453 |
| Genmab AS/Genmab Finance LLC <sup>(e)</sup> | Genmab AS/Genmab Finance LLC <sup>(e)</sup> | Genmab AS/Genmab Finance LLC <sup>(e)</sup> | Genmab AS/Genmab Finance LLC <sup>(e)</sup> |
| 495000 | 6.250 | 12/15/32 | 507454 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **6** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Biotechnology<sup>(c)</sup> – (continued) | Biotechnology<sup>(c)</sup> – (continued) | Biotechnology<sup>(c)</sup> – (continued) | Biotechnology<sup>(c)</sup> – (continued) | Biotechnology<sup>(c)</sup> – (continued) |
| Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
| $| 461000 | 5.400% | 09/02/34 | 464813 |
|  |  |  |  | 2384494 |
| Building Materials<sup>(c)</sup> – 0.4% | Building Materials<sup>(c)</sup> – 0.4% | Building Materials<sup>(c)</sup> – 0.4% | Building Materials<sup>(c)</sup> – 0.4% | Building Materials<sup>(c)</sup> – 0.4% |
|  Builders FirstSource, Inc. <sup>(e)</sup> | Builders FirstSource, Inc. <sup>(e)</sup> | Builders FirstSource, Inc. <sup>(e)</sup> | Builders FirstSource, Inc. <sup>(e)</sup> | Builders FirstSource, Inc. <sup>(e)</sup> |
|  | 395000 | 6.750 | 05/15/35 | 395233 |
|  Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
|  | 400000 | 2.700 | 02/15/31 | 367000 |
|  Masco Corp. | Masco Corp. | Masco Corp. | Masco Corp. | Masco Corp. |
|  | 325000 | 1.500 | 02/15/28 | 307671 |
|  Standard Building Solutions, Inc. <sup>(e)</sup> | Standard Building Solutions, Inc. <sup>(e)</sup> | Standard Building Solutions, Inc. <sup>(e)</sup> | Standard Building Solutions, Inc. <sup>(e)</sup> | Standard Building Solutions, Inc. <sup>(e)</sup> |
|  | 513000 | 6.250 | 08/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507819 |
|  |  |  |  | 1577723 |
| Chemicals<sup>(c)</sup> – 0.6% | Chemicals<sup>(c)</sup> – 0.6% | Chemicals<sup>(c)</sup> – 0.6% | Chemicals<sup>(c)</sup> – 0.6% | Chemicals<sup>(c)</sup> – 0.6% |
|  International Flavors & Fragrances, Inc. <sup>(e)</sup> | International Flavors & Fragrances, Inc. <sup>(e)</sup> | International Flavors & Fragrances, Inc. <sup>(e)</sup> | International Flavors & Fragrances, Inc. <sup>(e)</sup> | International Flavors & Fragrances, Inc. <sup>(e)</sup> |
|  | 170000 | 1.832 | 10/15/27 | 163076 |
|  OCP SA | OCP SA | OCP SA | OCP SA | OCP SA |
|  | 420000 | 6.750 <sup>(e)</sup> | 05/02/34 | 437380 |
|  | 360000 | 7.500 | 05/02/54 | 377393 |
|  Sherwin-Williams Co. | Sherwin-Williams Co. | Sherwin-Williams Co. | Sherwin-Williams Co. | Sherwin-Williams Co. |
|  | 500000 | 3.450 | 06/01/27 | 494860 |
|  Solstice Advanced Materials, Inc. <sup>(e)</sup> | Solstice Advanced Materials, Inc. <sup>(e)</sup> | Solstice Advanced Materials, Inc. <sup>(e)</sup> | Solstice Advanced Materials, Inc. <sup>(e)</sup> | Solstice Advanced Materials, Inc. <sup>(e)</sup> |
|  | 355000 | 5.625 | 09/30/33 | 350044 |
|  WR Grace Holdings LLC <sup>(e)</sup> | WR Grace Holdings LLC <sup>(e)</sup> | WR Grace Holdings LLC <sup>(e)</sup> | WR Grace Holdings LLC <sup>(e)</sup> | WR Grace Holdings LLC <sup>(e)</sup> |
|  | 165000 | 7.000 | 08/01/33 | 160765 |
|  |  |  |  | 1983518 |
| Commercial Services – 1.2% | Commercial Services – 1.2% | Commercial Services – 1.2% | Commercial Services – 1.2% | Commercial Services – 1.2% |
|  Ashtead Capital, Inc. <sup>(c)(e)</sup> | Ashtead Capital, Inc. <sup>(c)(e)</sup> | Ashtead Capital, Inc. <sup>(c)(e)</sup> | Ashtead Capital, Inc. <sup>(c)(e)</sup> | Ashtead Capital, Inc. <sup>(c)(e)</sup> |
|  | 301000 | 5.800 | 04/15/34 | 307092 |
|  Block, Inc. <sup>(c)</sup> | Block, Inc. <sup>(c)</sup> | Block, Inc. <sup>(c)</sup> | Block, Inc. <sup>(c)</sup> | Block, Inc. <sup>(c)</sup> |
|  | 225000 | 6.500 | 05/15/32 | 226262 |
|  | 145000 | 6.000 <sup>(e)</sup> | 08/15/33 | 142629 |
|  Brink's Co. <sup>(c)(e)</sup> | Brink's Co. <sup>(c)(e)</sup> | Brink's Co. <sup>(c)(e)</sup> | Brink's Co. <sup>(c)(e)</sup> | Brink's Co. <sup>(c)(e)</sup> |
|  | 70000 | 6.500 | 06/15/29 | 71003 |
|  CompoSecure Holdings LLC <sup>(c)(e)</sup> | CompoSecure Holdings LLC <sup>(c)(e)</sup> | CompoSecure Holdings LLC <sup>(c)(e)</sup> | CompoSecure Holdings LLC <sup>(c)(e)</sup> | CompoSecure Holdings LLC <sup>(c)(e)</sup> |
|  | 505000 | 5.625 | 02/01/33 | 493739 |
|  Cornell University <sup>(c)</sup> | Cornell University <sup>(c)</sup> | Cornell University <sup>(c)</sup> | Cornell University <sup>(c)</sup> | Cornell University <sup>(c)</sup> |
|  | 830000 | 4.733 | 06/15/35 | 822602 |
|  CoStar Group, Inc. <sup>(c)(e)</sup> | CoStar Group, Inc. <sup>(c)(e)</sup> | CoStar Group, Inc. <sup>(c)(e)</sup> | CoStar Group, Inc. <sup>(c)(e)</sup> | CoStar Group, Inc. <sup>(c)(e)</sup> |
|  | 625000 | 2.800 | 07/15/30 | 565332 |
|  DP World Crescent Ltd. <sup>(e)</sup> | DP World Crescent Ltd. <sup>(e)</sup> | DP World Crescent Ltd. <sup>(e)</sup> | DP World Crescent Ltd. <sup>(e)</sup> | DP World Crescent Ltd. <sup>(e)</sup> |
|  | 560000 | 5.500 | 05/08/35 | 547792 |
|  Global Payments, Inc. <sup>(c)</sup> | Global Payments, Inc. <sup>(c)</sup> | Global Payments, Inc. <sup>(c)</sup> | Global Payments, Inc. <sup>(c)</sup> | Global Payments, Inc. <sup>(c)</sup> |
|  | 530000 | 5.550 | 11/15/35 | 509632 |
|  Graham Holdings Co. <sup>(c)(e)</sup> | Graham Holdings Co. <sup>(c)(e)</sup> | Graham Holdings Co. <sup>(c)(e)</sup> | Graham Holdings Co. <sup>(c)(e)</sup> | Graham Holdings Co. <sup>(c)(e)</sup> |
|  | 630000 | 5.625 | 12/01/33 | 615976 |
|  |  |  |  | 4302059 |
| Computers<sup>(c)</sup> – 0.2% | Computers<sup>(c)</sup> – 0.2% | Computers<sup>(c)</sup> – 0.2% | Computers<sup>(c)</sup> – 0.2% | Computers<sup>(c)</sup> – 0.2% |
|  CACI International, Inc. <sup>(e)</sup> | CACI International, Inc. <sup>(e)</sup> | CACI International, Inc. <sup>(e)</sup> | CACI International, Inc. <sup>(e)</sup> | CACI International, Inc. <sup>(e)</sup> |
|  | 515000 | 6.375 | 06/15/33 | 523822 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Computers<sup>(c)</sup> – (continued) | Computers<sup>(c)</sup> – (continued) | Computers<sup>(c)</sup> – (continued) | Computers<sup>(c)</sup> – (continued) | Computers<sup>(c)</sup> – (continued) |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
| $| 75000 | 5.300% | 10/01/29 | 76535 |
|  Seagate Data Storage Technology Pte. Ltd. <sup>(e)</sup> | Seagate Data Storage Technology Pte. Ltd. <sup>(e)</sup> | Seagate Data Storage Technology Pte. Ltd. <sup>(e)</sup> | Seagate Data Storage Technology Pte. Ltd. <sup>(e)</sup> | Seagate Data Storage Technology Pte. Ltd. <sup>(e)</sup> |
|  | 225000 | 5.875 | 07/15/30 | 228818 |
|  |  |  |  | 829175 |
| Diversified Financial Services<sup>(c)</sup> – 1.4% | Diversified Financial Services<sup>(c)</sup> – 1.4% | Diversified Financial Services<sup>(c)</sup> – 1.4% | Diversified Financial Services<sup>(c)</sup> – 1.4% | Diversified Financial Services<sup>(c)</sup> – 1.4% |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  | 675000 | 3.000 | 10/29/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649998 |
|  | 275000 | 3.400 | 10/29/33 | 243073 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |  |
|  | 875000 | 3.750 | 06/01/26 | 872944 |
|  American Express Co. <sup>(b)</sup> (Secured Overnight Financing Rate + 1.237%) | American Express Co. <sup>(b)</sup> (Secured Overnight Financing Rate + 1.237%) | American Express Co. <sup>(b)</sup> (Secured Overnight Financing Rate + 1.237%) | American Express Co. <sup>(b)</sup> (Secured Overnight Financing Rate + 1.237%) | American Express Co. <sup>(b)</sup> (Secured Overnight Financing Rate + 1.237%) |
|  | 595000 | 4.804 | 10/24/36 | 575252 |
|  Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. |
|  | 190000 | 3.625 | 09/01/28 | 187171 |
|  Rocket Cos., Inc. <sup>(e)</sup> | Rocket Cos., Inc. <sup>(e)</sup> | Rocket Cos., Inc. <sup>(e)</sup> | Rocket Cos., Inc. <sup>(e)</sup> |  |
|  | 225000 | 6.125 | 08/01/30 | 227207 |
|  | 255000 | 6.375 | 08/01/33 | 257662 |
|  Stonex Escrow Issuer LLC <sup>(e)</sup> | Stonex Escrow Issuer LLC <sup>(e)</sup> | Stonex Escrow Issuer LLC <sup>(e)</sup> | Stonex Escrow Issuer LLC <sup>(e)</sup> | Stonex Escrow Issuer LLC <sup>(e)</sup> |
|  | 440000 | 6.875 | 07/15/32 | 445777 |
|  Synchrony Financial <sup>(b)</sup> (Secured Overnight Financing Rate + 1.530%) | Synchrony Financial <sup>(b)</sup> (Secured Overnight Financing Rate + 1.530%) | Synchrony Financial <sup>(b)</sup> (Secured Overnight Financing Rate + 1.530%) | Synchrony Financial <sup>(b)</sup> (Secured Overnight Financing Rate + 1.530%) | Synchrony Financial <sup>(b)</sup> (Secured Overnight Financing Rate + 1.530%) |
|  | 510000 | 4.947 | 02/25/32 | 495159 |
|  Takeoff Merger Sub, Inc. <sup>(e)</sup> | Takeoff Merger Sub, Inc. <sup>(e)</sup> | Takeoff Merger Sub, Inc. <sup>(e)</sup> | Takeoff Merger Sub, Inc. <sup>(e)</sup> | Takeoff Merger Sub, Inc. <sup>(e)</sup> |
|  | 650000 | 4.850 | 03/24/31 | 642219 |
|  VFH Parent LLC/Valor Co-Issuer, Inc. <sup>(e)</sup> | VFH Parent LLC/Valor Co-Issuer, Inc. <sup>(e)</sup> | VFH Parent LLC/Valor Co-Issuer, Inc. <sup>(e)</sup> | VFH Parent LLC/Valor Co-Issuer, Inc. <sup>(e)</sup> | VFH Parent LLC/Valor Co-Issuer, Inc. <sup>(e)</sup> |
|  | 460000 | 7.500 | 06/15/31 | 473004 |
|  |  |  |  | 5069466 |
| Electrical<sup>(c)</sup> – 0.5% | Electrical<sup>(c)</sup> – 0.5% | Electrical<sup>(c)</sup> – 0.5% | Electrical<sup>(c)</sup> – 0.5% |  |
|  Ameren Corp. | Ameren Corp. | Ameren Corp. | Ameren Corp. |  |
|  | 125000 | 3.500 | 01/15/31 | 118690 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  | 525000 | 1.900 | 06/15/28 | 498031 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  | 250000 | 2.100 | 08/01/27 | 242245 |
|  | 125000 | 3.300 | 08/01/40 | 93520 |
|  Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |  |
|  | 900000 | 3.350 | 12/01/26 | 894051 |
|  |  |  |  | 1846537 |
| Electrical Components & Equipment<sup>(c)(e)</sup> – 0.1% | Electrical Components & Equipment<sup>(c)(e)</sup> – 0.1% | Electrical Components & Equipment<sup>(c)(e)</sup> – 0.1% | Electrical Components & Equipment<sup>(c)(e)</sup> – 0.1% | Electrical Components & Equipment<sup>(c)(e)</sup> – 0.1% |
|  WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. |
|  | 155000 | 5.250 | 04/15/31 | 154022 |
|  | 220000 | 5.500 | 04/15/34 | 216841 |
|  |  |  |  | 370863 |
| Electronics<sup>(c)</sup> – 0.1% | Electronics<sup>(c)</sup> – 0.1% | Electronics<sup>(c)</sup> – 0.1% | Electronics<sup>(c)</sup> – 0.1% | Electronics<sup>(c)</sup> – 0.1% |
|  Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. |
|  | 256000 | 5.600 | 05/29/34 | 261274 |
|  Atkore, Inc. <sup>(e)</sup> | Atkore, Inc. <sup>(e)</sup> | Atkore, Inc. <sup>(e)</sup> | Atkore, Inc. <sup>(e)</sup> |  |
|  | 15000 | 4.250 | 06/01/31 | 14077 |
|  |  |  |  | 275351 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>7</sub>

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |  |
| Engineering & Construction<sup>(c)</sup> – 0.4% | Engineering & Construction<sup>(c)</sup> – 0.4% | Engineering & Construction<sup>(c)</sup> – 0.4% |  |
| AECOM <sup>(e)</sup> | AECOM <sup>(e)</sup> |  |  |
| 517000 | 6.000% | 08/01/33 | $516555 |
| MasTec, Inc. <sup>(e)</sup> | MasTec, Inc. <sup>(e)</sup> |  |  |
| 610000 | 4.500 | 08/15/28 | 603583 |
| Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust |  |
| 200000 | 4.250 | 10/31/26 | 199370 |
| 250000 | 3.875 <sup>(e)</sup> | 04/30/28 | 243888 |
|  |  |  | 1563396 |
| Environmental<sup>(c)</sup> – 0.0% | Environmental<sup>(c)</sup> – 0.0% |  |  |
| Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. |  |
| 27000 | 4.950 | 07/03/31 | 27606 |
| Food & Drug Retailing<sup>(c)</sup> – 0.7% | Food & Drug Retailing<sup>(c)</sup> – 0.7% | Food & Drug Retailing<sup>(c)</sup> – 0.7% |  |
| J.M. Smucker Co. | J.M. Smucker Co. |  |  |
| 449000 | 5.900 | 11/15/28 | 464401 |
| Mars, Inc. <sup>(e)</sup> | Mars, Inc. <sup>(e)</sup> |  |  |
| 875000 | 4.800 | 03/01/30 | 884135 |
| 775000 | 5.000 | 03/01/32 | 784106 |
| Performance Food Group, Inc. <sup>(e)</sup> | Performance Food Group, Inc. <sup>(e)</sup> | Performance Food Group, Inc. <sup>(e)</sup> |  |
| 485000 | 5.625 | 03/01/34 | 468811 |
| Sysco Corp. | Sysco Corp. |  |  |
| 50000 | 6.600 | 04/01/40 | 53140 |
|  |  |  | 2654593 |
| Gas<sup>(c)</sup> – 0.0% | Gas<sup>(c)</sup> – 0.0% | Gas<sup>(c)</sup> – 0.0% |  |
| NiSource, Inc. | NiSource, Inc. |  |  |
| 100000 | 3.600 | 05/01/30 | 96424 |
| Healthcare Providers & Services<sup>(c)</sup> –2.6% | Healthcare Providers & Services<sup>(c)</sup> –2.6% | Healthcare Providers & Services<sup>(c)</sup> –2.6% |  |
| Adventist Health System | Adventist Health System | Adventist Health System |  |
| 1095000 | 4.742 | 12/01/30 | 1084347 |
| 235000 | 5.757 | 12/01/34 | 241958 |
| Alcon Finance Corp. <sup>(e)</sup> | Alcon Finance Corp. <sup>(e)</sup> | Alcon Finance Corp. <sup>(e)</sup> |  |
| 933000 | 3.000 | 09/23/29 | 886341 |
| Ascension Health | Ascension Health |  |  |
| 485000 | 4.923 | 11/15/35 | 479215 |
| Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. |  |
| 78000 | 1.915 | 02/01/27 | 76218 |
| Cigna Group | Cigna Group |  |  |
| 550000 | 5.125 | 05/15/31 | 561610 |
| CommonSpirit Health | CommonSpirit Health |  |  |
| 290000 | 4.352 | 09/01/30 | 285591 |
| 440000 | 4.975 | 09/01/35 | 429338 |
| 635000 | 3.910 | 10/01/50 | 465593 |
| 610000 | 6.461 | 11/01/52 | 647487 |
| Elevance Health, Inc. | Elevance Health, Inc. |  |  |
| 830000 | 4.600 | 09/15/32 | 816853 |
| HCA, Inc. | HCA, Inc. |  |  |
| 770000 | 5.450 | 04/01/31 | 789512 |
| 685000 | 5.900 | 06/01/53 | 652771 |
| PeaceHealth Obligated Group | PeaceHealth Obligated Group | PeaceHealth Obligated Group |  |
| 335000 | 4.335 | 11/15/28 | 333391 |
| Solventum Corp. | Solventum Corp. |  |  |
| 272000 | 5.400 | 03/01/29 | 278457 |
| 1070000 | 5.600 | 03/23/34 | 1093775 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |  |
| Healthcare Providers & Services<sup>(c)</sup> – (continued) | Healthcare Providers & Services<sup>(c)</sup> – (continued) | Healthcare Providers & Services<sup>(c)</sup> – (continued) | Healthcare Providers & Services<sup>(c)</sup> – (continued) | Healthcare Providers & Services<sup>(c)</sup> – (continued) |
|  STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. |  |
| $| 218000 | 2.700% | 03/15/31 | $197842 |
|  |  |  |  | 9320299 |
| Home Builders<sup>(c)(e)</sup> – 0.1% | Home Builders<sup>(c)(e)</sup> – 0.1% | Home Builders<sup>(c)(e)</sup> – 0.1% | Home Builders<sup>(c)(e)</sup> – 0.1% |  |
|  Installed Building Products, Inc. | Installed Building Products, Inc. | Installed Building Products, Inc. | Installed Building Products, Inc. |  |
|  | 355000 | 5.625 | 02/01/34 | 348518 |
| Insurance – 0.5% | Insurance – 0.5% | Insurance – 0.5% | Insurance – 0.5% |  |
|  Acrisure LLC/Acrisure Finance, Inc. <sup>(c)(e)</sup> | Acrisure LLC/Acrisure Finance, Inc. <sup>(c)(e)</sup> | Acrisure LLC/Acrisure Finance, Inc. <sup>(c)(e)</sup> | Acrisure LLC/Acrisure Finance, Inc. <sup>(c)(e)</sup> |  |
|  | 280000 | 6.750 | 07/01/32 | 269167 |
|  American International Group, Inc. <sup>(c)</sup> | American International Group, Inc. <sup>(c)</sup> | American International Group, Inc. <sup>(c)</sup> | American International Group, Inc. <sup>(c)</sup> |  |
|  | 250000 | 3.400 | 06/30/30 | 238478 |
|  Ardonagh Finco Ltd. <sup>(c)(e)</sup> | Ardonagh Finco Ltd. <sup>(c)(e)</sup> | Ardonagh Finco Ltd. <sup>(c)(e)</sup> | Ardonagh Finco Ltd. <sup>(c)(e)</sup> |  |
|  | 215000 | 7.750 | 02/15/31 | 217199 |
|  Chubb INA Holdings LLC | Chubb INA Holdings LLC | Chubb INA Holdings LLC | Chubb INA Holdings LLC |  |
|  | 342000 | 6.800 | 11/15/31 | 377257 |
|  Pricoa Global Funding I <sup>(e)</sup> | Pricoa Global Funding I <sup>(e)</sup> | Pricoa Global Funding I <sup>(e)</sup> | Pricoa Global Funding I <sup>(e)</sup> |  |
|  | 542000 | 4.750 | 08/26/32 | 534802 |
|  |  |  |  | 1636903 |
| Internet<sup>(c)</sup> – 0.7% | Internet<sup>(c)</sup> – 0.7% | Internet<sup>(c)</sup> – 0.7% |  |  |
|  Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |  |  |
|  | 260000 | 4.625 | 08/01/27 | 260226 |
|  | 200000 | 3.250 | 02/15/30 | 189152 |
|  | 81000 | 2.950 | 03/15/31 | 74243 |
|  Match Group Holdings II LLC <sup>(e)</sup> | Match Group Holdings II LLC <sup>(e)</sup> | Match Group Holdings II LLC <sup>(e)</sup> | Match Group Holdings II LLC <sup>(e)</sup> |  |
|  | 515000 | 6.125 | 09/15/33 | 501260 |
|  Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |  |  |
|  | 545000 | 4.200 | 11/15/30 | 539381 |
|  | 650000 | 4.875 | 11/15/35 | 637527 |
|  Snap, Inc. <sup>(e)</sup> | Snap, Inc. <sup>(e)</sup> | Snap, Inc. <sup>(e)</sup> |  |  |
|  | 339000 | 6.875 | 03/15/34 | 318724 |
|  |  |  |  | 2520513 |
| Iron/Steel<sup>(c)</sup> – 0.2% | Iron/Steel<sup>(c)</sup> – 0.2% | Iron/Steel<sup>(c)</sup> – 0.2% |  |  |
|  Carpenter Technology Corp. <sup>(e)</sup> | Carpenter Technology Corp. <sup>(e)</sup> | Carpenter Technology Corp. <sup>(e)</sup> | Carpenter Technology Corp. <sup>(e)</sup> |  |
|  | 180000 | 5.625 | 03/01/34 | 178375 |
|  Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. |  |  |
|  | 275000 | 1.650 | 10/15/27 | 263986 |
|  Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |  |  |
|  | 200000 | 6.400 | 06/28/54 | 201236 |
|  |  |  |  | 643597 |
| Leisure Time<sup>(c)</sup> – 0.4% | Leisure Time<sup>(c)</sup> – 0.4% | Leisure Time<sup>(c)</sup> – 0.4% |  |  |
|  Acushnet Co. <sup>(e)</sup> | Acushnet Co. <sup>(e)</sup> | Acushnet Co. <sup>(e)</sup> |  |  |
|  | 165000 | 5.625 | 12/01/33 | 164601 |
|  Carnival Corp. <sup>(e)</sup> | Carnival Corp. <sup>(e)</sup> | Carnival Corp. <sup>(e)</sup> |  |  |
|  | 316000 | 5.875 | 06/15/31 | 319849 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |  |
|  | 610000 | 5.250 | 02/27/38 | 579994 |
|  Viking Cruises Ltd. <sup>(e)</sup> | Viking Cruises Ltd. <sup>(e)</sup> | Viking Cruises Ltd. <sup>(e)</sup> |  |  |
|  | 510000 | 5.875 | 10/15/33 | 504451 |
|  |  |  |  | 1568895 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **8** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Lodging<sup>(c)</sup> – 1.0% | Lodging<sup>(c)</sup> – 1.0% | Lodging<sup>(c)</sup> – 1.0% | Lodging<sup>(c)</sup> – 1.0% |
| Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |  |
| 540000 | 3.700% | 01/15/31 | $506504 |
| 262000 | 5.850 | 08/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;263766 |
| Hilton Domestic Operating Co., Inc. <sup>(e)</sup> | Hilton Domestic Operating Co., Inc. <sup>(e)</sup> | Hilton Domestic Operating Co., Inc. <sup>(e)</sup> | Hilton Domestic Operating Co., Inc. <sup>(e)</sup> |
| 350000 | 5.500 | 03/31/34 | 341953 |
| Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
| 630000 | 5.500 | 06/30/34 | 636338 |
| Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
| 230000 | 5.625 | 06/15/28 | 232847 |
| 90000 | 6.000 | 06/14/30 | 92454 |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
| 475000 | 5.000 | 10/15/27 | 479337 |
| 221000 | 4.875 | 05/15/29 | 223382 |
| 400000 | 2.850 | 04/15/31 | 366332 |
| 325000 | 4.500 | 05/01/33 | 313706 |
| Sands China Ltd. | Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
| 200000 | 5.400 | 08/08/28 | 201368 |
| Travel & Leisure Co. <sup>(e)</sup> | Travel & Leisure Co. <sup>(e)</sup> | Travel & Leisure Co. <sup>(e)</sup> | Travel & Leisure Co. <sup>(e)</sup> |
| 94000 | 6.125 | 09/01/33 | 92663 |
|  |  |  | 3750650 |
| **Machinery - Construction & Mining<sup>(c)</sup> – 0.2%** | **Machinery - Construction & Mining<sup>(c)</sup> – 0.2%** | **Machinery - Construction & Mining<sup>(c)</sup> – 0.2%** | **Machinery - Construction & Mining<sup>(c)</sup> – 0.2%** |
| Vertiv Holdings Co. | Vertiv Holdings Co. | Vertiv Holdings Co. | Vertiv Holdings Co. |
| 666000 | 4.850 | 03/15/36 | 647532 |
| **Machinery-Diversified<sup>(c)</sup> – 0.1%** | **Machinery-Diversified<sup>(c)</sup> – 0.1%** | **Machinery-Diversified<sup>(c)</sup> – 0.1%** | **Machinery-Diversified<sup>(c)</sup> – 0.1%** |
| Esab Corp. <sup>(e)</sup> | Esab Corp. <sup>(e)</sup> | Esab Corp. <sup>(e)</sup> | Esab Corp. <sup>(e)</sup> |
| 300000 | 5.625 | 04/01/31 | 302088 |
| Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. |
| 177000 | 5.314 | 06/15/31 | 181653 |
|  |  |  | 483741 |
| **Metal Fabricate & Hardware<sup>(c)(e)</sup> – 0.1%** | **Metal Fabricate & Hardware<sup>(c)(e)</sup> – 0.1%** | **Metal Fabricate & Hardware<sup>(c)(e)</sup> – 0.1%** | **Metal Fabricate & Hardware<sup>(c)(e)</sup> – 0.1%** |
| Advanced Drainage Systems, Inc. | Advanced Drainage Systems, Inc. | Advanced Drainage Systems, Inc. | Advanced Drainage Systems, Inc. |
| 360000 | 5.375 | 03/01/34 | 351104 |
| **Mining<sup>(c)(e)</sup> – 0.2%** | **Mining<sup>(c)(e)</sup> – 0.2%** | **Mining<sup>(c)(e)</sup> – 0.2%** | **Mining<sup>(c)(e)</sup> – 0.2%** |
| Alumina Pty. Ltd. | Alumina Pty. Ltd. | Alumina Pty. Ltd. | Alumina Pty. Ltd. |
| 285000 | 6.125 | 03/15/30 | 291244 |
| 240000 | 6.375 | 09/15/32 | 245645 |
| Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
| 250000 | 2.625 | 09/23/31 | 222673 |
|  |  |  | 759562 |
| **Oil Field Services – 1.0%** | **Oil Field Services – 1.0%** | **Oil Field Services – 1.0%** | **Oil Field Services – 1.0%** |
| Chord Energy Corp. <sup>(c)(e)</sup> | Chord Energy Corp. <sup>(c)(e)</sup> | Chord Energy Corp. <sup>(c)(e)</sup> |  |
| 440000 | 6.000 | 10/01/30 | 444673 |
| CNX Resources Corp. <sup>(c)(e)</sup> | CNX Resources Corp. <sup>(c)(e)</sup> | CNX Resources Corp. <sup>(c)(e)</sup> | CNX Resources Corp. <sup>(c)(e)</sup> |
| 300000 | 5.875 | 03/01/34 | 292011 |
| DBR Land Holdings LLC <sup>(c)(e)</sup> | DBR Land Holdings LLC <sup>(c)(e)</sup> | DBR Land Holdings LLC <sup>(c)(e)</sup> | DBR Land Holdings LLC <sup>(c)(e)</sup> |
| 350000 | 6.250 | 12/01/30 | 354564 |
| Ecopetrol SA <sup>(c)</sup> | Ecopetrol SA <sup>(c)</sup> | Ecopetrol SA <sup>(c)</sup> | Ecopetrol SA <sup>(c)</sup> |
| 90000 | 8.625 | 01/19/29 | 94982 |
| 40000 | 6.875 | 04/29/30 | 40024 |
| 90000 | 7.750 | 02/01/32 | 90990 |
| 110000 | 8.875 | 01/13/33 | 116105 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
|  | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) |
|  EQT Corp. <sup>(c)</sup> | EQT Corp. <sup>(c)</sup> | EQT Corp. <sup>(c)</sup> | EQT Corp. <sup>(c)</sup> | EQT Corp. <sup>(c)</sup> |
| $| 43000 | 3.900% | 10/01/27 | 42597 |
|  | 610000 | 3.625 <sup>(e)</sup> | 05/15/31 | 569581 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  | 278000 | 7.875 | 09/15/31 | 315872 |
|  Petroleos Mexicanos <sup>(c)</sup> | Petroleos Mexicanos <sup>(c)</sup> | Petroleos Mexicanos <sup>(c)</sup> | Petroleos Mexicanos <sup>(c)</sup> | Petroleos Mexicanos <sup>(c)</sup> |
|  | 550000 | 6.840 | 01/23/30 | 551870 |
|  | 280000 | 5.950 | 01/28/31 | 267806 |
|  | 60000 | 6.700 | 02/16/32 | 58725 |
|  Sunoco LP <sup>(c)(e)</sup> | Sunoco LP <sup>(c)(e)</sup> | Sunoco LP <sup>(c)(e)</sup> | Sunoco LP <sup>(c)(e)</sup> | Sunoco LP <sup>(c)(e)</sup> |
|  | 465000 | 5.875 | 03/15/34 | 459945 |
|  |  |  |  | 3699745 |
|  **Packaging<sup>(c)</sup> – 0.1%** | **Packaging<sup>(c)</sup> – 0.1%** | **Packaging<sup>(c)</sup> – 0.1%** | **Packaging<sup>(c)</sup> – 0.1%** | **Packaging<sup>(c)</sup> – 0.1%** |
|  Crown Americas LLC | Crown Americas LLC | Crown Americas LLC | Crown Americas LLC | Crown Americas LLC |
|  | 370000 | 5.875 | 06/01/33 | 370229 |
|  **Pharmaceuticals<sup>(c)</sup> – 0.7%** | **Pharmaceuticals<sup>(c)</sup> – 0.7%** | **Pharmaceuticals<sup>(c)</sup> – 0.7%** | **Pharmaceuticals<sup>(c)</sup> – 0.7%** | **Pharmaceuticals<sup>(c)</sup> – 0.7%** |
|  Amneal Pharmaceuticals LLC <sup>(e)</sup> | Amneal Pharmaceuticals LLC <sup>(e)</sup> | Amneal Pharmaceuticals LLC <sup>(e)</sup> | Amneal Pharmaceuticals LLC <sup>(e)</sup> | Amneal Pharmaceuticals LLC <sup>(e)</sup> |
|  | 234000 | 6.875 | 08/01/32 | 240957 |
|  Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. |
|  | 247000 | 5.125 | 02/15/29 | 251248 |
|  Cigna Group | Cigna Group | Cigna Group | Cigna Group | Cigna Group |
|  | 184000 | 2.400 | 03/15/30 | 169996 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  | 1388000 | 4.780 | 03/25/38 | 1278556 |
|  Opal Bidco SAS <sup>(e)</sup> | Opal Bidco SAS <sup>(e)</sup> | Opal Bidco SAS <sup>(e)</sup> | Opal Bidco SAS <sup>(e)</sup> | Opal Bidco SAS <sup>(e)</sup> |
|  | 345000 | 6.500 | 03/31/32 | 345231 |
|  PRA Health Sciences, Inc. <sup>(e)</sup> | PRA Health Sciences, Inc. <sup>(e)</sup> | PRA Health Sciences, Inc. <sup>(e)</sup> | PRA Health Sciences, Inc. <sup>(e)</sup> | PRA Health Sciences, Inc. <sup>(e)</sup> |
|  | 200000 | 2.875 | 07/15/26 | 198344 |
|  |  |  |  | 2484332 |
|  **Pipelines – 1.0%** | **Pipelines – 1.0%** | **Pipelines – 1.0%** | **Pipelines – 1.0%** | **Pipelines – 1.0%** |
|  Cheniere Energy Partners LP <sup>(c)</sup> | Cheniere Energy Partners LP <sup>(c)</sup> | Cheniere Energy Partners LP <sup>(c)</sup> | Cheniere Energy Partners LP <sup>(c)</sup> | Cheniere Energy Partners LP <sup>(c)</sup> |
|  | 230000 | 5.950 | 06/30/33 | 241238 |
|  DCP Midstream Operating LP <sup>(c)</sup> | DCP Midstream Operating LP <sup>(c)</sup> | DCP Midstream Operating LP <sup>(c)</sup> | DCP Midstream Operating LP <sup>(c)</sup> | DCP Midstream Operating LP <sup>(c)</sup> |
|  | 455000 | 3.250 | 02/15/32 | 414155 |
|  Energy Transfer LP <sup>(c)</sup> | Energy Transfer LP <sup>(c)</sup> | Energy Transfer LP <sup>(c)</sup> | Energy Transfer LP <sup>(c)</sup> | Energy Transfer LP <sup>(c)</sup> |
|  | 725000 | 5.500 | 06/01/27 | 731851 |
|  | 550000 | 5.250 | 04/15/29 | 560389 |
|  | 75000 | 5.400 | 10/01/47 | 66664 |
|  Galaxy Pipeline Assets Bidco Ltd. <sup>(e)</sup> | Galaxy Pipeline Assets Bidco Ltd. <sup>(e)</sup> | Galaxy Pipeline Assets Bidco Ltd. <sup>(e)</sup> | Galaxy Pipeline Assets Bidco Ltd. <sup>(e)</sup> | Galaxy Pipeline Assets Bidco Ltd. <sup>(e)</sup> |
|  | 200000 | 2.625 | 03/31/36 | 169603 |
|  Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
|  | 500 | 7.750 | 01/15/32 | 573 |
|  MPLX LP <sup>(c)</sup> | MPLX LP <sup>(c)</sup> | MPLX LP <sup>(c)</sup> | MPLX LP <sup>(c)</sup> | MPLX LP <sup>(c)</sup> |
|  | 225000 | 4.800 | 02/15/29 | 226915 |
|  Targa Resources Corp. <sup>(c)</sup> | Targa Resources Corp. <sup>(c)</sup> | Targa Resources Corp. <sup>(c)</sup> | Targa Resources Corp. <sup>(c)</sup> | Targa Resources Corp. <sup>(c)</sup> |
|  | 235000 | 4.200 | 02/01/33 | 222759 |
|  Venture Global Plaquemines LNG LLC <sup>(c)(e)</sup> | Venture Global Plaquemines LNG LLC <sup>(c)(e)</sup> | Venture Global Plaquemines LNG LLC <sup>(c)(e)</sup> | Venture Global Plaquemines LNG LLC <sup>(c)(e)</sup> | Venture Global Plaquemines LNG LLC <sup>(c)(e)</sup> |
|  | 205000 | 6.125 | 12/15/30 | 210879 |
|  | 210000 | 6.500 | 06/15/34 | 218507 |
|  Williams Cos., Inc. <sup>(c)</sup> | Williams Cos., Inc. <sup>(c)</sup> | Williams Cos., Inc. <sup>(c)</sup> | Williams Cos., Inc. <sup>(c)</sup> | Williams Cos., Inc. <sup>(c)</sup> |
|  | 425000 | 5.650 | 03/15/33 | 439650 |
|  |  |  |  | 3503183 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>9</sub>

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Real Estate Investment Trust<sup>(c)</sup> – 1.1% | Real Estate Investment Trust<sup>(c)</sup> – 1.1% | Real Estate Investment Trust<sup>(c)</sup> – 1.1% | Real Estate Investment Trust<sup>(c)</sup> – 1.1% |
| Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
| 350000 | 3.375% | 08/15/31 | $322763 |
| American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
| 180000 | 2.375 | 07/15/31 | 158488 |
| CubeSmart LP | CubeSmart LP | CubeSmart LP | CubeSmart LP |
| 90000 | 2.500 | 02/15/32 | 78964 |
| Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
| 224000 | 2.900 | 12/15/31 | 199206 |
| Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
| 300000 | 2.300 | 11/15/28 | 282285 |
| Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
| 397000 | 4.750 | 12/15/28 | 394011 |
| Regency Centers LP | Regency Centers LP | Regency Centers LP | Regency Centers LP |
| 700000 | 2.950 | 09/15/29 | 666638 |
| RHP Hotel Properties LP/RHP Finance Corp. <sup>(e)</sup> | RHP Hotel Properties LP/RHP Finance Corp. <sup>(e)</sup> | RHP Hotel Properties LP/RHP Finance Corp. <sup>(e)</sup> | RHP Hotel Properties LP/RHP Finance Corp. <sup>(e)</sup> |
| 110000 | 6.500 | 06/15/33 | 111928 |
| 140000 | 5.750 | 03/15/34 | 138173 |
| Starwood Property Trust, Inc. <sup>(e)</sup> | Starwood Property Trust, Inc. <sup>(e)</sup> | Starwood Property Trust, Inc. <sup>(e)</sup> | Starwood Property Trust, Inc. <sup>(e)</sup> |
| 255000 | 5.250 | 10/15/28 | 252850 |
| 245000 | 5.750 | 01/15/31 | 242048 |
| VICI Properties LP/VICI Note Co., Inc. <sup>(e)</sup> | VICI Properties LP/VICI Note Co., Inc. <sup>(e)</sup> | VICI Properties LP/VICI Note Co., Inc. <sup>(e)</sup> | VICI Properties LP/VICI Note Co., Inc. <sup>(e)</sup> |
| 590000 | 3.750 | 02/15/27 | 585610 |
| WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
| 425000 | 3.850 | 07/15/29 | 414940 |
|  |  |  | 3847904 |
| **Retailing<sup>(c)</sup> – 0.5%** | **Retailing<sup>(c)</sup> – 0.5%** | **Retailing<sup>(c)</sup> – 0.5%** | **Retailing<sup>(c)</sup> – 0.5%** |
| 1011778 BC ULC/New Red Finance, Inc. <sup>(e)</sup> | 1011778 BC ULC/New Red Finance, Inc. <sup>(e)</sup> | 1011778 BC ULC/New Red Finance, Inc. <sup>(e)</sup> | 1011778 BC ULC/New Red Finance, Inc. <sup>(e)</sup> |
| 185000 | 6.125 | 06/15/29 | 188188 |
| AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
| 450000 | 4.750 | 06/01/30 | 447052 |
| Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
| 425000 | 1.700 | 09/15/28 | 399415 |
| O'Reilly Automotive, Inc. | O'Reilly Automotive, Inc. | O'Reilly Automotive, Inc. | O'Reilly Automotive, Inc. |
| 240000 | 5.100 | 03/12/36 | 236942 |
| QXO Building Products, Inc. <sup>(e)</sup> | QXO Building Products, Inc. <sup>(e)</sup> | QXO Building Products, Inc. <sup>(e)</sup> | QXO Building Products, Inc. <sup>(e)</sup> |
| 440000 | 6.750 | 04/30/32 | 448866 |
|  |  |  | 1720463 |
| **Semiconductors<sup>(c)</sup> – 0.2%** | **Semiconductors<sup>(c)</sup> – 0.2%** | **Semiconductors<sup>(c)</sup> – 0.2%** | **Semiconductors<sup>(c)</sup> – 0.2%** |
| Amkor Technology, Inc. <sup>(e)</sup> | Amkor Technology, Inc. <sup>(e)</sup> | Amkor Technology, Inc. <sup>(e)</sup> | Amkor Technology, Inc. <sup>(e)</sup> |
| 349000 | 5.875 | 10/01/33 | 347580 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 159000 | 5.150 | 02/21/34 | 158548 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
| 275000 | 3.400 | 05/01/30 | 262113 |
|  |  |  | 768241 |
| **Software<sup>(c)</sup> – 3.2%** | **Software<sup>(c)</sup> – 3.2%** | **Software<sup>(c)</sup> – 3.2%** | **Software<sup>(c)</sup> – 3.2%** |
| AppLovin Corp. | AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |
| 226000 | 5.500 | 12/01/34 | 224136 |
| Elastic NV <sup>(e)</sup> | Elastic NV <sup>(e)</sup> | Elastic NV <sup>(e)</sup> | Elastic NV <sup>(e)</sup> |
| 380000 | 4.125 | 07/15/29 | 356539 |
| Electronic Arts, Inc. | Electronic Arts, Inc. | Electronic Arts, Inc. | Electronic Arts, Inc. |
| 287000 | 2.950 | 02/15/51 | 231715 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Software<sup>(c)</sup> – (continued) | Software<sup>(c)</sup> – (continued) | Software<sup>(c)</sup> – (continued) | Software<sup>(c)</sup> – (continued) | Software<sup>(c)</sup> – (continued) |
|  Fair Isaac Corp. <sup>(e)</sup> | Fair Isaac Corp. <sup>(e)</sup> | Fair Isaac Corp. <sup>(e)</sup> | Fair Isaac Corp. <sup>(e)</sup> |  |
| $| 295000 | 6.000% | 05/15/33 | $289439 |
|  | 790000 | 6.250 | 09/15/34 | 776341 |
|  MSCI, Inc. <sup>(e)</sup> | MSCI, Inc. <sup>(e)</sup> | MSCI, Inc. <sup>(e)</sup> | MSCI, Inc. <sup>(e)</sup> |  |
|  | 760000 | 3.875 | 02/15/31 | 719393 |
|  OAK-Eagle Acquireco, Inc. <sup>(e)</sup> | OAK-Eagle Acquireco, Inc. <sup>(e)</sup> | OAK-Eagle Acquireco, Inc. <sup>(e)</sup> | OAK-Eagle Acquireco, Inc. <sup>(e)</sup> | OAK-Eagle Acquireco, Inc. <sup>(e)</sup> |
|  | 100000 | 7.250 | 07/01/33 | 103567 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |  |
|  | 2239000 | 2.950 | 04/01/30 | 2042595 |
|  | 490000 | 2.875 | 03/25/31 | 435439 |
|  | 580000 | 4.800 | 09/26/32 | 551870 |
|  | 510000 | 5.350 | 05/04/33 | 496215 |
|  | 675000 | 5.200 | 09/26/35 | 632630 |
|  | 465000 | 5.700 | 02/04/36 | 447060 |
|  | 390000 | 6.700 | 02/04/56 | 361242 |
|  Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. |  |
|  | 1505000 | 4.900 | 09/15/31 | 1502953 |
|  | 1525000 | 5.550 | 03/15/36 | 1520379 |
|  Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
|  | 360000 | 3.700 | 04/14/27 | 356526 |
|  VMware LLC | VMware LLC | VMware LLC | VMware LLC |  |
|  | 175000 | 1.800 | 08/15/28 | 164759 |
|  Workday, Inc. | Workday, Inc. | Workday, Inc. | Workday, Inc. |  |
|  | 225000 | 3.500 | 04/01/27 | 222995 |
|  | 150000 | 3.800 | 04/01/32 | 139236 |
|  |  |  |  | 11575029 |
|  **Sovereign<sup>(c)(e)</sup> – 0.3%** | **Sovereign<sup>(c)(e)</sup> – 0.3%** | **Sovereign<sup>(c)(e)</sup> – 0.3%** | **Sovereign<sup>(c)(e)</sup> – 0.3%** | **Sovereign<sup>(c)(e)</sup> – 0.3%** |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  | 1060000 | 5.500 | 08/17/30 | 1062650 |
|  **Telecommunication Services – 1.6%** | **Telecommunication Services – 1.6%** | **Telecommunication Services – 1.6%** | **Telecommunication Services – 1.6%** | **Telecommunication Services – 1.6%** |
|  AT&T, Inc. <sup>(c)</sup> | AT&T, Inc. <sup>(c)</sup> | AT&T, Inc. <sup>(c)</sup> | AT&T, Inc. <sup>(c)</sup> |  |
|  | 336000 | 2.300 | 06/01/27 | 328544 |
|  | 100000 | 1.650 | 02/01/28 | 95261 |
|  | 500000 | 2.750 | 06/01/31 | 457000 |
|  Rogers Communications, Inc. <sup>(c)</sup> | Rogers Communications, Inc. <sup>(c)</sup> | Rogers Communications, Inc. <sup>(c)</sup> | Rogers Communications, Inc. <sup>(c)</sup> | Rogers Communications, Inc. <sup>(c)</sup> |
|  | 1215000 | 3.200 | 03/15/27 | 1200128 |
|  SV RNO Property Owner 1 LLC <sup>(c)(e)</sup> | SV RNO Property Owner 1 LLC <sup>(c)(e)</sup> | SV RNO Property Owner 1 LLC <sup>(c)(e)</sup> | SV RNO Property Owner 1 LLC <sup>(c)(e)</sup> | SV RNO Property Owner 1 LLC <sup>(c)(e)</sup> |
|  | 380000 | 5.875 | 03/01/31 | 376569 |
|  T-Mobile USA, Inc. <sup>(c)</sup> | T-Mobile USA, Inc. <sup>(c)</sup> | T-Mobile USA, Inc. <sup>(c)</sup> | T-Mobile USA, Inc. <sup>(c)</sup> |  |
|  | 1000000 | 3.750 | 04/15/27 | 993950 |
|  | 275000 | 2.050 | 02/15/28 | 263769 |
|  | 520000 | 2.875 | 02/15/31 | 478868 |
|  | 350000 | 5.200 | 01/15/33 | 356002 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  | 467000 | 4.329 | 09/21/28 | 467117 |
|  | 975000 | 2.550 <sup>(c)</sup> | 03/21/31 | 885183 |
|  |  |  |  | 5902391 |
| **TOTA L C ORPORATE OBLIGATIONS**<br> **(Cost $119,474,397)** | **TOTA L C ORPORATE OBLIGATIONS**<br> **(Cost $119,474,397)** | **TOTA L C ORPORATE OBLIGATIONS**<br> **(Cost $119,474,397)** | **TOTA L C ORPORATE OBLIGATIONS**<br> **(Cost $119,474,397)** | $118251793 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **10** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Asset-Backed Securities<sup>(c)</sup> – 11.8% | Asset-Backed Securities<sup>(c)</sup> – 11.8% | Asset-Backed Securities<sup>(c)</sup> – 11.8% | Asset-Backed Securities<sup>(c)</sup> – 11.8% |
| Automotive – 0.4% | Automotive – 0.4% | Automotive – 0.4% | Automotive – 0.4% |
| Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 |
| 153027 | 4.670% | 08/15/28 | $153181 |
| Hyundai Auto Lease Securitization Trust Series 2024-B, Class A3<sup>(e)</sup> | Hyundai Auto Lease Securitization Trust Series 2024-B, Class A3<sup>(e)</sup> | Hyundai Auto Lease Securitization Trust Series 2024-B, Class A3<sup>(e)</sup> | Hyundai Auto Lease Securitization Trust Series 2024-B, Class A3<sup>(e)</sup> |
| 678888 | 5.410 | 05/17/27 | 680457 |
| Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 |
| 609970 | 4.740 | 01/16/29 | 611120 |
|  |  |  | 1444758 |
| **Collateralized Loan Obligations<sup>(e)</sup> –9.8%** | **Collateralized Loan Obligations<sup>(e)</sup> –9.8%** | **Collateralized Loan Obligations<sup>(e)</sup> –9.8%** | **Collateralized Loan Obligations<sup>(e)</sup> –9.8%** |
| 1988 CLO 4 Ltd. Series 2024-4A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.100%) | 1988 CLO 4 Ltd. Series 2024-4A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.100%) | 1988 CLO 4 Ltd. Series 2024-4A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.100%) | 1988 CLO 4 Ltd. Series 2024-4A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.100%) |
| 500000 | 5.772 | 04/15/37 | 500000 |
| 1988 CLO 6 Ltd. Series 2025-6A, Class E<sup>(b)</sup> (3 mo. USD Term SOFR + 4.900%) | 1988 CLO 6 Ltd. Series 2025-6A, Class E<sup>(b)</sup> (3 mo. USD Term SOFR + 4.900%) | 1988 CLO 6 Ltd. Series 2025-6A, Class E<sup>(b)</sup> (3 mo. USD Term SOFR + 4.900%) | 1988 CLO 6 Ltd. Series 2025-6A, Class E<sup>(b)</sup> (3 mo. USD Term SOFR + 4.900%) |
| 900000 | 8.572 | 04/15/38 | 863903 |
| Aqueduct European CLO 14 DAC Series 2025-14A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) | Aqueduct European CLO 14 DAC Series 2025-14A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) | Aqueduct European CLO 14 DAC Series 2025-14A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) | Aqueduct European CLO 14 DAC Series 2025-14A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) |
| 400000 | 3.972 | 01/25/39 | 459319 |
| ARES LXV CLO Ltd. Series 2022-65A, Class DR<sup>(b)</sup> (3 mo. USD Term SOFR + 2.950%) | ARES LXV CLO Ltd. Series 2022-65A, Class DR<sup>(b)</sup> (3 mo. USD Term SOFR + 2.950%) | ARES LXV CLO Ltd. Series 2022-65A, Class DR<sup>(b)</sup> (3 mo. USD Term SOFR + 2.950%) | ARES LXV CLO Ltd. Series 2022-65A, Class DR<sup>(b)</sup> (3 mo. USD Term SOFR + 2.950%) |
| 600000 | 6.618 | 07/25/34 | 579925 |
| Arini European CLO IX DAC Series 9A, Class B<sup>(b)</sup> (-1X 3 mo. EUR EURIBOR + 2.000%) | Arini European CLO IX DAC Series 9A, Class B<sup>(b)</sup> (-1X 3 mo. EUR EURIBOR + 2.000%) | Arini European CLO IX DAC Series 9A, Class B<sup>(b)</sup> (-1X 3 mo. EUR EURIBOR + 2.000%) | Arini European CLO IX DAC Series 9A, Class B<sup>(b)</sup> (-1X 3 mo. EUR EURIBOR + 2.000%) |
| 300000 | 0.000 | 04/15/40 | 346755 |
| Arini European CLO VII DAC Series 7A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.800%) | Arini European CLO VII DAC Series 7A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.800%) | Arini European CLO VII DAC Series 7A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.800%) | Arini European CLO VII DAC Series 7A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.800%) |
| 600000 | 3.895 | 01/15/39 | 690160 |
| Arini European CLO VII DAC Series 7A, Class D<sup>(b)</sup> (3 mo. EUR EURIBOR + 2.850%) | Arini European CLO VII DAC Series 7A, Class D<sup>(b)</sup> (3 mo. EUR EURIBOR + 2.850%) | Arini European CLO VII DAC Series 7A, Class D<sup>(b)</sup> (3 mo. EUR EURIBOR + 2.850%) | Arini European CLO VII DAC Series 7A, Class D<sup>(b)</sup> (3 mo. EUR EURIBOR + 2.850%) |
| 600000 | 4.945 | 01/15/39 | 687706 |
| Armada Euro CLO IX DAC Series 9A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) | Armada Euro CLO IX DAC Series 9A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) | Armada Euro CLO IX DAC Series 9A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) | Armada Euro CLO IX DAC Series 9A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) |
| 600000 | 3.934 | 10/30/39 | 690590 |
| Aurium CLO VIII DAC Series 8A, Class CR<sup>(b)</sup> (3 mo. EUR EURIBOR + 2.150%) | Aurium CLO VIII DAC Series 8A, Class CR<sup>(b)</sup> (3 mo. EUR EURIBOR + 2.150%) | Aurium CLO VIII DAC Series 8A, Class CR<sup>(b)</sup> (3 mo. EUR EURIBOR + 2.150%) | Aurium CLO VIII DAC Series 8A, Class CR<sup>(b)</sup> (3 mo. EUR EURIBOR + 2.150%) |
| 600000 | 4.163 | 10/16/38 | 682546 |
| Bain Capital Credit CLO Ltd. Series 2019-3A, Class DRR<sup>(b)</sup> (3 mo. USD Term SOFR + 2.800%) | Bain Capital Credit CLO Ltd. Series 2019-3A, Class DRR<sup>(b)</sup> (3 mo. USD Term SOFR + 2.800%) | Bain Capital Credit CLO Ltd. Series 2019-3A, Class DRR<sup>(b)</sup> (3 mo. USD Term SOFR + 2.800%) | Bain Capital Credit CLO Ltd. Series 2019-3A, Class DRR<sup>(b)</sup> (3 mo. USD Term SOFR + 2.800%) |
| 575000 | 6.470 | 10/21/34 | 553921 |
| Bain Capital Credit CLO Ltd. Series 2019-1A, Class DR3<sup>(b)</sup> (3 mo. USD Term SOFR + 2.700%) | Bain Capital Credit CLO Ltd. Series 2019-1A, Class DR3<sup>(b)</sup> (3 mo. USD Term SOFR + 2.700%) | Bain Capital Credit CLO Ltd. Series 2019-1A, Class DR3<sup>(b)</sup> (3 mo. USD Term SOFR + 2.700%) | Bain Capital Credit CLO Ltd. Series 2019-1A, Class DR3<sup>(b)</sup> (3 mo. USD Term SOFR + 2.700%) |
| 850000 | 6.364 | 04/19/34 | 815853 |
| Barings CLO Ltd. Series 2024-1A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.170%) | Barings CLO Ltd. Series 2024-1A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.170%) | Barings CLO Ltd. Series 2024-1A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.170%) | Barings CLO Ltd. Series 2024-1A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.170%) |
| 1525000 | 4.848 | 01/20/39 | 1520083 |
| Bridgepoint CLO IX DAC Series 9A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.800%) | Bridgepoint CLO IX DAC Series 9A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.800%) | Bridgepoint CLO IX DAC Series 9A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.800%) | Bridgepoint CLO IX DAC Series 9A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.800%) |
| 600000 | 3.914 | 10/15/39 | 692609 |
| Carlyle Global Market Strategies CLO Ltd. Series 2015-4A, Class BR3<sup>(b)</sup> (3 mo. USD Term SOFR + 1.450%) | Carlyle Global Market Strategies CLO Ltd. Series 2015-4A, Class BR3<sup>(b)</sup> (3 mo. USD Term SOFR + 1.450%) | Carlyle Global Market Strategies CLO Ltd. Series 2015-4A, Class BR3<sup>(b)</sup> (3 mo. USD Term SOFR + 1.450%) | Carlyle Global Market Strategies CLO Ltd. Series 2015-4A, Class BR3<sup>(b)</sup> (3 mo. USD Term SOFR + 1.450%) |
| 3825000 | 5.118 | 07/20/32 | 3826997 |
| Carlyle U.S. CLO Ltd. Series 2021-8A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.270%) | Carlyle U.S. CLO Ltd. Series 2021-8A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.270%) | Carlyle U.S. CLO Ltd. Series 2021-8A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.270%) | Carlyle U.S. CLO Ltd. Series 2021-8A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.270%) |
| 1325000 | 4.942 | 10/15/38 | 1325402 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Asset-Backed Securities<sup>(c)</sup> – (continued) | Asset-Backed Securities<sup>(c)</sup> – (continued) | Asset-Backed Securities<sup>(c)</sup> – (continued) | Asset-Backed Securities<sup>(c)</sup> – (continued) |
| Collateralized Loan Obligations<sup>(e)</sup> – (continued) | Collateralized Loan Obligations<sup>(e)</sup> – (continued) | Collateralized Loan Obligations<sup>(e)</sup> – (continued) | Collateralized Loan Obligations<sup>(e)</sup> – (continued) |
| CIFC Funding Ltd. Series 2022-4A, Class DR<sup>(b)</sup> (3 mo. USD Term SOFR + 2.700%) | CIFC Funding Ltd. Series 2022-4A, Class DR<sup>(b)</sup> (3 mo. USD Term SOFR + 2.700%) | CIFC Funding Ltd. Series 2022-4A, Class DR<sup>(b)</sup> (3 mo. USD Term SOFR + 2.700%) | CIFC Funding Ltd. Series 2022-4A, Class DR<sup>(b)</sup> (3 mo. USD Term SOFR + 2.700%) |
| 500000 | 6.371% | 07/16/35 $| 478244 |
| Crown City CLO IV Series 2022-4A, Class C1R<sup>(b)</sup> (3 mo. USD Term SOFR + 4.500%) | Crown City CLO IV Series 2022-4A, Class C1R<sup>(b)</sup> (3 mo. USD Term SOFR + 4.500%) | Crown City CLO IV Series 2022-4A, Class C1R<sup>(b)</sup> (3 mo. USD Term SOFR + 4.500%) | Crown City CLO IV Series 2022-4A, Class C1R<sup>(b)</sup> (3 mo. USD Term SOFR + 4.500%) |
| 650000 | 8.168 | 04/20/37 | 650446 |
| CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.700%) | CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.700%) | CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.700%) | CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.700%) |
| 800000 | 3.726 | 04/20/38 | 915668 |
| Elmwood CLO 35 Ltd. Series 2024-11A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.340%) | Elmwood CLO 35 Ltd. Series 2024-11A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.340%) | Elmwood CLO 35 Ltd. Series 2024-11A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.340%) | Elmwood CLO 35 Ltd. Series 2024-11A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.340%) |
| 2175000 | 5.008 | 10/18/37 | 2176486 |
| Elmwood CLO X Ltd. Series 2021-3A, Class AR2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.300%) | Elmwood CLO X Ltd. Series 2021-3A, Class AR2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.300%) | Elmwood CLO X Ltd. Series 2021-3A, Class AR2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.300%) | Elmwood CLO X Ltd. Series 2021-3A, Class AR2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.300%) |
| 1450000 | 4.968 | 07/20/38 | 1450175 |
| GoldenTree Loan Management U.S. CLO 19 Ltd. Series 2024-19A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.150%) | GoldenTree Loan Management U.S. CLO 19 Ltd. Series 2024-19A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.150%) | GoldenTree Loan Management U.S. CLO 19 Ltd. Series 2024-19A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.150%) | GoldenTree Loan Management U.S. CLO 19 Ltd. Series 2024-19A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.150%) |
| 1275000 | 4.821 | 07/20/39 | 1272447 |
| Harvest CLO XXXVII DAC Series 37A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) | Harvest CLO XXXVII DAC Series 37A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) | Harvest CLO XXXVII DAC Series 37A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) | Harvest CLO XXXVII DAC Series 37A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) |
| 600000 | 3.956 | 01/15/39 | 690037 |
| KKR CLO 57 Ltd. Series 2025-57A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) | KKR CLO 57 Ltd. Series 2025-57A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) | KKR CLO 57 Ltd. Series 2025-57A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) | KKR CLO 57 Ltd. Series 2025-57A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) |
| 2000000 | 5.072 | 07/15/38 | 2005646 |
| Magnetite XXXV Ltd. Series 2022-35A, Class A1RR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.200%) | Magnetite XXXV Ltd. Series 2022-35A, Class A1RR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.200%) | Magnetite XXXV Ltd. Series 2022-35A, Class A1RR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.200%) | Magnetite XXXV Ltd. Series 2022-35A, Class A1RR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.200%) |
| 800000 | 4.919 | 01/25/39 | 798640 |
| Neuberger Berman Loan Advisers CLO 45Ltd. Series 2021-45A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.060%) | Neuberger Berman Loan Advisers CLO 45Ltd. Series 2021-45A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.060%) | Neuberger Berman Loan Advisers CLO 45Ltd. Series 2021-45A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.060%) | Neuberger Berman Loan Advisers CLO 45Ltd. Series 2021-45A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.060%) |
| 460000 | 4.727 | 10/14/36 | 459262 |
| Neuberger Berman Loan Advisers CLO 55 Ltd. Series 2024-55A, Class C<sup>(b)</sup> (3 mo. USD Term SOFR + 2.350%) | Neuberger Berman Loan Advisers CLO 55 Ltd. Series 2024-55A, Class C<sup>(b)</sup> (3 mo. USD Term SOFR + 2.350%) | Neuberger Berman Loan Advisers CLO 55 Ltd. Series 2024-55A, Class C<sup>(b)</sup> (3 mo. USD Term SOFR + 2.350%) | Neuberger Berman Loan Advisers CLO 55 Ltd. Series 2024-55A, Class C<sup>(b)</sup> (3 mo. USD Term SOFR + 2.350%) |
| 720000 | 6.019 | 04/22/38 | 720417 |
| Oaktree CLO Ltd. Series 2023-2A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.350%) | Oaktree CLO Ltd. Series 2023-2A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.350%) | Oaktree CLO Ltd. Series 2023-2A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.350%) | Oaktree CLO Ltd. Series 2023-2A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.350%) |
| 1450000 | 5.018 | 07/20/38 | 1448512 |
| Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.450%) | Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.450%) | Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.450%) | Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.450%) |
| 1700000 | 5.118 | 07/25/38 | 1693166 |
| Palmer Square CLO Ltd. Series 2024-2A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) | Palmer Square CLO Ltd. Series 2024-2A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) | Palmer Square CLO Ltd. Series 2024-2A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) | Palmer Square CLO Ltd. Series 2024-2A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) |
| 1775000 | 5.068 | 07/20/37 | 1776228 |
| Palmer Square CLO Ltd. Series 2024-3A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.350%) | Palmer Square CLO Ltd. Series 2024-3A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.350%) | Palmer Square CLO Ltd. Series 2024-3A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.350%) | Palmer Square CLO Ltd. Series 2024-3A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.350%) |
| 1775000 | 5.018 | 07/20/37 | 1775444 |
| Regatta XVI Funding Ltd. Series 2019-2A, Class A1R2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.190%) | Regatta XVI Funding Ltd. Series 2019-2A, Class A1R2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.190%) | Regatta XVI Funding Ltd. Series 2019-2A, Class A1R2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.190%) | Regatta XVI Funding Ltd. Series 2019-2A, Class A1R2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.190%) |
| 1650000 | 4.841 | 04/15/39 | 1645545 |
| Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A |
| 85866 | 5.750 | 12/20/50 | 84215 |
| Trimaran CAVU Ltd. Series 2021-2A, Class D1R<sup>(b)</sup> (3 mo. USD Term SOFR + 2.500%) | Trimaran CAVU Ltd. Series 2021-2A, Class D1R<sup>(b)</sup> (3 mo. USD Term SOFR + 2.500%) | Trimaran CAVU Ltd. Series 2021-2A, Class D1R<sup>(b)</sup> (3 mo. USD Term SOFR + 2.500%) | Trimaran CAVU Ltd. Series 2021-2A, Class D1R<sup>(b)</sup> (3 mo. USD Term SOFR + 2.500%) |
| 575000 | 6.147 | 10/25/34 | 547251 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>11</sub>

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Asset-Backed Securities<sup>(c)</sup> – (continued) | Asset-Backed Securities<sup>(c)</sup> – (continued) | Asset-Backed Securities<sup>(c)</sup> – (continued) | Asset-Backed Securities<sup>(c)</sup> – (continued) |
| Collateralized Loan Obligations<sup>(e)</sup> – (continued) | Collateralized Loan Obligations<sup>(e)</sup> – (continued) | Collateralized Loan Obligations<sup>(e)</sup> – (continued) | Collateralized Loan Obligations<sup>(e)</sup> – (continued) |
| Wind River CLO Ltd. Series 2021-2A, Class A2R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) | Wind River CLO Ltd. Series 2021-2A, Class A2R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) | Wind River CLO Ltd. Series 2021-2A, Class A2R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) | Wind River CLO Ltd. Series 2021-2A, Class A2R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) |
| 450000 | 5.068% | 07/20/34 | $449171 |
| Wind River CLO Ltd. Series 2021-2A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.600%) | Wind River CLO Ltd. Series 2021-2A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.600%) | Wind River CLO Ltd. Series 2021-2A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.600%) | Wind River CLO Ltd. Series 2021-2A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.600%) |
| 425000 | 5.268 | 07/20/34 | 422542 |
|  |  |  | 35695311 |
| **Credit Card – 0.5%** | **Credit Card – 0.5%** | **Credit Card – 0.5%** | **Credit Card – 0.5%** |
| American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A |
| 1050000 | 4.510 | 04/15/32 | 1060880 |
| Barclays Dryrock Issuance Trust Series 2025-1, Class A | Barclays Dryrock Issuance Trust Series 2025-1, Class A | Barclays Dryrock Issuance Trust Series 2025-1, Class A | Barclays Dryrock Issuance Trust Series 2025-1, Class A |
| 775000 | 3.970 | 07/15/31 | 772209 |
|  |  |  | 1833089 |
| **Home Equity<sup>(b)</sup> – 0.3%** | **Home Equity<sup>(b)</sup> – 0.3%** | **Home Equity<sup>(b)</sup> – 0.3%** | **Home Equity<sup>(b)</sup> – 0.3%** |
| Citigroup Mortgage Loan Trust, Inc. Series 2005-HE4, Class M2 (1 mo. USD Term SOFR + 0.789%) | Citigroup Mortgage Loan Trust, Inc. Series 2005-HE4, Class M2 (1 mo. USD Term SOFR + 0.789%) | Citigroup Mortgage Loan Trust, Inc. Series 2005-HE4, Class M2 (1 mo. USD Term SOFR + 0.789%) | Citigroup Mortgage Loan Trust, Inc. Series 2005-HE4, Class M2 (1 mo. USD Term SOFR + 0.789%) |
| 55212 | 4.468 | 10/25/35 | 54834 |
| Credit Suisse First Boston Mortgage Securities Corp. Series 2001- HE17, Class A1 (1 mo. USD Term SOFR + 0.734%) | Credit Suisse First Boston Mortgage Securities Corp. Series 2001- HE17, Class A1 (1 mo. USD Term SOFR + 0.734%) | Credit Suisse First Boston Mortgage Securities Corp. Series 2001- HE17, Class A1 (1 mo. USD Term SOFR + 0.734%) | Credit Suisse First Boston Mortgage Securities Corp. Series 2001- HE17, Class A1 (1 mo. USD Term SOFR + 0.734%) |
| 245 | 4.413 | 01/25/32 | 238 |
| Home Equity Asset Trust Series 2002-1, Class A4 (1 mo. USD Term SOFR + 0.714%) | Home Equity Asset Trust Series 2002-1, Class A4 (1 mo. USD Term SOFR + 0.714%) | Home Equity Asset Trust Series 2002-1, Class A4 (1 mo. USD Term SOFR + 0.714%) | Home Equity Asset Trust Series 2002-1, Class A4 (1 mo. USD Term SOFR + 0.714%) |
| 257 | 4.393 | 11/25/32 | 241 |
| Home Equity Loan Trust Series 2007-FRE1, Class 2AV3 (1 mo. USD Term SOFR + 0.344%) | Home Equity Loan Trust Series 2007-FRE1, Class 2AV3 (1 mo. USD Term SOFR + 0.344%) | Home Equity Loan Trust Series 2007-FRE1, Class 2AV3 (1 mo. USD Term SOFR + 0.344%) | Home Equity Loan Trust Series 2007-FRE1, Class 2AV3 (1 mo. USD Term SOFR + 0.344%) |
| 265729 | 4.023 | 04/25/37 | 259943 |
| JP Morgan Mortgage Trust Series 2023-HE3, Class A1<sup>(e)</sup> (1 mo. USD Term SOFR + 1.600%) | JP Morgan Mortgage Trust Series 2023-HE3, Class A1<sup>(e)</sup> (1 mo. USD Term SOFR + 1.600%) | JP Morgan Mortgage Trust Series 2023-HE3, Class A1<sup>(e)</sup> (1 mo. USD Term SOFR + 1.600%) | JP Morgan Mortgage Trust Series 2023-HE3, Class A1<sup>(e)</sup> (1 mo. USD Term SOFR + 1.600%) |
| 125913 | 5.273 | 05/20/54 | 126111 |
| Morgan Stanley Mortgage Loan Trust Series 2007-7AX, Class 1A (1 mo. USD Term SOFR + 0.554%) | Morgan Stanley Mortgage Loan Trust Series 2007-7AX, Class 1A (1 mo. USD Term SOFR + 0.554%) | Morgan Stanley Mortgage Loan Trust Series 2007-7AX, Class 1A (1 mo. USD Term SOFR + 0.554%) | Morgan Stanley Mortgage Loan Trust Series 2007-7AX, Class 1A (1 mo. USD Term SOFR + 0.554%) |
| 2288739 | 4.233 | 04/25/37 | 511917 |
|  |  |  | 953284 |
| **Student Loan<sup>(b)</sup> – 0.8%** | **Student Loan<sup>(b)</sup> – 0.8%** | **Student Loan<sup>(b)</sup> – 0.8%** | **Student Loan<sup>(b)</sup> – 0.8%** |
| AccessLex Institute Series 2004-1, Class A2 (3 mo. USD Term SOFR + 0.472%) | AccessLex Institute Series 2004-1, Class A2 (3 mo. USD Term SOFR + 0.472%) | AccessLex Institute Series 2004-1, Class A2 (3 mo. USD Term SOFR + 0.472%) | AccessLex Institute Series 2004-1, Class A2 (3 mo. USD Term SOFR + 0.472%) |
| 158389 | 4.158 | 09/26/33 | 156687 |
| Katayma CLO II Ltd. Series 2024-2A, Class B<sup>(e)</sup> (3 mo. USD Term SOFR + 2.150%) | Katayma CLO II Ltd. Series 2024-2A, Class B<sup>(e)</sup> (3 mo. USD Term SOFR + 2.150%) | Katayma CLO II Ltd. Series 2024-2A, Class B<sup>(e)</sup> (3 mo. USD Term SOFR + 2.150%) | Katayma CLO II Ltd. Series 2024-2A, Class B<sup>(e)</sup> (3 mo. USD Term SOFR + 2.150%) |
| 600000 | 5.818 | 04/20/37 | 600545 |
| Navient Student Loan Trust Series 2017-2A, Class A<sup>(e)</sup> (1 mo. USD Term SOFR + 1.164%) | Navient Student Loan Trust Series 2017-2A, Class A<sup>(e)</sup> (1 mo. USD Term SOFR + 1.164%) | Navient Student Loan Trust Series 2017-2A, Class A<sup>(e)</sup> (1 mo. USD Term SOFR + 1.164%) | Navient Student Loan Trust Series 2017-2A, Class A<sup>(e)</sup> (1 mo. USD Term SOFR + 1.164%) |
| 1839957 | 4.826 | 12/27/66 | 1846864 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Asset-Backed Securities<sup>(c)</sup> – (continued) | Asset-Backed Securities<sup>(c)</sup> – (continued) | Asset-Backed Securities<sup>(c)</sup> – (continued) | Asset-Backed Securities<sup>(c)</sup> – (continued) |
| Student Loan<sup>(b)</sup> – (continued) | Student Loan<sup>(b)</sup> – (continued) | Student Loan<sup>(b)</sup> – (continued) | Student Loan<sup>(b)</sup> – (continued) |
| PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(e)</sup> (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(e)</sup> (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(e)</sup> (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(e)</sup> (1 mo. USD Term SOFR + 1.264%) |
| 342000 | 4.926% | 09/25/65 | $340505 |
|  |  |  | 2944601 |
| **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $43,512,716)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $43,512,716)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $43,512,716)** | $42871043 |
| Sovereign Debt Obligations – 1.5% | Sovereign Debt Obligations – 1.5% | Sovereign Debt Obligations – 1.5% | Sovereign Debt Obligations – 1.5% |
| **Euro – 0.3%** | **Euro – 0.3%** | **Euro – 0.3%** | **Euro – 0.3%** |
| Indonesia Government International Bonds <sup>(c)</sup> | Indonesia Government International Bonds <sup>(c)</sup> | Indonesia Government International Bonds <sup>(c)</sup> | Indonesia Government International Bonds <sup>(c)</sup> |
| 320000 | 4.100% | 03/04/34 | $354848 |
| Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
| 120000 | 4.875 | 01/30/32 | 128715 |
| 130000 | 6.625 | 03/22/48 | 129426 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |  |
| 10000 | 2.875 | 03/11/29 | 11084 |
| 190000 | 3.624 <sup>(e)</sup> | 05/26/30 | 209624 |
| 60000 | 4.625 <sup>(e)</sup> | 03/04/33 | 64713 |
| 26000 | 3.375 | 01/28/50 | 18242 |
|  |  |  | 916652 |
| **United States Dollar – 1.2%** | **United States Dollar – 1.2%** | **United States Dollar – 1.2%** | **United States Dollar – 1.2%** |
| Colombia Government International Bonds <sup>(c)</sup> | Colombia Government International Bonds <sup>(c)</sup> | Colombia Government International Bonds <sup>(c)</sup> | Colombia Government International Bonds <sup>(c)</sup> |
| 240000 | 5.375 | 01/21/29 | 238200 |
| Ecuador Government International Bonds <sup>(e)</sup> | Ecuador Government International Bonds <sup>(e)</sup> | Ecuador Government International Bonds <sup>(e)</sup> | Ecuador Government International Bonds <sup>(e)</sup> |
| 37415 | 0.000 <sup>(h)</sup> | 07/31/30 | 31279 |
| 200000 | 8.750 | 01/29/34 | 196350 |
| Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds |  |
| 350000 | 9.450 | 02/04/33 | 366208 |
| Guatemala Government Bonds <sup>(c)</sup> | Guatemala Government Bonds <sup>(c)</sup> | Guatemala Government Bonds <sup>(c)</sup> |  |
| 480000 | 6.250 | 08/15/36 | 488040 |
| Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |  |
| 400000 | 6.125 | 05/22/28 | 409192 |
| Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
| 200000 | 6.125 | 06/15/33 | 187850 |
| 200000 | 6.750 <sup>(e)</sup> | 02/25/41 | 175000 |
| Mexico Government International Bonds <sup>(c)</sup> | Mexico Government International Bonds <sup>(c)</sup> | Mexico Government International Bonds <sup>(c)</sup> | Mexico Government International Bonds <sup>(c)</sup> |
| 624000 | 3.771 | 05/24/61 | 372216 |
| Nigeria Government International Bonds | Nigeria Government International Bonds | Nigeria Government International Bonds |  |
| 340000 | 7.875 | 02/16/32 | 343485 |
| Panama Government International Bonds <sup>(c)</sup> | Panama Government International Bonds <sup>(c)</sup> | Panama Government International Bonds <sup>(c)</sup> | Panama Government International Bonds <sup>(c)</sup> |
| 200000 | 4.500 | 01/19/63 | 146328 |
| Peru Government International Bonds <sup>(c)</sup> | Peru Government International Bonds <sup>(c)</sup> | Peru Government International Bonds <sup>(c)</sup> |  |
| 20000 | 2.780 | 12/01/60 | 10615 |
| 100000 | 3.230 <sup>(i)</sup> | 07/28/21 | 53350 |
| Republic of Poland Government International Bonds <sup>(c)</sup> | Republic of Poland Government International Bonds <sup>(c)</sup> | Republic of Poland Government International Bonds <sup>(c)</sup> | Republic of Poland Government International Bonds <sup>(c)</sup> |
| 350000 | 5.500 | 03/18/54 | 322452 |
| Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds |
| 280000 | 6.125 <sup>(e)</sup> | 12/11/37 | 259946 |
| 380000 | 6.250 | 03/08/41 | 338200 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |  |
| 70000 | 6.375 | 01/30/34 | 69580 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **12** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) |
| United States Dollar – (continued) | United States Dollar – (continued) | United States Dollar – (continued) | United States Dollar – (continued) |
| State of Israel | State of Israel |  |  |
| 200000 | 3.800% | 05/13/60 | $128632 |
| Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds |  |
| 360000 | 6.800 | 11/04/36 | 339750 |
|  |  |  | 4476673 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS** <br> **(Cost $6,040,369)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS** <br> **(Cost $6,040,369)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS** <br> **(Cost $6,040,369)** | $5393325 |
| Municipal Debt Obligations – 1.0% | Municipal Debt Obligations – 1.0% | Municipal Debt Obligations – 1.0% |  |
| **California – 0.3%** | **California – 0.3%** | **California – 0.3%** | **California – 0.3%** |
| California State GO Bonds Build America Taxable Series 2009<sup>(c)</sup> | California State GO Bonds Build America Taxable Series 2009<sup>(c)</sup> | California State GO Bonds Build America Taxable Series 2009<sup>(c)</sup> | California State GO Bonds Build America Taxable Series 2009<sup>(c)</sup> |
| 210000 | 7.550% | 04/01/39 | $249285 |
| East Bay Municipal Utility District Water System RB Build America Sub Series 2010 | East Bay Municipal Utility District Water System RB Build America Sub Series 2010 | East Bay Municipal Utility District Water System RB Build America Sub Series 2010 | East Bay Municipal Utility District Water System RB Build America Sub Series 2010 |
| 900000 | 5.874 | 06/01/40 | 942565 |
|  |  |  | 1191850 |
| **Illinois – 0.3%** | **Illinois – 0.3%** | **Illinois – 0.3%** | **Illinois – 0.3%** |
| Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 |
| 601044 | 7.350 | 07/01/35 | $643985 |
| Illinois State GO Bonds Taxable-Pension Series 2003 | Illinois State GO Bonds Taxable-Pension Series 2003 | Illinois State GO Bonds Taxable-Pension Series 2003 | Illinois State GO Bonds Taxable-Pension Series 2003 |
| 462451 | 5.100 | 06/01/33 | 471056 |
|  |  |  | 1115041 |
| **Maryland – 0.2%** | **Maryland – 0.2%** | **Maryland – 0.2%** | **Maryland – 0.2%** |
| Maryland Economic Development Corp. RB Taxable Series 2024 | Maryland Economic Development Corp. RB Taxable Series 2024 | Maryland Economic Development Corp. RB Taxable Series 2024 | Maryland Economic Development Corp. RB Taxable Series 2024 |
| 145000 | 5.018 | 11/30/33 | 148295 |
| Maryland Economic Development Corp. RB Taxable Series 2024 (Prince George's County Public Schools Alternative Construction Financing, Package 2 Project) | Maryland Economic Development Corp. RB Taxable Series 2024 (Prince George's County Public Schools Alternative Construction Financing, Package 2 Project) | Maryland Economic Development Corp. RB Taxable Series 2024 (Prince George's County Public Schools Alternative Construction Financing, Package 2 Project) | Maryland Economic Development Corp. RB Taxable Series 2024 (Prince George's County Public Schools Alternative Construction Financing, Package 2 Project) |
| 360000 | 4.968 | 11/30/32 | 368317 |
|  |  |  | 516612 |
| **New York – 0.1%** | **New York – 0.1%** | **New York – 0.1%** | **New York – 0.1%** |
| Metropolitan Transportation Authority RB Taxable Series 2020 C2 | Metropolitan Transportation Authority RB Taxable Series 2020 C2 | Metropolitan Transportation Authority RB Taxable Series 2020 C2 | Metropolitan Transportation Authority RB Taxable Series 2020 C2 |
| 60000 | 5.175 | 11/15/49 | 55980 |
| Port Authority of New York & New Jersey Consolidated Bonds - 192 Series 2015 | Port Authority of New York & New Jersey Consolidated Bonds - 192 Series 2015 | Port Authority of New York & New Jersey Consolidated Bonds - 192 Series 2015 | Port Authority of New York & New Jersey Consolidated Bonds - 192 Series 2015 |
| 375000 | 4.810 | 10/15/65 | 335845 |
|  |  |  | 391825 |
| **Ohio – 0.1%** | **Ohio – 0.1%** | **Ohio – 0.1%** | **Ohio – 0.1%** |
| American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010 | American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010 | American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010 | American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010 |
| 225000 | 6.270 | 02/15/50 | 230463 |
| **TOTAL MUNICIPAL DEBT OBLIGATIONS**<br> **(Cost $3,551,174)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS**<br> **(Cost $3,551,174)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS**<br> **(Cost $3,551,174)** | $3445791 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(j)</sup> – 0.3% | Bank Loans<sup>(j)</sup> – 0.3% | Bank Loans<sup>(j)</sup> – 0.3% |  |
| **Consumer Cyclical Services–0.2%** | **Consumer Cyclical Services–0.2%** | **Consumer Cyclical Services–0.2%** | **Consumer Cyclical Services–0.2%** |
| IRB Holding Corp.<br> (1 mo. USD Term SOFR + 2.500%) | IRB Holding Corp.<br> (1 mo. USD Term SOFR + 2.500%) | IRB Holding Corp.<br> (1 mo. USD Term SOFR + 2.500%) | IRB Holding Corp.<br> (1 mo. USD Term SOFR + 2.500%) |
| 656155 | 6.176% | 12/16/30 | $654173 |
| **Diversified Manufacturing–0.1%** | **Diversified Manufacturing–0.1%** | **Diversified Manufacturing–0.1%** | **Diversified Manufacturing–0.1%** |
| Chart Industries, Inc.<br> (3 mo. USD Term SOFR + 2.500%) | Chart Industries, Inc.<br> (3 mo. USD Term SOFR + 2.500%) | Chart Industries, Inc.<br> (3 mo. USD Term SOFR + 2.500%) | Chart Industries, Inc.<br> (3 mo. USD Term SOFR + 2.500%) |
| 581882 | 6.161 | 03/15/30 | 580608 |
| **TOTAL BANK LOANS**<br> **(Cost $1,243,828)** | **TOTAL BANK LOANS**<br> **(Cost $1,243,828)** | **TOTAL BANK LOANS**<br> **(Cost $1,243,828)** | $1234781 |
| U.S. Treasury Obligations – 8.7% | U.S. Treasury Obligations – 8.7% | U.S. Treasury Obligations – 8.7% |  |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 1500000 | 3.125% | 05/15/48 | $1128516 |
| 1450000 | 3.375 | 11/15/48 | 1136211 |
| 1550000 | 2.875 | 05/15/49 | 1101469 |
| 15000 | 4.250 | 08/15/54 | 13434 |
| U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds |
| 3902512 | 1.500 | 02/15/53 | 2989995 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 3212500 | 3.750 | 04/30/27 | 3211245 |
| 4100000 | 4.625 <sup>(k)</sup> | 04/30/29 | 4192890 |
| 17780000 | 4.250 | 05/15/35 | 17732772 |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $31,840,330)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $31,840,330)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $31,840,330)** | $31506532 |
| **Shares** | **Description** | **Description** | **Value** |
| Exchange Traded Funds<sup>(l)</sup> – 0.1% | Exchange Traded Funds<sup>(l)</sup> – 0.1% | Exchange Traded Funds<sup>(l)</sup> – 0.1% |  |
| 10636 | Goldman Sachs Corporate<br>Bond ETF | Goldman Sachs Corporate<br>Bond ETF | $534459 |
| (Cost $540,778) | (Cost $540,778) | (Cost $540,778) |  |
| **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(l)</sup> – 0.5% | Investment Company<sup>(l)</sup> – 0.5% | Investment Company<sup>(l)</sup> – 0.5% |  |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 1668027 | 3.553% |  | $1668027 |
| (Cost $1,668,027) | (Cost $1,668,027) | (Cost $1,668,027) |  |
| **TOTAL INVESTMENTS – 109.6%**<br> **(Cost $402,703,282)** | **TOTAL INVESTMENTS – 109.6%**<br> **(Cost $402,703,282)** | **TOTAL INVESTMENTS – 109.6%**<br> **(Cost $402,703,282)** | $397244540 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS – (9.6)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (9.6)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (9.6)%** | (34857051) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $362387489 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>13</sub>

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Interest Only Inverse Floaters.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(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 $45,552,100 which represents approximately 12.7% of net assets as of March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;(i) Actual maturity date is July 28, 2121.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on March 31, 2026. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the Secured Overnight Financing Rate ("SOFR"), and secondarily the prime rate offered by one or more major United States banks (the "Prime Rate") and the certificate of deposit ("CD") rate or other base lending rates used by commercial lenders.

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

&nbsp;&nbsp;&nbsp;&nbsp;(l) Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2026, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  JPMorgan Securities, Inc. | AUD | 434382 | USD | 296947 | 04/10/26 | $2717 |
|  | AUD | 419881 | USD | 287556 | 04/22/26 | 2061 |
|  | BRL | 4091182 | USD | 782425 | 04/02/26 | 7118 |
|  | BRL | 6330796 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211711 | 04/08/26 | 8711 |
|  | BRL | 5173576 | USD | 971290 | 06/17/26 | 10383 |
|  | CAD | 2156337 | USD | 1548702 | 04/10/26 | 2082 |
|  | CNH | 14680706 | USD | 2117053 | 04/20/26 | 17805 |
|  | COP | 3013624452 | USD | 809714 | 04/06/26 | 9350 |
|  | COP | 1798278000 | USD | 471000 | 04/10/26 | 17182 |
|  | COP | 1865740330 | USD | 497068 | 06/17/26 | 1719 |
|  | EUR | 258738 | PLN | 1106844 | 04/10/26 | 1048 |
|  | EUR | 2079949 | USD | 2390378 | 04/10/26 | 14890 |
|  | EUR | 1022026 | USD | 1179725 | 05/29/26 | 4880 |
|  | EUR | 4119548 | USD | 4743180 | 06/17/26 | 35354 |
|  | EUR | 2897024 | USD | 3347817 | 06/18/26 | 12775 |
|  | EUR | 1008566 | USD | 1165902 | 06/22/26 | 4249 |
|  | GBP | 219340 | USD | 288421 | 04/10/26 | 1892 |
|  | GBP | 682963 | USD | 900426 | 06/17/26 | 3330 |
|  | HUF | 1652890606 | USD | 4904047 | 06/17/26 | 39973 |
|  | INR | 150349174 | USD | 1588403 | 04/06/26 | 12761 |
|  | INR | 11003792 | USD | 116750 | 04/09/26 | 580 |
|  | INR | 29662901 | USD | 312000 | 05/06/26 | 2480 |
|  | INR | 42702554 | USD | 447922 | 06/17/26 | 1950 |
|  | JPY | 17074791 | USD | 106850 | 04/02/26 | 756 |
|  | JPY | 20638543 | USD | 129178 | 04/06/26 | 932 |
|  | JPY | 64514558 | USD | 408878 | 06/17/26 | 290 |
|  | KRW | 6080488 | USD | 3173 | 04/06/26 | 859 |
|  | KRW | 471936603 | USD | 313440 | 04/13/26 | 400 |
|  | KRW | 1232103204 | USD | 812551 | 04/27/26 | 7117 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **14** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  JPMorgan Securities, Inc. (continued) | KRW | 934592019 | USD | 613592 | 05/04/26 | $8272 |
|  | MXN | 56622257 | USD | 3131421 | 04/09/26 | 25396 |
|  | MXN | 5516706 | USD | 305462 | 04/10/26 | 2081 |
|  | NZD | 1031669 | USD | 591466 | 04/10/26 | 1581 |
|  | NZD | 3207539 | USD | 1839524 | 06/02/26 | 7826 |
|  | NZD | 188787 | USD | 108168 | 06/17/26 | 615 |
|  | SGD | 1991436 | USD | 1544361 | 04/08/26 | 5444 |
|  | TWD | 24367501 | USD | 759964 | 04/02/26 | 2105 |
|  | TWD | 113584020 | USD | 3541753 | 04/13/26 | 6363 |
|  | TWD | 9150571 | USD | 285643 | 04/17/26 | 61 |
|  | TWD | 23570137 | USD | 733783 | 05/04/26 | 832 |
|  | USD | 302934 | AUD | 434344 | 04/10/26 | 3298 |
|  | USD | 2557120 | AUD | 3653483 | 04/22/26 | 37099 |
|  | USD | 1802506 | AUD | 2587464 | 05/26/26 | 18670 |
|  | USD | 2661091 | AUD | 3761986 | 06/17/26 | 68484 |
|  | USD | 3757974 | CAD | 5163197 | 04/10/26 | 44728 |
|  | USD | 2147684 | CAD | 2916852 | 05/26/26 | 45693 |
|  | USD | 6627123 | CAD | 8999004 | 06/17/26 | 136171 |
|  | USD | 2110988 | CHF | 1667784 | 04/09/26 | 23108 |
|  | USD | 2370983 | CHF | 1837626 | 06/17/26 | 53142 |
|  | USD | 266377 | CLP | 243561542 | 06/17/26 | 3249 |
|  | USD | 5211564 | CNH | 35614035 | 06/17/26 | 12831 |
|  | USD | 5787356 | CZK | 121572055 | 06/17/26 | 57023 |
|  | USD | 7665210 | EUR | 6490906 | 04/07/26 | 160249 |
|  | USD | 1324596 | EUR | 1141952 | 04/10/26 | 4033 |
|  | USD | 1899233 | EUR | 1629727 | 04/20/26 | 13624 |
|  | USD | 1080053 | EUR | 907607 | 04/21/26 | 29888 |
|  | USD | 8272330 | EUR | 7115864 | 04/23/26 | 37928 |
|  | USD | 18517320 | EUR | 15661007 | 05/22/26 | 370580 |
|  | USD | 2919946 | EUR | 2505721 | 06/17/26 | 13395 |
|  | USD | 593706 | GBP | 442532 | 04/10/26 | 7981 |
|  | USD | 1379344 | GBP | 1028543 | 06/17/26 | 18288 |
|  | USD | 136998 | GBP | 102561 | 06/18/26 | 1281 |
|  | USD | 3744607 | HUF | 1240635176 | 06/17/26 | 33699 |
|  | USD | 482891 | ILS | 1496237 | 06/17/26 | 5913 |
|  | USD | 1634232 | INR | 150349174 | 04/06/26 | 33068 |
|  | USD | 653499 | INR | 60105546 | 04/09/26 | 12608 |
|  | USD | 87906 | INR | 8220631 | 04/13/26 | 330 |
|  | USD | 311000 | INR | 28792380 | 04/20/26 | 4758 |
|  | USD | 1104130 | INR | 103393604 | 04/23/26 | 5158 |
|  | USD | 352306 | INR | 33008958 | 04/27/26 | 1770 |
|  | USD | 3217759 | INR | 300545620 | 06/17/26 | 51511 |
|  | USD | 111120 | JPY | 17079503 | 04/02/26 | 3484 |
|  | USD | 132327 | JPY | 20648387 | 04/06/26 | 2156 |
|  | USD | 398748 | JPY | 61903589 | 04/13/26 | 8219 |
|  | USD | 346025 | JPY | 54775779 | 04/21/26 | 176 |
|  | USD | 1247490 | JPY | 189475096 | 05/13/26 | 48934 |
|  | USD | 559604 | JPY | 87964753 | 06/17/26 | 1709 |
|  | USD | 409381 | JPY | 64389118 | 06/18/26 | 974 |
|  | USD | 273708 | KRW | 409675785 | 04/03/26 | 4149 |
|  | USD | 5437465 | KRW | 7952433390 | 04/06/26 | 163791 |
|  | USD | 575662 | KRW | 853448365 | 04/13/26 | 8117 |
|  | USD | 605366 | KRW | 904911388 | 04/23/26 | 3432 |
|  | USD | 611564 | KRW | 912269661 | 04/27/26 | 4668 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **15** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  JPMorgan Securities, Inc. (continued) | USD | 3011572 | KRW | 4427110081 | 05/06/26 | $65684 |
|  | USD | 4305027 | KRW | 6422948854 | 06/17/26 | 25752 |
|  | USD | 4840836 | MXN | 85328922 | 04/09/26 | 83561 |
|  | USD | 1056507 | MXN | 18878179 | 04/10/26 | 4095 |
|  | USD | 311311 | MXN | 5513772 | 04/24/26 | 4292 |
|  | USD | 2540525 | MXN | 45516683 | 06/17/26 | 18073 |
|  | USD | 1807804 | NOK | 17469422 | 04/27/26 | 3850 |
|  | USD | 551183 | NOK | 5337403 | 06/17/26 | 327 |
|  | USD | 7154468 | NZD | 11965944 | 04/02/26 | 277791 |
|  | USD | 382063 | NZD | 657066 | 04/14/26 | 4299 |
|  | USD | 2534989 | NZD | 4342221 | 04/16/26 | 38361 |
|  | USD | 4009911 | NZD | 6763604 | 06/17/26 | 112563 |
|  | USD | 327637 | NZD | 552932 | 06/18/26 | 9015 |
|  | USD | 771877 | PHP | 45678281 | 04/13/26 | 18538 |
|  | USD | 2917245 | PLN | 10659040 | 06/17/26 | 46695 |
|  | USD | 5869732 | SEK | 53968158 | 06/03/26 | 150341 |
|  | USD | 3123706 | SEK | 28524494 | 06/17/26 | 98701 |
|  | USD | 2145136 | SGD | 2743623 | 04/08/26 | 9953 |
|  | USD | 939000 | SGD | 1202546 | 04/10/26 | 2991 |
|  | USD | 2721436 | SGD | 3438828 | 06/17/26 | 32156 |
|  | USD | 713082 | TRY | 34486222 | 06/17/26 | 2141 |
|  | USD | 776579 | TWD | 24367501 | 04/02/26 | 14510 |
|  | USD | 3694879 | TWD | 117522137 | 04/07/26 | 21050 |
|  | USD | 318824 | TWD | 10193268 | 04/09/26 | 252 |
|  | USD | 1598917 | TWD | 50649011 | 04/10/26 | 16172 |
|  | USD | 3759695 | TWD | 120005983 | 04/13/26 | 10969 |
|  | USD | 320242 | TWD | 10206126 | 04/20/26 | 1698 |
|  | USD | 1124537 | TWD | 35834449 | 06/17/26 | 9524 |
|  | USD | 1545273 | ZAR | 24971614 | 04/08/26 | 70421 |
|  | USD | 268461 | ZAR | 4325892 | 04/30/26 | 13419 |
|  | USD | 3573493 | ZAR | 58310978 | 06/17/26 | 147779 |
|  | USD | 969726 | ZAR | 16480544 | 06/18/26 | 1587 |
|  | ZAR | 1350975 | USD | 79357 | 04/10/26 | 420 |
|  | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;10268390 | USD | 596826 | 05/29/26 | 7290 |
| TOTAL |  |  |  |  |  | $3169857 |

---

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  JPMorgan Securities, Inc. | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321194 | USD | 918740 | 04/10/26 | $(7301) |
|  | AUD | 4095560 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2866536 | 04/22/26 | (41588) |
|  | AUD | 3303094 | USD | 2320423 | 05/26/26 | (43222) |
|  | AUD | 3639455 | USD | 2554619 | 06/17/26 | (46456) |
|  | BRL | 1478763 | USD | 285558 | 04/02/26 | (177) |
|  | CAD | 2160775 | USD | 1574002 | 04/10/26 | (20026) |
|  | CAD | 2931422 | USD | 2165922 | 05/26/26 | (53432) |
|  | CAD | 6065615 | USD | 4488487 | 06/17/26 | (113380) |
|  | CAD | 3002446 | USD | 2196420 | 06/18/26 | (30672) |
|  | CHF | 1709719 | USD | 2164067 | 04/09/26 | (23689) |
|  | CHF | 1342516 | USD | 1741025 | 06/17/26 | (47676) |
|  | CHF | 582662 | USD | 742219 | 06/18/26 | (7214) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **16** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  JPMorgan Securities, Inc. (continued) | CLP | 297802285 | USD | 335103 | 06/17/26 | $(13376) |
|  | CNH | 50480398 | USD | 7383951 | 06/17/26 | (15111) |
|  | CZK | 104978381 | USD | 5015353 | 06/17/26 | (67167) |
|  | EUR | 7649943 | USD | 9024568 | 04/07/26 | (179497) |
|  | EUR | 1477750 | USD | 1713764 | 04/10/26 | (4883) |
|  | EUR | 1979314 | USD | 2300359 | 04/20/26 | (10274) |
|  | EUR | 2139360 | USD | 2497061 | 04/21/26 | (21673) |
|  | EUR | 5434347 | USD | 6395877 | 04/23/26 | (107307) |
|  | EUR | 10476319 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12378880 | 05/22/26 | (239748) |
|  | EUR | 2075959 | USD | 2411226 | 05/26/26 | (5349) |
|  | EUR | 941539 | USD | 1095000 | 06/17/26 | (2848) |
|  | EUR | 939515 | USD | 1092825 | 06/18/26 | (2973) |
|  | GBP | 216634 | USD | 288877 | 04/10/26 | (2145) |
|  | GBP | 824484 | USD | 1100933 | 05/11/26 | (9728) |
|  | GBP | 1445350 | USD | 1923827 | 06/17/26 | (11215) |
|  | ILS | 1423034 | USD | 459102 | 06/17/26 | (5460) |
|  | INR | 150368468 | USD | 1622702 | 04/06/26 | (21332) |
|  | INR | 49115483 | USD | 529874 | 04/09/26 | (6167) |
|  | INR | 26676198 | USD | 287831 | 04/13/26 | (3647) |
|  | INR | 24168764 | USD | 258739 | 04/27/26 | (2080) |
|  | INR | 301556137 | USD | 3226710 | 06/17/26 | (49815) |
|  | JPY | 96768727 | USD | 610832 | 04/10/26 | (541) |
|  | JPY | 24032239 | USD | 155700 | 04/13/26 | (4088) |
|  | JPY | 6796554 | USD | 43348 | 04/15/26 | (462) |
|  | JPY | 140808508 | USD | 894737 | 06/17/26 | (1692) |
|  | JPY | 57537334 | USD | 366486 | 06/18/26 | (1539) |
|  | KRW | 409155714 | USD | 285594 | 04/03/26 | (16377) |
|  | KRW | 7950557398 | USD | 5424412 | 04/06/26 | (151984) |
|  | KRW | 472112145 | USD | 319193 | 04/09/26 | (5272) |
|  | KRW | 1613623007 | USD | 1083101 | 04/13/26 | (10036) |
|  | KRW | 427146333 | USD | 286329 | 04/16/26 | (2252) |
|  | KRW | 946407217 | USD | 636242 | 04/20/26 | (6758) |
|  | KRW | 457102307 | USD | 306000 | 04/27/26 | (1908) |
|  | KRW | 623375801 | USD | 421379 | 06/10/26 | (6159) |
|  | KRW | 8756926355 | USD | 5926908 | 06/17/26 | (92627) |
|  | MXN | 42851866 | USD | 2459168 | 04/09/26 | (70082) |
|  | MXN | 5512606 | USD | 318493 | 04/24/26 | (11539) |
|  | MXN | 11807296 | USD | 666326 | 05/20/26 | (10454) |
|  | MXN | 8693540 | USD | 485740 | 05/26/26 | (3107) |
|  | MXN | 40216619 | USD | 2249605 | 06/17/26 | (20872) |
|  | MXN | 7187015 | USD | 398900 | 06/18/26 | (641) |
|  | NOK | 18975353 | USD | 1963644 | 04/27/26 | (4182) |
|  | NOK | 3055140 | USD | 317042 | 06/17/26 | (1731) |
|  | NOK | 10130891 | USD | 1046838 | 06/18/26 | (1275) |
|  | NZD | 3736334 | AUD | 3126345 | 04/10/26 | (8937) |
|  | NZD | 11965823 | USD | 7153863 | 04/02/26 | (277258) |
|  | NZD | 2568520 | USD | 1490463 | 04/10/26 | (13969) |
|  | NZD | 868022 | USD | 508688 | 04/14/26 | (9641) |
|  | NZD | 2844306 | USD | 1680985 | 04/16/26 | (45607) |
|  | NZD | 3603669 | USD | 2104543 | 04/30/26 | (31522) |
|  | NZD | 6152032 | USD | 3619179 | 06/17/26 | (74234) |
|  | PHP | 46786000 | USD | 785000 | 04/13/26 | (13392) |
|  | PLN | 10320764 | USD | 2814966 | 06/17/26 | (35516) |
|  | SEK | 53923510 | USD | 5864876 | 06/03/26 | (150217) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **17** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  JPMorgan Securities, Inc. (continued) | SEK | 28237561 | USD | 3086072 | 06/17/26 | $(91497) |
|  | SGD | 3552967 | USD | 2812182 | 06/17/26 | (33641) |
|  | TRY | 49278905 | USD | 1019076 | 06/17/26 | (3181) |
|  | TWD | 24334733 | USD | 768603 | 04/02/26 | (7558) |
|  | TWD | 117526473 | USD | 3716232 | 04/07/26 | (42266) |
|  | TWD | 10189921 | USD | 319193 | 04/09/26 | (727) |
|  | TWD | &nbsp;&nbsp;&nbsp;&nbsp;177227829 | USD | 5585086 | 04/10/26 | (46843) |
|  | TWD | 9150694 | USD | 287081 | 04/13/26 | (1233) |
|  | TWD | 9785574 | USD | 306086 | 04/20/26 | (667) |
|  | TWD | 37031469 | USD | 1161225 | 05/18/26 | (7812) |
|  | TWD | 36272624 | USD | 1139573 | 06/17/26 | (10927) |
|  | USD | 922911 | AUD | 1347315 | 05/26/26 | (5948) |
|  | USD | 1065506 | BRL | 5573174 | 04/02/26 | (10042) |
|  | USD | 1204191 | BRL | 6334261 | 04/08/26 | (16898) |
|  | USD | 353446 | BRL | 1870922 | 05/05/26 | (5204) |
|  | USD | 618807 | BRL | 3295378 | 06/17/26 | (6482) |
|  | USD | 1682714 | CNH | 11612639 | 04/10/26 | (4632) |
|  | USD | 2062434 | CNH | 14250597 | 04/20/26 | (9877) |
|  | USD | 1565000 | CNH | 10743925 | 06/17/26 | (3337) |
|  | USD | 789000 | COP | 3020292000 | 04/06/26 | (31877) |
|  | USD | 493714 | COP | 1826994852 | 04/10/26 | (2264) |
|  | USD | 499684 | COP | 1880835899 | 06/17/26 | (3139) |
|  | USD | 1806991 | EUR | 1568844 | 04/10/26 | (7232) |
|  | USD | 979503 | EUR | 854342 | 04/23/26 | (9133) |
|  | USD | 5545913 | EUR | 4815173 | 06/17/26 | (39522) |
|  | USD | 2245307 | EUR | 1948256 | 06/18/26 | (14699) |
|  | USD | 900426 | GBP | 682966 | 06/18/26 | (3329) |
|  | USD | 1316285 | HUF | 449089236 | 06/18/26 | (26917) |
|  | USD | 1588607 | INR | 150368468 | 04/06/26 | (12762) |
|  | USD | 751891 | INR | 71167515 | 05/06/26 | (2611) |
|  | USD | 236028 | JPY | 37694461 | 04/10/26 | (1700) |
|  | USD | 626000 | JPY | 98903868 | 06/17/26 | (1274) |
|  | USD | 97878 | JPY | 15471748 | 06/18/26 | (256) |
|  | USD | 313440 | KRW | 471989887 | 04/09/26 | (401) |
|  | USD | 812551 | KRW | 1232558233 | 04/13/26 | (7104) |
|  | USD | 314000 | KRW | 473493160 | 05/04/26 | (1055) |
|  | USD | 312000 | NOK | 3036446 | 06/17/26 | (1382) |
|  | USD | 3611086 | NZD | 6304271 | 04/30/26 | (15464) |
|  | USD | 1539572 | SGD | 1983630 | 04/10/26 | (4400) |
|  | USD | 758943 | TWD | 24334733 | 04/02/26 | (2102) |
|  | USD | 3947570 | TWD | 126582786 | 04/10/26 | (8051) |
|  | USD | 1037312 | TWD | 33432554 | 05/18/26 | (4006) |
|  | USD | 733783 | TWD | 23610862 | 06/17/26 | (884) |
|  | USD | 818324 | ZAR | 14109536 | 05/18/26 | (12442) |
|  | ZAR | 25216121 | USD | 1561370 | 04/08/26 | (72077) |
|  | ZAR | 8187075 | USD | 493123 | 05/18/26 | (11070) |
|  | ZAR | 72670334 | USD | 4373197 | 06/17/26 | (103884) |
| TOTAL |  |  |  |  |  | $(3012308) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **18** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD SALES CONTRACTS — At March 31, 2026, the Fund had the following forward sales contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date<sup>(a)</sup>** | **Settlement<br>Date** | **Principal<br>Amount** | **Value** |
|  Government National Mortgage Association | 4.500% | TBA - 30yr | 04/21/26 | $(3000000) | $(2893397) |
|  Government National Mortgage Association | 3.000 | TBA - 30yr | 04/21/26 | (2000000) | (1783546) |
|  Government National Mortgage Association | 5.000 | TBA - 30yr | 04/21/26 | (4000000) | (3958079) |
|  Uniform Mortgage-Backed Security | 5.000 | TBA - 30yr | 04/13/26 | (6000000) | (5913985) |
|  Uniform Mortgage-Backed Security | 3.000 | TBA - 30yr | 04/13/26 | (6000000) | (5272969) |
|  Uniform Mortgage-Backed Security | 2.000 | TBA - 30yr | 04/13/26 | (6000000) | (4822265) |
|  Uniform Mortgage-Backed Security | 4.500 | TBA - 30yr | 05/13/26 | (6000000) | (5779922) |
|  Uniform Mortgage-Backed Security | 6.500 | TBA - 30yr | 04/13/26 | (3000000) | (3102656) |
|  **(PROCEEDS RECEIVED: $(34046465))** |  |  |  |  | $(33526819) |

---

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

FUTURES CONTRACTS — At March 31, 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | 86 | 06/18/26 | $9550031 | $1730 |
|  2 Year U.S. Treasury Notes | 189 | 06/30/26 | 39207164 | (284793) |
|  20 Year U.S. Treasury Bonds | 209 | 06/18/26 | 23799875 | (574178) |
|  5 Year U.S. Treasury Notes | 406 | 06/30/26 | 43920953 | (415539) |
|  Euro-Schatz | 119 | 06/08/26 | 14545508 | (49054) |
|  ICE 3M Sonia Bonds | 193 | 03/16/27 | 61079264 | (347724) |
|  Ultra Long U.S. Treasury Bonds | 159 | 06/18/26 | 18533438 | (539752) |
|  **Total** |  |  |  | $(2209310) |
|  **Short position contracts:** |  |  |  |  |
|  Ultra 10-Year U.S. Treasury Notes | (106) | 06/18/26 | (12032656) | 215648 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $(1993662) |

---

SWAP CONTRACTS — At March 31, 2026, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Termination<br>Date** | **Notional**<br> **Amount**<br> (000s) | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3.062%<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 08/31/27 | $7550 <sup>(b)</sup> | $43781 | $2722 | $41059 |
| 1.250<sup>(a)</sup><br> 12M JYOR<sup>(a)</sup> | 12/15/27 | 5164770 <sup>(b)</sup> | 79168 | 11268 | 67900 |
| 3.175<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 03/15/28 | $21450 <sup>(b)</sup> | 148289 | 8956 | 139333 |
| 2.500<sup>(d)</sup><br> 12M CDOR<sup>(d)</sup> | 06/17/28 | 1980 <sup>(b)</sup> | 8474 | 985 | 7489 |
| 2.750<sup>(d)</sup><br> 12M CDOR<sup>(d)</sup> | 06/17/28 | 3030 <sup>(b)</sup> | 2450 | 8687 | (6237) |
| 2.000<sup>(c)</sup><br> 12M EURO<sup>(c)</sup> | 06/17/28 | 140 <sup>(b)</sup> | 1929 | 2465 | (536) |
| 4.000<sup>(c)</sup><br> 12M GBP<sup>(c)</sup> | 06/17/28 | 1310 <sup>(b)</sup> | 7428 | (10849) | 18277 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **19** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Termination<br>Date** | **Notional**<br> **Amount**<br> (000s) | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3.000%<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 06/17/28 | $16740 <sup>(b)</sup> | $189421 | $118648 | $70773 |
| 3.250<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 06/17/28 | 3520 <sup>(b)</sup> | 22970 | 11731 | 11239 |
|  12M SOFR<sup>(c)</sup><br> 3.000%<sup>(c)</sup> | 06/17/28 | 750 <sup>(b)</sup> | (8487) | (2743) | (5744) |
|  12M GBP<sup>(c)</sup><br> 3.750<sup>(c)</sup> | 06/17/28 | 14720 <sup>(b)</sup> | (174624) | (69430) | (105194) |
| 4.500<sup>(e)</sup><br> 3M AUDOR<sup>(e)</sup> | 06/17/28 | 6100 <sup>(b)</sup> | 14566 | 222 | 14344 |
| 2.250<sup>(d)</sup><br> 6M EURO<sup>(d)</sup> | 06/17/28 | 4710 <sup>(b)</sup> | 67150 | (2634) | 69784 |
| 2.500<sup>(d)</sup><br> 6M EURO<sup>(d)</sup> | 06/17/28 | 2160 <sup>(b)</sup> | 18810 | (2194) | 21004 |
|  12M EURO<sup>(a)</sup><br> 2.000<sup>(a)</sup> | 09/10/28 | 86624 <sup>(b)</sup> | (564850) | (75443) | (489407) |
| 2.500<sup>(d)</sup><br> 6M EURO<sup>(d)</sup> | 09/10/28 | 86624 <sup>(b)</sup> | 350995 | (188024) | 539019 |
|  Mexico Interbank TIIE 28 Days<sup>(f)</sup><br> 7.250<sup>(f)</sup> | 09/14/28 | 25470 <sup>(b)</sup> | (18008) | (6466) | (11542) |
| 6.000<sup>(d)</sup><br> 12M MIBOR<sup>(d)</sup> | 09/16/28 | 221360 <sup>(b)</sup> | 29658 | 10746 | 18912 |
| 1.250<sup>(e)</sup><br> 12M STIBOR<sup>(e)</sup> | 09/16/28 | 16240 <sup>(b)</sup> | 2667 | 576 | 2091 |
| 3.500<sup>(e)</sup><br> 3M KWCDC<sup>(e)</sup> | 09/16/28 | 4016490 <sup>(b)</sup> | 15527 | (1891) | 17418 |
|  6M PRIBOR<sup>(c)</sup><br> 4.000<sup>(c)</sup> | 09/16/28 | 40870 <sup>(b)</sup> | (14281) | (5539) | (8742) |
|  12M CLICP<sup>(d)</sup><br> 4.750<sup>(d)</sup> | 09/16/28 | 590280 <sup>(b)</sup> | (3479) | (47) | (3432) |
|  6M BUBOR<sup>(c)</sup><br> 6.250<sup>(c)</sup> | 09/16/28 | 111060 <sup>(b)</sup> | (6443) | (6566) | 123 |
|  3M JIBAR<sup>(e)</sup><br> 6.750<sup>(e)</sup> | 09/16/28 | 27470 <sup>(b)</sup> | (21921) | (8921) | (13000) |
| 3.750<sup>(d)</sup><br> 6M WIBOR<sup>(d)</sup> | 09/16/28 | 4820 <sup>(b)</sup> | 19190 | 18686 | 504 |
|  1M BID Average<sup>(c)</sup><br> 13.250<sup>(c)</sup> | 01/02/29 | 16080 | (51045) | (18414) | (32631) |
| 13.250<sup>(c)</sup><br> 1M BID Average<sup>(c)</sup> | 01/02/29 | 5250 | 16666 | (3691) | 20357 |
|  12M JYOR<sup>(c)</sup><br> 1.771<sup>(c)</sup> | 01/26/30 | 167890 <sup>(b)</sup> | (3311) | (4575) | 1264 |
| 3.298<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 08/31/30 | $16650 <sup>(b)</sup> | 188454 | 111910 | 76544 |
|  1M BID Average<sup>(c)</sup><br> 12.750<sup>(c)</sup> | 01/02/31 | 3890 | (18657) | (8589) | (10068) |
| 12.750<sup>(a)</sup><br> 1M BID Average<sup>(a)</sup> | 01/02/31 | 1800 | 8633 | 4912 | 3721 |
| 1.250<sup>(c)</sup><br> 12M JYOR<sup>(c)</sup> | 06/17/31 | 7339000 <sup>(b)</sup> | 1228474 | 848376 | 380098 |
|  6M EURO<sup>(c)</sup><br> 2.500<sup>(c)</sup> | 06/17/31 | 11960 <sup>(b)</sup> | (262881) | (38636) | (224245) |
|  3M NZDOR<sup>(d)</sup><br> 3.750<sup>(d)</sup> | 06/17/31 | 16910 <sup>(b)</sup> | (129069) | (16761) | (112308) |
|  12M GBP<sup>(c)</sup><br> 4.000<sup>(c)</sup> | 06/17/31 | 5730 <sup>(b)</sup> | (59845) | 61749 | (121594) |
|  6M AUDOR<sup>(d)</sup><br> 4.750<sup>(d)</sup> | 06/17/31 | 13780 <sup>(b)</sup> | (58273) | (11052) | (47221) |
| 2.500<sup>(d)</sup><br> 6M EURO<sup>(d)</sup> | 06/17/31 | 750 <sup>(b)</sup> | 16485 | (2906) | 19391 |
|  12M SOFR<sup>(c)</sup><br> 3.379<sup>(c)</sup> | 08/31/31 | $10790 <sup>(b)</sup> | (122535) | (26877) | (95658) |
|  Mexico Interbank TIIE 28 Days<sup>(f)</sup><br> 7.750<sup>(f)</sup> | 09/11/31 | 13160 <sup>(b)</sup> | (16795) | (6329) | (10466) |
|  12M THOR<sup>(e)</sup><br> 1.500<sup>(e)</sup> | 09/16/31 | 860 <sup>(b)</sup> | (412) | (155) | (257) |
|  3M JIBAR<sup>(e)</sup><br> 7.000<sup>(e)</sup> | 09/16/31 | 6170 <sup>(b)</sup> | (12355) | (5907) | (6448) |
| 2.000<sup>(c)</sup><br> 12M JYOR<sup>(c)</sup> | 01/11/33 | 568742 <sup>(b)</sup> | 20434 | (62399) | 82833 |
| 3.407<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 01/31/33 | $14090 <sup>(b)</sup> | 246716 | 1982 | 244734 |
|  12M CHFOR<sup>(c)</sup><br> 0.500<sup>(c)</sup> | 06/17/36 | 1580 <sup>(b)</sup> | (14256) | (24642) | 10386 |
|  12M JYOR<sup>(c)</sup><br> 1.500<sup>(c)</sup> | 06/17/36 | 473000 <sup>(b)</sup> | (188462) | (171287) | (17175) |
| 4.250<sup>(c)</sup><br> 12M GBP<sup>(c)</sup> | 06/17/36 | 1610 <sup>(b)</sup> | 28846 | 20436 | 8410 |
| 3.750<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 06/17/36 | $3280 <sup>(b)</sup> | 35270 | (53829) | 89099 |
|  12M CDOR<sup>(d)</sup><br> 3.250<sup>(d)</sup> | 06/17/36 | 1520 <sup>(b)</sup> | (284) | 23387 | (23671) |
| 2.750<sup>(e)</sup><br> 3M STIBOR<sup>(e)</sup> | 06/17/36 | 23000 <sup>(b)</sup> | 71059 | 61996 | 9063 |
|  3M NZDOR<sup>(d)</sup><br> 4.000<sup>(d)</sup> | 06/17/36 | 3680 <sup>(b)</sup> | (65030) | (32133) | (32897) |
|  12M NIBOR<sup>(c)</sup><br> 4.250<sup>(c)</sup> | 06/17/36 | 7510 <sup>(b)</sup> | (11012) | (8446) | (2566) |
|  6M AUDOR<sup>(d)</sup><br> 5.000<sup>(d)</sup> | 06/17/36 | 4300 <sup>(b)</sup> | (12759) | 36534 | (49293) |
| 2.750<sup>(d)</sup><br> 6M EURO<sup>(d)</sup> | 06/17/36 | 13110 <sup>(b)</sup> | 440193 | 107036 | 333157 |
| 3.805<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 08/31/36 | $6000 <sup>(b)</sup> | 43600 | (72549) | 116149 |
|  Mexico Interbank TIIE 28 Days<sup>(f)</sup><br> 8.000<sup>(f)</sup> | 09/04/36 | 6560 <sup>(b)</sup> | (15086) | (8486) | (6600) |
| 11.250<sup>(e)</sup><br> 12M CPIBR<sup>(e)</sup> | 09/16/36 | 1510370 <sup>(b)</sup> | (4430) | (2417) | (2013) |
| 2.000<sup>(e)</sup><br> 12M THOR<sup>(e)</sup> | 09/16/36 | 13480 <sup>(b)</sup> | 7716 | 1159 | 6557 |
| 7.750<sup>(e)</sup><br> 3M JIBAR<sup>(e)</sup> | 09/16/36 | 11700 <sup>(b)</sup> | 34582 | 14091 | 20491 |
|  6M PRIBOR<sup>(c)</sup><br> 4.250<sup>(c)</sup> | 09/16/36 | 4950 <sup>(b)</sup> | (6239) | (4959) | (1280) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **20** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Termination<br>Date** | **Notional**<br> **Amount**<br> (000s) | **Notional**<br> **Amount**<br> (000s) | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  6M WIBOR<sup>(c)</sup><br> 4.500%<sup>(c)</sup> | 09/16/36 | PLN | 1360 <sup>(b)</sup> | $(12315) | $(8278) | $(4037) |
|  12M CLICP<sup>(d)</sup><br> 5.250<sup>(d)</sup> | 09/16/36 | CLP | 88080 <sup>(b)</sup> | (578) | (623) | 45 |
|  6.750%<sup>(d)</sup><br> 6M BUBOR<sup>(d)</sup> | 09/16/36 | HUF | 143340 <sup>(b)</sup> | 11718 | 8706 | 3012 |
|  12M JYOR<sup>(c)</sup><br> 2.160<sup>(c)</sup> | 08/02/44 | JPY | 919349 <sup>(b)</sup> | (304068) | (606086) | 302018 |
|  12M JYOR<sup>(c)</sup><br> 2.500<sup>(c)</sup> | 06/17/56 | JPY | 115500 <sup>(b)</sup> | (79189) | (51590) | (27599) |
| 3.000<sup>(d)</sup><br> 6M EURO<sup>(d)</sup> | 06/17/56 | EUR | 900 <sup>(b)</sup> | 21244 | 6262 | 14982 |
| TOTAL |  |  |  | $1181584 | $(128135) | $1309719 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Payments made annually.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Payments made semi-annually.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Payments made at monthly.

OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Financing Rate<br>Received/(Paid)**<br> **by the Fund<sup>(a)</sup>** | **Credit**<br> **Spread**<br> **at March 31,**<br> **2026<sup>(b)</sup>** | **Counterparty** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Sold:** |  |  |  |  |  |  |  |  |
|  CMBX.NA.AAA.17 | 0.500% | 0.751% | MS & Co. Int. PLC | 12/15/56 | $1800 | $(25956) | $(22436) | $(3520) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made monthly.

&nbsp;&nbsp;&nbsp;&nbsp;(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<br>Received/(Paid)**<br> **by the Fund<sup>(a)</sup>**  | **Credit**<br> **Spread at**<br> **March 31,**<br> **2026<sup>(b)</sup>**  | **Termination<br>Date** | **Notional**<br> **Amount**<br> (000s) | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Sold:** |  |  |  |  |  |  |  |
|  CDX.NA.IG Ind 43 | &nbsp;&nbsp;&nbsp;&nbsp;1.000% | &nbsp;&nbsp;&nbsp;&nbsp;0.482% | 12/20/29 | $23000 | $421262 | $352043 | $69219 |
|  CDX.NA.IG Ind 45 | 1.000 | 0.588 | 12/20/30 | 20165 | 363529 | 394861 | (31332) |
| TOTAL |  |  |  |  | $784791 | $746904 | $37887 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **21** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2026, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  2M IRS | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;4.002% | 06/30/2026 | 10660000 | 10660000 | $19868 | $17072 | $2796 |
|  2Y IRS | BNP Paribas SA | 1.950 | 05/11/2026 | 2370000 | 2370000 | 60 | 29991 | (29931) |
|  2Y IRS | BNP Paribas SA | 2.000 | 11/11/2026 | 2390000 | 2390000 | 3187 | 35923 | (32736) |
|  9M IRS | BNP Paribas SA | 2.250 | 04/29/2026 | 1340000 | 1340000 | 91 | 9047 | (8956) |
|  6M IRS | Citibank NA | 3.400 | 05/14/2026 | 4340000 | 4340000 | 1519 | 13681 | (12162) |
|  2Y IRS | Deutsche Bank AG (London) | 1.771 | 01/24/2028 | 1179999999 | 1179999999 | 32055 | 44872 | (12817) |
|  |  |  |  | 1201099999 |  | $56780 | $150586 | $(93806) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  2Y IRS | MS & Co. Int. PLC | 1.771 | 01/24/2028 | 1179999999 | 1179999999 | 55342 | 44872 | 10470 |
| Total purchased option contracts | Total purchased option contracts |  |  | 2381099998 |  | $112122 | $195458 | $(83336) |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  1M IRS | Barclays Bank PLC | 2.740 | 04/02/2026 | (2490000) | (2490000) | (1) | (13828) | 13827 |
|  1M IRS | Barclays Bank PLC | 3.883 | 04/30/2026 | (1750000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1750000) | (15613) | (16450) | 837 |
|  6M IRS | Barclays Bank PLC | 3.893 | 05/14/2026 | (1010000) | (1010000) | (1702) | (13670) | 11968 |
|  2Y IRS | BNP Paribas SA | 2.085 | 11/11/2026 | (710000) | (710000) | (1438) | (36275) | 34837 |
|  9M IRS | BNP Paribas SA | 2.586 | 04/29/2026 | (310000) | (310000) | (156) | (9037) | 8881 |
|  9M IRS | BNP Paribas SA | 2.400 | 05/11/2026 | (723810) | (723810) | (82) | (9494) | 9412 |
|  1M IRS | BofA Securities LLC | 2.970 | 04/16/2026 | (2400000) | (2400000) | (7094) | (18987) | 11893 |
|  1M IRS | Deutsche Bank AG (London) | 3.870 | 04/23/2026 | (1750000) | $(1750000) | (12947) | (14569) | 1622 |
|  1M IRS | MS & Co. Int. PLC | 3.750 | 04/17/2026 | (2630000) | $(2630000) | (7650) | (19107) | 11457 |
|  1M IRS | UBS AG (London) | 3.117 | 04/27/2026 | (1610000) | (1610000) | (18834) | (16324) | (2510) |
|  |  |  |  | (15383810) |  | $(65517) | $(167741) | $102224 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  1M IRS | Barclays Bank PLC | 2.740 | 04/02/2026 | (2490000) | (2490000) | (80539) | (13828) | (66711) |
|  1M IRS | Barclays Bank PLC | 3.883 | 04/30/2026 | (1750000) | $(1750000) | (14144) | (16450) | 2306 |
|  2M IRS | Barclays Bank PLC | 4.900 | 06/30/2026 | (10660000) | (10660000) | (15864) | (17072) | 1208 |
|  1M IRS | BofA Securities LLC | 2.970 | 04/16/2026 | (2400000) | (2400000) | (30645) | (18987) | (11658) |
|  1M IRS | Deutsche Bank AG (London) | 3.870 | 04/23/2026 | (1750000) | $(1750000) | (13181) | (14569) | 1388 |
|  1M IRS | MS & Co. Int. PLC | 3.750 | 04/17/2026 | (2630000) | $(2630000) | (33938) | (19107) | (14831) |
|  1M IRS | UBS AG (London) | 3.117 | 04/27/2026 | (1610000) | (1610000) | (11530) | (16324) | 4794 |
|  |  |  |  | (23290000) |  | $(199841) | $(116337) | $(83504) |
| Total written option contracts | Total written option contracts |  |  | (38673810) |  | $(265358) | $(284078) | $18720 |
| TOTAL |  |  |  | 2342426188 |  | $(153236) | $(88620) | $(64616) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **22** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise**<br> **Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
| Call USD/Put BRL | BNP Paribas SA | $5.215 | 04/06/2026 | 3152000 | $3152000 | $11956 | $48727 | $(36771) |
| Call USD/Put MXN | BofA Securities LLC | 18.200 | 04/07/2026 | 9259000 | 9259000 | 24425 | 125293 | (100868) |
| Call USD/Put MXN | BofA Securities LLC | 17.840 | 04/07/2026 | 6313000 | 6313000 | 57953 | 44961 | 12992 |
| Call USD/Put ZAR | BofA Securities LLC | 17.720 | 05/14/2026 | 3438000 | 3438000 | 32015 | 52997 | (20982) |
| Call USD/Put MXN | Citibank NA | 17.750 | 04/07/2026 | 9247000 | 9247000 | 114247 | 102734 | 11513 |
| Call USD/Put BRL | Deutsche Bank AG (London) | 5.375 | 04/06/2026 | 3152000 | 3152000 | 1002 | 25840 | (24838) |
| Call USD/Put MXN | Deutsche Bank AG (London) | 17.800 | 05/18/2026 | 3163000 | 3163000 | 72464 | 55583 | 16881 |
| Call USD/Put CNH | HSBC Bank PLC | 6.965 | 04/16/2026 | 6210000 | 6210000 | 2130 | 24362 | (22232) |
| Call USD/Put KRW | JPMorgan Securities, Inc. | 1485.500 | 04/02/2026 | 3104500 | 3104500 | 40955 | 15362 | 25593 |
| Call USD/Put TWD | JPMorgan Securities, Inc. | 31.860 | 04/08/2026 | 6344000 | 6344000 | 52623 | 39142 | 13481 |
| Call USD/Put ZAR | JPMorgan Securities, Inc. | 16.860 | 05/14/2026 | 3125000 | 3125000 | 75900 | 59844 | 16056 |
| Call USD/Put ZAR | JPMorgan Securities, Inc. | 17.500 | 05/27/2026 | 3121000 | 3121000 | 44312 | 64886 | (20574) |
| Call USD/Put KRW | MS & Co. Int. PLC | 1485.500 | 04/02/2026 | 3104500 | 3104500 | 40955 | 9035 | 31920 |
| Call USD/Put MXN | MS & Co. Int. PLC | 18.135 | 05/21/2026 | 3143000 | 3143000 | 51052 | 50873 | 179 |
| Call USD/Put TWD | Standard Chartered Bank | 31.940 | 04/09/2026 | 6310000 | 6310000 | 44397 | 64084 | (19687) |
| Call USD/Put TWD | Standard Chartered Bank | 32.080 | 05/14/2026 | 3125000 | 3125000 | 36866 | 29528 | 7338 |
| Call USD/Put TWD | Standard Chartered Bank | 32.780 | 05/14/2026 | 3145000 | 3145000 | 14624 | 16404 | (1780) |
|  |  |  |  | 78456000 |  | $717876 | $829655 | $(111779) |
|  **Puts** |  |  |  |  |  |  |  |  |
| Put EUR/Call USD | BNP Paribas SA | 1.178 | 04/01/2026 | 5256000 | 5256000 | 113696 | 43991 | 69705 |
| Put EUR/Call USD | BNP Paribas SA | 1.179 | 04/01/2026 | 7949000 | 7949000 | 179898 | 51232 | 128666 |
| Put EUR/Call USD | BNP Paribas SA | 1.155 | 04/16/2026 | 5417000 | 5417000 | 36722 | 40795 | (4073) |
| Put EUR/Call USD | BNP Paribas SA | 1.160 | 04/17/2026 | 5339000 | 5339000 | 49782 | 50663 | (881) |
| Put EUR/Call USD | BNP Paribas SA | 1.139 | 04/21/2026 | 2701000 | 2701000 | 7942 | 25876 | (17934) |
| Put EUR/Call USD | BNP Paribas SA | 1.153 | 05/22/2026 | 5403000 | 5403000 | 55594 | 57504 | (1910) |
| Put EUR/Call USD | BNP Paribas SA | 1.145 | 05/27/2026 | 2704000 | 2704000 | 21353 | 28248 | (6895) |
| Put EUR/Call USD | BNP Paribas SA | 1.145 | 06/18/2026 | 2723000 | 2723000 | 26189 | 33643 | (7454) |
| Put NZD/Call USD | BNP Paribas SA | 0.561 | 05/28/2026 | 10834000 | 10834000 | 49022 | 62472 | (13450) |
| Put USD/Call JPY | BNP Paribas SA | $154.250 | 04/09/2026 | 3122000 | $3122000 | 1570 | 32325 | (30755) |
| Put USD/Call JPY | BNP Paribas SA | 157.250 | 04/17/2026 | 6282000 | 6282000 | 31021 | 57587 | (26566) |
| Put GBP/Call USD | BofA Securities LLC | 1.314 | 06/15/2026 | 2332000 | 2332000 | 36067 | 38603 | (2536) |
| Put USD/Call JPY | BofA Securities LLC | $154.000 | 04/17/2026 | 12564000 | $12564000 | 16396 | 76829 | (60433) |
| Put EUR/Call USD | Citibank NA | 1.173 | 04/21/2026 | 10624000 | 10624000 | 190017 | 85707 | 104310 |
| Put GBP/Call USD | Citibank NA | 1.326 | 05/07/2026 | 2348000 | 2348000 | 34826 | 26132 | 8694 |
| Put USD/Call KRW | Citibank NA | $1476.200 | 04/30/2026 | 3125000 | $3125000 | 19088 | 50816 | (31728) |
| Put EUR/Call USD | Deutsche Bank AG (London) | 1.195 | 04/01/2026 | 7862000 | 7862000 | 299672 | 96440 | 203232 |
| Put USD/Call KRW | Deutsche Bank AG (London) | $1416.000 | 04/02/2026 | 6209000 | $6209000 | 0 | 32305 | (32305) |
| Put AUD/Call USD | JPMorgan Securities, Inc. | 0.696 | 05/22/2026 | 8933000 | 8933000 | 128937 | 89167 | 39770 |
| Put AUD/Call USD | JPMorgan Securities, Inc. | 0.673 | 05/22/2026 | 4528000 | 4528000 | 25461 | 34256 | (8795) |
| Put EUR/Call USD | MS & Co. Int. PLC | 1.178 | 04/01/2026 | 5267000 | 5267000 | 111304 | 46573 | 64731 |
| Put EUR/Call USD | Royal Bank of Canada (UK) | 1.149 | 04/21/2026 | 10809000 | 10809000 | 56858 | 72343 | (15485) |
| Put USD/Call JPY | Standard Chartered Bank | $150.150 | 04/09/2026 | 6244000 | $6244000 | 256 | 38269 | (38013) |
| Put EUR/Call USD | UBS AG (London) | 1.144 | 06/16/2026 | 2721000 | 2721000 | 24705 | 34036 | (9331) |
| Put NZD/Call USD | UBS AG (London) | 0.577 | 04/28/2026 | 10733000 | 10733000 | 81710 | 63341 | 18369 |
|  |  |  |  | 152029000 |  | $1598086 | $1269153 | $328933 |
| Total purchased option contracts | Total purchased option contracts |  |  | 230485000 |  | $2315962 | $2098808 | $217154 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **23** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise**<br> **Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** | **Calls** |  |  |  |  |  |  |  |
| Call USD/Put BRL | BNP Paribas SA | $5.375 | 04/06/2026 | (3152000) | $(3152000) | $(1002) | $(21947) | $20945 |
| Call AUD/Put NZD | BofA Securities LLC | 1.212 | 04/07/2026 | (2228000) | (2228000) | (532) | (7995) | 7463 |
| Call AUD/Put NZD | BofA Securities LLC | 1.211 | 04/15/2026 | (2217000) | (2217000) | (2193) | (9931) | 7738 |
| Call USD/Put CNH | BofA Securities LLC | $6.965 | 04/16/2026 | (6210000) | $(6210000) | (2130) | (19301) | 17171 |
| Call USD/Put MXN | BofA Securities LLC | 17.750 | 04/07/2026 | (9247000) | (9247000) | (114247) | (54322) | (59925) |
| Call USD/Put MXN | BofA Securities LLC | 17.840 | 04/07/2026 | (6300924) | (6300924) | (57842) | (85532) | 27690 |
| Call USD/Put SGD | BofA Securities LLC | 1.272 | 04/02/2026 | (1563000) | (1563000) | (16118) | (7380) | (8738) |
| Call USD/Put SGD | BofA Securities LLC | 1.276 | 04/06/2026 | (1557000) | (1557000) | (11866) | (7337) | (4529) |
| Call USD/Put ZAR | BofA Securities LLC | 16.860 | 05/14/2026 | (3125000) | (3125000) | (75900) | (110863) | 34963 |
| Call AUD/Put NZD | Citibank NA | 1.203 | 04/22/2026 | (2233000) | (2233000) | (6690) | (10493) | 3803 |
| Call USD/Put MXN | Citibank NA | $18.200 | 04/07/2026 | (9254262) | $(9254262) | (24413) | (52564) | 28151 |
| Call USD/Put BRL | Deutsche Bank AG (London) | 5.215 | 04/06/2026 | (3152000) | (3152000) | (11956) | (58782) | 46826 |
| Call USD/Put KRW | Deutsche Bank AG (London) | 1485.500 | 04/02/2026 | (6209000) | (6209000) | (81909) | (33075) | (48834) |
| Call USD/Put MXN | Deutsche Bank AG (London) | 18.650 | 05/18/2026 | (3479000) | (3479000) | (29638) | (24600) | (5038) |
| Call USD/Put SGD | HSBC Bank PLC | 1.276 | 04/23/2026 | (1565000) | (1565000) | (13077) | (8877) | (4200) |
| Call USD/Put CNH | JPMorgan Securities, Inc. | 6.885 | 04/07/2026 | (1565000) | (1565000) | (3196) | (4711) | 1515 |
| Call USD/Put ZAR | JPMorgan Securities, Inc. | 17.720 | 05/14/2026 | (3438000) | (3438000) | (32015) | (29498) | (2517) |
| Call USD/Put ZAR | JPMorgan Securities, Inc. | 18.575 | 05/27/2026 | (3121000) | (3121000) | (16042) | (25530) | 9488 |
| Call AUD/Put NZD | MS & Co. Int. PLC | 1.194 | 04/23/2026 | (2245000) | (2245000) | (12700) | (10222) | (2478) |
| Call AUD/Put NZD | MS & Co. Int. PLC | 1.197 | 04/27/2026 | (2264000) | (2264000) | (10877) | (10077) | (800) |
| Call EUR/Put PLN | MS & Co. Int. PLC | 4.268 | 04/23/2026 | (1351000) | (1351000) | (13831) | (9262) | (4569) |
| Call EUR/Put PLN | MS & Co. Int. PLC | 4.270 | 04/28/2026 | (1357000) | (1357000) | (14123) | (9387) | (4736) |
| Call USD/Put CNH | MS & Co. Int. PLC | $6.860 | 04/16/2026 | (1564000) | $(1564000) | (7268) | (6457) | (811) |
| Call USD/Put MXN | MS & Co. Int. PLC | 18.930 | 05/21/2026 | (3457000) | (3457000) | (23781) | (25585) | 1804 |
| Call USD/Put TWD | MS & Co. Int. PLC | 31.940 | 04/09/2026 | (3138000) | (3138000) | (22079) | (28305) | 6226 |
| Call USD/Put CAD | Royal Bank of Canada (UK) | 1.355 | 04/07/2026 | (1576000) | (1576000) | (40617) | (8613) | (32004) |
| Call USD/Put TWD | Standard Chartered Bank | 31.860 | 04/08/2026 | (6344000) | (6344000) | (52623) | (71655) | 19032 |
| Call USD/Put TWD | Standard Chartered Bank | 31.940 | 04/09/2026 | (3172000) | (3172000) | (22318) | (21763) | (555) |
| Call USD/Put TWD | Standard Chartered Bank | 32.080 | 05/14/2026 | (3125000) | (3125000) | (36866) | (40413) | 3547 |
|  |  |  |  | (99209186) |  | $(757849) | $(814477) | $56628 |
|  **Puts** |  |  |  |  |  |  |  |  |
| Put EUR/Call USD | BNP Paribas SA | 1.195 | 04/01/2026 | (7862000) | (7862000) | (299672) | (118488) | (181184) |
| Put EUR/Call USD | BNP Paribas SA | 1.149 | 04/21/2026 | (5393063) | (5393063) | (28369) | (33832) | 5463 |
| Put EUR/Call USD | BNP Paribas SA | 1.144 | 06/16/2026 | (2721000) | (2721000) | (24705) | (40165) | 15460 |
| Put NZD/Call USD | BNP Paribas SA | 0.577 | 04/28/2026 | (10733000) | (10733000) | (81710) | (103249) | 21539 |
| Put USD/Call JPY | BNP Paribas SA | $150.150 | 04/09/2026 | (6244000) | $(6244000) | (256) | (23758) | 23502 |
| Put USD/Call JPY | BNP Paribas SA | 154.000 | 04/17/2026 | (12564000) | (12564000) | (16396) | (48434) | 32038 |
| Put AUD/Call NZD | BofA Securities LLC | 1.212 | 04/07/2026 | (2228000) | (2228000) | (15626) | (7995) | (7631) |
| Put AUD/Call NZD | BofA Securities LLC | 1.211 | 04/15/2026 | (2217000) | (2217000) | (16531) | (9931) | (6600) |
| Put EUR/Call USD | BofA Securities LLC | 1.139 | 04/21/2026 | (2701000) | (2701000) | (7942) | (10602) | 2660 |
| Put USD/Call JPY | BofA Securities LLC | $157.250 | 04/17/2026 | (6282000) | $(6282000) | (31021) | (81465) | 50444 |
| Put USD/Call SGD | BofA Securities LLC | 1.272 | 04/02/2026 | (1563000) | (1563000) | (20) | (7380) | 7360 |
| Put USD/Call SGD | BofA Securities LLC | 1.276 | 04/06/2026 | (1557000) | (1557000) | (783) | (7338) | 6555 |
| Put AUD/Call NZD | Citibank NA | 1.203 | 04/22/2026 | (2233000) | (2233000) | (11327) | (10493) | (834) |
| Put EUR/Call USD | Citibank NA | 1.179 | 04/01/2026 | (7949000) | (7949000) | (179898) | (76008) | (103890) |
| Put USD/Call KRW | Citibank NA | $1416.000 | 04/02/2026 | (6209000) | $(6209000) | 0 | (6480) | 6480 |
| Put EUR/Call USD | Deutsche Bank AG (London) | 1.178 | 04/01/2026 | (5256000) | (5256000) | (113696) | (27035) | (86661) |
| Put EUR/Call USD | Deutsche Bank AG (London) | 1.178 | 04/01/2026 | (5267000) | (5267000) | (111304) | (26327) | (84977) |
| Put EUR/Call USD | Deutsche Bank AG (London) | 1.149 | 04/21/2026 | (5415937) | (5415937) | (28489) | (26181) | (2308) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **24** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| Put USD/Call SGD | HSBC Bank PLC | $1.276 | 04/23/2026 | (1565000) | $(1565000) | $(4052) | $(8877) | $4825 |
| Put AUD/Call USD | JPMorgan Securities, Inc. | 0.696 | 05/22/2026 | (4466500) | (4466500) | (64468) | (79676) | 15208 |
| Put EUR/Call USD | JPMorgan Securities, Inc. | 1.155 | 04/16/2026 | (2719437) | (2719437) | (18435) | (15524) | (2911) |
| Put USD/Call CNH | JPMorgan Securities, Inc. | $6.885 | 04/07/2026 | (1565000) | $(1565000) | (3423) | (4711) | 1288 |
| Put AUD/Call NZD | MS & Co. Int. PLC | 1.194 | 04/23/2026 | (2245000) | (2245000) | (6022) | (10222) | 4200 |
| Put AUD/Call NZD | MS & Co. Int. PLC | 1.197 | 04/27/2026 | (2264000) | (2264000) | (8102) | (10077) | 1975 |
| Put AUD/Call USD | MS & Co. Int. PLC | 0.696 | 05/22/2026 | (4466500) | (4466500) | (64468) | (53618) | (10850) |
| Put EUR/Call PLN | MS & Co. Int. PLC | 4.268 | 04/23/2026 | (1351000) | (1351000) | (3537) | (9262) | 5725 |
| Put EUR/Call PLN | MS & Co. Int. PLC | 4.270 | 04/28/2026 | (1357000) | (1357000) | (4280) | (9387) | 5107 |
| Put USD/Call CNH | MS & Co. Int. PLC | $6.860 | 04/16/2026 | (1564000) | $(1564000) | (3015) | (6457) | 3442 |
| Put EUR/Call USD | Royal Bank of Canada (UK) | 1.155 | 04/16/2026 | (2712000) | (2712000) | (18385) | (22441) | 4056 |
| Put EUR/Call USD | Royal Bank of Canada (UK) | 1.160 | 04/17/2026 | (5339000) | (5339000) | (49782) | (19724) | (30058) |
| Put EUR/Call USD | Royal Bank of Canada (UK) | 1.173 | 04/21/2026 | (10624000) | (10624000) | (190017) | (183433) | (6584) |
| Put USD/Call CAD | Royal Bank of Canada (UK) | $1.355 | 04/07/2026 | (1576000) | $(1576000) | (2) | (8613) | 8611 |
| Put USD/Call JPY | Standard Chartered Bank | 154.250 | 04/09/2026 | (3122000) | (3122000) | (1570) | (45375) | 43805 |
|  |  |  |  | (141331437) |  | $(1407303) | $(1152558) | $(254745) |
| Total written option contracts | Total written option contracts |  |  | (240540623) |  | $(2165152) | $(1967035) | $(198117) |
| TOTAL |  |  |  | (10055623) |  | $150810 | $131773 | $19037 |

---

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| AUD | —Australian Dollar |
| BRL | —Brazil Real |
| CAD | —Canadian Dollar |
| CHF | —Swiss Franc |
| CLP | —Chilean Peso |
| CNH | —Chinese Yuan Renminbi Offshore |
| COP | —Colombia Peso |
| CZK | —Czech Republic Koruna |
| EUR | —Euro |
| GBP | —British Pound |
| HUF | —Hungarian Forint |
| ILS | —Israeli Shekel |
| INR | —Indian Rupee |
| JPY | —Japanese Yen |
| KRW | —South Korean Won |
| MXN | —Mexican Peso |
| NOK | —Norwegian Krone |
| NZD | —New Zealand Dollar |
| PHP | —Philippines Peso |
| PLN | —Polish Zloty |
| SEK | —Swedish Krona |
| SGD | —Singapore Dollar |
| THB | —Thailand Baht |
| TRY | —Turkish Lira |
| TWD | —Taiwan Dollar |
| USD | —U.S. Dollar |
| ZAR | —South African Rand |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **25** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| CLO | —Collateralized Loan Obligation |
| CMT | —Constant Maturity Treasury Indexes |
| ETF | —Exchange Traded Fund |
| EURIBOR | —Euro Interbank Offered Rate |
| GO | —General Obligation |
| LLC | —Limited Liability Company |
| LP | —Limited Partnership |
| MSCI | —Morgan Stanley Capital International |
| PLC | —Public Limited Company |
| RB | —Revenue Bond |
| REMICS | —Real Estate Mortgage Investment Conduits |
| RFUCC | —Refinitive USD IBOR Consumer Cash Fallbacks 1 year |
| SOFR | —Secured Overnight Financing Rate |
| STACR | —Structured Agency Credit Risk |
| WR | —Withdrawn Rating |

---

---

| | |
|:---|:---|
| Abbreviations: |  |
| 1M IRS | —1 Month Interest Rate Swaptions |
| 2M IRS | —2 Months Interest Rate Swaptions |
| 2Y IRS | —2 Year Interest Rate Swaptions |
| 6M IRS | —6 Month Interest Rate Swaptions |
| 9M IRS | —9 Months Interest Rate Swaptions |
| AUDOR | —Australian Dollar Offered Rate |
| BofA Securities LLC | —Bank of America Securities LLC |
| BUBOR | —Budapest Interbank Offered Rate |
| CDOR | —Canadian Dollar Offered Rate |
| CDX.NA.IG Ind 43 | —CDX North America Investment Grade Index 43 |
| CDX.NA.IG Ind 45 | —CDX North America Investment Grade Index 45 |
| CHFOR | —Swiss Franc Offered Rate |
| CLICP | —Sinacofi Chile Interbank Rate |
| CMBX | —Commercial Mortgage Backed Securities Index |
| EURO | —Euro Offered Rate |
| JIBAR | —Johannesburg Interbank Agreed Rate |
| JYOR | —Japanese Yen Offered Rate |
| KWCDC | —South Korean Won Certificate of Deposit |
| MIBOR | —Mumbai Interbank Offered Rate |
| MS & Co. Int. PLC | —Morgan Stanley & Co. International PLC |
| NIBOR | —Norwegian Interbank Offered Rate |
| NZDOR | —New Zealand Dollar Offered Rate |
| PRIBOR | —Prague Interbank 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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **26** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
|  | Mortgage-Backed Obligations – 41.5% | Mortgage-Backed Obligations – 41.5% | Mortgage-Backed Obligations – 41.5% | Mortgage-Backed Obligations – 41.5% |
| Collateralized Mortgage Obligations – 4.0% | Collateralized Mortgage Obligations – 4.0% | Collateralized Mortgage Obligations – 4.0% | Collateralized Mortgage Obligations – 4.0% | Collateralized Mortgage Obligations – 4.0% |
| Regular Floater<sup>(a)</sup> –0.4% | Regular Floater<sup>(a)</sup> –0.4% | Regular Floater<sup>(a)</sup> –0.4% | Regular Floater<sup>(a)</sup> –0.4% | Regular Floater<sup>(a)</sup> –0.4% |
| Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG<br>(1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG<br>(1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG<br>(1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG<br>(1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG<br>(1 mo. USD Term SOFR + 1.000%) |
| $— | 2617210 | 4.662% | 02/25/55 | $2614357 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series<br>2024-DNA3, Class M2 (1 mo. USD Term SOFR + 1.450%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series<br>2024-DNA3, Class M2 (1 mo. USD Term SOFR + 1.450%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series<br>2024-DNA3, Class M2 (1 mo. USD Term SOFR + 1.450%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series<br>2024-DNA3, Class M2 (1 mo. USD Term SOFR + 1.450%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series<br>2024-DNA3, Class M2 (1 mo. USD Term SOFR + 1.450%) |
|  | 3299240 | 5.112 <sup>(b)(c)</sup> | 10/25/44 | 3296513 |
| Federal National Mortgage Association REMICS Series 2025-11,<br>Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11,<br>Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11,<br>Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11,<br>Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11,<br>Class FB (1 mo. USD Term SOFR + 1.000%) |
|  | 5100394 | 4.662 | 03/25/55 | 5129024 |
|  |  |  |  | 11039894 |
| Sequential Fixed Rate – 1.6% | Sequential Fixed Rate – 1.6% | Sequential Fixed Rate – 1.6% | Sequential Fixed Rate – 1.6% | Sequential Fixed Rate – 1.6% |
| Ellington Financial Mortgage Trust Series 2026-NQM4, Class A1A | Ellington Financial Mortgage Trust Series 2026-NQM4, Class A1A | Ellington Financial Mortgage Trust Series 2026-NQM4, Class A1A | Ellington Financial Mortgage Trust Series 2026-NQM4, Class A1A | Ellington Financial Mortgage Trust Series 2026-NQM4, Class A1A |
|  | 5775000 | 5.466 <sup>(b)(c)(d)</sup> | 04/25/71 | 5776057 |
| Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT | Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT | Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT | Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT | Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT |
|  | 50833 | 6.500 | 02/15/36 | 53038 |
| Federal Home Loan Mortgage Corp. REMICS Series 2755, Class ZA | Federal Home Loan Mortgage Corp. REMICS Series 2755, Class ZA | Federal Home Loan Mortgage Corp. REMICS Series 2755, Class ZA | Federal Home Loan Mortgage Corp. REMICS Series 2755, Class ZA | Federal Home Loan Mortgage Corp. REMICS Series 2755, Class ZA |
|  | 120040 | 5.000 | 02/15/34 | 121030 |
| Federal National Mortgage Association REMICS Series 2011-99,<br>Class DB | Federal National Mortgage Association REMICS Series 2011-99,<br>Class DB | Federal National Mortgage Association REMICS Series 2011-99,<br>Class DB | Federal National Mortgage Association REMICS Series 2011-99,<br>Class DB | Federal National Mortgage Association REMICS Series 2011-99,<br>Class DB |
|  | 231553 | 5.000 | 10/25/41 | 232577 |
| Federal National Mortgage Association REMICS Series 2012-111,<br>Class B | Federal National Mortgage Association REMICS Series 2012-111,<br>Class B | Federal National Mortgage Association REMICS Series 2012-111,<br>Class B | Federal National Mortgage Association REMICS Series 2012-111,<br>Class B | Federal National Mortgage Association REMICS Series 2012-111,<br>Class B |
|  | 43369 | 7.000 | 10/25/42 | 46188 |
| Federal National Mortgage Association REMICS Series 2012-153,<br>Class B | Federal National Mortgage Association REMICS Series 2012-153,<br>Class B | Federal National Mortgage Association REMICS Series 2012-153,<br>Class B | Federal National Mortgage Association REMICS Series 2012-153,<br>Class B | Federal National Mortgage Association REMICS Series 2012-153,<br>Class B |
|  | 158009 | 7.000 | 07/25/42 | 169722 |
| Federal National Mortgage Association REMICS Series 2011-52,<br>Class GB | Federal National Mortgage Association REMICS Series 2011-52,<br>Class GB | Federal National Mortgage Association REMICS Series 2011-52,<br>Class GB | Federal National Mortgage Association REMICS Series 2011-52,<br>Class GB | Federal National Mortgage Association REMICS Series 2011-52,<br>Class GB |
|  | 257081 | 5.000 | 06/25/41 | 258130 |
| Government National Mortgage Association REMICS Series 2021- 135,<br>Class A | Government National Mortgage Association REMICS Series 2021- 135,<br>Class A | Government National Mortgage Association REMICS Series 2021- 135,<br>Class A | Government National Mortgage Association REMICS Series 2021- 135,<br>Class A | Government National Mortgage Association REMICS Series 2021- 135,<br>Class A |
|  | 11587191 | 2.000 <sup>(b)</sup> | 08/20/51 | 9543019 |
| JP Morgan Mortgage Trust Series 2024-VIS2, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS2, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS2, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS2, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS2, Class A1 |
|  | 2779765 | 5.853 <sup>(b)(c)(d)</sup> | 11/25/64 | 2796196 |
| Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1,<br>Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1,<br>Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1,<br>Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1,<br>Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1,<br>Class A1 |
|  | 5520896 | 5.562 <sup>(b)(c)(d)</sup> | 03/25/70 | 5543689 |
| OBX Trust Series 2025-NQM13, Class A1A | OBX Trust Series 2025-NQM13, Class A1A | OBX Trust Series 2025-NQM13, Class A1A | OBX Trust Series 2025-NQM13, Class A1A | OBX Trust Series 2025-NQM13, Class A1A |
|  | 2881510 | 5.441 <sup>(b)(c)(d)</sup> | 05/25/65 | 2889730 |
| Verus Securitization Trust Series 2021-7, Class A1 | Verus Securitization Trust Series 2021-7, Class A1 | Verus Securitization Trust Series 2021-7, Class A1 | Verus Securitization Trust Series 2021-7, Class A1 | Verus Securitization Trust Series 2021-7, Class A1 |
|  | 5732025 | 2.829 <sup>(b)(c)(d)</sup> | 10/25/66 | 5281664 |
| Verus Securitization Trust Series 2025-4, Class A1 | Verus Securitization Trust Series 2025-4, Class A1 | Verus Securitization Trust Series 2025-4, Class A1 | Verus Securitization Trust Series 2025-4, Class A1 | Verus Securitization Trust Series 2025-4, Class A1 |
|  | 7233744 | 5.448 <sup>(b)(c)(d)</sup> | 05/25/70 | 7256455 |
|  |  |  |  | 39967495 |
| Sequential Floating Rate<sup>(a)(b)</sup> –2.0% | Sequential Floating Rate<sup>(a)(b)</sup> –2.0% | Sequential Floating Rate<sup>(a)(b)</sup> –2.0% | Sequential Floating Rate<sup>(a)(b)</sup> –2.0% | Sequential Floating Rate<sup>(a)(b)</sup> –2.0% |
| Angel Oak Mortgage Trust Series 2021-4, Class A1 | Angel Oak Mortgage Trust Series 2021-4, Class A1 | Angel Oak Mortgage Trust Series 2021-4, Class A1 | Angel Oak Mortgage Trust Series 2021-4, Class A1 | Angel Oak Mortgage Trust Series 2021-4, Class A1 |
|  | 8674303 | 1.035 <sup>(c)</sup> | 01/20/65 | 7396584 |
| COLT Mortgage Loan Trust Series 2021-5, Class A1 | COLT Mortgage Loan Trust Series 2021-5, Class A1 | COLT Mortgage Loan Trust Series 2021-5, Class A1 | COLT Mortgage Loan Trust Series 2021-5, Class A1 | COLT Mortgage Loan Trust Series 2021-5, Class A1 |
|  | 3888831 | 1.726 <sup>(c)</sup> | 11/26/66 | 3502911 |
| CSMC Trust Series 2020-AFC1, Class M1 | CSMC Trust Series 2020-AFC1, Class M1 | CSMC Trust Series 2020-AFC1, Class M1 | CSMC Trust Series 2020-AFC1, Class M1 | CSMC Trust Series 2020-AFC1, Class M1 |
|  | 1650000 | 2.841 <sup>(c)</sup> | 02/25/50 | 1408303 |
| Deephaven Residential Mortgage Trust Series 2021-3, Class A2 | Deephaven Residential Mortgage Trust Series 2021-3, Class A2 | Deephaven Residential Mortgage Trust Series 2021-3, Class A2 | Deephaven Residential Mortgage Trust Series 2021-3, Class A2 | Deephaven Residential Mortgage Trust Series 2021-3, Class A2 |
|  | 1363052 | 1.400 <sup>(c)</sup> | 08/25/66 | 1200747 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
|  | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate<sup>(a)(b)</sup> – (continued) | Sequential Floating Rate<sup>(a)(b)</sup> – (continued) | Sequential Floating Rate<sup>(a)(b)</sup> – (continued) | Sequential Floating Rate<sup>(a)(b)</sup> – (continued) | Sequential Floating Rate<sup>(a)(b)</sup> – (continued) |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series<br>2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series<br>2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series<br>2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series<br>2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series<br>2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) |
| $— | 136219 | 5.312 %<sup>(c)</sup> | 01/25/34 | $136577 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series<br>2025-DNA2, Class A1 (1 mo. USD Term SOFR + 1.100%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series<br>2025-DNA2, Class A1 (1 mo. USD Term SOFR + 1.100%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series<br>2025-DNA2, Class A1 (1 mo. USD Term SOFR + 1.100%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series<br>2025-DNA2, Class A1 (1 mo. USD Term SOFR + 1.100%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series<br>2025-DNA2, Class A1 (1 mo. USD Term SOFR + 1.100%) |
|  | 2468750 | 4.762 <sup>(c)</sup> | 05/25/45 | 2468742 |
| Federal National Mortgage Association Connecticut Avenue Securities<br>Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) | Federal National Mortgage Association Connecticut Avenue Securities<br>Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) | Federal National Mortgage Association Connecticut Avenue Securities<br>Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) | Federal National Mortgage Association Connecticut Avenue Securities<br>Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) | Federal National Mortgage Association Connecticut Avenue Securities<br>Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) |
|  | 421586 | 5.212 <sup>(c)</sup> | 10/25/41 | 422696 |
| Federal National Mortgage Association Connecticut Avenue Securities<br>Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR +<br>1.650%) | Federal National Mortgage Association Connecticut Avenue Securities<br>Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR +<br>1.650%) | Federal National Mortgage Association Connecticut Avenue Securities<br>Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR +<br>1.650%) | Federal National Mortgage Association Connecticut Avenue Securities<br>Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR +<br>1.650%) | Federal National Mortgage Association Connecticut Avenue Securities<br>Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR +<br>1.650%) |
|  | 875172 | 5.312 <sup>(c)</sup> | 12/25/41 | 875978 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) |
|  | 1300000 | 5.462 <sup>(c)</sup> | 01/25/44 | 1305615 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1M2 (1 mo. USD Term SOFR + 1.500%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1M2 (1 mo. USD Term SOFR + 1.500%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1M2 (1 mo. USD Term SOFR + 1.500%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1M2 (1 mo. USD Term SOFR + 1.500%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1M2 (1 mo. USD Term SOFR + 1.500%) |
|  | 3450000 | 5.162 <sup>(c)</sup> | 01/25/45 | 3432478 |
| GCAT Trust Series 2021-NQM5, Class A2 | GCAT Trust Series 2021-NQM5, Class A2 | GCAT Trust Series 2021-NQM5, Class A2 | GCAT Trust Series 2021-NQM5, Class A2 | GCAT Trust Series 2021-NQM5, Class A2 |
|  | 4099129 | 1.417 <sup>(c)</sup> | 07/25/66 | 3459233 |
| HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1 mo. USD Term SOFR + 0.594%) | HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1 mo. USD Term SOFR + 0.594%) | HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1 mo. USD Term SOFR + 0.594%) | HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1 mo. USD Term SOFR + 0.594%) | HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1 mo. USD Term SOFR + 0.594%) |
|  | 19953 | 4.271 | 01/19/36 | 22690 |
| Impac CMB Trust Series 2004-8, Class 1A (1 mo. USD Term SOFR + 0.834%) | Impac CMB Trust Series 2004-8, Class 1A (1 mo. USD Term SOFR + 0.834%) | Impac CMB Trust Series 2004-8, Class 1A (1 mo. USD Term SOFR + 0.834%) | Impac CMB Trust Series 2004-8, Class 1A (1 mo. USD Term SOFR + 0.834%) | Impac CMB Trust Series 2004-8, Class 1A (1 mo. USD Term SOFR + 0.834%) |
|  | 9353 | 4.513 | 10/25/34 | 9207 |
| JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 |
|  | 2725952 | 2.520 <sup>(c)</sup> | 05/25/52 | 2310768 |
| JP Morgan Mortgage Trust Series 2024-1, Class A4 | JP Morgan Mortgage Trust Series 2024-1, Class A4 | JP Morgan Mortgage Trust Series 2024-1, Class A4 | JP Morgan Mortgage Trust Series 2024-1, Class A4 | JP Morgan Mortgage Trust Series 2024-1, Class A4 |
|  | 1151837 | 6.000 <sup>(c)</sup> | 06/25/54 | 1154311 |
| Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 |
|  | 139687 | 3.250 <sup>(c)</sup> | 07/25/59 | 137258 |
| PRKCM Trust Series 2021-AFC2, Class A1 | PRKCM Trust Series 2021-AFC2, Class A1 | PRKCM Trust Series 2021-AFC2, Class A1 | PRKCM Trust Series 2021-AFC2, Class A1 | PRKCM Trust Series 2021-AFC2, Class A1 |
|  | 3864113 | 2.071 <sup>(c)</sup> | 11/25/56 | 3422276 |
| PRKCM Trust Series 2021-AFC2, Class A2 | PRKCM Trust Series 2021-AFC2, Class A2 | PRKCM Trust Series 2021-AFC2, Class A2 | PRKCM Trust Series 2021-AFC2, Class A2 | PRKCM Trust Series 2021-AFC2, Class A2 |
|  | 4132000 | 2.693 <sup>(c)</sup> | 11/25/56 | 3055818 |
| Starwood Mortgage Residential Trust Series 2021-6, Class A1 | Starwood Mortgage Residential Trust Series 2021-6, Class A1 | Starwood Mortgage Residential Trust Series 2021-6, Class A1 | Starwood Mortgage Residential Trust Series 2021-6, Class A1 | Starwood Mortgage Residential Trust Series 2021-6, Class A1 |
|  | 2004712 | 1.920 <sup>(c)</sup> | 11/25/66 | 1770346 |
| Verus Securitization Trust Series 2022-1, Class A3 | Verus Securitization Trust Series 2022-1, Class A3 | Verus Securitization Trust Series 2022-1, Class A3 | Verus Securitization Trust Series 2022-1, Class A3 | Verus Securitization Trust Series 2022-1, Class A3 |
|  | 2702916 | 3.288 <sup>(c)</sup> | 01/25/67 | 2469061 |
| Verus Securitization Trust Series 2025-1, Class A1 | Verus Securitization Trust Series 2025-1, Class A1 | Verus Securitization Trust Series 2025-1, Class A1 | Verus Securitization Trust Series 2025-1, Class A1 | Verus Securitization Trust Series 2025-1, Class A1 |
|  | 4819373 | 5.620 <sup>(c)</sup> | 01/25/70 | 4842070 |
| Verus Securitization Trust Series 2025-9, Class A1 | Verus Securitization Trust Series 2025-9, Class A1 | Verus Securitization Trust Series 2025-9, Class A1 | Verus Securitization Trust Series 2025-9, Class A1 | Verus Securitization Trust Series 2025-9, Class A1 |
|  | 5692943 | 4.935 <sup>(c)</sup> | 10/27/70 | 5660557 |
| WaMu Mortgage Pass-Through Certificates Trust Series 2002-AR19,<br>Class A7 | WaMu Mortgage Pass-Through Certificates Trust Series 2002-AR19,<br>Class A7 | WaMu Mortgage Pass-Through Certificates Trust Series 2002-AR19,<br>Class A7 | WaMu Mortgage Pass-Through Certificates Trust Series 2002-AR19,<br>Class A7 | WaMu Mortgage Pass-Through Certificates Trust Series 2002-AR19,<br>Class A7 |
|  | 6020 | 5.180 | 02/25/33 | 5761 |
| Wells Fargo Mortgage-Backed Securities Trust Series 2019-3,<br>Class A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2019-3,<br>Class A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2019-3,<br>Class A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2019-3,<br>Class A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2019-3,<br>Class A1 |
|  | 70405 | 3.500 <sup>(c)</sup> | 07/25/49 | 63682 |
|  |  |  |  | 50533669 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | 101541058 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **27** |

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------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Commercial Mortgage-Backed Securities – 5.2% | Commercial Mortgage-Backed Securities – 5.2% | Commercial Mortgage-Backed Securities – 5.2% | Commercial Mortgage-Backed Securities – 5.2% |
| Sequential Fixed Rate – 1.4% | Sequential Fixed Rate – 1.4% | Sequential Fixed Rate – 1.4% | Sequential Fixed Rate – 1.4% |
| Bank Series 2019-BN21, Class A5 | Bank Series 2019-BN21, Class A5 | Bank Series 2019-BN21, Class A5 | Bank Series 2019-BN21, Class A5 |
| 950000 | 2.851 %<sup>(b)</sup> | 10/17/52 | $895932 |
| Bank5 Series 2026-5YR21, Class A3 | Bank5 Series 2026-5YR21, Class A3 | Bank5 Series 2026-5YR21, Class A3 | Bank5 Series 2026-5YR21, Class A3 |
| 5000000 | 5.525 <sup>(b)</sup> | 04/15/59 | 5151126 |
| BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 |
| 3000000 | 6.160 <sup>(b)</sup> | 12/15/56 | 3204167 |
| BX Trust Series 2022-CLS, Class A | BX Trust Series 2022-CLS, Class A | BX Trust Series 2022-CLS, Class A | BX Trust Series 2022-CLS, Class A |
| 2400000 | 5.760 <sup>(c)</sup> | 10/13/27 | 2407985 |
| COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A |
| 5425000 | 6.338 <sup>(c)</sup> | 08/10/44 | 5656417 |
| DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A |
| 4650000 | 2.956 <sup>(c)</sup> | 05/10/41 | 4175086 |
| Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K-161, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K-161, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K-161, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K-161, Class A2 |
| 3450000 | 4.900 <sup>(a)(b)</sup> | 10/25/33 | 3540540 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B |
| 4000000 | 3.598 <sup>(b)(c)</sup> | 06/05/39 | 3695464 |
| ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A |
| 6850000 | 5.388 <sup>(c)</sup> | 11/13/41 | 6965549 |
|  |  |  | 35692266 |
| Sequential Floating Rate – 3.8% | Sequential Floating Rate – 3.8% | Sequential Floating Rate – 3.8% | Sequential Floating Rate – 3.8% |
| Bank5 Series 2024-5YR9, Class AS | Bank5 Series 2024-5YR9, Class AS | Bank5 Series 2024-5YR9, Class AS | Bank5 Series 2024-5YR9, Class AS |
| 4484000 | 6.182 <sup>(a)(b)</sup> | 08/15/57 | 4647228 |
| Bank5 Trust Series 2025-5YR13, Class AS | Bank5 Trust Series 2025-5YR13, Class AS | Bank5 Trust Series 2025-5YR13, Class AS | Bank5 Trust Series 2025-5YR13, Class AS |
| 3372000 | 6.096 <sup>(a)(b)</sup> | 01/15/58 | 3489303 |
| BBCMS Mortgage Trust Series 2025-5C36, Class AS | BBCMS Mortgage Trust Series 2025-5C36, Class AS | BBCMS Mortgage Trust Series 2025-5C36, Class AS | BBCMS Mortgage Trust Series 2025-5C36, Class AS |
| 4500000 | 5.835 <sup>(a)(b)</sup> | 08/15/58 | 4617678 |
| BFLD Commercial Mortgage Trust Series 2025-660F, Class B (1 mo.<br>USD Term SOFR + 1.800%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class B (1 mo.<br>USD Term SOFR + 1.800%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class B (1 mo.<br>USD Term SOFR + 1.800%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class B (1 mo.<br>USD Term SOFR + 1.800%) |
| 7200000 | 5.473 <sup>(a)(c)</sup> | 11/15/42 | 7179137 |
| BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A |
| 4825000 | 5.011 <sup>(a)(c)</sup> | 06/15/44 | 4907750 |
| BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo.<br>USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo.<br>USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo.<br>USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo.<br>USD Term SOFR + 1.392%) |
| 2093654 | 5.064 <sup>(a)(c)</sup> | 03/15/41 | 2093765 |
| BX Commercial Mortgage Trust Series 2024-AIRC, Class A (1 mo.<br>USD Term SOFR + 1.691%) | BX Commercial Mortgage Trust Series 2024-AIRC, Class A (1 mo.<br>USD Term SOFR + 1.691%) | BX Commercial Mortgage Trust Series 2024-AIRC, Class A (1 mo.<br>USD Term SOFR + 1.691%) | BX Commercial Mortgage Trust Series 2024-AIRC, Class A (1 mo.<br>USD Term SOFR + 1.691%) |
| 1747511 | 5.364 <sup>(a)(c)</sup> | 08/15/41 | 1746743 |
| BX Commercial Mortgage Trust Series 2026-CSMO, Class A (1 mo.<br>USD Term SOFR + 1.400%) | BX Commercial Mortgage Trust Series 2026-CSMO, Class A (1 mo.<br>USD Term SOFR + 1.400%) | BX Commercial Mortgage Trust Series 2026-CSMO, Class A (1 mo.<br>USD Term SOFR + 1.400%) | BX Commercial Mortgage Trust Series 2026-CSMO, Class A (1 mo.<br>USD Term SOFR + 1.400%) |
| 5250000 | 5.073 <sup>(a)(c)</sup> | 02/15/43 | 5244588 |
| BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR +<br>1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR +<br>1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR +<br>1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR +<br>1.642%) |
| 4725000 | 5.315 <sup>(a)(c)</sup> | 02/15/41 | 4707527 |
| BX Trust Series 2025-ARIA, Class A | BX Trust Series 2025-ARIA, Class A | BX Trust Series 2025-ARIA, Class A | BX Trust Series 2025-ARIA, Class A |
| 5350000 | 5.031 <sup>(a)(c)</sup> | 12/13/42 | 5379472 |
| Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A |
| 5250000 | 4.802 <sup>(a)(c)</sup> | 08/10/42 | 5293591 |
| Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B |
| 6350000 | 5.210 <sup>(a)(c)</sup> | 08/10/42 | 6402394 |
| Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K-152, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K-152, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K-152, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K-152, Class A2 |
| 3600000 | 3.780 <sup>(a)(b)</sup> | 11/25/32 | 3478052 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) |
| Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series KF153, Class AS (1 mo. USD<br>Term SOFR + 0.680%) | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series KF153, Class AS (1 mo. USD<br>Term SOFR + 0.680%) | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series KF153, Class AS (1 mo. USD<br>Term SOFR + 0.680%) | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series KF153, Class AS (1 mo. USD<br>Term SOFR + 0.680%) |
| 1958815 | 4.349 %<sup>(a)(b)</sup> | 02/25/33 | $1960628 |
| Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K510, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K510, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K510, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K510, Class A2 |
| 1350000 | 5.069 <sup>(a)(b)</sup> | 10/25/28 | 1376207 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A |
| 2280000 | 5.467 <sup>(a)(c)</sup> | 01/13/40 | 2334832 |
| IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A |
| 3600000 | 5.295 <sup>(a)(b)(c)</sup> | 03/14/47 | 3630324 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A |
| 1975000 | 5.797 <sup>(a)(c)</sup> | 10/05/39 | 1993088 |
| KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo.<br>USD Term SOFR + 1.890%) | KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo.<br>USD Term SOFR + 1.890%) | KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo.<br>USD Term SOFR + 1.890%) | KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo.<br>USD Term SOFR + 1.890%) |
| 5150000 | 5.563 <sup>(a)(c)</sup> | 08/15/41 | 5142147 |
| NY Commercial Mortgage Trust Series 2025-299P, Class B | NY Commercial Mortgage Trust Series 2025-299P, Class B | NY Commercial Mortgage Trust Series 2025-299P, Class B | NY Commercial Mortgage Trust Series 2025-299P, Class B |
| 1950000 | 5.928 <sup>(a)(c)</sup> | 02/10/47 | 2000463 |
| NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo.<br>USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo.<br>USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo.<br>USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo.<br>USD Term SOFR + 1.692%) |
| 2300000 | 5.365 <sup>(a)(c)</sup> | 02/15/42 | 2288266 |
| NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) |
| 4600000 | 5.416 <sup>(a)(c)</sup> | 10/15/40 | 4600395 |
| NYC Trust Series 2025-77C, Class A | NYC Trust Series 2025-77C, Class A | NYC Trust Series 2025-77C, Class A | NYC Trust Series 2025-77C, Class A |
| 7400000 | 4.790 <sup>(a)(c)</sup> | 01/10/36 | 7347643 |
| ROCK Trust Series 2024-CNTR, Class B | ROCK Trust Series 2024-CNTR, Class B | ROCK Trust Series 2024-CNTR, Class B | ROCK Trust Series 2024-CNTR, Class B |
| 2250000 | 5.930 <sup>(c)</sup> | 11/13/41 | 2298882 |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A |
| 4150000 | 4.954 <sup>(a)(c)</sup> | 07/15/35 | 4166027 |
|  |  |  | 98326130 |
| **TOTAL COMMERCIAL MORTGAGE - BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE - BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE - BACKED SECURITIES** | $134018396 |
| Federal Agencies – 32.3% | Federal Agencies – 32.3% | Federal Agencies – 32.3% | Federal Agencies – 32.3% |
| Adjustable Rate Federal National Mortgage Association<sup>(a)</sup> –0.0% | Adjustable Rate Federal National Mortgage Association<sup>(a)</sup> –0.0% | Adjustable Rate Federal National Mortgage Association<sup>(a)</sup> –0.0% | Adjustable Rate Federal National Mortgage Association<sup>(a)</sup> –0.0% |
| (1 yr. CMT + 2.160%) | (1 yr. CMT + 2.160%) | (1 yr. CMT + 2.160%) | (1 yr. CMT + 2.160%) |
| 672 | 6.213% | 06/01/33 | $689 |
| (RFUCC 1 yr. Treasury + 1.655%) | (RFUCC 1 yr. Treasury + 1.655%) | (RFUCC 1 yr. Treasury + 1.655%) | (RFUCC 1 yr. Treasury + 1.655%) |
| 69184 | 6.280 | 07/01/34 | 71222 |
| (RFUCC 1 yr. Treasury + 1.573%) | (RFUCC 1 yr. Treasury + 1.573%) | (RFUCC 1 yr. Treasury + 1.573%) | (RFUCC 1 yr. Treasury + 1.573%) |
| 272094 | 6.229 | 09/01/34 | 278919 |
| (RFUCC 1 yr. Treasury + 1.732%) | (RFUCC 1 yr. Treasury + 1.732%) | (RFUCC 1 yr. Treasury + 1.732%) | (RFUCC 1 yr. Treasury + 1.732%) |
| 167870 | 6.555 | 05/01/35 | 173086 |
| (RFUCC 1 yr. Treasury + 1.233%) | (RFUCC 1 yr. Treasury + 1.233%) | (RFUCC 1 yr. Treasury + 1.233%) | (RFUCC 1 yr. Treasury + 1.233%) |
| 47571 | 5.750 | 06/01/35 | 48451 |
|  |  |  | 572367 |
| **Federal Home Loan Mortgage Corp. – 0.1%** | **Federal Home Loan Mortgage Corp. – 0.1%** | **Federal Home Loan Mortgage Corp. – 0.1%** | **Federal Home Loan Mortgage Corp. – 0.1%** |
| 5222 | 7.500 | 12/01/30 | 5484 |
| 2585 | 7.500 | 01/01/31 | 2711 |
| 2856 | 5.000 | 10/01/33 | 2909 |
| 302 | 5.000 | 04/01/35 | 308 |
| 4269 | 5.000 | 07/01/35 | 4346 |
| 26958 | 5.000 | 12/01/35 | 27392 |
| 64782 | 5.000 | 01/01/38 | 65975 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **28** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) |
| $| 140629 | 5.000% | 01/01/39 | $| 143192 |
|  | 50633 | 5.000 | 06/01/39 |  | 51561 |
|  | 5652 | 4.000 | 06/01/40 |  | 5525 |
|  | 2399 | 5.000 | 08/01/40 |  | 2439 |
|  | 902 | 4.500 | 11/01/40 |  | 901 |
|  | 37143 | 4.000 | 02/01/41 |  | 36327 |
|  | 3333 | 5.000 | 06/01/41 |  | 3388 |
|  | 3625 | 4.000 | 11/01/41 |  | 3530 |
|  | 794331 | 4.500 | 08/01/48 |  | 781616 |
|  |  |  |  |  | 1137604 |
|  **Federal National Mortgage Association – 1.3%** | **Federal National Mortgage Association – 1.3%** | **Federal National Mortgage Association – 1.3%** | **Federal National Mortgage Association – 1.3%** | **Federal National Mortgage Association – 1.3%** | **Federal National Mortgage Association – 1.3%** |
|  | 6861 | 7.000 | 03/01/31 |  | 7292 |
|  | 33573311 | 5.500 | 11/01/55 |  | 33933908 |
|  |  |  |  |  | 33941200 |
|  **Government National Mortgage Association – 9.8%** | **Government National Mortgage Association – 9.8%** | **Government National Mortgage Association – 9.8%** | **Government National Mortgage Association – 9.8%** | **Government National Mortgage Association – 9.8%** | **Government National Mortgage Association – 9.8%** |
|  | 3724 | 6.000 | 11/15/38 |  | 3873 |
|  | 33717 | 5.000 | 07/15/40 |  | 34350 |
|  | 1980 | 4.000 | 02/20/41 |  | 1917 |
|  | 3176 | 4.000 | 11/20/41 |  | 3070 |
|  | 536 | 4.000 | 01/20/42 |  | 518 |
|  | 1731 | 4.000 | 04/20/42 |  | 1672 |
|  | 1080 | 4.000 | 10/20/42 |  | 1042 |
|  | 16333 | 4.000 | 08/20/43 |  | 15735 |
|  | 1536 | 4.000 | 03/20/44 |  | 1478 |
|  | 1881 | 4.000 | 05/20/44 |  | 1810 |
|  | 131343 | 4.000 | 11/20/44 |  | 126157 |
|  | 8644 | 4.000 | 05/20/45 |  | 8296 |
|  | 1167187 | 4.000 | 07/20/45 |  | 1119382 |
|  | 18572 | 4.000 | 10/20/45 |  | 17800 |
|  | 86776 | 4.500 | 02/20/48 |  | 85540 |
|  | 234817 | 4.500 | 04/20/48 |  | 231327 |
|  | 633965 | 4.500 | 05/20/48 |  | 624146 |
|  | 583457 | 5.000 | 07/20/48 |  | 589621 |
|  | 1016272 | 4.500 | 08/20/48 |  | 999897 |
|  | 531385 | 5.000 | 08/20/48 |  | 536667 |
|  | 4362438 | 4.500 | 09/20/48 |  | 4292147 |
|  | 4481 | 3.500 | 09/20/48 |  | 4204 |
|  | 664594 | 5.000 | 10/20/48 |  | 670784 |
|  | 2090996 | 5.000 | 11/20/48 |  | 2110471 |
|  | 3900610 | 4.500 | 12/20/48 |  | 3836542 |
|  | 1193484 | 5.000 | 12/20/48 |  | 1203854 |
|  | 2250204 | 4.500 | 01/20/49 |  | 2213243 |
|  | 1918482 | 5.000 | 01/20/49 |  | 1933953 |
|  | 1539514 | 4.000 | 02/20/49 |  | 1465925 |
|  | 484114 | 4.500 | 02/20/49 |  | 476011 |
|  | 385384 | 4.500 | 03/20/49 |  | 379054 |
|  | 1376924 | 4.000 | 03/20/49 |  | 1311107 |
|  | 669106 | 5.000 | 03/20/49 |  | 674920 |
|  | 6336 | 3.500 | 04/20/49 |  | 5935 |
|  | 1539127 | 4.000 | 04/20/49 |  | 1464114 |
|  | 480060 | 4.000 | 05/20/49 |  | 456663 |
|  | 15459 | 3.500 | 08/20/49 |  | 14428 |
|  | 2527892 | 3.000 | 08/20/49 |  | 2269974 |
|  | 1565192 | 5.000 | 08/20/49 |  | 1581727 |
|  | 569367 | 4.500 | 10/20/49 |  | 560193 |
|  | 12430874 | 3.000 | 10/20/49 |  | 11154486 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) |
| $| 458129 | 3.500% | 12/20/49 | $| 427555 |
|  | 1338718 | 3.500 | 02/20/50 |  | 1249376 |
|  | 4609917 | 3.000 | 03/20/50 |  | 4125125 |
|  | 124596 | 3.500 | 06/20/50 |  | 116211 |
|  | 291112 | 3.500 | 07/20/50 |  | 271684 |
|  | 839797 | 4.000 | 01/20/51 |  | 798081 |
|  | 589270 | 3.000 | 07/20/51 |  | 526594 |
|  | 1229076 | 2.500 | 09/20/51 |  | 1056249 |
|  | 1453700 | 2.500 | 10/20/51 |  | 1253376 |
|  | 6439335 | 3.000 | 11/20/51 |  | 5737547 |
|  | 2271304 | 2.500 | 11/20/51 |  | 1955472 |
|  | 5339154 | 3.000 | 12/20/51 |  | 4766261 |
|  | 2740858 | 2.500 | 12/20/51 |  | 2362440 |
|  | 28260500 | 4.500 | 09/20/52 |  | 27602683 |
|  | 1518758 | 3.500 | 02/20/53 |  | 1416548 |
|  | 8872205 | 5.000 | 02/20/56 |  | 8852257 |
|  | 14000000 | 2.000 | TBA-30yr<sup>(e)</sup> |  | 11533703 |
|  | 16000000 | 2.500 | TBA-30yr<sup>(e)</sup> |  | 13735965 |
|  | 6000000 | 4.000 | TBA-30yr<sup>(e)</sup> |  | 5613515 |
|  | 8000000 | 3.500 | TBA-30yr<sup>(e)</sup> |  | 7297500 |
|  | 30000000 | 5.500 | TBA-30yr<sup>(e)</sup> |  | 30165903 |
|  | 42000000 | 5.000 | TBA-30yr<sup>(e)</sup> |  | 41474513 |
|  | 34000000 | 6.000 | TBA-30yr<sup>(e)</sup> |  | 34560470 |
|  |  |  |  |  | 249383061 |
|  **Uniform Mortgage-Backed Security – 21.1%** | **Uniform Mortgage-Backed Security – 21.1%** | **Uniform Mortgage-Backed Security – 21.1%** | **Uniform Mortgage-Backed Security – 21.1%** | **Uniform Mortgage-Backed Security – 21.1%** | **Uniform Mortgage-Backed Security – 21.1%** |
|  | 1239 | 7.000 | 08/01/27 |  | 1250 |
|  | 59 | 6.500 | 09/01/27 |  | 59 |
|  | 7440 | 7.000 | 03/01/28 |  | 7519 |
|  | 340 | 6.500 | 05/01/28 |  | 345 |
|  | 3802 | 4.500 | 04/01/39 |  | 3786 |
|  | 3374 | 4.500 | 07/01/39 |  | 3362 |
|  | 91378 | 4.500 | 12/01/39 |  | 91132 |
|  | 6549 | 4.500 | 04/01/41 |  | 6518 |
|  | 194135 | 4.500 | 05/01/41 |  | 193222 |
|  | 27483 | 4.500 | 08/01/41 |  | 27347 |
|  | 8148 | 3.000 | 11/01/42 |  | 7523 |
|  | 166155 | 3.000 | 12/01/42 |  | 153671 |
|  | 209267 | 3.000 | 01/01/43 |  | 193997 |
|  | 33746 | 3.000 | 02/01/43 |  | 31348 |
|  | 327266 | 3.000 | 03/01/43 |  | 302321 |
|  | 480455 | 3.000 | 04/01/43 |  | 443443 |
|  | 398030 | 3.000 | 05/01/43 |  | 367072 |
|  | 25924 | 3.000 | 06/01/43 |  | 23856 |
|  | 331773 | 3.000 | 07/01/43 |  | 305572 |
|  | 218150 | 5.000 | 05/01/44 |  | 221372 |
|  | 1040137 | 4.500 | 04/01/45 |  | 1032964 |
|  | 122531 | 4.500 | 05/01/45 |  | 121304 |
|  | 332477 | 4.500 | 06/01/45 |  | 329355 |
|  | 2552483 | 4.000 | 08/01/45 |  | 2466981 |
|  | 21483 | 4.000 | 03/01/46 |  | 20679 |
|  | 26466 | 4.000 | 06/01/46 |  | 25386 |
|  | 8093 | 4.000 | 08/01/46 |  | 7763 |
|  | 59745 | 4.000 | 10/01/46 |  | 57305 |
|  | 94613 | 4.000 | 06/01/47 |  | 90686 |
|  | 1199406 | 4.500 | 07/01/47 |  | 1175772 |
|  | 320482 | 4.500 | 11/01/47 |  | 314167 |
|  | 146803 | 4.000 | 12/01/47 |  | 140847 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **29** |

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------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) |
| $— | 555730 | 4.000% | 01/01/48 | $532835 |
|  | 1623472 | 4.000 | 02/01/48 | 1554979 |
|  | 38851 | 4.500 | 02/01/48 | 38000 |
|  | 1159554 | 4.000 | 03/01/48 | 1110463 |
|  | 62821 | 4.500 | 05/01/48 | 61387 |
|  | 852281 | 4.000 | 06/01/48 | 816637 |
|  | 10887 | 4.500 | 06/01/48 | 10639 |
|  | 9050 | 4.500 | 07/01/48 | 8844 |
|  | 816104 | 4.000 | 07/01/48 | 781690 |
|  | 1304098 | 4.000 | 08/01/48 | 1247518 |
|  | 6438 | 4.500 | 08/01/48 | 6287 |
|  | 804487 | 4.500 | 09/01/48 | 788550 |
|  | 2255425 | 5.000 | 11/01/48 | 2272771 |
|  | 1324853 | 4.500 | 11/01/48 | 1293142 |
|  | 865671 | 4.500 | 12/01/48 | 844828 |
|  | 1126542 | 4.500 | 01/01/49 | 1099024 |
|  | 824496 | 4.500 | 02/01/49 | 805211 |
|  | 688459 | 3.000 | 02/01/49 | 624663 |
|  | 2918 | 4.500 | 03/01/49 | 2841 |
|  | 388086 | 4.500 | 06/01/49 | 379459 |
|  | 1436378 | 4.500 | 07/01/49 | 1401544 |
|  | 151152 | 3.500 | 07/01/49 | 140696 |
|  | 755430 | 4.500 | 08/01/49 | 737214 |
|  | 4970650 | 3.000 | 09/01/49 | 4464883 |
|  | 2127722 | 5.000 | 10/01/49 | 2142091 |
|  | 982561 | 3.000 | 10/01/49 | 882585 |
|  | 1410594 | 3.000 | 12/01/49 | 1264420 |
|  | 97560 | 4.500 | 02/01/50 | 95392 |
|  | 17565335 | 4.500 | 03/01/50 | 17238651 |
|  | 7310960 | 4.000 | 03/01/50 | 6970921 |
|  | 1907535 | 5.000 | 03/01/50 | 1918032 |
|  | 14773 | 4.500 | 04/01/50 | 14428 |
|  | 793817 | 4.500 | 05/01/50 | 775393 |
|  | 2126791 | 2.500 | 09/01/50 | 1831880 |
|  | 18879931 | 2.000 | 10/01/50 | 15378910 |
|  | 17190695 | 3.000 | 10/01/50 | 15390012 |
|  | 4994353 | 3.000 | 11/01/50 | 4470566 |
|  | 18864757 | 2.000 | 11/01/50 | 15359959 |
|  | 2387774 | 2.500 | 11/01/50 | 2049212 |
|  | 6512920 | 3.000 | 12/01/50 | 5831909 |
|  | 9170581 | 2.500 | 01/01/51 | 7773879 |
|  | 3945622 | 2.500 | 02/01/51 | 3355228 |
|  | 162605 | 4.500 | 03/01/51 | 158859 |
|  | 820587 | 2.000 | 03/01/51 | 668707 |
|  | 13966756 | 2.500 | 05/01/51 | 11935877 |
|  | 11351575 | 2.000 | 05/01/51 | 9218798 |
|  | 28933171 | 2.500 | 08/01/51 | 24812656 |
|  | 478091 | 2.000 | 08/01/51 | 387597 |
|  | 19971102 | 2.500 | 09/01/51 | 17084995 |
|  | 2214428 | 2.000 | 09/01/51 | 1795951 |
|  | 232561 | 4.500 | 10/01/51 | 226083 |
|  | 3053526 | 2.000 | 10/01/51 | 2475531 |
|  | 52331396 | 2.000 | 02/01/52 | 42356818 |
|  | 132546 | 4.500 | 03/01/52 | 128511 |
|  | 548586 | 2.000 | 03/01/52 | 444229 |
|  | 7974138 | 2.500 | 03/01/52 | 6745239 |
|  | 2564712 | 2.000 | 04/01/52 | 2076827 |
|  | 3739179 | 4.500 | 04/01/52 | 3627036 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) |
| 11010915 | 2.500% | 04/01/52 | $9295065 |
| 1327896 | 4.500 | 05/01/52 | 1287337 |
| 4713259 | 2.500 | 05/01/52 | 3987799 |
| 4256737 | 5.500 | 09/01/52 | 4340220 |
| 10229463 | 6.000 | 11/01/52 | 10608498 |
| 3815053 | 6.000 | 12/01/52 | 3954653 |
| 4404233 | 5.500 | 04/01/53 | 4479598 |
| 2159102 | 6.000 | 04/01/53 | 2236497 |
| 13921847 | 4.500 | 05/01/53 | 13612725 |
| 4221564 | 6.500 | 09/01/53 | 4393027 |
| 2026491 | 6.500 | 12/01/53 | 2130014 |
| 11570845 | 6.000 | 01/01/54 | 11820533 |
| 10941710 | 2.500 | 01/01/54 | 9255079 |
| 16686575 | 6.500 | 06/01/54 | 17561167 |
| 14803903 | 6.000 | 08/01/55 | 15183284 |
| 52000000 | 2.500 | TBA-30yr<sup>(e)</sup> | 43712500 |
| 28000000 | 3.000 | TBA-30yr<sup>(e)</sup> | 24607187 |
| 21000000 | 4.000 | TBA-30yr<sup>(e)</sup> | 19790039 |
| 31000000 | 3.500 | TBA-30yr<sup>(e)</sup> | 28401329 |
| 41000000 | 4.500 | TBA-30yr<sup>(e)</sup> | 40676485 |
| 8000000 | 6.000 | TBA-30yr<sup>(e)</sup> | 8151875 |
|  |  |  | 535564122 |
| TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES | $820598354 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $1,073,663,970)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $1,073,663,970)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $1,073,663,970)** | $1056157808 |
| Corporate Obligations – 27.4% | Corporate Obligations – 27.4% | Corporate Obligations – 27.4% | Corporate Obligations – 27.4% |
| Aerospace & Defense<sup>(b)</sup> – 0.7% | Aerospace & Defense<sup>(b)</sup> – 0.7% | Aerospace & Defense<sup>(b)</sup> – 0.7% | Aerospace & Defense<sup>(b)</sup> – 0.7% |
| Boeing Co. |  |  |  |
| 1575000 | 3.450% | 11/01/28 | $1539153 |
| 2211000 | 5.150 | 05/01/30 | 2244784 |
| 4599000 | 6.528 | 05/01/34 | 5009691 |
| 163000 | 3.375 | 06/15/46 | 112260 |
| 100000 | 3.625 | 03/01/48 | 69548 |
| 100000 | 3.850 | 11/01/48 | 71946 |
| 1225000 | 5.805 | 05/01/50 | 1182492 |
| 4093000 | 6.858 | 05/01/54 | 4503159 |
| Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. |
| 1728000 | 4.850 | 10/15/31 | 1747302 |
|  |  |  | 16480335 |
| Agriculture<sup>(b)</sup> – 0.5% | Agriculture<sup>(b)</sup> – 0.5% |  |  |
| BAT Capital Corp. | BAT Capital Corp. |  |  |
| 5749000 | 6.000 | 02/20/34 | 6072496 |
| 5925000 | 5.625 | 08/15/35 | 6096114 |
| Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. |  |
| 843000 | 4.200 | 09/17/29 | 834697 |
|  |  |  | 13003307 |
| Automotive<sup>(b)</sup> – 0.7% | Automotive<sup>(b)</sup> – 0.7% |  |  |
| Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |  |
| 9700000 | 5.420 | 04/09/31 | 9521423 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |  |
| 3200000 | 1.500 | 06/10/26 | 3180128 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **30** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Automotive<sup>(b)</sup> – (continued) | Automotive<sup>(b)</sup> – (continued) | Automotive<sup>(b)</sup> – (continued) | Automotive<sup>(b)</sup> – (continued) | Automotive<sup>(b)</sup> – (continued) |
| $| 6075000 | 5.950% | 04/04/34 | 6234833 |
|  |  |  |  | 18936384 |
| Banks – 6.9% | Banks – 6.9% | Banks – 6.9% |  |  |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |  |  |
|  | 400000 | 4.250 | 04/11/27 | 399476 |
|  | 800000 | 3.306 | 06/27/29 | 770512 |
|  | 800000 | 2.749 | 12/03/30 | 718536 |
|  | 4400000 | 6.921 | 08/08/33 | 4747380 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  | 237000 | 6.110 | 01/29/37 | 248710 |
|  (5 yr. CMT + 1.200%) | (5 yr. CMT + 1.200%) | (5 yr. CMT + 1.200%) |  |  |
|  | 94000 | 2.482 <sup>(a)(b)</sup> | 09/21/36 | 81204 |
|  (Secured Overnight Financing Rate + 1.130%) | (Secured Overnight Financing Rate + 1.130%) | (Secured Overnight Financing Rate + 1.130%) | (Secured Overnight Financing Rate + 1.130%) | (Secured Overnight Financing Rate + 1.130%) |
|  | 13190000 | 5.045 <sup>(a)(b)</sup> | 02/06/37 | 13013254 |
|  (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) |
|  | 1375000 | 2.651 <sup>(a)(b)</sup> | 03/11/32 | 1246768 |
|  (Secured Overnight Financing Rate + 1.310%) | (Secured Overnight Financing Rate + 1.310%) | (Secured Overnight Financing Rate + 1.310%) | (Secured Overnight Financing Rate + 1.310%) | (Secured Overnight Financing Rate + 1.310%) |
|  | 150000 | 5.511 <sup>(a)(b)</sup> | 01/24/36 | 152900 |
|  (Secured Overnight Financing Rate + 1.370%) | (Secured Overnight Financing Rate + 1.370%) | (Secured Overnight Financing Rate + 1.370%) | (Secured Overnight Financing Rate + 1.370%) | (Secured Overnight Financing Rate + 1.370%) |
|  | 3150000 | 1.922 <sup>(a)(b)</sup> | 10/24/31 | 2790742 |
|  (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) |
|  | 9205000 | 5.202 <sup>(a)(b)</sup> | 04/25/29 | 9335619 |
|  (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) |
|  | 5000000 | 4.571 <sup>(a)(b)</sup> | 04/27/33 | 4907950 |
|  (Secured Overnight Financing Rate + 2.150%) | (Secured Overnight Financing Rate + 2.150%) | (Secured Overnight Financing Rate + 2.150%) | (Secured Overnight Financing Rate + 2.150%) | (Secured Overnight Financing Rate + 2.150%) |
|  | 5225000 | 2.592 <sup>(a)(b)</sup> | 04/29/31 | 4826855 |
|  (Secured Overnight Financing Rate + 2.160%) | (Secured Overnight Financing Rate + 2.160%) | (Secured Overnight Financing Rate + 2.160%) | (Secured Overnight Financing Rate + 2.160%) | (Secured Overnight Financing Rate + 2.160%) |
|  | 1089000 | 5.015 <sup>(a)(b)</sup> | 07/22/33 | 1095850 |
|  Bank of New York Mellon Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.755%) | Bank of New York Mellon Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.755%) | Bank of New York Mellon Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.755%) | Bank of New York Mellon Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.755%) | Bank of New York Mellon Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.755%) |
|  | 315000 | 4.596 | 07/26/30 | 316581 |
|  Barclays PLC <sup>(a)(b)</sup> | Barclays PLC <sup>(a)(b)</sup> | Barclays PLC <sup>(a)(b)</sup> |  |  |
|  (1 yr. CMT + 3.500%) | (1 yr. CMT + 3.500%) | (1 yr. CMT + 3.500%) |  |  |
|  | 4410000 | 7.437 | 11/02/33 | 4927205 |
|  (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) |
|  | 2090000 | 5.785 | 02/25/36 | 2116313 |
|  BNP Paribas SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.620%) | BNP Paribas SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.620%) | BNP Paribas SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.620%) | BNP Paribas SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.620%) | BNP Paribas SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.620%) |
|  | 3975000 | 5.786 | 01/13/33 | 4104227 |
|  BPCE SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.312%) | BPCE SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.312%) | BPCE SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.312%) | BPCE SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.312%) | BPCE SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.312%) |
|  | 1650000 | 2.277 | 01/20/32 | 1453155 |
|  Canadian Imperial Bank of Commerce <sup>(a)(b)</sup> (Secured Overnight<br>Financing Rate + 1.105%) | Canadian Imperial Bank of Commerce <sup>(a)(b)</sup> (Secured Overnight<br>Financing Rate + 1.105%) | Canadian Imperial Bank of Commerce <sup>(a)(b)</sup> (Secured Overnight<br>Financing Rate + 1.105%) | Canadian Imperial Bank of Commerce <sup>(a)(b)</sup> (Secured Overnight<br>Financing Rate + 1.105%) | Canadian Imperial Bank of Commerce <sup>(a)(b)</sup> (Secured Overnight<br>Financing Rate + 1.105%) |
|  | 3925000 | 5.245 | 01/13/31 | 4008799 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |  |  |
|  | 925000 | 3.400 | 05/01/26 | 924084 |
|  | 2450000 | 4.450 | 09/29/27 | 2449535 |
|  (Secured Overnight Financing Rate + 1.351%) | (Secured Overnight Financing Rate + 1.351%) | (Secured Overnight Financing Rate + 1.351%) | (Secured Overnight Financing Rate + 1.351%) | (Secured Overnight Financing Rate + 1.351%) |
|  | 100000 | 3.057 <sup>(a)(b)</sup> | 01/25/33 | 90287 |
|  (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) |
|  | 1375000 | 2.976 <sup>(a)(b)</sup> | 11/05/30 | 1298083 |
|  (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) |
|  | 2360000 | 6.020 <sup>(a)(b)</sup> | 01/24/36 | 2411731 |
|  (Secured Overnight Financing Rate + 2.086%) | (Secured Overnight Financing Rate + 2.086%) | (Secured Overnight Financing Rate + 2.086%) | (Secured Overnight Financing Rate + 2.086%) | (Secured Overnight Financing Rate + 2.086%) |
|  | 2495000 | 4.910 <sup>(a)(b)</sup> | 05/24/33 | 2483897 |
|  (Secured Overnight Financing Rate + 2.338%) | (Secured Overnight Financing Rate + 2.338%) | (Secured Overnight Financing Rate + 2.338%) | (Secured Overnight Financing Rate + 2.338%) | (Secured Overnight Financing Rate + 2.338%) |
|  | 6000000 | 6.270 <sup>(a)(b)</sup> | 11/17/33 | 6411900 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| First Horizon Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.766%) | First Horizon Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.766%) | First Horizon Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.766%) | First Horizon Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.766%) |
| 715000 | 5.514% | 03/07/31 | $724202 |
| HSBC Holdings PLC | HSBC Holdings PLC |  |  |
| 600000 | 4.950 | 03/31/30 | 606594 |
| Huntington Bancshares, Inc. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.870%) | Huntington Bancshares, Inc. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.870%) | Huntington Bancshares, Inc. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.870%) | Huntington Bancshares, Inc. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.870%) |
| 9935000 | 5.709 | 02/02/35 | 10139363 |
| JPMorgan Chase & Co. <sup>(a)(b)</sup> | JPMorgan Chase & Co. <sup>(a)(b)</sup> | JPMorgan Chase & Co. <sup>(a)(b)</sup> |  |
| (3 mo. USD Term SOFR + 1.599%) | (3 mo. USD Term SOFR + 1.599%) | (3 mo. USD Term SOFR + 1.599%) |  |
| 2150000 | 3.782 | 02/01/28 | 2138605 |
| (3 mo. USD Term SOFR + 2.515%) | (3 mo. USD Term SOFR + 2.515%) | (3 mo. USD Term SOFR + 2.515%) | (3 mo. USD Term SOFR + 2.515%) |
| 675000 | 2.956 | 05/13/31 | 629012 |
| (Secured Overnight Financing Rate + 0.840%) | (Secured Overnight Financing Rate + 0.840%) | (Secured Overnight Financing Rate + 0.840%) | (Secured Overnight Financing Rate + 0.840%) |
| 3000000 | 4.347 | 01/22/32 | 2957400 |
| (Secured Overnight Financing Rate + 1.070%) | (Secured Overnight Financing Rate + 1.070%) | (Secured Overnight Financing Rate + 1.070%) | (Secured Overnight Financing Rate + 1.070%) |
| 4090000 | 4.898 | 01/22/37 | 4001165 |
| (Secured Overnight Financing Rate + 1.260%) | (Secured Overnight Financing Rate + 1.260%) | (Secured Overnight Financing Rate + 1.260%) | (Secured Overnight Financing Rate + 1.260%) |
| 3475000 | 2.963 | 01/25/33 | 3150817 |
| (Secured Overnight Financing Rate + 1.300%) | (Secured Overnight Financing Rate + 1.300%) | (Secured Overnight Financing Rate + 1.300%) | (Secured Overnight Financing Rate + 1.300%) |
| 3010000 | 5.193 | 02/05/37 | 2955338 |
| (Secured Overnight Financing Rate + 1.635%) | (Secured Overnight Financing Rate + 1.635%) | (Secured Overnight Financing Rate + 1.635%) | (Secured Overnight Financing Rate + 1.635%) |
| 5125000 | 5.576 | 07/23/36 | 5193419 |
| (Secured Overnight Financing Rate + 1.680%) | (Secured Overnight Financing Rate + 1.680%) | (Secured Overnight Financing Rate + 1.680%) | (Secured Overnight Financing Rate + 1.680%) |
| 4285000 | 5.572 | 04/22/36 | 4407979 |
| M&T Bank Corp. <sup>(a)(b)</sup> | M&T Bank Corp. <sup>(a)(b)</sup> | M&T Bank Corp. <sup>(a)(b)</sup> | M&T Bank Corp. <sup>(a)(b)</sup> |
| (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) |
| 6050000 | 5.385 | 01/16/36 | 5998877 |
| (Secured Overnight Financing Rate + 1.850%) | (Secured Overnight Financing Rate + 1.850%) | (Secured Overnight Financing Rate + 1.850%) | (Secured Overnight Financing Rate + 1.850%) |
| 2280000 | 5.053 | 01/27/34 | 2249243 |
| (Secured Overnight Financing Rate + 2.800%) | (Secured Overnight Financing Rate + 2.800%) | (Secured Overnight Financing Rate + 2.800%) | (Secured Overnight Financing Rate + 2.800%) |
| 1930000 | 7.413 | 10/30/29 | 2061279 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| 1631000 | 3.950 | 04/23/27 | 1621051 |
| (Secured Overnight Financing Rate + 1.034%) | (Secured Overnight Financing Rate + 1.034%) | (Secured Overnight Financing Rate + 1.034%) | (Secured Overnight Financing Rate + 1.034%) |
| 2625000 | 1.794 <sup>(a)(b)</sup> | 02/13/32 | 2274143 |
| (Secured Overnight Financing Rate + 1.143%) | (Secured Overnight Financing Rate + 1.143%) | (Secured Overnight Financing Rate + 1.143%) | (Secured Overnight Financing Rate + 1.143%) |
| 3900000 | 2.699 <sup>(a)(b)</sup> | 01/22/31 | 3622437 |
| (Secured Overnight Financing Rate + 1.360%) | (Secured Overnight Financing Rate + 1.360%) | (Secured Overnight Financing Rate + 1.360%) | (Secured Overnight Financing Rate + 1.360%) |
| 3175000 | 2.484 <sup>(a)(b)</sup> | 09/16/36 | 2731294 |
| (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) |
| 4320000 | 5.164 <sup>(a)(b)</sup> | 04/20/29 | 4369680 |
| (Secured Overnight Financing Rate + 1.757%) | (Secured Overnight Financing Rate + 1.757%) | (Secured Overnight Financing Rate + 1.757%) | (Secured Overnight Financing Rate + 1.757%) |
| 695000 | 5.664 <sup>(a)(b)</sup> | 04/17/36 | 711444 |
| Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
| 1700000 | 5.000 | 02/01/33 | 1715045 |
| Shinhan Bank Co. Ltd. <sup>(c)</sup> | Shinhan Bank Co. Ltd. <sup>(c)</sup> | Shinhan Bank Co. Ltd. <sup>(c)</sup> | Shinhan Bank Co. Ltd. <sup>(c)</sup> |
| 540000 | 4.500 | 04/12/28 | 542225 |
| State Street Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.650%) | State Street Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.650%) | State Street Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.650%) | State Street Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.650%) |
| 100000 | 3.152 | 03/30/31 | 95201 |
| Truist Financial Corp. <sup>(a)(b)</sup> | Truist Financial Corp. <sup>(a)(b)</sup> | Truist Financial Corp. <sup>(a)(b)</sup> | Truist Financial Corp. <sup>(a)(b)</sup> |
| (Secured Overnight Financing Rate + 1.922%) | (Secured Overnight Financing Rate + 1.922%) | (Secured Overnight Financing Rate + 1.922%) | (Secured Overnight Financing Rate + 1.922%) |
| 7450000 | 5.711 | 01/24/35 | 7679385 |
| (Secured Overnight Financing Rate + 2.050%) | (Secured Overnight Financing Rate + 2.050%) | (Secured Overnight Financing Rate + 2.050%) | (Secured Overnight Financing Rate + 2.050%) |
| 100000 | 6.047 | 06/08/27 | 100256 |
| U.S. Bancorp <sup>(a)(b)</sup> | U.S. Bancorp <sup>(a)(b)</sup> | U.S. Bancorp <sup>(a)(b)</sup> | U.S. Bancorp <sup>(a)(b)</sup> |
| (Secured Overnight Financing Rate + 1.296%) | (Secured Overnight Financing Rate + 1.296%) | (Secured Overnight Financing Rate + 1.296%) | (Secured Overnight Financing Rate + 1.296%) |
| 6320000 | 5.083 | 05/15/31 | 6407848 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **31** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| (Secured Overnight Financing Rate + 2.020%) | (Secured Overnight Financing Rate + 2.020%) | (Secured Overnight Financing Rate + 2.020%) | (Secured Overnight Financing Rate + 2.020%) |
| $3640000 | 5.775% | 06/12/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3742575 |
| UBS AG | UBS AG | UBS AG | UBS AG |
| 4135000 | 1.250 | 08/07/26 | 4091417 |
| UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
| 683000 | 4.550 | 04/17/26 | 683075 |
| (3 mo. USD Term SOFR + 1.410%) | (3 mo. USD Term SOFR + 1.410%) | (3 mo. USD Term SOFR + 1.410%) | (3 mo. USD Term SOFR + 1.410%) |
| 1675000 | 3.869 <sup>(a)(b)(c)</sup> | 01/12/29 | 1655788 |
| (5 yr. CMT + 4.758%) | (5 yr. CMT + 4.758%) | (5 yr. CMT + 4.758%) | (5 yr. CMT + 4.758%) |
| 695000 | 9.250 <sup>(a)(b)(c)</sup> | 11/13/33 | 783084 |
| (Secured Overnight Financing Rate + 1.730%) | (Secured Overnight Financing Rate + 1.730%) | (Secured Overnight Financing Rate + 1.730%) | (Secured Overnight Financing Rate + 1.730%) |
| 1545000 | 3.091 <sup>(a)(b)(c)</sup> | 05/14/32 | 1415606 |
| (Secured Overnight Financing Rate + 1.760%) | (Secured Overnight Financing Rate + 1.760%) | (Secured Overnight Financing Rate + 1.760%) | (Secured Overnight Financing Rate + 1.760%) |
| 1915000 | 5.580 <sup>(a)(b)(c)</sup> | 05/09/36 | 1940776 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| 2700000 | 3.000 | 10/23/26 | 2680911 |
| 325000 | 4.300 | 07/22/27 | 324470 |
| Westpac Banking Corp. <sup>(a)(b)</sup> (5 yr. CMT + 2.000%) | Westpac Banking Corp. <sup>(a)(b)</sup> (5 yr. CMT + 2.000%) | Westpac Banking Corp. <sup>(a)(b)</sup> (5 yr. CMT + 2.000%) | Westpac Banking Corp. <sup>(a)(b)</sup> (5 yr. CMT + 2.000%) |
| 700000 | 4.110 | 07/24/34 | 682451 |
|  |  |  | 174415008 |
| Beverages – 0.7% | Beverages – 0.7% | Beverages – 0.7% | Beverages – 0.7% |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. <sup>(b)</sup> | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. <sup>(b)</sup> | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. <sup>(b)</sup> | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. <sup>(b)</sup> |
| 960000 | 4.700 | 02/01/36 | 934781 |
| Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |
| 585000 | 8.200 | 01/15/39 | 735790 |
| Bacardi-Martini BV <sup>(b)(c)</sup> | Bacardi-Martini BV <sup>(b)(c)</sup> | Bacardi-Martini BV <sup>(b)(c)</sup> | Bacardi-Martini BV <sup>(b)(c)</sup> |
| 6350000 | 5.550 | 02/01/30 | 6480556 |
| Coca-Cola Consolidated, Inc. <sup>(b)</sup> | Coca-Cola Consolidated, Inc. <sup>(b)</sup> | Coca-Cola Consolidated, Inc. <sup>(b)</sup> | Coca-Cola Consolidated, Inc. <sup>(b)</sup> |
| 1421000 | 5.450 | 06/01/34 | 1457846 |
| Constellation Brands, Inc. <sup>(b)</sup> | Constellation Brands, Inc. <sup>(b)</sup> | Constellation Brands, Inc. <sup>(b)</sup> | Constellation Brands, Inc. <sup>(b)</sup> |
| 50000 | 3.600 | 02/15/28 | 49244 |
| 50000 | 3.150 | 08/01/29 | 47835 |
| 1900000 | 2.250 | 08/01/31 | 1675781 |
| JDE Peet's NV <sup>(b)(c)</sup> | JDE Peet's NV <sup>(b)(c)</sup> | JDE Peet's NV <sup>(b)(c)</sup> | JDE Peet's NV <sup>(b)(c)</sup> |
| 1650000 | 1.375 | 01/15/27 | 1607661 |
| Keurig Dr. Pepper, Inc. <sup>(b)</sup> | Keurig Dr. Pepper, Inc. <sup>(b)</sup> | Keurig Dr. Pepper, Inc. <sup>(b)</sup> | Keurig Dr. Pepper, Inc. <sup>(b)</sup> |
| 1968000 | 2.250 | 03/15/31 | 1737370 |
| Pernod Ricard International Finance LLC <sup>(b)(c)</sup> | Pernod Ricard International Finance LLC <sup>(b)(c)</sup> | Pernod Ricard International Finance LLC <sup>(b)(c)</sup> | Pernod Ricard International Finance LLC <sup>(b)(c)</sup> |
| 4816000 | 1.625 | 04/01/31 | 4165503 |
|  |  |  | 18892367 |
| Biotechnology<sup>(b)</sup> – 0.3% | Biotechnology<sup>(b)</sup> – 0.3% | Biotechnology<sup>(b)</sup> – 0.3% | Biotechnology<sup>(b)</sup> – 0.3% |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 3370000 | 5.250 | 03/02/30 | 3461698 |
| 2168000 | 5.250 | 03/02/33 | 2224389 |
| Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
| 2844000 | 5.400 | 09/02/34 | 2867520 |
|  |  |  | 8553607 |
| Building Materials<sup>(b)</sup> – 0.3% | Building Materials<sup>(b)</sup> – 0.3% | Building Materials<sup>(b)</sup> – 0.3% | Building Materials<sup>(b)</sup> – 0.3% |
| Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
| 3375000 | 2.493 | 02/15/27 | 3320561 |
| 2675000 | 2.700 | 02/15/31 | 2454313 |
| 2309000 | 5.900 | 03/15/34 | 2437080 |
|  |  |  | 8211954 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Chemicals<sup>(b)(c)</sup> – 0.0% | Chemicals<sup>(b)(c)</sup> – 0.0% | Chemicals<sup>(b)(c)</sup> – 0.0% | Chemicals<sup>(b)(c)</sup> – 0.0% |
| International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
| $599000 | 1.832% | 10/15/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574603 |
| Commercial Services – 0.7% | Commercial Services – 0.7% | Commercial Services – 0.7% | Commercial Services – 0.7% |
| Ashtead Capital, Inc. <sup>(b)(c)</sup> | Ashtead Capital, Inc. <sup>(b)(c)</sup> | Ashtead Capital, Inc. <sup>(b)(c)</sup> | Ashtead Capital, Inc. <sup>(b)(c)</sup> |
| 650000 | 1.500 | 08/12/26 | 641986 |
| 2087000 | 5.800 | 04/15/34 | 2129241 |
| Cornell University <sup>(b)</sup> | Cornell University <sup>(b)</sup> | Cornell University <sup>(b)</sup> | Cornell University <sup>(b)</sup> |
| 5610000 | 4.733 | 06/15/35 | 5559995 |
| DP World Crescent Ltd. <sup>(c)</sup> | DP World Crescent Ltd. <sup>(c)</sup> | DP World Crescent Ltd. <sup>(c)</sup> | DP World Crescent Ltd. <sup>(c)</sup> |
| 3060000 | 5.500 | 05/08/35 | 2993292 |
| DP World Ltd. | DP World Ltd. | DP World Ltd. | DP World Ltd. |
| 100000 | 6.850 <sup>(c)</sup> | 07/02/37 | 106237 |
| 600000 | 5.625 | 09/25/48 | 535650 |
| Global Payments, Inc. <sup>(b)</sup> | Global Payments, Inc. <sup>(b)</sup> | Global Payments, Inc. <sup>(b)</sup> | Global Payments, Inc. <sup>(b)</sup> |
| 3575000 | 5.550 | 11/15/35 | 3437613 |
| Quanta Services, Inc. <sup>(b)</sup> | Quanta Services, Inc. <sup>(b)</sup> | Quanta Services, Inc. <sup>(b)</sup> | Quanta Services, Inc. <sup>(b)</sup> |
| 2594000 | 5.250 | 08/09/34 | 2610238 |
|  |  |  | 18014252 |
| Computers<sup>(b)</sup> – 0.1% | Computers<sup>(b)</sup> – 0.1% | Computers<sup>(b)</sup> – 0.1% | Computers<sup>(b)</sup> – 0.1% |
| Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
| 200000 | 6.200 | 07/15/30 | 211122 |
| 540000 | 8.100 | 07/15/36 | 641385 |
| Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |
| 2174000 | 5.000 | 10/15/34 | 2103019 |
|  |  |  | 2955526 |
| Diversified Financial Services – 1.4% | Diversified Financial Services – 1.4% | Diversified Financial Services – 1.4% | Diversified Financial Services – 1.4% |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(b)</sup> | AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(b)</sup> | AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(b)</sup> | AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(b)</sup> |
| 5125000 | 2.450 | 10/29/26 | 5065652 |
| 3472000 | 5.375 | 12/15/31 | 3526858 |
| Air Lease Corp. <sup>(b)</sup> | Air Lease Corp. <sup>(b)</sup> | Air Lease Corp. <sup>(b)</sup> | Air Lease Corp. <sup>(b)</sup> |
| 3750000 | 5.200 | 07/15/31 | 3756188 |
| American Express Co. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.237%) | American Express Co. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.237%) | American Express Co. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.237%) | American Express Co. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.237%) |
| 4220000 | 4.804 | 10/24/36 | 4079938 |
| (Secured Overnight Financing Rate + 1.420%) | (Secured Overnight Financing Rate + 1.420%) | (Secured Overnight Financing Rate + 1.420%) | (Secured Overnight Financing Rate + 1.420%) |
| 4855000 | 5.284 | 07/26/35 | 4897627 |
| Avolon Holdings Funding Ltd. <sup>(b)(c)</sup> | Avolon Holdings Funding Ltd. <sup>(b)(c)</sup> | Avolon Holdings Funding Ltd. <sup>(b)(c)</sup> | Avolon Holdings Funding Ltd. <sup>(b)(c)</sup> |
| 873000 | 5.150 | 01/15/30 | 877382 |
| Capital One Financial Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.036%) | Capital One Financial Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.036%) | Capital One Financial Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.036%) | Capital One Financial Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.036%) |
| 5140000 | 6.183 | 01/30/36 | 5223165 |
| Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
| 950000 | 2.608 | 07/14/31 | 846821 |
| REC Ltd. <sup>(c)</sup> | REC Ltd. <sup>(c)</sup> | REC Ltd. <sup>(c)</sup> | REC Ltd. <sup>(c)</sup> |
| 200000 | 5.625 | 04/11/28 | 203198 |
| Synchrony Financial <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.530%) | Synchrony Financial <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.530%) | Synchrony Financial <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.530%) | Synchrony Financial <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.530%) |
| 3575000 | 4.947 | 02/25/32 | 3470968 |
| Takeoff Merger Sub, Inc. <sup>(b)(c)</sup> | Takeoff Merger Sub, Inc. <sup>(b)(c)</sup> | Takeoff Merger Sub, Inc. <sup>(b)(c)</sup> | Takeoff Merger Sub, Inc. <sup>(b)(c)</sup> |
| 4615000 | 4.850 | 03/24/31 | 4559758 |
|  |  |  | 36507555 |
| Electrical<sup>(b)</sup> – 0.1% | Electrical<sup>(b)</sup> – 0.1% | Electrical<sup>(b)</sup> – 0.1% | Electrical<sup>(b)</sup> – 0.1% |
| Alliant Energy Finance LLC <sup>(c)</sup> | Alliant Energy Finance LLC <sup>(c)</sup> | Alliant Energy Finance LLC <sup>(c)</sup> | Alliant Energy Finance LLC <sup>(c)</sup> |
| 225000 | 4.250 | 06/15/28 | 223344 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **32** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |  |
| Electrical<sup>(b)</sup> – (continued) | Electrical<sup>(b)</sup> – (continued) | Electrical<sup>(b)</sup> – (continued) | Electrical<sup>(b)</sup> – (continued) |  |
|  Ameren Corp. | Ameren Corp. | Ameren Corp. |  |  |
| $| 400000 | 3.500% | 01/15/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379808 |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |  |
|  | 850000 | 2.300 | 03/01/30 | 778583 |
|  Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |  |
|  | 425000 | 2.950 | 09/15/27 | 415654 |
|  Ohio Power Co. | Ohio Power Co. | Ohio Power Co. |  |  |
|  | 675000 | 2.600 | 04/01/30 | 625671 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |  |
|  | 500000 | 3.300 | 08/01/40 | 374080 |
|  |  |  |  | 2797140 |
| Electronics<sup>(b)</sup> – 0.1% | Electronics<sup>(b)</sup> – 0.1% | Electronics<sup>(b)</sup> – 0.1% |  |  |
|  Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. |  |
|  | 1593000 | 5.600 | 05/29/34 | 1625816 |
| Engineering & Construction<sup>(b)</sup> – 0.1% | Engineering & Construction<sup>(b)</sup> – 0.1% | Engineering & Construction<sup>(b)</sup> – 0.1% | Engineering & Construction<sup>(b)</sup> – 0.1% |  |
|  Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust |  |
|  | 400000 | 4.250 | 10/31/26 | 398740 |
|  | 440000 | 3.875 <sup>(c)</sup> | 04/30/28 | 429242 |
|  | 200000 | 5.500 <sup>(c)</sup> | 10/31/46 | 166504 |
|  | 420000 | 5.500 | 07/31/47 | 348978 |
|  | 340000 | 5.500 <sup>(c)</sup> | 07/31/47 | 282506 |
|  |  |  |  | 1625970 |
| Environmental – 0.0% | Environmental – 0.0% | Environmental – 0.0% |  |  |
|  Nature Conservancy | Nature Conservancy | Nature Conservancy |  |  |
|  | 60000 | 0.944 | 07/01/26 | 59471 |
|  | 75000 | 1.304 | 07/01/28 | 69187 |
|  |  |  |  | 128658 |
| Food & Drug Retailing<sup>(b)</sup> – 1.3% | Food & Drug Retailing<sup>(b)</sup> – 1.3% | Food & Drug Retailing<sup>(b)</sup> – 1.3% | Food & Drug Retailing<sup>(b)</sup> – 1.3% |  |
|  Campbell's Co. | Campbell's Co. | Campbell's Co. |  |  |
|  | 7343000 | 5.400 | 03/21/34 | 7118451 |
|  | 1200000 | 4.750 | 03/23/35 | 1104540 |
|  J.M. Smucker Co. | J.M. Smucker Co. | J.M. Smucker Co. |  |  |
|  | 2498000 | 5.900 | 11/15/28 | 2583681 |
|  | 1423000 | 6.200 | 11/15/33 | 1506929 |
|  Mars, Inc. <sup>(c)</sup> | Mars, Inc. <sup>(c)</sup> | Mars, Inc. <sup>(c)</sup> |  |  |
|  | 5800000 | 4.800 | 03/01/30 | 5860552 |
|  | 5175000 | 5.000 | 03/01/32 | 5235806 |
|  | 8975000 | 5.200 | 03/01/35 | 9056583 |
|  Sysco Corp. | Sysco Corp. | Sysco Corp. |  |  |
|  | 225000 | 6.600 | 04/01/40 | 239132 |
|  |  |  |  | 32705674 |
| Gas<sup>(b)</sup> – 0.0% | Gas<sup>(b)</sup> – 0.0% | Gas<sup>(b)</sup> – 0.0% |  |  |
|  NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |  |  |
|  | 325000 | 3.600 | 05/01/30 | 313378 |
| Hand/Machine Tools<sup>(b)</sup> – 0.3% | Hand/Machine Tools<sup>(b)</sup> – 0.3% | Hand/Machine Tools<sup>(b)</sup> – 0.3% | Hand/Machine Tools<sup>(b)</sup> – 0.3% |  |
|  Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. |  |  |
|  | 6578000 | 6.300 | 02/15/30 | 6893284 |
| Healthcare Providers & Services<sup>(b)</sup> – 3.1% | Healthcare Providers & Services<sup>(b)</sup> – 3.1% | Healthcare Providers & Services<sup>(b)</sup> – 3.1% | Healthcare Providers & Services<sup>(b)</sup> – 3.1% |  |
|  Adventist Health System | Adventist Health System | Adventist Health System | Adventist Health System |  |
|  | 540000 | 2.952 | 03/01/29 | 513739 |
|  | 6970000 | 4.742 | 12/01/30 | 6902192 |
|  | 1345000 | 5.757 | 12/01/34 | 1384821 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |  |
| Healthcare Providers & Services<sup>(b)</sup> – (continued) | Healthcare Providers & Services<sup>(b)</sup> – (continued) | Healthcare Providers & Services<sup>(b)</sup> – (continued) | Healthcare Providers & Services<sup>(b)</sup> – (continued) | Healthcare Providers & Services<sup>(b)</sup> – (continued) |
|  Alcon Finance Corp. <sup>(c)</sup> | Alcon Finance Corp. <sup>(c)</sup> | Alcon Finance Corp. <sup>(c)</sup> | Alcon Finance Corp. <sup>(c)</sup> |  |
| $| 4572000 | 3.000% | 09/23/29 | $4343354 |
| Ascension Health | Ascension Health | Ascension Health |  |  |
|  | 3275000 | 4.923 | 11/15/35 | 3235940 |
| Banner Health | Banner Health | Banner Health |  |  |
|  | 3235000 | 2.338 | 01/01/30 | 2999159 |
| Baylor Scott & White Holdings | Baylor Scott & White Holdings | Baylor Scott & White Holdings | Baylor Scott & White Holdings |  |
|  | 1140000 | 1.777 | 11/15/30 | 1012417 |
| Cigna Group | Cigna Group | Cigna Group |  |  |
|  | 3515000 | 5.125 | 05/15/31 | 3589202 |
| CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |  |  |
|  | 2220000 | 4.352 | 09/01/30 | 2186250 |
|  | 3385000 | 4.975 | 09/01/35 | 3302972 |
|  | 2385000 | 3.910 | 10/01/50 | 1748724 |
|  | 2655000 | 6.461 | 11/01/52 | 2818159 |
| Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |  |  |
|  | 5970000 | 4.600 | 09/15/32 | 5875435 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. |  |  |
|  | 4625000 | 4.500 | 02/15/27 | 4625786 |
|  | 1590000 | 3.500 | 09/01/30 | 1509801 |
|  | 7985000 | 5.450 | 04/01/31 | 8187340 |
|  | 1610000 | 5.900 | 06/01/53 | 1534250 |
| Humana, Inc. | Humana, Inc. | Humana, Inc. |  |  |
|  | 785000 | 5.950 | 03/15/34 | 799750 |
| Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings |  |
|  | 1719000 | 4.800 | 10/01/34 | 1674306 |
| PeaceHealth Obligated Group | PeaceHealth Obligated Group | PeaceHealth Obligated Group | PeaceHealth Obligated Group |  |
|  | 2200000 | 4.335 | 11/15/28 | 2189434 |
| Rush System for Health Obligated Group | Rush System for Health Obligated Group | Rush System for Health Obligated Group | Rush System for Health Obligated Group |  |
|  | 1320000 | 3.922 | 11/15/29 | 1298992 |
| Solventum Corp. | Solventum Corp. | Solventum Corp. |  |  |
|  | 1603000 | 5.400 | 03/01/29 | 1641055 |
|  | 3040000 | 5.450 | 03/13/31 | 3119101 |
|  | 5675000 | 5.600 | 03/23/34 | 5801099 |
| STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. |  |
|  | 501000 | 2.700 | 03/15/31 | 454673 |
| Stryker Corp. | Stryker Corp. | Stryker Corp. |  |  |
|  | 75000 | 1.950 | 06/15/30 | 67757 |
| Sutter Health | Sutter Health | Sutter Health |  |  |
|  | 605000 | 2.294 | 08/15/30 | 551202 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |  |
|  | 3700000 | 5.000 | 04/15/34 | 3700629 |
|  | 1750000 | 3.050 | 05/15/41 | 1296820 |
|  |  |  |  | 78364359 |
| Insurance – 0.1% | Insurance – 0.1% | Insurance – 0.1% |  |  |
| Arch Capital Group Ltd. | Arch Capital Group Ltd. | Arch Capital Group Ltd. | Arch Capital Group Ltd. |  |
|  | 300000 | 7.350 | 05/01/34 | 339474 |
| Chubb INA Holdings LLC | Chubb INA Holdings LLC | Chubb INA Holdings LLC | Chubb INA Holdings LLC |  |
|  | 2440000 | 6.800 | 11/15/31 | 2691540 |
| Willis North America, Inc. <sup>(b)</sup> | Willis North America, Inc. <sup>(b)</sup> | Willis North America, Inc. <sup>(b)</sup> | Willis North America, Inc. <sup>(b)</sup> |  |
|  | 700000 | 2.950 | 09/15/29 | 662837 |
|  |  |  |  | 3693851 |
| Internet – 1.5% | Internet – 1.5% | Internet – 1.5% |  |  |
| Airbnb, Inc. <sup>(b)</sup> | Airbnb, Inc. <sup>(b)</sup> | Airbnb, Inc. <sup>(b)</sup> |  |  |
|  | 3555000 | 5.250 | 03/16/36 | 3551943 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **33** |

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------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |  |  |
| Internet – (continued) | Internet – (continued) | Internet – (continued) |  |  |
| Alphabet, Inc. <sup>(b)</sup> | Alphabet, Inc. <sup>(b)</sup> | Alphabet, Inc. <sup>(b)</sup> |  |  |
| 11025000 | 4.100% | 11/15/30 | $| &nbsp;&nbsp;&nbsp;&nbsp;10946281 |
| Expedia Group, Inc. <sup>(b)</sup> | Expedia Group, Inc. <sup>(b)</sup> | Expedia Group, Inc. <sup>(b)</sup> | Expedia Group, Inc. <sup>(b)</sup> | Expedia Group, Inc. <sup>(b)</sup> |
| 1212000 | 4.625 | 08/01/27 |  | 1213054 |
| 825000 | 3.800 | 02/15/28 |  | 814069 |
| 89000 | 3.250 | 02/15/30 |  | 84173 |
| 331000 | 2.950 | 03/15/31 |  | 303388 |
| Meta Platforms, Inc. <sup>(b)</sup> | Meta Platforms, Inc. <sup>(b)</sup> | Meta Platforms, Inc. <sup>(b)</sup> |  |  |
| 4850000 | 4.200 | 11/15/30 |  | 4799996 |
| 9425000 | 4.875 | 11/15/35 |  | 9244134 |
| Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |  |  |
| 3010000 | 5.875 | 11/15/28 |  | 3132236 |
| 2604000 | 5.375 <sup>(c)</sup> | 11/15/29 |  | 2687120 |
| Prosus NV <sup>(b)(c)</sup> | Prosus NV <sup>(b)(c)</sup> | Prosus NV <sup>(b)(c)</sup> |  |  |
| 100000 | 2.031 | 08/03/32 |  | 101796 |
| 230000 | 4.027 | 08/03/50 |  | 153468 |
| 210000 | 3.832 | 02/08/51 |  | 134460 |
|  |  |  |  | 37166118 |
| Investment Companies<sup>(b)</sup> – 0.1% | Investment Companies<sup>(b)</sup> – 0.1% | Investment Companies<sup>(b)</sup> – 0.1% |  |  |
| Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund |  |  |
| 950000 | 6.000 | 01/29/32 |  | 921310 |
| Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund |  |  |
| 1650000 | 5.875 | 11/15/27 |  | 1656220 |
| JAB Holdings BV <sup>(c)</sup> | JAB Holdings BV <sup>(c)</sup> | JAB Holdings BV <sup>(c)</sup> |  |  |
| 500000 | 2.200 | 11/23/30 |  | 446260 |
|  |  |  |  | 3023790 |
| Iron/Steel<sup>(c)</sup> – 0.0% | Iron/Steel<sup>(c)</sup> – 0.0% | Iron/Steel<sup>(c)</sup> – 0.0% |  |  |
| POSCO | POSCO |  |  |  |
| 260000 | 5.750 | 01/17/28 |  | 264919 |
| Leisure Time<sup>(b)</sup> – 0.2% | Leisure Time<sup>(b)</sup> – 0.2% | Leisure Time<sup>(b)</sup> – 0.2% |  |  |
| Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |  |  |
| 4295000 | 5.250 | 02/27/38 |  | 4083729 |
| Lodging<sup>(b)</sup> –0.9% | Lodging<sup>(b)</sup> –0.9% | Lodging<sup>(b)</sup> –0.9% |  |  |
| Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |  |  |
| 3593000 | 3.700 | 01/15/31 |  | 3370126 |
| 1639000 | 5.850 | 08/01/34 |  | 1650047 |
| Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |  |  |
| 5295000 | 5.500 | 06/30/34 |  | 5348268 |
| Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |  |  |
| 1590000 | 5.625 | 06/15/28 |  | 1609680 |
| 590000 | 6.000 | 06/14/30 |  | 606085 |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |  |  |
| 2100000 | 5.000 | 10/15/27 |  | 2119173 |
| 5300000 | 2.850 | 04/15/31 |  | 4853899 |
| 2260000 | 4.500 | 05/01/33 |  | 2181465 |
|  |  |  |  | 21738743 |
| Machinery - Construction & Mining<sup>(b)</sup> – 0.2% | Machinery - Construction & Mining<sup>(b)</sup> – 0.2% | Machinery - Construction & Mining<sup>(b)</sup> – 0.2% | Machinery - Construction & Mining<sup>(b)</sup> – 0.2% | Machinery - Construction & Mining<sup>(b)</sup> – 0.2% |
| Vertiv Holdings Co. | Vertiv Holdings Co. | Vertiv Holdings Co. |  |  |
| 5194000 | 4.850 | 03/15/36 |  | 5049970 |
| Machinery-Diversified<sup>(b)</sup> – 0.2% | Machinery-Diversified<sup>(b)</sup> – 0.2% | Machinery-Diversified<sup>(b)</sup> – 0.2% |  |  |
| AGCO Corp. | AGCO Corp. | AGCO Corp. |  |  |
| 1298000 | 5.800 | 03/21/34 |  | 1326984 |
| IDEX Corp. | IDEX Corp. | IDEX Corp. |  |  |
| 1515000 | 2.625 | 06/15/31 |  | 1365454 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |  |
| Machinery-Diversified<sup>(b)</sup> – (continued) | Machinery-Diversified<sup>(b)</sup> – (continued) | Machinery-Diversified<sup>(b)</sup> – (continued) | Machinery-Diversified<sup>(b)</sup> – (continued) |  |
|  Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. |  |  |
| $| 1270000 | 5.700% | 08/14/33 | $&nbsp;&nbsp;&nbsp;&nbsp;1319035 |
|  |  |  |  | 4011473 |
| Media<sup>(b)</sup> – 0.3% | Media<sup>(b)</sup> – 0.3% | Media<sup>(b)</sup> – 0.3% |  |  |
|  Charter Communications Operating LLC/Charter Communications | Charter Communications Operating LLC/Charter Communications | Charter Communications Operating LLC/Charter Communications | Charter Communications Operating LLC/Charter Communications | Charter Communications Operating LLC/Charter Communications |
|  Operating Capital | Operating Capital | Operating Capital | Operating Capital |  |
|  | 6675000 | 3.750 | 02/15/28 | 6557720 |
|  Comcast Corp. | Comcast Corp. | Comcast Corp. |  |  |
|  | 100000 | 3.750 | 04/01/40 | 80995 |
|  Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |  |
|  | 275000 | 5.875 | 11/15/40 | 248364 |
|  |  |  |  | 6887079 |
| Miscellaneous Manufacturing – 0.0% | Miscellaneous Manufacturing – 0.0% | Miscellaneous Manufacturing – 0.0% | Miscellaneous Manufacturing – 0.0% |  |
|  GE Capital International Funding Co. Unlimited Co. | GE Capital International Funding Co. Unlimited Co. | GE Capital International Funding Co. Unlimited Co. | GE Capital International Funding Co. Unlimited Co. | GE Capital International Funding Co. Unlimited Co. |
|  | 405000 | 4.418 | 11/15/35 | 388452 |
|  General Electric Co. | General Electric Co. | General Electric Co. |  |  |
|  | 700000 | 5.875 | 01/14/38 | 745192 |
|  |  |  |  | 1133644 |
| Oil Field Services – 0.1% | Oil Field Services – 0.1% | Oil Field Services – 0.1% | Oil Field Services – 0.1% |  |
|  Marathon Petroleum Corp. <sup>(b)</sup> | Marathon Petroleum Corp. <sup>(b)</sup> | Marathon Petroleum Corp. <sup>(b)</sup> | Marathon Petroleum Corp. <sup>(b)</sup> |  |
|  | 375000 | 3.800 | 04/01/28 | 370369 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |  |
|  | 1034000 | 7.875 | 09/15/31 | 1174862 |
|  Reliance Industries Ltd. <sup>(c)</sup> | Reliance Industries Ltd. <sup>(c)</sup> | Reliance Industries Ltd. <sup>(c)</sup> | Reliance Industries Ltd. <sup>(c)</sup> |  |
|  | 480000 | 2.875 | 01/12/32 | 432000 |
|  | 250000 | 3.750 | 01/12/62 | 172090 |
|  |  |  |  | 2149321 |
| Pharmaceuticals<sup>(b)</sup> – 0.4% | Pharmaceuticals<sup>(b)</sup> – 0.4% | Pharmaceuticals<sup>(b)</sup> – 0.4% | Pharmaceuticals<sup>(b)</sup> – 0.4% |  |
|  Cencora, Inc. | Cencora, Inc. | Cencora, Inc. |  |  |
|  | 4993000 | 2.700 | 03/15/31 | 4553117 |
|  Cigna Group | Cigna Group | Cigna Group |  |  |
|  | 1025000 | 4.800 | 08/15/38 | 963069 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |  |  |
|  | 5632000 | 4.780 | 03/25/38 | 5187917 |
|  |  |  |  | 10704103 |
| Pipelines – 0.8% | Pipelines – 0.8% | Pipelines – 0.8% |  |  |
|  Abu Dhabi Crude Oil Pipeline LLC <sup>(c)</sup> | Abu Dhabi Crude Oil Pipeline LLC <sup>(c)</sup> | Abu Dhabi Crude Oil Pipeline LLC <sup>(c)</sup> | Abu Dhabi Crude Oil Pipeline LLC <sup>(c)</sup> |  |
|  | 230000 | 4.600 | 11/02/47 | 198351 |
|  Cheniere Energy Partners LP <sup>(b)</sup> | Cheniere Energy Partners LP <sup>(b)</sup> | Cheniere Energy Partners LP <sup>(b)</sup> | Cheniere Energy Partners LP <sup>(b)</sup> |  |
|  | 1185000 | 5.950 | 06/30/33 | 1242899 |
|  Columbia Pipelines Operating Co. LLC <sup>(b)(c)</sup> | Columbia Pipelines Operating Co. LLC <sup>(b)(c)</sup> | Columbia Pipelines Operating Co. LLC <sup>(b)(c)</sup> | Columbia Pipelines Operating Co. LLC <sup>(b)(c)</sup> | Columbia Pipelines Operating Co. LLC <sup>(b)(c)</sup> |
|  | 3620000 | 6.036 | 11/15/33 | 3816095 |
|  Enbridge, Inc. <sup>(b)</sup> | Enbridge, Inc. <sup>(b)</sup> | Enbridge, Inc. <sup>(b)</sup> |  |  |
|  | 2300000 | 2.500 | 08/01/33 | 1955184 |
|  Energy Transfer LP <sup>(b)</sup> | Energy Transfer LP <sup>(b)</sup> | Energy Transfer LP <sup>(b)</sup> |  |  |
|  | 50000 | 4.950 | 06/15/28 | 50527 |
|  | 375000 | 5.300 | 04/15/47 | 330990 |
|  Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. |  |
|  | 200000 | 2.625 <sup>(c)</sup> | 03/31/36 | 169603 |
|  | 2580686 | 2.940 | 09/30/40 | 2090614 |
|  | 320000 | 3.250 <sup>(c)</sup> | 09/30/40 | 245187 |
|  Kinder Morgan, Inc. <sup>(b)</sup> | Kinder Morgan, Inc. <sup>(b)</sup> | Kinder Morgan, Inc. <sup>(b)</sup> | Kinder Morgan, Inc. <sup>(b)</sup> |  |
|  | 4835000 | 5.200 | 06/01/33 | 4918356 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **34** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |  |  |
| Pipelines – (continued) | Pipelines – (continued) | Pipelines – (continued) |  |  |  |
|  MPLX LP <sup>(b)</sup> | MPLX LP <sup>(b)</sup> | MPLX LP <sup>(b)</sup> |  |  |  |
| $| 275000 | 4.500% | 04/15/38 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247448 |
|  | 645000 | 5.500 | 02/15/49 |  | 583983 |
|  Plains All American Pipeline LP/PAA Finance Corp. <sup>(b)</sup> | Plains All American Pipeline LP/PAA Finance Corp. <sup>(b)</sup> | Plains All American Pipeline LP/PAA Finance Corp. <sup>(b)</sup> | Plains All American Pipeline LP/PAA Finance Corp. <sup>(b)</sup> | Plains All American Pipeline LP/PAA Finance Corp. <sup>(b)</sup> | Plains All American Pipeline LP/PAA Finance Corp. <sup>(b)</sup> |
|  | 875000 | 3.800 | 09/15/30 |  | 842791 |
|  Sabine Pass Liquefaction LLC <sup>(b)</sup> | Sabine Pass Liquefaction LLC <sup>(b)</sup> | Sabine Pass Liquefaction LLC <sup>(b)</sup> | Sabine Pass Liquefaction LLC <sup>(b)</sup> |  |  |
|  | 275000 | 5.000 | 03/15/27 |  | 275539 |
|  Targa Resources Corp. <sup>(b)</sup> | Targa Resources Corp. <sup>(b)</sup> | Targa Resources Corp. <sup>(b)</sup> | Targa Resources Corp. <sup>(b)</sup> |  |  |
|  | 1010000 | 4.200 | 02/01/33 |  | 957389 |
|  Williams Cos., Inc. <sup>(b)</sup> | Williams Cos., Inc. <sup>(b)</sup> | Williams Cos., Inc. <sup>(b)</sup> |  |  |  |
|  | 1800000 | 5.650 | 03/15/33 |  | 1862046 |
|  |  |  |  |  | 19787002 |
| Real Estate Investment Trust<sup>(b)</sup> – 0.4% | Real Estate Investment Trust<sup>(b)</sup> – 0.4% | Real Estate Investment Trust<sup>(b)</sup> – 0.4% | Real Estate Investment Trust<sup>(b)</sup> – 0.4% | Real Estate Investment Trust<sup>(b)</sup> – 0.4% | Real Estate Investment Trust<sup>(b)</sup> – 0.4% |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |  |  |
|  | 723000 | 4.900 | 02/15/29 |  | 727222 |
|  Cousins Properties LP | Cousins Properties LP | Cousins Properties LP |  |  |  |
|  | 4900000 | 5.875 | 10/01/34 |  | 4969727 |
|  CubeSmart LP | CubeSmart LP | CubeSmart LP |  |  |  |
|  | 370000 | 2.500 | 02/15/32 |  | 324631 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |  |  |
|  | 952000 | 2.900 | 12/15/31 |  | 846623 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  | 1120000 | 2.000 | 08/15/31 |  | 960019 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |  |  |  |
|  | 400000 | 3.950 | 08/15/27 |  | 397920 |
|  UDR, Inc. | UDR, Inc. | UDR, Inc. |  |  |  |
|  | 475000 | 2.100 | 08/01/32 |  | 401864 |
|  WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |  |  |  |
|  | 1000000 | 3.850 | 07/15/29 |  | 976330 |
|  | 725000 | 2.400 | 02/01/31 |  | 648578 |
|  |  |  |  |  | 10252914 |
| Retailing<sup>(b)</sup> – 0.1% | Retailing<sup>(b)</sup> – 0.1% | Retailing<sup>(b)</sup> – 0.1% |  |  |  |
|  AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |  |  |  |
|  | 500000 | 1.950 | 08/01/28 |  | 470885 |
|  | 825000 | 4.750 | 06/01/30 |  | 819596 |
|  Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |  |  |  |
|  | 125000 | 1.700 | 10/15/30 |  | 110250 |
|  O'Reilly Automotive, Inc. | O'Reilly Automotive, Inc. | O'Reilly Automotive, Inc. | O'Reilly Automotive, Inc. |  |  |
|  | 1690000 | 5.100 | 03/12/36 |  | 1668470 |
|  |  |  |  |  | 3069201 |
| Savings & Loans<sup>(a)(b)(c)</sup> – 0.0% | Savings & Loans<sup>(a)(b)(c)</sup> – 0.0% | Savings & Loans<sup>(a)(b)(c)</sup> – 0.0% | Savings & Loans<sup>(a)(b)(c)</sup> – 0.0% |  |  |
|  Nationwide Building Society (3 mo. USD Term SOFR + 1.855%) | Nationwide Building Society (3 mo. USD Term SOFR + 1.855%) | Nationwide Building Society (3 mo. USD Term SOFR + 1.855%) | Nationwide Building Society (3 mo. USD Term SOFR + 1.855%) | Nationwide Building Society (3 mo. USD Term SOFR + 1.855%) | Nationwide Building Society (3 mo. USD Term SOFR + 1.855%) |
|  | 975000 | 3.960 | 07/18/30 |  | 952838 |
| Semiconductors<sup>(b)</sup> – 0.7% | Semiconductors<sup>(b)</sup> – 0.7% | Semiconductors<sup>(b)</sup> – 0.7% | Semiconductors<sup>(b)</sup> – 0.7% |  |  |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |  |  |  |
|  | 1156000 | 3.419 | 04/15/33 |  | 1057382 |
|  | 425000 | 3.137 <sup>(c)</sup> | 11/15/35 |  | 361101 |
|  | 156000 | 3.187 <sup>(c)</sup> | 11/15/36 |  | 130382 |
|  | 7950000 | 4.900 | 02/15/38 |  | 7668490 |
|  Intel Corp. | Intel Corp. | Intel Corp. |  |  |  |
|  | 2750000 | 5.200 | 02/10/33 |  | 2771202 |
|  | 934000 | 5.150 | 02/21/34 |  | 931347 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
|  | 825000 | 3.400 | 05/01/30 |  | 786341 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |  |
| Semiconductors<sup>(b)</sup> – (continued) | Semiconductors<sup>(b)</sup> – (continued) | Semiconductors<sup>(b)</sup> – (continued) | Semiconductors<sup>(b)</sup> – (continued) |  |
| $| 3125000 | 2.500% | 05/11/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2806250 |
|  | 2250000 | 2.650 | 02/15/32 | 1985783 |
|  |  |  |  | 18498278 |
| Software<sup>(b)</sup> – 3.0% | Software<sup>(b)</sup> – 3.0% | Software<sup>(b)</sup> – 3.0% |  |  |
|  AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |  |  |
|  | 7790000 | 5.500 | 12/01/34 | 7725732 |
|  Constellation Software, Inc. <sup>(c)</sup> | Constellation Software, Inc. <sup>(c)</sup> | Constellation Software, Inc. <sup>(c)</sup> | Constellation Software, Inc. <sup>(c)</sup> |  |
|  | 1366000 | 5.461 | 02/16/34 | 1338461 |
|  Electronic Arts, Inc. | Electronic Arts, Inc. | Electronic Arts, Inc. |  |  |
|  | 1990000 | 2.950 | 02/15/51 | 1606666 |
|  Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. |
|  | 4745000 | 4.800 | 03/10/31 | 4706138 |
|  MSCI, Inc. <sup>(c)</sup> | MSCI, Inc. <sup>(c)</sup> | MSCI, Inc. <sup>(c)</sup> |  |  |
|  | 650000 | 4.000 | 11/15/29 | 630858 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |  |  |
|  | 2000000 | 4.500 | 05/06/28 | 1992780 |
|  | 1881000 | 2.950 | 04/01/30 | 1715999 |
|  | 2550000 | 4.650 | 05/06/30 | 2491860 |
|  | 5625000 | 2.875 | 03/25/31 | 4998656 |
|  | 3520000 | 5.250 | 02/03/32 | 3460653 |
|  | 3820000 | 4.800 | 09/26/32 | 3634730 |
|  | 2211000 | 4.900 | 02/06/33 | 2094525 |
|  | 3595000 | 5.350 | 05/04/33 | 3497827 |
|  | 4440000 | 5.200 | 09/26/35 | 4161301 |
|  | 3250000 | 5.700 | 02/04/36 | 3124615 |
|  | 350000 | 3.600 | 04/01/40 | 254027 |
|  | 1615000 | 5.550 | 02/06/53 | 1288237 |
|  | 1800000 | 6.000 | 08/03/55 | 1509192 |
|  | 950000 | 6.700 | 02/04/56 | 879947 |
|  Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. |  |  |
|  | 10640000 | 4.900 | 09/15/31 | 10625530 |
|  | 9560000 | 5.550 | 03/15/36 | 9531033 |
|  ServiceNow, Inc. | ServiceNow, Inc. | ServiceNow, Inc. |  |  |
|  | 1040000 | 1.400 | 09/01/30 | 902502 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |  |  |
|  | 2177000 | 5.000 | 04/01/32 | 2195657 |
|  VMware LLC | VMware LLC | VMware LLC |  |  |
|  | 700000 | 1.800 | 08/15/28 | 659036 |
|  Workday, Inc. | Workday, Inc. | Workday, Inc. |  |  |
|  | 675000 | 3.800 | 04/01/32 | 626562 |
|  |  |  |  | 75652524 |
| Sovereign(<sup>b)(c)</sup> – 0.3% | Sovereign(<sup>b)(c)</sup> – 0.3% | Sovereign(<sup>b)(c)</sup> – 0.3% |  |  |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |  |
|  | 7020000 | 5.500 | 08/17/30 | 7037550 |
| Telecommunication Services – 0.8% | Telecommunication Services – 0.8% | Telecommunication Services – 0.8% | Telecommunication Services – 0.8% |  |
|  AT&T, Inc. <sup>(b)</sup> | AT&T, Inc. <sup>(b)</sup> | AT&T, Inc. <sup>(b)</sup> |  |  |
|  | 2355000 | 4.850 | 03/01/39 | 2191775 |
|  | 450000 | 5.150 | 11/15/46 | 401292 |
|  British Telecommunications PLC | British Telecommunications PLC | British Telecommunications PLC | British Telecommunications PLC |  |
|  | 3265000 | 9.625 | 12/15/30 | 3899912 |
|  Rogers Communications, Inc. <sup>(b)</sup> | Rogers Communications, Inc. <sup>(b)</sup> | Rogers Communications, Inc. <sup>(b)</sup> | Rogers Communications, Inc. <sup>(b)</sup> |  |
|  | 745000 | 3.200 | 03/15/27 | 735881 |
|  Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA |  |
|  | 425000 | 4.665 | 03/06/38 | 383359 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **35** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |  |
| Telecommunication Services – (continued) | Telecommunication Services – (continued) | Telecommunication Services – (continued) | Telecommunication Services – (continued) |
| T-Mobile USA, Inc. <sup>(b)</sup> | T-Mobile USA, Inc. <sup>(b)</sup> |  |  |
| 5163000 | 3.750% | 04/15/27 | 5131764 |
| 533000 | 3.875 | 04/15/30 | 518891 |
| 6025000 | 5.200 | 01/15/33 | 6128329 |
| Verizon Communications, Inc. <sup>(b)</sup> | Verizon Communications, Inc. <sup>(b)</sup> | Verizon Communications, Inc. <sup>(b)</sup> |  |
| 100000 | 1.750 | 01/20/31 | 87793 |
| 1500000 | 2.550 | 03/21/31 | 1361820 |
|  |  |  | 20840816 |
| TOTAL CORPORATE OBLIGATIONS | TOTAL CORPORATE OBLIGATIONS | TOTAL CORPORATE OBLIGATIONS | TOTAL CORPORATE OBLIGATIONS |
| (Cost $705,014,127) | (Cost $705,014,127) |  | &nbsp;&nbsp;&nbsp;&nbsp;696997040 |
| Asset-Backed Securities<sup>(b)</sup> – 10.5% | Asset-Backed Securities<sup>(b)</sup> – 10.5% | Asset-Backed Securities<sup>(b)</sup> – 10.5% |  |
| Automotive – 0.4% | Automotive – 0.4% |  |  |
| Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 |
| 969172 | 4.670% | 08/15/28 $| 970147 |
| GMF Floorplan Owner Revolving Trust Series 2023-1, Class A1<sup>(c)</sup> | GMF Floorplan Owner Revolving Trust Series 2023-1, Class A1<sup>(c)</sup> | GMF Floorplan Owner Revolving Trust Series 2023-1, Class A1<sup>(c)</sup> | GMF Floorplan Owner Revolving Trust Series 2023-1, Class A1<sup>(c)</sup> |
| 4700000 | 5.340 | 06/15/28 | 4712757 |
| Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 |
| 4127460 | 4.740 | 01/16/29 | 4135246 |
|  |  |  | 9818150 |
| Collateralized Loan Obligations<sup>(c)</sup> – 9.0% | Collateralized Loan Obligations<sup>(c)</sup> – 9.0% | Collateralized Loan Obligations<sup>(c)</sup> – 9.0% |  |
| 1988 CLO 4 Ltd. Series 2024-4A, Class B<sup>(a)</sup> (3 mo. USD Term SOFR + 2.100%) | 1988 CLO 4 Ltd. Series 2024-4A, Class B<sup>(a)</sup> (3 mo. USD Term SOFR + 2.100%) | 1988 CLO 4 Ltd. Series 2024-4A, Class B<sup>(a)</sup> (3 mo. USD Term SOFR + 2.100%) | 1988 CLO 4 Ltd. Series 2024-4A, Class B<sup>(a)</sup> (3 mo. USD Term SOFR + 2.100%) |
| 3250000 | 5.772 | 04/15/37 | 3250000 |
| 1988 CLO 5 Ltd. Series 2024-5A, Class A1(a) (3 mo. USD Term SOFR + 1.540%) | 1988 CLO 5 Ltd. Series 2024-5A, Class A1(a) (3 mo. USD Term SOFR + 1.540%) | 1988 CLO 5 Ltd. Series 2024-5A, Class A1(a) (3 mo. USD Term SOFR + 1.540%) | 1988 CLO 5 Ltd. Series 2024-5A, Class A1(a) (3 mo. USD Term SOFR + 1.540%) |
| 6500000 | 5.212 | 07/15/37 | 6504043 |
| AMMC CLO 30 Ltd. Series 2024-30A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.230%) | AMMC CLO 30 Ltd. Series 2024-30A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.230%) | AMMC CLO 30 Ltd. Series 2024-30A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.230%) | AMMC CLO 30 Ltd. Series 2024-30A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.230%) |
| 5330000 | 4.823 | 04/15/39 | 5316051 |
| ARES LI CLO Ltd. Series 2019-51A, Class A1R2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.360%) | ARES LI CLO Ltd. Series 2019-51A, Class A1R2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.360%) | ARES LI CLO Ltd. Series 2019-51A, Class A1R2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.360%) | ARES LI CLO Ltd. Series 2019-51A, Class A1R2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.360%) |
| 2930000 | 5.032 | 10/15/37 | 2930167 |
| Atlas Senior Loan Fund XIII Series 2019-13A, Class CR<sup>(a)</sup> (3 mo. USD Term SOFR + 2.912%) | Atlas Senior Loan Fund XIII Series 2019-13A, Class CR<sup>(a)</sup> (3 mo. USD Term SOFR + 2.912%) | Atlas Senior Loan Fund XIII Series 2019-13A, Class CR<sup>(a)</sup> (3 mo. USD Term SOFR + 2.912%) | Atlas Senior Loan Fund XIII Series 2019-13A, Class CR<sup>(a)</sup> (3 mo. USD Term SOFR + 2.912%) |
| 2100000 | 6.581 | 04/22/31 | 2103875 |
| Balboa Bay Loan Funding Ltd. Series 2020-1A, Class A1RR(a) (3 mo. USD Term SOFR + 1.290%) | Balboa Bay Loan Funding Ltd. Series 2020-1A, Class A1RR(a) (3 mo. USD Term SOFR + 1.290%) | Balboa Bay Loan Funding Ltd. Series 2020-1A, Class A1RR(a) (3 mo. USD Term SOFR + 1.290%) | Balboa Bay Loan Funding Ltd. Series 2020-1A, Class A1RR(a) (3 mo. USD Term SOFR + 1.290%) |
| 6280000 | 4.958 | 10/20/35 | 6269085 |
| Carlyle U.S. CLO Ltd. Series 2024-6A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.340%) | Carlyle U.S. CLO Ltd. Series 2024-6A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.340%) | Carlyle U.S. CLO Ltd. Series 2024-6A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.340%) | Carlyle U.S. CLO Ltd. Series 2024-6A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.340%) |
| 7400000 | 5.008 | 10/25/37 | 7404529 |
| CBAM Ltd. Series 2018-5A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.340%) | CBAM Ltd. Series 2018-5A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.340%) | CBAM Ltd. Series 2018-5A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.340%) | CBAM Ltd. Series 2018-5A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.340%) |
| 18675000 | 5.452 | 10/17/38 | 18679277 |
| Cedar Funding IX CLO Ltd. Series 2018-9A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.420%) | Cedar Funding IX CLO Ltd. Series 2018-9A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.420%) | Cedar Funding IX CLO Ltd. Series 2018-9A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.420%) | Cedar Funding IX CLO Ltd. Series 2018-9A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.420%) |
| 3795000 | 5.088 | 07/20/37 | 3796575 |
| Diameter Capital CLO 3 Ltd. Series 2022-3A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.330%) | Diameter Capital CLO 3 Ltd. Series 2022-3A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.330%) | Diameter Capital CLO 3 Ltd. Series 2022-3A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.330%) | Diameter Capital CLO 3 Ltd. Series 2022-3A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.330%) |
| 7125000 | 5.002 | 01/15/38 | 7128505 |
| Diameter Capital CLO 4 Ltd. Series 2022-4A, Class ARR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.230%) | Diameter Capital CLO 4 Ltd. Series 2022-4A, Class ARR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.230%) | Diameter Capital CLO 4 Ltd. Series 2022-4A, Class ARR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.230%) | Diameter Capital CLO 4 Ltd. Series 2022-4A, Class ARR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.230%) |
| 2525000 | 4.898 | 01/15/39 | 2520707 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Asset-Backed Securities<sup>(b)</sup> – (continued) | Asset-Backed Securities<sup>(b)</sup> – (continued) | Asset-Backed Securities<sup>(b)</sup> – (continued) | Asset-Backed Securities<sup>(b)</sup> – (continued) |
| Collateralized Loan Obligations<sup>(c)</sup> – (continued) | Collateralized Loan Obligations<sup>(c)</sup> – (continued) | Collateralized Loan Obligations<sup>(c)</sup> – (continued) | Collateralized Loan Obligations<sup>(c)</sup> – (continued) |
| Fidelity Grand Harbour CLO DAC Series 2023-1A, Class B1R<sup>(a)</sup> (3 mo. EUR EURIBOR + 1.750%) | Fidelity Grand Harbour CLO DAC Series 2023-1A, Class B1R<sup>(a)</sup> (3 mo. EUR EURIBOR + 1.750%) | Fidelity Grand Harbour CLO DAC Series 2023-1A, Class B1R<sup>(a)</sup> (3 mo. EUR EURIBOR + 1.750%) | Fidelity Grand Harbour CLO DAC Series 2023-1A, Class B1R<sup>(a)</sup> (3 mo. EUR EURIBOR + 1.750%) |
| 3680000 | 3.734% | 02/15/38 | $&nbsp;&nbsp;&nbsp;&nbsp;4223452 |
| GoldenTree Loan Management U.S. CLO 19 Ltd. Series 2024-19A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.150%) | GoldenTree Loan Management U.S. CLO 19 Ltd. Series 2024-19A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.150%) | GoldenTree Loan Management U.S. CLO 19 Ltd. Series 2024-19A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.150%) | GoldenTree Loan Management U.S. CLO 19 Ltd. Series 2024-19A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.150%) |
| $14100000 | 4.821 | 07/20/39 | 14071772 |
| HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.450%) | HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.450%) | HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.450%) | HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.450%) |
| 13650000 | 5.118 | 07/20/38 | 13662053 |
| Harvest U.S. CLO Ltd. Series 2024-2A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) | Harvest U.S. CLO Ltd. Series 2024-2A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) | Harvest U.S. CLO Ltd. Series 2024-2A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) | Harvest U.S. CLO Ltd. Series 2024-2A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) |
| 3000000 | 5.072 | 10/15/37 | 3000564 |
| KKR CLO 57 Ltd. Series 2025-57A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) | KKR CLO 57 Ltd. Series 2025-57A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) | KKR CLO 57 Ltd. Series 2025-57A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) | KKR CLO 57 Ltd. Series 2025-57A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) |
| 13300000 | 5.072 | 07/15/38 | 13337546 |
| Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.530%) | Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.530%) | Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.530%) | Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.530%) |
| 4475000 | 5.202 | 04/15/37 | 4471192 |
| Magnetite XLVII Ltd. Series 2024-47A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.330%) | Magnetite XLVII Ltd. Series 2024-47A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.330%) | Magnetite XLVII Ltd. Series 2024-47A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.330%) | Magnetite XLVII Ltd. Series 2024-47A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.330%) |
| 6500000 | 4.998 | 01/25/38 | 6507722 |
| Magnetite XXXV Ltd. Series 2022-35A, Class A1RR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.200%) | Magnetite XXXV Ltd. Series 2022-35A, Class A1RR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.200%) | Magnetite XXXV Ltd. Series 2022-35A, Class A1RR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.200%) | Magnetite XXXV Ltd. Series 2022-35A, Class A1RR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.200%) |
| 6000000 | 4.919 | 01/25/39 | 5989800 |
| OCP CLO Ltd. Series 2017-14A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.370%) | OCP CLO Ltd. Series 2017-14A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.370%) | OCP CLO Ltd. Series 2017-14A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.370%) | OCP CLO Ltd. Series 2017-14A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.370%) |
| 8775000 | 5.038 | 07/20/37 | 8775728 |
| Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.450%) | Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.450%) | Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.450%) | Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.450%) |
| 9900000 | 5.118 | 07/25/38 | 9860202 |
| OHA Credit Funding 11 Ltd. Series 2022-11A, Class A2R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.520%) | OHA Credit Funding 11 Ltd. Series 2022-11A, Class A2R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.520%) | OHA Credit Funding 11 Ltd. Series 2022-11A, Class A2R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.520%) | OHA Credit Funding 11 Ltd. Series 2022-11A, Class A2R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.520%) |
| 4000000 | 5.188 | 07/19/37 | 3982240 |
| Palmer Square CLO Ltd. Series 2024-2A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) | Palmer Square CLO Ltd. Series 2024-2A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) | Palmer Square CLO Ltd. Series 2024-2A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) | Palmer Square CLO Ltd. Series 2024-2A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) |
| 11828000 | 5.068 | 07/20/37 | 11836185 |
| Regatta XVI Funding Ltd. Series 2019-2A, Class A1R2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.190%) | Regatta XVI Funding Ltd. Series 2019-2A, Class A1R2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.190%) | Regatta XVI Funding Ltd. Series 2019-2A, Class A1R2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.190%) | Regatta XVI Funding Ltd. Series 2019-2A, Class A1R2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.190%) |
| 17550000 | 4.841 | 04/15/39 | 17502615 |
| Silver Point CLO 15 Ltd. Series 2025-15A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.250%) | Silver Point CLO 15 Ltd. Series 2025-15A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.250%) | Silver Point CLO 15 Ltd. Series 2025-15A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.250%) | Silver Point CLO 15 Ltd. Series 2025-15A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.250%) |
| 8700000 | 4.918 | 01/15/39 | 8676510 |
| Sixth Street CLO XVI Ltd. Series 2020-16A, Class A1R2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.170%) | Sixth Street CLO XVI Ltd. Series 2020-16A, Class A1R2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.170%) | Sixth Street CLO XVI Ltd. Series 2020-16A, Class A1R2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.170%) | Sixth Street CLO XVI Ltd. Series 2020-16A, Class A1R2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.170%) |
| 11750000 | 4.832 | 01/21/39 | 11718486 |
| Sound Point Euro CLO 14 Funding DAC Series 14A, Class B<sup>(a)</sup> (3 mo. EUR EURIBOR + 1.600%) | Sound Point Euro CLO 14 Funding DAC Series 14A, Class B<sup>(a)</sup> (3 mo. EUR EURIBOR + 1.600%) | Sound Point Euro CLO 14 Funding DAC Series 14A, Class B<sup>(a)</sup> (3 mo. EUR EURIBOR + 1.600%) | Sound Point Euro CLO 14 Funding DAC Series 14A, Class B<sup>(a)</sup> (3 mo. EUR EURIBOR + 1.600%) |
| 3730000 | 3.626 | 04/20/39 | 4254796 |
| Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A |
| $364931 | 5.750 | 12/20/50 | 357913 |
| Venture 32 CLO Ltd. Series 2018-32A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.362%) | Venture 32 CLO Ltd. Series 2018-32A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.362%) | Venture 32 CLO Ltd. Series 2018-32A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.362%) | Venture 32 CLO Ltd. Series 2018-32A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.362%) |
| 719038 | 5.029 | 07/18/31 | 719861 |
| Wind River CLO Ltd. Series 2021-2A, Class A2R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) | Wind River CLO Ltd. Series 2021-2A, Class A2R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) | Wind River CLO Ltd. Series 2021-2A, Class A2R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) | Wind River CLO Ltd. Series 2021-2A, Class A2R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) |
| 3050000 | 5.068 | 07/20/34 | 3044379 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **36** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Asset-Backed Securities<sup>(b)</sup> – (continued) | Asset-Backed Securities<sup>(b)</sup> – (continued) | Asset-Backed Securities<sup>(b)</sup> – (continued) | Asset-Backed Securities<sup>(b)</sup> – (continued) |
| Collateralized Loan Obligations<sup>(c)</sup> – (continued) | Collateralized Loan Obligations<sup>(c)</sup> – (continued) | Collateralized Loan Obligations<sup>(c)</sup> – (continued) | Collateralized Loan Obligations<sup>(c)</sup> – (continued) |
| Wind River CLO Ltd. Series 2021-2A, Class BR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.600%) | Wind River CLO Ltd. Series 2021-2A, Class BR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.600%) | Wind River CLO Ltd. Series 2021-2A, Class BR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.600%) | Wind River CLO Ltd. Series 2021-2A, Class BR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.600%) |
| $2850000 | 5.268% | 07/20/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2833516 |
| Wind River CLO Ltd. Series 2021-3A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.240%) | Wind River CLO Ltd. Series 2021-3A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.240%) | Wind River CLO Ltd. Series 2021-3A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.240%) | Wind River CLO Ltd. Series 2021-3A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.240%) |
| 5500000 | 4.908 | 04/20/38 | 5482867 |
| WISE CLO Ltd. Series 2023-2A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.100%) | WISE CLO Ltd. Series 2023-2A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.100%) | WISE CLO Ltd. Series 2023-2A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.100%) | WISE CLO Ltd. Series 2023-2A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.100%) |
| 8820000 | 4.772 | 04/15/39 | 8832842 |
|  |  |  | 229045055 |
| Credit Card – 1.0% | Credit Card – 1.0% | Credit Card – 1.0% | Credit Card – 1.0% |
| American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A |
| 7300000 | 4.510 | 04/15/32 | 7375641 |
| Barclays Dryrock Issuance Trust Series 2023-1, Class A | Barclays Dryrock Issuance Trust Series 2023-1, Class A | Barclays Dryrock Issuance Trust Series 2023-1, Class A | Barclays Dryrock Issuance Trust Series 2023-1, Class A |
| 8400000 | 4.720 | 02/15/29 | 8402768 |
| Barclays Dryrock Issuance Trust Series 2025-1, Class A | Barclays Dryrock Issuance Trust Series 2025-1, Class A | Barclays Dryrock Issuance Trust Series 2025-1, Class A | Barclays Dryrock Issuance Trust Series 2025-1, Class A |
| 5100000 | 3.970 | 07/15/31 | 5081632 |
| Citibank Credit Card Issuance Trust Series 2025-A2, Class A | Citibank Credit Card Issuance Trust Series 2025-A2, Class A | Citibank Credit Card Issuance Trust Series 2025-A2, Class A | Citibank Credit Card Issuance Trust Series 2025-A2, Class A |
| 4875000 | 4.490 | 06/21/32 | 4906383 |
|  |  |  | 25766424 |
| Ohio – 0.1% | Ohio – 0.1% | Ohio – 0.1% | Ohio – 0.1% |
| Louisiana Local Government Environmental Facilities & Community Development Authority Series ELL | Louisiana Local Government Environmental Facilities & Community Development Authority Series ELL | Louisiana Local Government Environmental Facilities & Community Development Authority Series ELL | Louisiana Local Government Environmental Facilities & Community Development Authority Series ELL |
| 2270000 | 4.275 | 02/01/36 | 2230086 |
| Student Loan<sup>(a)</sup> – 0.0% | Student Loan<sup>(a)</sup> – 0.0% | Student Loan<sup>(a)</sup> – 0.0% | Student Loan<sup>(a)</sup> – 0.0% |
| AccessLex Institute Series 2004-1, Class A2 (3 mo. USD Term SOFR + 0.472%) | AccessLex Institute Series 2004-1, Class A2 (3 mo. USD Term SOFR + 0.472%) | AccessLex Institute Series 2004-1, Class A2 (3 mo. USD Term SOFR + 0.472%) | AccessLex Institute Series 2004-1, Class A2 (3 mo. USD Term SOFR + 0.472%) |
| 266676 | 4.158 | 09/26/33 | 263810 |
| PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 1.264%) |
| 671786 | 4.926 | 09/25/65 | 668850 |
|  |  |  | 932660 |
| TOTAL ASSET-BACKED SECURITIES<br>(Cost $267,284,516) | TOTAL ASSET-BACKED SECURITIES<br>(Cost $267,284,516) | TOTAL ASSET-BACKED SECURITIES<br>(Cost $267,284,516) | $267792375 |
| Agency Debentures – 0.9% | Agency Debentures – 0.9% | Agency Debentures – 0.9% | Agency Debentures – 0.9% |
| Sovereign – 0.9% | Sovereign – 0.9% | Sovereign – 0.9% | Sovereign – 0.9% |
| Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |
| $7050000 | 2.850% | 03/28/34 | $6333861 |
| Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |
| 2500000 | 3.500 | 09/01/32 | 2410150 |
| Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |
| 11930000 | 2.900 | 04/12/32 | 11140353 |
| Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |
| 3840000 | 3.300 | 05/19/32 | 3659904 |
| TOTAL AGENCY DEBENTURES<br>(Cost $25,237,264) | TOTAL AGENCY DEBENTURES<br>(Cost $25,237,264) | TOTAL AGENCY DEBENTURES<br>(Cost $25,237,264) | $23544268 |

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations – 0.9% | Sovereign Debt Obligations – 0.9% | Sovereign Debt Obligations – 0.9% | Sovereign Debt Obligations – 0.9% |
| Euro – 0.2% | Euro – 0.2% | Euro – 0.2% | Euro – 0.2% |
| Indonesia Government International Bonds <sup>(b)</sup> | Indonesia Government International Bonds <sup>(b)</sup> | Indonesia Government International Bonds <sup>(b)</sup> | Indonesia Government International Bonds <sup>(b)</sup> |
| 2240000 | 4.100% | 03/04/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2483935 |
| Mexico Government International Bonds <sup>(b)</sup> | Mexico Government International Bonds <sup>(b)</sup> | Mexico Government International Bonds <sup>(b)</sup> | Mexico Government International Bonds <sup>(b)</sup> |
| 839000 | 1.450 | 10/25/33 | 767564 |
| Romania Government International Bonds <sup>(c)</sup> | Romania Government International Bonds <sup>(c)</sup> | Romania Government International Bonds <sup>(c)</sup> | Romania Government International Bonds <sup>(c)</sup> |
| 150000 | 4.625 | 03/04/33 | 161783 |
|  |  |  | 3413282 |
| United States Dollar – 0.7% | United States Dollar – 0.7% | United States Dollar – 0.7% | United States Dollar – 0.7% |
| Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
| $1700000 | 6.125 | 05/22/28 | 1739066 |
| Israel Government AID Bonds <sup>(f)</sup> | Israel Government AID Bonds <sup>(f)</sup> | Israel Government AID Bonds <sup>(f)</sup> | Israel Government AID Bonds <sup>(f)</sup> |
| 4700000 | 5.500 | 09/18/33 | 4973305 |
| Israel Government International Bonds <sup>(g)</sup> | Israel Government International Bonds <sup>(g)</sup> | Israel Government International Bonds <sup>(g)</sup> | Israel Government International Bonds <sup>(g)</sup> |
| 200000 | 4.500 | 04/03/20 | 142313 |
| Mexico Government International Bonds <sup>(b)</sup> | Mexico Government International Bonds <sup>(b)</sup> | Mexico Government International Bonds <sup>(b)</sup> | Mexico Government International Bonds <sup>(b)</sup> |
| 240000 | 3.250 | 04/16/30 | 224472 |
| 1746000 | 3.500 | 02/12/34 | 1486492 |
| 1960000 | 3.771 | 05/24/61 | 1169140 |
| 600000 | 3.750 | 04/19/71 | 343800 |
| Panama Government International Bonds <sup>(b)</sup> | Panama Government International Bonds <sup>(b)</sup> | Panama Government International Bonds <sup>(b)</sup> | Panama Government International Bonds <sup>(b)</sup> |
| 360000 | 6.875 | 01/31/36 | 383107 |
| 800000 | 6.853 | 03/28/54 | 824392 |
| 210000 | 4.500 | 01/19/63 | 153644 |
| Peru Government International Bonds <sup>(b)</sup> | Peru Government International Bonds <sup>(b)</sup> | Peru Government International Bonds <sup>(b)</sup> | Peru Government International Bonds <sup>(b)</sup> |
| 10000 | 2.780 | 12/01/60 | 5308 |
| 100000 | 3.230 <sup>(h)</sup> | 07/28/21 | 53350 |
| Republic of Poland Government International Bonds <sup>(b)</sup> | Republic of Poland Government International Bonds <sup>(b)</sup> | Republic of Poland Government International Bonds <sup>(b)</sup> | Republic of Poland Government International Bonds <sup>(b)</sup> |
| 2600000 | 5.125 | 09/18/34 | 2605200 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| 770000 | 3.000 <sup>(c)</sup> | 02/27/27 | 754022 |
| 2280000 | 5.750 <sup>(c)</sup> | 07/04/36 | 2111551 |
| 690000 | 5.125 | 06/15/48 | 541650 |
| 580000 | 4.000 | 02/14/51 | 373172 |
| State of Israel | State of Israel | State of Israel | State of Israel |
| 680000 | 3.800 | 05/13/60 | 437349 |
|  |  |  | 18321333 |
| TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $24,075,863) | TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $24,075,863) | TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $24,075,863) | $21734615 |
| Municipal Debt Obligations – 0.5% | Municipal Debt Obligations – 0.5% | Municipal Debt Obligations – 0.5% | Municipal Debt Obligations – 0.5% |
| Arizona<sup>(b)</sup> – 0.0% | Arizona<sup>(b)</sup> – 0.0% | Arizona<sup>(b)</sup> – 0.0% | Arizona<sup>(b)</sup> – 0.0% |
| Phoenix City AZ Civic Improvement Corp. RB Series 2020 | Phoenix City AZ Civic Improvement Corp. RB Series 2020 | Phoenix City AZ Civic Improvement Corp. RB Series 2020 | Phoenix City AZ Civic Improvement Corp. RB Series 2020 |
| $40000 | 5.000% | 07/01/34 | $43242 |
| California<sup>(b)</sup> – 0.1% | California<sup>(b)</sup> – 0.1% | California<sup>(b)</sup> – 0.1% | California<sup>(b)</sup> – 0.1% |
| California State GO Bonds Build America Taxable Series 2009 | California State GO Bonds Build America Taxable Series 2009 | California State GO Bonds Build America Taxable Series 2009 | California State GO Bonds Build America Taxable Series 2009 |
| 2600000 | 7.550 | 04/01/39 | $3050050 |
| Florida<sup>(b)</sup> – 0.0% | Florida<sup>(b)</sup> – 0.0% | Florida<sup>(b)</sup> – 0.0% | Florida<sup>(b)</sup> – 0.0% |
| Florida State Board of Administration Finance Corp. RB Taxable Series A | Florida State Board of Administration Finance Corp. RB Taxable Series A | Florida State Board of Administration Finance Corp. RB Taxable Series A | Florida State Board of Administration Finance Corp. RB Taxable Series A |
| 595000 | 2.154 | 07/01/30 | 547629 |
| Illinois – 0.1% | Illinois – 0.1% | Illinois – 0.1% | Illinois – 0.1% |
| Illinois Finance Authority RB (Refunding) Series A | Illinois Finance Authority RB (Refunding) Series A | Illinois Finance Authority RB (Refunding) Series A | Illinois Finance Authority RB (Refunding) Series A |
| 40000 | 5.000 | 10/01/35 | 45273 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **37** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Debt Obligations – (continued) | Municipal Debt Obligations – (continued) | Municipal Debt Obligations – (continued) | Municipal Debt Obligations – (continued) |
| Illinois – (continued) | Illinois – (continued) | Illinois – (continued) | Illinois – (continued) |
| Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 |
| $1250055 | 7.350 | 07/01/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340898 |
| Illinois State GO Bonds Taxable-Pension Series 2003 | Illinois State GO Bonds Taxable-Pension Series 2003 | Illinois State GO Bonds Taxable-Pension Series 2003 | Illinois State GO Bonds Taxable-Pension Series 2003 |
| 1020882 | 5.100% | 06/01/33 | $1039879 |
| Sales Tax Securitization Corp. RB (Refunding) Series A | Sales Tax Securitization Corp. RB (Refunding) Series A | Sales Tax Securitization Corp. RB (Refunding) Series A | Sales Tax Securitization Corp. RB (Refunding) Series A |
| 40000 | 5.000 | 01/01/33 | 43940 |
|  |  |  | 2469990 |
| Maryland – 0.2% | Maryland – 0.2% | Maryland – 0.2% | Maryland – 0.2% |
| Maryland Economic Development Corp. RB Taxable Series 2024 (Prince George's County Public Schools Alternative Construction Financing, Package 2 Project) | Maryland Economic Development Corp. RB Taxable Series 2024 (Prince George's County Public Schools Alternative Construction Financing, Package 2 Project) | Maryland Economic Development Corp. RB Taxable Series 2024 (Prince George's County Public Schools Alternative Construction Financing, Package 2 Project) | Maryland Economic Development Corp. RB Taxable Series 2024 (Prince George's County Public Schools Alternative Construction Financing, Package 2 Project) |
| 3245000 | 4.827 | 11/30/30 | $3315306 |
| New Jersey<sup>(b)</sup> –0.0% | New Jersey<sup>(b)</sup> –0.0% | New Jersey<sup>(b)</sup> –0.0% | New Jersey<sup>(b)</sup> –0.0% |
| New Jersey Educational Facilities Authority | New Jersey Educational Facilities Authority | New Jersey Educational Facilities Authority | New Jersey Educational Facilities Authority |
| 40000 | 5.000 | 03/01/36 | 45175 |
| New York – 0.0% | New York – 0.0% | New York – 0.0% | New York – 0.0% |
| Metropolitan Transportation Authority RB Taxable Series 2020 C2 | Metropolitan Transportation Authority RB Taxable Series 2020 C2 | Metropolitan Transportation Authority RB Taxable Series 2020 C2 | Metropolitan Transportation Authority RB Taxable Series 2020 C2 |
| 210000 | 5.175 | 11/15/49 | 195929 |
| New York City NY GO Bonds Series 2008-L, Subseries L-5 <sup>(b)</sup> | New York City NY GO Bonds Series 2008-L, Subseries L-5 <sup>(b)</sup> | New York City NY GO Bonds Series 2008-L, Subseries L-5 <sup>(b)</sup> | New York City NY GO Bonds Series 2008-L, Subseries L-5 <sup>(b)</sup> |
| 40000 | 5.000 | 04/01/33 | 43508 |
|  |  |  | 239437 |
| Ohio–0.1% | Ohio–0.1% | Ohio–0.1% | Ohio–0.1% |
| American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010 | American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010 | American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010 | American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010 |
| 1465000 | 6.270 | 02/15/50 | 1500570 |
| Pennsylvania<sup>(b)</sup> –0.0% | Pennsylvania<sup>(b)</sup> –0.0% | Pennsylvania<sup>(b)</sup> –0.0% | Pennsylvania<sup>(b)</sup> –0.0% |
| Pennsylvania Higher Educational Facilities Authority RB Series 2019 | Pennsylvania Higher Educational Facilities Authority RB Series 2019 | Pennsylvania Higher Educational Facilities Authority RB Series 2019 | Pennsylvania Higher Educational Facilities Authority RB Series 2019 |
| 40000 | 5.000 | 08/15/30 | 42817 |
| TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $10,830,770) | TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $10,830,770) | TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $10,830,770) | $11254216 |
| U.S. Treasury Obligations – 25.6% | U.S. Treasury Obligations – 25.6% | U.S. Treasury Obligations – 25.6% | U.S. Treasury Obligations – 25.6% |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| $6530000 | 4.250% | 05/15/39 | $6328998 |
| 6740000 | 4.375 | 05/15/40 | 6545172 |
| 75750000 | 4.250 | 11/15/40 | 72199219 |
| 210000 | 3.375 | 05/15/44 | 171609 |
| 51100000 | 3.000 | 02/15/47 | 38085469 |
| 6740000 | 3.125 | 05/15/48 | 5070797 |
| 6490000 | 3.375 | 11/15/48 | 5085523 |
| 6820000 | 2.875 | 05/15/49 | 4846462 |
| 7580000 | 2.375 | 11/15/49 | 4829881 |
| 7925500 | 4.000 | 11/15/52 | 6809738 |
| 5220000 | 4.750 | 11/15/53 | 5075634 |
| U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds |
| 14672439 | 1.500 | 02/15/53 | 11241610 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 21720000 | 0.750 | 05/31/26 | 21609703 |
| 59493500 | 4.375 <sup>(i)</sup> | 08/15/26 | 59618994 |
| 24880000 | 0.750 | 08/31/26 | 24571916 |
| 22370000 | 1.375 | 08/31/26 | 22150669 |
| 69740000 | 3.750 | 04/30/27 | 69712758 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) |
| $25100000 | 2.625% | 05/31/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24760758 |
| 1010000 | 0.500 | 06/30/27 | 969600 |
| 16320000 | 3.500 | 04/30/28 | 16216725 |
| 36750000 | 1.250 | 05/31/28 | 34806270 |
| 1000000 | 4.625 | 09/30/28 | 1019141 |
| 101610000 | 4.625 <sup>(i)</sup> | 04/30/29 | 103912102 |
| 7010000 | 1.500 | 02/15/30 | 6414698 |
| 3831000 | 3.625 | 03/31/30 | 3791792 |
| 2512700 | 0.625 | 05/15/30 | 2200576 |
| 13240000 | 3.875 | 03/31/31 | 13197591 |
| 16370000 | 4.250 | 03/31/33 | 16482544 |
| 2490000 | 4.375 | 05/15/34 | 2516067 |
| U.S. Treasury STRIPS Coupon<sup>(j)</sup> | U.S. Treasury STRIPS Coupon<sup>(j)</sup> | U.S. Treasury STRIPS Coupon<sup>(j)</sup> | U.S. Treasury STRIPS Coupon<sup>(j)</sup> |
| 37781200 | 0.000 | 11/15/29 | 32814324 |
| 2540000 | 0.000 | 08/15/30 | 2137590 |
| 2540000 | 0.000 | 11/15/30 | 2115248 |
| 2540000 | 0.000 | 11/15/31 | 2023072 |
| 2540000 | 0.000 | 08/15/33 | 1864230 |
| 26090000 | 0.000 | 05/15/35 | 17545946 |
| U.S. Treasury STRIPS Principal<sup>(j)</sup> | U.S. Treasury STRIPS Principal<sup>(j)</sup> | U.S. Treasury STRIPS Principal<sup>(j)</sup> | U.S. Treasury STRIPS Principal<sup>(j)</sup> |
| 12660000 | 0.000 | 11/15/53 | 3202214 |
| TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $692,307,673) | TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $692,307,673) | TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $692,307,673) | $651944640 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Description** | **Value** |
| Exchange Traded Funds<sup>(k)</sup> –0.2% | Exchange Traded Funds<sup>(k)</sup> –0.2% | Exchange Traded Funds<sup>(k)</sup> –0.2% | Exchange Traded Funds<sup>(k)</sup> –0.2% |
| 75046 | Goldman Sachs Corporate<br>Bond ETF | Goldman Sachs Corporate<br>Bond ETF | $3771061 |
| **(Cost $3,815,811)** | **(Cost $3,815,811)** | **(Cost $3,815,811)** |  |
| **Shares** | **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(k)</sup> –0.4% | Investment Company<sup>(k)</sup> –0.4% | Investment Company<sup>(k)</sup> –0.4% | Investment Company<sup>(k)</sup> –0.4% |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 9390139 |  | 3.553% | $9390139 |
| (Cost $9,390,139) | (Cost $9,390,139) |  |  |
| TOTAL INVESTMENTS BEFORE SHORT- TERM INVESTMENTS – 107.0%<br>(Cost $2,786,382,869) | TOTAL INVESTMENTS BEFORE SHORT- TERM INVESTMENTS – 107.0%<br>(Cost $2,786,382,869) | TOTAL INVESTMENTS BEFORE SHORT- TERM INVESTMENTS – 107.0%<br>(Cost $2,786,382,869) | $2719041894 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Short-term Investments<sup>(j)</sup> –1.5% | Short-term Investments<sup>(j)</sup> –1.5% | Short-term Investments<sup>(j)</sup> –1.5% | Short-term Investments<sup>(j)</sup> –1.5% | Short-term Investments<sup>(j)</sup> –1.5% |
| Commercial Paper<sup>(j)</sup> –1.5% | Commercial Paper<sup>(j)</sup> –1.5% | Commercial Paper<sup>(j)</sup> –1.5% | Commercial Paper<sup>(j)</sup> –1.5% | Commercial Paper<sup>(j)</sup> –1.5% |
| Autonation, Inc.<sup>(c)</sup> | Autonation, Inc.<sup>(c)</sup> | Autonation, Inc.<sup>(c)</sup> | Autonation, Inc.<sup>(c)</sup> | Autonation, Inc.<sup>(c)</sup> |
| $— | 11500000 | 0.000% | 04/01/26 | $11498674 |
| Energy Transfer LP <sup>(c)</sup> | Energy Transfer LP <sup>(c)</sup> | Energy Transfer LP <sup>(c)</sup> | Energy Transfer LP <sup>(c)</sup> | Energy Transfer LP <sup>(c)</sup> |
|  | 7000000 | 0.000 | 04/01/26 | 6999222 |
| Lseg U.S. Fin Corp. | Lseg U.S. Fin Corp. | Lseg U.S. Fin Corp. | Lseg U.S. Fin Corp. | Lseg U.S. Fin Corp. |
|  | 10690000 | 0.000 | 04/20/26 | 10666177 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **38** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Short-term Investments<sup>(j)</sup> – (continued) | Short-term Investments<sup>(j)</sup> – (continued) | Short-term Investments<sup>(j)</sup> – (continued) | Short-term Investments<sup>(j)</sup> – (continued) | Short-term Investments<sup>(j)</sup> – (continued) |
| Commercial Paper<sup>(j)</sup> – (continued) | Commercial Paper<sup>(j)</sup> – (continued) | Commercial Paper<sup>(j)</sup> – (continued) | Commercial Paper<sup>(j)</sup> – (continued) | Commercial Paper<sup>(j)</sup> – (continued) |
|  National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait |
| $| 5258000 | 0.000% | 04/09/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5258386 |
|  Oracle Corp.<sup>(c)</sup> | Oracle Corp.<sup>(c)</sup> | Oracle Corp.<sup>(c)</sup> | Oracle Corp.<sup>(c)</sup> | Oracle Corp.<sup>(c)</sup> |
|  | 4546000 | 0.000 | 10/02/26 | 4441941 |
|  **TOTAL SHORT- TERM INVESTMENTS**<br> **(Cost $38,872,435)** | **TOTAL SHORT- TERM INVESTMENTS**<br> **(Cost $38,872,435)** | **TOTAL SHORT- TERM INVESTMENTS**<br> **(Cost $38,872,435)** | **TOTAL SHORT- TERM INVESTMENTS**<br> **(Cost $38,872,435)** | $38864400 |
|  **TOTAL INVESTMENTS – 109.4%**<br> **(Cost $2,850,492,568)** | **TOTAL INVESTMENTS – 109.4%**<br> **(Cost $2,850,492,568)** | **TOTAL INVESTMENTS – 109.4%**<br> **(Cost $2,850,492,568)** | **TOTAL INVESTMENTS – 109.4%**<br> **(Cost $2,850,492,568)** | $2781450562 |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS – (9.4)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (9.4)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (9.4)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (9.4)%** | (238733620) |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $2542716942 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(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 $309,720,984 which represents approximately 12.2% of net assets as of March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $4,973,305, which represents approximately 0.2% of the Fund's net assets as of March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;(g) Actual maturity date is April 03, 2120.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Actual maturity date is July 28, 2121.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2026, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  State Street Bank and Trust | USD | 2815421 | EUR | 2389281 | 05/22/26 | $46911 |
|  | USD | 4293762 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652158455 | 05/13/26 | 168426 |
|  Westpac Banking Corp. | USD | 8957607 | EUR | 7574548 | 05/22/26 | 180819 |
|  **TOTAL** |  |  |  |  |  | $396156 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **39** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD SALES CONTRACTS — At March 31, 2026, the Fund had the following forward sales contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity**<br> **Date<sup>(a)</sup>** | **Settlement<br>Date** | **Principal<br>Amount** | **Value** |
|  Government National Mortgage Association | 4.500% | TBA - 30yr | 04/21/26 | $(31000000) | $(29898440) |
|  Government National Mortgage Association | 3.000 | TBA - 30yr | 04/21/26 | (25000000) | (22294325) |
|  Government National Mortgage Association | 5.000 | TBA - 30yr | 04/21/26 | (18000000) | (17811354) |
|  Uniform Mortgage-Backed Security | 5.000 | TBA - 30yr | 04/13/26 | (30000000) | (29569923) |
|  Uniform Mortgage-Backed Security | 2.000 | TBA - 30yr | 04/13/26 | (41000000) | (32952147) |
|  Uniform Mortgage-Backed Security | 4.500 | TBA - 30yr | 05/13/26 | (29000000) | (27936289) |
|  Uniform Mortgage-Backed Security | 6.500 | TBA - 30yr | 04/13/26 | (8000000) | (8273750) |
|  **(PROCEEDS RECEIVED: $(171199434))** |  |  |  |  | $(168736228) |

---

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

FUTURES CONTRACTS — At March 31, 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/**<br> (Depreciation) |
|  **Long position contracts:** |  |  |  |  |
|  10 Year U.K. Long Gilt | 1 | 06/26/26 | $116199 | $(6223) |
|  2 Year U.S. Treasury Notes | 1346 | 06/30/26 | 279221390 | (1714061) |
|  20 Year U.S. Treasury Bonds | 545 | 06/18/26 | 62061875 | (1145814) |
|  5 Year U.S. Treasury Notes | 2105 | 06/30/26 | 227718243 | (2053249) |
|  Euro-Schatz | 440 | 06/08/26 | 53781711 | (286320) |
|  ICE 3M Sonia Bonds | 425 | 03/16/27 | 134500970 | (1200875) |
|  Ultra Long U.S. Treasury Bonds | 1165 | 06/18/26 | 135795312 | (3909581) |
|  **Total** |  |  |  | $(10316123) |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | (496) | 06/18/26 | (55079250) | 152089 |
|  Ultra 10-Year U.S. Treasury Notes | (190) | 06/18/26 | (21567969) | 269599 |
|  **Total** |  |  |  | $421688 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $(9894435) |

---

SWAP CONTRACTS — At March 31, 2026, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Termination<br>Date** | **Notional**<br> **Amount**<br> (000s)<sup>(a)</sup> | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3.062%<sup>(b)</sup><br> 12M SOFR<sup>(b)</sup> | 08/31/27 | $27670 | $160452 | $10729 | $149723 |
| 1.250<sup>(b)</sup><br> 12M JYOR<sup>(b)</sup> | 12/15/27 | 18597610 | 285073 | 40739 | 244334 |
| 3.175<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 03/15/28 | $78470 | 542479 | 32762 | 509717 |
| 2.500<sup>(d)</sup><br> 12M CDOR<sup>(d)</sup> | 06/17/28 | 5990 | 25637 | 2980 | 22657 |
| 2.750<sup>(d)</sup><br> 12M CDOR<sup>(d)</sup> | 06/17/28 | 12060 | 9749 | 32761 | (23012) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **40** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Termination<br>Date** | **Notional**<br> **Amount**<br> (000s)<sup>(a)</sup> | **Notional**<br> **Amount**<br> (000s)<sup>(a)</sup> | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  4.000%<sup>(c)</sup><br> 12M GBP<sup>(c)</sup> | 06/17/28 | GBP | 5300 | $30052 | $(42816) | $72868 |
| 3.000<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 06/17/28 |  | $59530 | 673612 | 421983 | 251629 |
| 3.250<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 06/17/28 |  | 12930 | 84374 | 43071 | 41303 |
|  3M LIBOR<sup>(c)</sup><br> 3.000%<sup>(c)</sup> | 06/17/28 |  | 6410 | (72532) | (23439) | (49093) |
|  12M GBP<sup>(c)</sup><br> 3.750<sup>(c)</sup> | 06/17/28 | GBP | 52080 | (617827) | (245651) | (372176) |
| 4.500<sup>(e)</sup><br> 3M AUDOR<sup>(e)</sup> | 06/17/28 | AUD | 20830 | 49739 | 757 | 48982 |
| 2.250<sup>(d)</sup><br> 6M EURO<sup>(d)</sup> | 06/17/28 | EUR | 16640 | 237234 | (9307) | 246541 |
| 2.500<sup>(d)</sup><br> 6M EURO<sup>(d)</sup> | 06/17/28 | EUR | 7890 | 68709 | (8087) | 76796 |
| 2.000<sup>(c)</sup><br> 6M EURO<sup>(c)</sup> | 06/17/28 | EUR | 190 | 2618 | 3346 | (728) |
|  12M EURO<sup>(b)</sup><br> 2.000<sup>(b)</sup> | 09/10/28 | EUR | 324950 | (2118914) | (242757) | (1876157) |
| 2.500<sup>(d)</sup><br> 6M EURO<sup>(d)</sup> | 09/10/28 | EUR | 324950 | 1316683 | (734666) | 2051349 |
|  12M JYOR<sup>(c)</sup><br> 1.771<sup>(c)</sup> | 01/26/30 | JPY | 609670 | (12025) | (16615) | 4590 |
| 3.298<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 08/31/30 |  | $60940 | 689755 | 325194 | 364561 |
| 1.250<sup>(c)</sup><br> 12M JYOR<sup>(c)</sup> | 06/17/31 | JPY | 25932000 | 4340752 | 2997548 | 1343204 |
|  6M EURO<sup>(d)</sup><br> 2.500<sup>(d)</sup> | 06/17/31 | EUR | 38080 | (836998) | (151771) | (685227) |
|  3M NZDOR<sup>(e)</sup><br> 3.750<sup>(e)</sup> | 06/17/31 | NZD | 57590 | (439565) | (63735) | (375830) |
|  12M GBP<sup>(c)</sup><br> 4.000<sup>(c)</sup> | 06/17/31 | GBP | 17710 | (184965) | 153597 | (338562) |
|  6M AUDOR<sup>(d)</sup><br> 4.750<sup>(d)</sup> | 06/17/31 | AUD | 47510 | (200912) | (41310) | (159602) |
|  12M SOFR<sup>(c)</sup><br> 3.379<sup>(c)</sup> | 08/31/31 |  | $39530 | (448914) | (95281) | (353633) |
| 2.000<sup>(c)</sup><br> 12M JYOR<sup>(c)</sup> | 01/11/33 | JPY | 2086789 | 74973 | (232349) | 307322 |
| 3.407<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 01/31/33 |  | $51560 | 902816 | 7252 | 895564 |
|  12M CHFOR<sup>(c)</sup><br> 0.500<sup>(c)</sup> | 06/17/36 | CHF | 6060 | (54676) | (93753) | 39077 |
|  12M JYOR<sup>(c)</sup><br> 1.500<sup>(c)</sup> | 06/17/36 | JPY | 1944000 | (774566) | (693546) | (81020) |
| 4.250<sup>(c)</sup><br> 12M GBP<sup>(c)</sup> | 06/17/36 | GBP | 7090 | 127028 | 45990 | 81038 |
| 3.750<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 06/17/36 |  | $13630 | 146564 | (213810) | 360374 |
|  12M CDOR<sup>(d)</sup><br> 3.250<sup>(d)</sup> | 06/17/36 | CAD | 6990 | (1304) | 107552 | (108856) |
| 2.750<sup>(e)</sup><br> 3M STIBOR<sup>(e)</sup> | 06/17/36 | SEK | 86120 | 266069 | 224931 | 41138 |
|  3M NZDOR<sup>(e)</sup><br> 4.000<sup>(e)</sup> | 06/17/36 | NZD | 9650 | (170528) | (84262) | (86266) |
|  6M NIBOR<sup>(d)</sup><br> 4.250<sup>(d)</sup> | 06/17/36 | NOK | 46220 | (67770) | (51978) | (15792) |
|  6M AUDOR<sup>(d)</sup><br> 5.000<sup>(d)</sup> | 06/17/36 | AUD | 14710 | (43648) | 124981 | (168629) |
| 2.750<sup>(d)</sup><br> 6M EURO<sup>(d)</sup> | 06/17/36 | EUR | 45020 | 1511631 | 327450 | 1184181 |
| 3.805<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 08/31/36 |  | $21910 | 159211 | (275306) | 434517 |
|  12M JYOR<sup>(c)</sup><br> 2.160<sup>(c)</sup> | 08/02/44 | JPY | 3373209 | (1115664) | (2085939) | 970275 |
|  12M JYOR<sup>(c)</sup><br> 2.500<sup>(c)</sup> | 06/17/56 | JPY | 389500 | (267049) | (173976) | (93073) |
| 3.000<sup>(d)</sup><br> 6M EURO<sup>(d)</sup> | 06/17/56 | EUR | 2010 | 47443 | 13984 | 33459 |
| TOTAL |  |  |  | $4324796 | $(662747) | $4987543 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Payments made annually.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Payments made semi-annually.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **41** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread<br>at March 31,<br>2026<sup>(b)</sup>** | **Counterparty** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Sold:** |  |  |  |  |  |  |  |  |
|  CMBX.NA.AAA.17 | 0.500% | 0.751% | MS & Co. Int. PLC | 12/15/56 | $8500 | $(122568) | $(105946) | $(16622) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made monthly.

&nbsp;&nbsp;&nbsp;&nbsp;(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<br>Received/<br>(Paid) by the<br>Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>March 31,<br>2026<sup>(b)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Sold:** |  |  |  |  |  |  |  |
|  CDX.NA.IG Ind 43 | &nbsp;&nbsp;&nbsp;&nbsp;1.000% | &nbsp;&nbsp;&nbsp;&nbsp;0.482% | 12/20/29 | $90400 | $1655743 | $1478688 | $177055 |
|  CDX.NA.IG Ind 44 | 1.000 | 0.538 | 06/20/30 | 73900 | 1351368 | 1199981 | 151387 |
|  CDX.NA.IG Ind 45 | 1.000 | 0.588 | 12/20/30 | 105007 | 1893047 | 2007090 | (114043) |
|  Republic of Chile, 3.240%, 2/06/28 | 1.000 | 0.632 | 06/20/31 | 5440 | 96518 | 111354 | (14836) |
|  Republic of Peru, 8.750%, 11/21/33 | 1.000 | 0.871 | 06/20/31 | 5160 | 33025 | 44267 | (11242) |
|  Republic of the Philippines, 9.500%, 02/02/30 | 1.000 | 0.911 | 06/20/31 | 5150 | 23209 | 17366 | 5843 |
| TOTAL |  |  |  |  | $5052910 | $4858746 | $194164 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made quarterly.

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

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2026, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional Amount** | **Notional Amount** | **Market<br>Value** | **Premiums Paid<br>(Received) by<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |  |
|  2M IRS | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;4.002% | 06/30/2026 | 38760000 | GBP | 38760000 | $72240 | $62076 | $10164 |
|  6M IRS | Barclays Bank PLC | 3.400 | 05/14/2026 | 15240000 | GBP | 15240000 | 5336 | 48042 | (42706) |
|  2Y IRS | BNP Paribas SA | 1.950 | 05/11/2026 | 8300000 | EUR | 8300000 | 210 | 105033 | (104823) |
|  2Y IRS | BNP Paribas SA | 2.000 | 11/11/2026 | 8390000 | EUR | 8390000 | 11189 | 126107 | (114918) |
|  9M IRS | BNP Paribas SA | 2.250 | 04/29/2026 | 4870000 | EUR | 4870000 | 328 | 32879 | (32551) |
|  2Y IRS | Citibank NA | 1.771 | 01/24/2028 | 4284999999 | JPY | 4284999999 | 116404 | 162946 | (46542) |
|  |  |  |  | 4360559999 |  |  | $205707 | $537083 | $(331376) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **42** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration**<br> **Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market<br>Value** | **Premiums Paid<br>(Received) by<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Puts** | **Puts** |  |  |  |  |  |  |  |
| 2Y IRS | Citibank NA | 1.771% | 01/24/2028 | 4284999999 | 4284999999 | $200967 | $162945 | $38022 |
| Total purchased option contracts | Total purchased option contracts |  |  | 8645559998 |  | $406674 | $700028 | $(293354) |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  1M IRS | Barclays Bank PLC | 2.740 | 04/02/2026 | (9120000) | (9120000) | (5) | (50647) | 50642 |
|  1M IRS | Barclays Bank PLC | 3.883 | 04/30/2026 | (6370000) | $(6370000) | (56831) | (59878) | 3047 |
|  6M IRS | Barclays Bank PLC | 3.893 | 05/14/2026 | (3550000) | (3550000) | (5983) | (48048) | 42065 |
|  2Y IRS | BNP Paribas SA | 2.085 | 11/11/2026 | (2470000) | (2470000) | (5002) | (126195) | 121193 |
|  9M IRS | BNP Paribas SA | 2.586 | 04/29/2026 | (1130000) | (1130000) | (569) | (32942) | 32373 |
|  9M IRS | BNP Paribas SA | 2.400 | 05/11/2026 | (2522993) | (2522993) | (288) | (33094) | 32806 |
|  1M IRS | BofA Securities LLC | 2.970 | 04/16/2026 | (8800000) | (8800000) | (26010) | (69621) | 43611 |
|  1M IRS | Deutsche Bank AG |  |  |  |  |  |  |  |
|  | (London) | 3.870 | 04/23/2026 | (6370000) | $(6370000) | (47128) | (53030) | 5902 |
|  1M IRS | MS & Co. Int. PLC | 3.750 | 04/17/2026 | (9510000) | $(9510000) | (27664) | (69091) | 41427 |
|  1M IRS | UBS AG (London) | 3.117 | 04/27/2026 | (5860000) | (5860000) | (68552) | (59416) | (9136) |
|  |  |  |  | (55702993) |  | $(238032) | $(601962) | $363930 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  1M IRS | Barclays Bank PLC | 2.740 | 04/02/2026 | (9120000) | (9120000) | (294985) | (50648) | (244337) |
|  1M IRS | Barclays Bank PLC | 3.883 | 04/30/2026 | (6370000) | $(6370000) | (51482) | (59878) | 8396 |
|  2M IRS | Barclays Bank PLC | 4.900 | 06/30/2026 | (38760000) | (38760000) | (57678) | (62076) | 4398 |
|  1M IRS | BofA Securities LLC | 2.970 | 04/16/2026 | (8800000) | (8800000) | (112366) | (69620) | (42746) |
|  1M IRS | Deutsche Bank AG |  |  |  |  |  |  |  |
|  | (London) | 3.870 | 04/23/2026 | (6370000) | $(6370000) | (47979) | (53030) | 5051 |
|  1M IRS | MS & Co. Int. PLC | 3.750 | 04/17/2026 | (9510000) | $(9510000) | (122719) | (69090) | (53629) |
|  1M IRS | UBS AG (London) | 3.117 | 04/27/2026 | (5860000) | (5860000) | (41966) | (59417) | 17451 |
|  |  |  |  | (84790000) |  | $(729175) | $(423759) | $(305416) |
| Total written option contracts | Total written option contracts |  |  | (140492993) |  | $(967207) | $(1025721) | $58514 |
| TOTAL |  |  |  | 8505067005 |  | $(560533) | $(325693) | $(234840) |

---

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| AUD | —Australian Dollar |
| CAD | —Canadian Dollar |
| CHF | —Swiss Franc |
| 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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **43** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| CLO | —Collateralized Loan Obligation |
| CMT | —Constant Maturity Treasury Indexes |
| ETF | —Exchange Traded Fund |
| EURIBOR | —Euro Interbank Offered Rate |
| GO | —General Obligation |
| LLC | —Limited Liability Company |
| LP | —Limited Partnership |
| MSCI | —Morgan Stanley Capital International |
| PLC | —Public Limited Company |
| RB | —Revenue Bond |
| REMICS | —Real Estate Mortgage Investment Conduits |
| RFUCC | —Refinitive USD IBOR Consumer Cash Fallbacks 1 year |
| SOFR | —Secured Overnight Financing Rate |
| STACR | —Structured Agency Credit Risk |
| STRIPS | —Separate Trading of Registered Interest and Principal of Securities |

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| 1M IRS | —1 Month Interest Rate Swaptions |
| 2M IRS | —2 Months Interest Rate Swaptions |
| 2Y IRS | —2 Year Interest Rate Swaptions |
| 6M IRS | —6 Month Interest Rate Swaptions |
| 9M IRS | —9 Months Interest Rate Swaptions |
| AUDOR | —Australian Dollar Offered Rate |
| BofA Securities LLC —Bank of America Securities LLC | BofA Securities LLC —Bank of America Securities LLC |
| CDOR | —Canadian Dollar Offered Rate |
| CDX.NA.IG Ind 43 | —CDX North America Investment Grade Index 43 |
| CDX.NA.IG Ind 44 | —CDX North America Investment Grade Index 44 |
| CDX.NA.IG Ind 45 | —CDX North America Investment Grade Index 45 |
| CHFOR | —Swiss Franc Offered Rate |
| CMBX | —Commercial Mortgage Backed Securities Index |
| EURO | —Euro Offered Rate |
| JYOR | —Japanese Yen Offered Rate |
| LIBOR | —London Interbank 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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **44** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – 50.3% | Mortgage-Backed Obligations – 50.3% | Mortgage-Backed Obligations – 50.3% | Mortgage-Backed Obligations – 50.3% |
| Collateralized Mortgage Obligations – 6.1% | Collateralized Mortgage Obligations – 6.1% | Collateralized Mortgage Obligations – 6.1% | Collateralized Mortgage Obligations – 6.1% |
| Interest Only – 0.3% | Interest Only – 0.3% | Interest Only – 0.3% | Interest Only – 0.3% |
| Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY | Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY | Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY | Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY |
| (-1X 1 mo. USD Term SOFR + 5.986%) | (-1X 1 mo. USD Term SOFR + 5.986%) | (-1X 1 mo. USD Term SOFR + 5.986%) | (-1X 1 mo. USD Term SOFR + 5.986%) |
| $2739304 | 2.313 %<sup>(a)(b)</sup> | 05/15/45 | $290932 |
| Federal Home Loan Mortgage Corp. REMICS Series 5012, Class DI | Federal Home Loan Mortgage Corp. REMICS Series 5012, Class DI | Federal Home Loan Mortgage Corp. REMICS Series 5012, Class DI | Federal Home Loan Mortgage Corp. REMICS Series 5012, Class DI |
| 1390411 | 4.000 <sup>(c)</sup> | 09/25/50 | 281244 |
| Federal National Mortgage Association REMICS Series 2011-100, | Federal National Mortgage Association REMICS Series 2011-100, | Federal National Mortgage Association REMICS Series 2011-100, | Federal National Mortgage Association REMICS Series 2011-100, |
| Class S (-1X 1 mo. USD Term SOFR + 6.336%) | Class S (-1X 1 mo. USD Term SOFR + 6.336%) | Class S (-1X 1 mo. USD Term SOFR + 6.336%) | Class S (-1X 1 mo. USD Term SOFR + 6.336%) |
| 1642433 | 2.674 <sup>(a)(b)</sup> | 10/25/41 | 167159 |
| Federal National Mortgage Association REMICS Series 2012-88, | Federal National Mortgage Association REMICS Series 2012-88, | Federal National Mortgage Association REMICS Series 2012-88, | Federal National Mortgage Association REMICS Series 2012-88, |
| Class SB (-1X 1 mo. USD Term SOFR + 6.556%) | Class SB (-1X 1 mo. USD Term SOFR + 6.556%) | Class SB (-1X 1 mo. USD Term SOFR + 6.556%) | Class SB (-1X 1 mo. USD Term SOFR + 6.556%) |
| 1429194 | 2.894 <sup>(a)(b)</sup> | 07/25/42 | 130700 |
| Federal National Mortgage Association REMICS Series 2017-104, | Federal National Mortgage Association REMICS Series 2017-104, | Federal National Mortgage Association REMICS Series 2017-104, | Federal National Mortgage Association REMICS Series 2017-104, |
| Class SB (-1X 1 mo. USD Term SOFR + 6.036%) | Class SB (-1X 1 mo. USD Term SOFR + 6.036%) | Class SB (-1X 1 mo. USD Term SOFR + 6.036%) | Class SB (-1X 1 mo. USD Term SOFR + 6.036%) |
| 693596 | 2.374 <sup>(a)(b)</sup> | 01/25/48 | 79124 |
| Government National Mortgage Association REMICS Series 2010-35, | Government National Mortgage Association REMICS Series 2010-35, | Government National Mortgage Association REMICS Series 2010-35, | Government National Mortgage Association REMICS Series 2010-35, |
| Class DS (-1X 1 mo. USD Term SOFR + 5.566%) | Class DS (-1X 1 mo. USD Term SOFR + 5.566%) | Class DS (-1X 1 mo. USD Term SOFR + 5.566%) | Class DS (-1X 1 mo. USD Term SOFR + 5.566%) |
| 2132999 | 1.891 <sup>(a)(b)(d)</sup> | 03/20/40 | 169788 |
| Government National Mortgage Association REMICS Series 2013- | Government National Mortgage Association REMICS Series 2013- | Government National Mortgage Association REMICS Series 2013- | Government National Mortgage Association REMICS Series 2013- |
| 103, Class DS (-1X 1 mo. USD Term SOFR + 6.036%) | 103, Class DS (-1X 1 mo. USD Term SOFR + 6.036%) | 103, Class DS (-1X 1 mo. USD Term SOFR + 6.036%) | 103, Class DS (-1X 1 mo. USD Term SOFR + 6.036%) |
| 2659566 | 2.361 <sup>(a)(b)(d)</sup> | 07/20/43 | 264011 |
| Government National Mortgage Association REMICS Series 2013- 117, Class PS (-1X 1 mo. USD Term SOFR + 6.036%) | Government National Mortgage Association REMICS Series 2013- 117, Class PS (-1X 1 mo. USD Term SOFR + 6.036%) | Government National Mortgage Association REMICS Series 2013- 117, Class PS (-1X 1 mo. USD Term SOFR + 6.036%) | Government National Mortgage Association REMICS Series 2013- 117, Class PS (-1X 1 mo. USD Term SOFR + 6.036%) |
| 2793547 | 2.361 <sup>(a)(b)(d)</sup> | 04/20/43 | 182336 |
| Government National Mortgage Association REMICS Series 2014-11, Class NI | Government National Mortgage Association REMICS Series 2014-11, Class NI | Government National Mortgage Association REMICS Series 2014-11, Class NI | Government National Mortgage Association REMICS Series 2014-11, Class NI |
| 241263 | 4.500 <sup>(c)(d)</sup> | 12/16/42 | 3340 |
| Government National Mortgage Association REMICS Series 2014- | Government National Mortgage Association REMICS Series 2014- | Government National Mortgage Association REMICS Series 2014- | Government National Mortgage Association REMICS Series 2014- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) |
| 2354414 | 2.311 <sup>(a)(b)(d)</sup> | 10/20/43 | 108213 |
| Government National Mortgage Association REMICS Series 2014- 180, Class PI | Government National Mortgage Association REMICS Series 2014- 180, Class PI | Government National Mortgage Association REMICS Series 2014- 180, Class PI | Government National Mortgage Association REMICS Series 2014- 180, Class PI |
| 1919983 | 4.000 <sup>(c)(d)</sup> | 08/20/44 | 241012 |
| Government National Mortgage Association REMICS Series 2015- | Government National Mortgage Association REMICS Series 2015- | Government National Mortgage Association REMICS Series 2015- | Government National Mortgage Association REMICS Series 2015- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133, Class SA (-1X 1 mo. USD Term SOFR + 5.586%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133, Class SA (-1X 1 mo. USD Term SOFR + 5.586%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133, Class SA (-1X 1 mo. USD Term SOFR + 5.586%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133, Class SA (-1X 1 mo. USD Term SOFR + 5.586%) |
| 964456 | 1.911 <sup>(a)(b)(d)</sup> | 09/20/45 | 88428 |
| Government National Mortgage Association REMICS Series 2015- | Government National Mortgage Association REMICS Series 2015- | Government National Mortgage Association REMICS Series 2015- | Government National Mortgage Association REMICS Series 2015- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133, Class SB (-1X 1 mo. USD Term SOFR + 5.586%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133, Class SB (-1X 1 mo. USD Term SOFR + 5.586%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133, Class SB (-1X 1 mo. USD Term SOFR + 5.586%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133, Class SB (-1X 1 mo. USD Term SOFR + 5.586%) |
| 1258155 | 1.911 <sup>(a)(b)(d)</sup> | 09/20/45 | 115712 |
| Government National Mortgage Association REMICS Series 2015- 129, Class IC | Government National Mortgage Association REMICS Series 2015- 129, Class IC | Government National Mortgage Association REMICS Series 2015- 129, Class IC | Government National Mortgage Association REMICS Series 2015- 129, Class IC |
| 740802 | 4.500 <sup>(c)(d)</sup> | 09/16/45 | 137579 |
| Government National Mortgage Association REMICS Series 2015- | Government National Mortgage Association REMICS Series 2015- | Government National Mortgage Association REMICS Series 2015- | Government National Mortgage Association REMICS Series 2015- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111, Class SM (-1X 1 mo. USD Term SOFR + 6.086%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111, Class SM (-1X 1 mo. USD Term SOFR + 6.086%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111, Class SM (-1X 1 mo. USD Term SOFR + 6.086%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111, Class SM (-1X 1 mo. USD Term SOFR + 6.086%) |
| 2676898 | 2.411 <sup>(a)(b)(d)</sup> | 08/20/45 | 310510 |
| Government National Mortgage Association REMICS Series 2015- 144, Class QS (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2015- 144, Class QS (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2015- 144, Class QS (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2015- 144, Class QS (-1X 1 mo. USD Term SOFR + 5.586%) |
| 3206569 | 1.911 <sup>(a)(b)(d)</sup> | 10/20/45 | 260405 |
| Government National Mortgage Association REMICS Series 2015- | Government National Mortgage Association REMICS Series 2015- | Government National Mortgage Association REMICS Series 2015- | Government National Mortgage Association REMICS Series 2015- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126, Class LS (-1X 1 mo. USD Term SOFR + 6.086%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126, Class LS (-1X 1 mo. USD Term SOFR + 6.086%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126, Class LS (-1X 1 mo. USD Term SOFR + 6.086%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126, Class LS (-1X 1 mo. USD Term SOFR + 6.086%) |
| 1725870 | 2.411 <sup>(a)(b)(d)</sup> | 09/20/45 | 200194 |
| Government National Mortgage Association REMICS Series 2016-6, | Government National Mortgage Association REMICS Series 2016-6, | Government National Mortgage Association REMICS Series 2016-6, | Government National Mortgage Association REMICS Series 2016-6, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S (-1X 1 mo. USD Term SOFR + 5.536%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S (-1X 1 mo. USD Term SOFR + 5.536%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S (-1X 1 mo. USD Term SOFR + 5.536%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S (-1X 1 mo. USD Term SOFR + 5.536%) |
| 3959612 | 1.861 <sup>(a)(b)(d)</sup> | 01/20/46 | 308722 |
| Government National Mortgage Association REMICS Series 2017- 112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) | Government National Mortgage Association REMICS Series 2017- 112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) | Government National Mortgage Association REMICS Series 2017- 112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) | Government National Mortgage Association REMICS Series 2017- 112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) |
| 784804 | 1.871 <sup>(a)(b)(d)</sup> | 07/20/47 | 73335 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Interest Only – (continued) | Interest Only – (continued) | Interest Only – (continued) | Interest Only – (continued) |
| Government National Mortgage Association REMICS Series 2018-7, Class DS (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2018-7, Class DS (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2018-7, Class DS (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2018-7, Class DS (-1X 1 mo. USD Term SOFR + 5.586%) |
| $856777 | 1.911 %<sup>(a)(b)(d)</sup> | 01/20/48 | $82926 |
| Government National Mortgage Association REMICS Series 2018-67, Class PS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-67, Class PS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-67, Class PS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-67, Class PS (-1X 1 mo. USD Term SOFR + 6.086%) |
| 1270304 | 2.411<sup>(a)(b)(d)</sup> | 05/20/48 | 146256 |
| Government National Mortgage Association REMICS Series 2018- 124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018- 124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018- 124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018- 124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) |
| 1127751 | 2.411<sup>(a)(b)(d)</sup> | 09/20/48 | 131292 |
| Government National Mortgage Association REMICS Series 2018- 122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018- 122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018- 122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018- 122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) |
| 539817 | 2.411<sup>(a)(b)(d)</sup> | 09/20/48 | 61902 |
| Government National Mortgage Association REMICS Series 2018- 139, Class SQ (-1X 1 mo. USD Term SOFR + 6.036%) | Government National Mortgage Association REMICS Series 2018- 139, Class SQ (-1X 1 mo. USD Term SOFR + 6.036%) | Government National Mortgage Association REMICS Series 2018- 139, Class SQ (-1X 1 mo. USD Term SOFR + 6.036%) | Government National Mortgage Association REMICS Series 2018- 139, Class SQ (-1X 1 mo. USD Term SOFR + 6.036%) |
| 791323 | 2.361<sup>(a)(b)(d)</sup> | 10/20/48 | 89175 |
| Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) |
| 315436 | 2.261<sup>(a)(b)(d)</sup> | 01/20/49 | 34134 |
| Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) |
| 897836 | 2.261<sup>(a)(b)(d)</sup> | 01/20/49 | 97631 |
| Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) |
| 551998 | 2.311<sup>(a)(b)(d)</sup> | 06/20/49 | 61597 |
| Government National Mortgage Association REMICS Series 2019- 151, Class NI | Government National Mortgage Association REMICS Series 2019- 151, Class NI | Government National Mortgage Association REMICS Series 2019- 151, Class NI | Government National Mortgage Association REMICS Series 2019- 151, Class NI |
| 1920609 | 3.500<sup>(c)(d)</sup> | 10/20/49 | 331306 |
| Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) |
| 2388137 | 2.261<sup>(a)(b)(d)</sup> | 02/20/50 | 272649 |
| Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI |
| 2696142 | 4.000<sup>(c)(d)</sup> | 06/20/50 | 577184 |
| Government National Mortgage Association REMICS Series 2020- 146, Class IM | Government National Mortgage Association REMICS Series 2020- 146, Class IM | Government National Mortgage Association REMICS Series 2020- 146, Class IM | Government National Mortgage Association REMICS Series 2020- 146, Class IM |
| 1013937 | 2.500<sup>(c)(d)</sup> | 10/20/50 | 149049 |
|  |  |  | 5447845 |
| Regular Floater<sup>(b)</sup> –0.2% | Regular Floater<sup>(b)</sup> –0.2% | Regular Floater<sup>(b)</sup> –0.2% | Regular Floater<sup>(b)</sup> –0.2% |
| Federal Home Loan Mortgage Corp. REMICS Series 3827, Class KF (1 mo. USD Term SOFR + 0.484%) | Federal Home Loan Mortgage Corp. REMICS Series 3827, Class KF (1 mo. USD Term SOFR + 0.484%) | Federal Home Loan Mortgage Corp. REMICS Series 3827, Class KF (1 mo. USD Term SOFR + 0.484%) | Federal Home Loan Mortgage Corp. REMICS Series 3827, Class KF (1 mo. USD Term SOFR + 0.484%) |
| 86305 | 4.157 | 03/15/41 | 86273 |
| Federal Home Loan Mortgage Corp. REMICS Series 3231, Class FB (1 mo. USD Term SOFR + 0.464%) | Federal Home Loan Mortgage Corp. REMICS Series 3231, Class FB (1 mo. USD Term SOFR + 0.464%) | Federal Home Loan Mortgage Corp. REMICS Series 3231, Class FB (1 mo. USD Term SOFR + 0.464%) | Federal Home Loan Mortgage Corp. REMICS Series 3231, Class FB (1 mo. USD Term SOFR + 0.464%) |
| 86169 | 4.137 | 10/15/36 | 85520 |
| Federal Home Loan Mortgage Corp. REMICS Series 3314, Class FC (1 mo. USD Term SOFR + 0.514%) | Federal Home Loan Mortgage Corp. REMICS Series 3314, Class FC (1 mo. USD Term SOFR + 0.514%) | Federal Home Loan Mortgage Corp. REMICS Series 3314, Class FC (1 mo. USD Term SOFR + 0.514%) | Federal Home Loan Mortgage Corp. REMICS Series 3314, Class FC (1 mo. USD Term SOFR + 0.514%) |
| 59094 | 4.187 | 12/15/36 | 58660 |
| Federal Home Loan Mortgage Corp. REMICS Series 3371, Class FA (1 mo. USD Term SOFR + 0.714%) | Federal Home Loan Mortgage Corp. REMICS Series 3371, Class FA (1 mo. USD Term SOFR + 0.714%) | Federal Home Loan Mortgage Corp. REMICS Series 3371, Class FA (1 mo. USD Term SOFR + 0.714%) | Federal Home Loan Mortgage Corp. REMICS Series 3371, Class FA (1 mo. USD Term SOFR + 0.714%) |
| 100396 | 4.387<sup>(d)</sup> | 09/15/37 | 100477 |
| Federal Home Loan Mortgage Corp. REMICS Series 3545, Class FA (1 mo. USD Term SOFR + 0.964%) | Federal Home Loan Mortgage Corp. REMICS Series 3545, Class FA (1 mo. USD Term SOFR + 0.964%) | Federal Home Loan Mortgage Corp. REMICS Series 3545, Class FA (1 mo. USD Term SOFR + 0.964%) | Federal Home Loan Mortgage Corp. REMICS Series 3545, Class FA (1 mo. USD Term SOFR + 0.964%) |
| 29754 | 4.637 | 06/15/39 | 29976 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3, Class M2 (1 mo. USD Term SOFR + 1.450%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3, Class M2 (1 mo. USD Term SOFR + 1.450%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3, Class M2 (1 mo. USD Term SOFR + 1.450%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3, Class M2 (1 mo. USD Term SOFR + 1.450%) |
| 2017906 | 5.112<sup>(d)(e)</sup> | 10/25/44 | 2016239 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **45** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Regular Floater<sup>(b)</sup> – (continued) | Regular Floater<sup>(b)</sup> – (continued) | Regular Floater<sup>(b)</sup> – (continued) | Regular Floater<sup>(b)</sup> – (continued) |
| Federal National Mortgage Association REMICS Series 2006-45, Class TF (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2006-45, Class TF (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2006-45, Class TF (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2006-45, Class TF (1 mo. USD Term SOFR + 0.514%) |
| $182752 | 4.176% | 06/25/36 $| 182160 |
| Federal National Mortgage Association REMICS Series 2006-76, Class QF (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2006-76, Class QF (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2006-76, Class QF (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2006-76, Class QF (1 mo. USD Term SOFR + 0.514%) |
| 209993 | 4.176 | 08/25/36 | 209327 |
| Federal National Mortgage Association REMICS Series 2006-79, Class PF (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2006-79, Class PF (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2006-79, Class PF (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2006-79, Class PF (1 mo. USD Term SOFR + 0.514%) |
| 200553 | 4.176 | 08/25/36 | 199859 |
| Federal National Mortgage Association REMICS Series 2007-75, Class VF (1 mo. USD Term SOFR + 0.564%) | Federal National Mortgage Association REMICS Series 2007-75, Class VF (1 mo. USD Term SOFR + 0.564%) | Federal National Mortgage Association REMICS Series 2007-75, Class VF (1 mo. USD Term SOFR + 0.564%) | Federal National Mortgage Association REMICS Series 2007-75, Class VF (1 mo. USD Term SOFR + 0.564%) |
| 72505 | 4.226 | 08/25/37 | 72374 |
| Federal National Mortgage Association REMICS Series 2009-84, Class WF (1 mo. USD Term SOFR + 1.214%) | Federal National Mortgage Association REMICS Series 2009-84, Class WF (1 mo. USD Term SOFR + 1.214%) | Federal National Mortgage Association REMICS Series 2009-84, Class WF (1 mo. USD Term SOFR + 1.214%) | Federal National Mortgage Association REMICS Series 2009-84, Class WF (1 mo. USD Term SOFR + 1.214%) |
| 27290 | 4.876 | 10/25/39 | 27786 |
|  |  |  | 3068651 |
| **Sequential Fixed Rate<sup>(d)</sup> –1.7%**<br> BRAVO Residential Funding Trust Series 2025-NQM7, Class A1A | **Sequential Fixed Rate<sup>(d)</sup> –1.7%**<br> BRAVO Residential Funding Trust Series 2025-NQM7, Class A1A | **Sequential Fixed Rate<sup>(d)</sup> –1.7%**<br> BRAVO Residential Funding Trust Series 2025-NQM7, Class A1A | **Sequential Fixed Rate<sup>(d)</sup> –1.7%**<br> BRAVO Residential Funding Trust Series 2025-NQM7, Class A1A |
| 2682200 | 5.459 <sup>(e)(f)</sup> | 07/25/65 | 2690534 |
| COLT Mortgage Loan Trust Series 2025-8, Class A1 | COLT Mortgage Loan Trust Series 2025-8, Class A1 | COLT Mortgage Loan Trust Series 2025-8, Class A1 | COLT Mortgage Loan Trust Series 2025-8, Class A1 |
| 4525205 | 5.480 <sup>(e)(f)</sup> | 08/25/70 | 4538616 |
| Ellington Financial Mortgage Trust Series 2026-NQM4, Class A1A | Ellington Financial Mortgage Trust Series 2026-NQM4, Class A1A | Ellington Financial Mortgage Trust Series 2026-NQM4, Class A1A | Ellington Financial Mortgage Trust Series 2026-NQM4, Class A1A |
| 5375000 | 5.466 <sup>(e)(f)</sup> | 04/25/71 | 5375984 |
| JP Morgan Mortgage Trust Series 2025-VIS3, Class A1A | JP Morgan Mortgage Trust Series 2025-VIS3, Class A1A | JP Morgan Mortgage Trust Series 2025-VIS3, Class A1A | JP Morgan Mortgage Trust Series 2025-VIS3, Class A1A |
| 3354279 | 5.062 <sup>(e)(f)</sup> | 02/25/66 | 3342068 |
| JP Morgan Mortgage Trust Series 2025-NQM5, Class A1A | JP Morgan Mortgage Trust Series 2025-NQM5, Class A1A | JP Morgan Mortgage Trust Series 2025-NQM5, Class A1A | JP Morgan Mortgage Trust Series 2025-NQM5, Class A1A |
| 3849905 | 4.879 <sup>(e)(f)</sup> | 05/25/66 | 3833285 |
| RALI Trust Series 2006-QS6, Class 1A13 | RALI Trust Series 2006-QS6, Class 1A13 | RALI Trust Series 2006-QS6, Class 1A13 | RALI Trust Series 2006-QS6, Class 1A13 |
| 257695 | 6.000 | 06/25/36 | 211498 |
| RALI Trust Series 2006-QS9, Class 1A11 | RALI Trust Series 2006-QS9, Class 1A11 | RALI Trust Series 2006-QS9, Class 1A11 | RALI Trust Series 2006-QS9, Class 1A11 |
| 440642 | 6.500 | 07/25/36 | 357777 |
| RALI Trust Series 2006-QS2, Class 1A9 | RALI Trust Series 2006-QS2, Class 1A9 | RALI Trust Series 2006-QS2, Class 1A9 | RALI Trust Series 2006-QS2, Class 1A9 |
| 161727 | 5.500 | 02/25/36 | 131970 |
| Residential Asset Securitization Trust Series 2006-A8, Class 1A1 | Residential Asset Securitization Trust Series 2006-A8, Class 1A1 | Residential Asset Securitization Trust Series 2006-A8, Class 1A1 | Residential Asset Securitization Trust Series 2006-A8, Class 1A1 |
| 653539 | 6.000 | 08/25/36 | 439594 |
| RFMSI Trust Series 2007-S9, Class 1A1 | RFMSI Trust Series 2007-S9, Class 1A1 | RFMSI Trust Series 2007-S9, Class 1A1 | RFMSI Trust Series 2007-S9, Class 1A1 |
| 1274796 | 6.000 | 10/25/37 | 581196 |
| Verus Securitization Trust Series 2021-7, Class A1 | Verus Securitization Trust Series 2021-7, Class A1 | Verus Securitization Trust Series 2021-7, Class A1 | Verus Securitization Trust Series 2021-7, Class A1 |
| 4535052 | 2.829 <sup>(e)(f)</sup> | 10/25/66 | 4178736 |
| Verus Securitization Trust Series 2025-1, Class A1A | Verus Securitization Trust Series 2025-1, Class A1A | Verus Securitization Trust Series 2025-1, Class A1A | Verus Securitization Trust Series 2025-1, Class A1A |
| 3031536 | 5.620 <sup>(e)(f)</sup> | 01/25/70 | 3046979 |
|  |  |  | 28728237 |
| Sequential Floating Rate<sup>(b)(d)</sup> –3.9% | Sequential Floating Rate<sup>(b)(d)</sup> –3.9% | Sequential Floating Rate<sup>(b)(d)</sup> –3.9% | Sequential Floating Rate<sup>(b)(d)</sup> –3.9% |
| Angel Oak Mortgage Trust Series 2021-4, Class A1 | Angel Oak Mortgage Trust Series 2021-4, Class A1 | Angel Oak Mortgage Trust Series 2021-4, Class A1 | Angel Oak Mortgage Trust Series 2021-4, Class A1 |
| 2667502 | 1.035 <sup>(e)</sup> | 01/20/65 | 2274581 |
| Angel Oak Mortgage Trust Series 2021-3, Class A1 | Angel Oak Mortgage Trust Series 2021-3, Class A1 | Angel Oak Mortgage Trust Series 2021-3, Class A1 | Angel Oak Mortgage Trust Series 2021-3, Class A1 |
| 340760 | 1.068 <sup>(e)</sup> | 05/25/66 | 295420 |
| Angel Oak Mortgage Trust Series 2021-6, Class A1 | Angel Oak Mortgage Trust Series 2021-6, Class A1 | Angel Oak Mortgage Trust Series 2021-6, Class A1 | Angel Oak Mortgage Trust Series 2021-6, Class A1 |
| 282622 | 1.458 <sup>(e)</sup> | 09/25/66 | 238954 |
| Angel Oak Mortgage Trust Series 2020-4, Class A3 | Angel Oak Mortgage Trust Series 2020-4, Class A3 | Angel Oak Mortgage Trust Series 2020-4, Class A3 | Angel Oak Mortgage Trust Series 2020-4, Class A3 |
| 346601 | 2.805 <sup>(e)</sup> | 06/25/65 | 338383 |
| Angel Oak Mortgage Trust Series 2020-2, Class M1 | Angel Oak Mortgage Trust Series 2020-2, Class M1 | Angel Oak Mortgage Trust Series 2020-2, Class M1 | Angel Oak Mortgage Trust Series 2020-2, Class M1 |
| 1054000 | 4.500 <sup>(e)</sup> | 01/26/65 | 999253 |
| Angel Oak Mortgage Trust Series 2019-6, Class B1 | Angel Oak Mortgage Trust Series 2019-6, Class B1 | Angel Oak Mortgage Trust Series 2019-6, Class B1 | Angel Oak Mortgage Trust Series 2019-6, Class B1 |
| 2380000 | 3.941 <sup>(e)</sup> | 11/25/59 | 2293835 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate<sup>(b)(d)</sup> – (continued) | Sequential Floating Rate<sup>(b)(d)</sup> – (continued) | Sequential Floating Rate<sup>(b)(d)</sup> – (continued) | Sequential Floating Rate<sup>(b)(d)</sup> – (continued) |
| Banc of America Funding Trust Series 2007-2, Class 2A1 | Banc of America Funding Trust Series 2007-2, Class 2A1 | Banc of America Funding Trust Series 2007-2, Class 2A1 | Banc of America Funding Trust Series 2007-2, Class 2A1 |
| 3913 | 4.929% | 03/25/37 | 3853 |
| Countrywide Alternative Loan Trust Series 2007-16CB, Class 4A3 (1 mo. USD Term SOFR + 0.614%) | Countrywide Alternative Loan Trust Series 2007-16CB, Class 4A3 (1 mo. USD Term SOFR + 0.614%) | Countrywide Alternative Loan Trust Series 2007-16CB, Class 4A3 (1 mo. USD Term SOFR + 0.614%) | Countrywide Alternative Loan Trust Series 2007-16CB, Class 4A3 (1 mo. USD Term SOFR + 0.614%) |
| 1518942 | 4.293 | 08/25/37 | 961209 |
| Countrywide Alternative Loan Trust Series 2005-26CB, Class A1 (1 mo. USD Term SOFR + 0.614%) | Countrywide Alternative Loan Trust Series 2005-26CB, Class A1 (1 mo. USD Term SOFR + 0.614%) | Countrywide Alternative Loan Trust Series 2005-26CB, Class A1 (1 mo. USD Term SOFR + 0.614%) | Countrywide Alternative Loan Trust Series 2005-26CB, Class A1 (1 mo. USD Term SOFR + 0.614%) |
| 205511 | 4.293 | 07/25/35 | 133056 |
| Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12 (1 mo. USD Term SOFR + 0.914%) | Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12 (1 mo. USD Term SOFR + 0.914%) | Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12 (1 mo. USD Term SOFR + 0.914%) | Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12 (1 mo. USD Term SOFR + 0.914%) |
| 219107 | 4.593 | 12/25/35 | 185480 |
| Countrywide Alternative Loan Trust Series 2007-16CB, Class 1A2 (1 mo. USD Term SOFR + 0.514%) | Countrywide Alternative Loan Trust Series 2007-16CB, Class 1A2 (1 mo. USD Term SOFR + 0.514%) | Countrywide Alternative Loan Trust Series 2007-16CB, Class 1A2 (1 mo. USD Term SOFR + 0.514%) | Countrywide Alternative Loan Trust Series 2007-16CB, Class 1A2 (1 mo. USD Term SOFR + 0.514%) |
| 224183 | 4.193 | 08/25/37 | 139107 |
| CSMC Trust Series 2022-NQM1, Class A1 | CSMC Trust Series 2022-NQM1, Class A1 | CSMC Trust Series 2022-NQM1, Class A1 | CSMC Trust Series 2022-NQM1, Class A1 |
| 1648823 | 3.265 <sup>(e)</sup> | 11/25/66 | 1508751 |
| CSMC Trust Series 2021-NQM6, Class A3 | CSMC Trust Series 2021-NQM6, Class A3 | CSMC Trust Series 2021-NQM6, Class A3 | CSMC Trust Series 2021-NQM6, Class A3 |
| 1939987 | 1.585 <sup>(e)</sup> | 07/25/66 | 1675761 |
| CSMC Trust Series 2020-AFC1, Class M1 | CSMC Trust Series 2020-AFC1, Class M1 | CSMC Trust Series 2020-AFC1, Class M1 | CSMC Trust Series 2020-AFC1, Class M1 |
| 700000 | 2.841 <sup>(e)</sup> | 02/25/50 | 597462 |
| Ellington Financial Mortgage Trust Series 2022-1, Class A1 | Ellington Financial Mortgage Trust Series 2022-1, Class A1 | Ellington Financial Mortgage Trust Series 2022-1, Class A1 | Ellington Financial Mortgage Trust Series 2022-1, Class A1 |
| 2840394 | 2.206 <sup>(e)</sup> | 01/25/67 | 2499633 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-DNA6, Class B2 (1 mo. USD Term SOFR + 5.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-DNA6, Class B2 (1 mo. USD Term SOFR + 5.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-DNA6, Class B2 (1 mo. USD Term SOFR + 5.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-DNA6, Class B2 (1 mo. USD Term SOFR + 5.650%) |
| 600000 | 9.312 <sup>(e)</sup> | 12/25/50 | 681111 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA2, Class A1 (1 mo. USD Term SOFR + 1.100%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA2, Class A1 (1 mo. USD Term SOFR + 1.100%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA2, Class A1 (1 mo. USD Term SOFR + 1.100%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA2, Class A1 (1 mo. USD Term SOFR + 1.100%) |
| 1093750 | 4.762 <sup>(e)</sup> | 05/25/45 | 1093747 |
| Federal Home Loan Mortgage Corp. STACR Trust Series 2019-HQA2, Class M2 (1 mo. USD Term SOFR + 2.164%) | Federal Home Loan Mortgage Corp. STACR Trust Series 2019-HQA2, Class M2 (1 mo. USD Term SOFR + 2.164%) | Federal Home Loan Mortgage Corp. STACR Trust Series 2019-HQA2, Class M2 (1 mo. USD Term SOFR + 2.164%) | Federal Home Loan Mortgage Corp. STACR Trust Series 2019-HQA2, Class M2 (1 mo. USD Term SOFR + 2.164%) |
| 286869 | 5.826 <sup>(e)</sup> | 04/25/49 | 289823 |
| Federal National Mortgage Association Connecticut Avenue Securities | Federal National Mortgage Association Connecticut Avenue Securities | Federal National Mortgage Association Connecticut Avenue Securities | Federal National Mortgage Association Connecticut Avenue Securities |
| Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) |
| 279000 | 6.662 <sup>(e)</sup> | 04/25/42 | 282479 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R08, Class 1B1 (1 mo. USD Term SOFR + 3.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R08, Class 1B1 (1 mo. USD Term SOFR + 3.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R08, Class 1B1 (1 mo. USD Term SOFR + 3.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R08, Class 1B1 (1 mo. USD Term SOFR + 3.550%) |
| 2185000 | 7.212 <sup>(e)</sup> | 10/25/43 | 2266312 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) |
| 1350000 | 5.462 <sup>(e)</sup> | 01/25/44 | 1355831 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M1 (1 mo. USD Term SOFR + 1.150%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M1 (1 mo. USD Term SOFR + 1.150%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M1 (1 mo. USD Term SOFR + 1.150%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M1 (1 mo. USD Term SOFR + 1.150%) |
| 712268 | 4.812 <sup>(e)</sup> | 03/25/44 | 711934 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) |
| 3200000 | 5.312 <sup>(e)</sup> | 05/25/44 | 3197501 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) |
| 900000 | 5.612 <sup>(e)</sup> | 03/25/44 | 905112 |

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|:---|:---|
| **46** | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS DYNAMIC BOND FUND

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate<sup>(b)(d)</sup> – (continued) | Sequential Floating Rate<sup>(b)(d)</sup> – (continued) | Sequential Floating Rate<sup>(b)(d)</sup> – (continued) | Sequential Floating Rate<sup>(b)(d)</sup> – (continued) |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2B1 (1 mo. USD Term SOFR + 2.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2B1 (1 mo. USD Term SOFR + 2.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2B1 (1 mo. USD Term SOFR + 2.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2B1 (1 mo. USD Term SOFR + 2.800%) |
| $2275000 | 6.462 %<sup>(e)</sup> | 03/25/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2326798 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) |
| 1990440 | 5.262 <sup>(e)</sup> | 09/25/44 | 1986625 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1B1 (1 mo. USD Term SOFR + 2.050%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1B1 (1 mo. USD Term SOFR + 2.050%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1B1 (1 mo. USD Term SOFR + 2.050%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1B1 (1 mo. USD Term SOFR + 2.050%) |
| 1400000 | 5.712 <sup>(e)</sup> | 09/25/44 | 1399551 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1B1 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1B1 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1B1 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1B1 (1 mo. USD Term SOFR + 1.700%) |
| 2172000 | 5.362 <sup>(e)</sup> | 01/25/45 | 2155375 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2026-R01, Class 2M2 (1 mo. USD Term SOFR + 1.350%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2026-R01, Class 2M2 (1 mo. USD Term SOFR + 1.350%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2026-R01, Class 2M2 (1 mo. USD Term SOFR + 1.350%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2026-R01, Class 2M2 (1 mo. USD Term SOFR + 1.350%) |
| 2550000 | 5.012 <sup>(e)</sup> | 01/25/46 | 2539001 |
| GCAT Trust Series 2020-NQM2, Class M1 | GCAT Trust Series 2020-NQM2, Class M1 | GCAT Trust Series 2020-NQM2, Class M1 | GCAT Trust Series 2020-NQM2, Class M1 |
| 1625000 | 3.589 <sup>(e)</sup> | 04/25/65 | 1496814 |
| GCAT Trust Series 2021-NQM5, Class A2 | GCAT Trust Series 2021-NQM5, Class A2 | GCAT Trust Series 2021-NQM5, Class A2 | GCAT Trust Series 2021-NQM5, Class A2 |
| 3635207 | 1.417 <sup>(e)</sup> | 07/25/66 | 3067732 |
| Government National Mortgage Association REMICS Series 2023-70, Class SE (-1X 1 mo. USD Term SOFR + 6.120%) | Government National Mortgage Association REMICS Series 2023-70, Class SE (-1X 1 mo. USD Term SOFR + 6.120%) | Government National Mortgage Association REMICS Series 2023-70, Class SE (-1X 1 mo. USD Term SOFR + 6.120%) | Government National Mortgage Association REMICS Series 2023-70, Class SE (-1X 1 mo. USD Term SOFR + 6.120%) |
| 2767871 | 2.447 <sup>(a)</sup> | 05/20/53 | 170327 |
| JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 |
| 1098458 | 2.520 <sup>(e)</sup> | 05/25/52 | 931154 |
| JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 | JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 | JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 | JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 |
| 371504 | 3.514 <sup>(e)</sup> | 07/25/52 | 331427 |
| JP Morgan Mortgage Trust Series 2023-2, Class A3A | JP Morgan Mortgage Trust Series 2023-2, Class A3A | JP Morgan Mortgage Trust Series 2023-2, Class A3A | JP Morgan Mortgage Trust Series 2023-2, Class A3A |
| 1233844 | 5.000 <sup>(e)</sup> | 07/25/53 | 1209312 |
| JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 |
| 1185393 | 5.990 <sup>(e)</sup> | 07/25/64 | 1191204 |
| JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 |
| 1796214 | 3.000 <sup>(e)</sup> | 05/25/54 | 1639704 |
| JP Morgan Mortgage Trust Series 2024-VIS1, Class A2 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A2 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A2 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A2 |
| 1329490 | 6.192 <sup>(e)</sup> | 07/25/64 | 1335894 |
| JP Morgan Mortgage Trust Series 2023-DSC2, Class A1 | JP Morgan Mortgage Trust Series 2023-DSC2, Class A1 | JP Morgan Mortgage Trust Series 2023-DSC2, Class A1 | JP Morgan Mortgage Trust Series 2023-DSC2, Class A1 |
| 540365 | 5.250 <sup>(e)</sup> | 11/25/63 | 538409 |
| JP Morgan Mortgage Trust Series 2024-1, Class A4 | JP Morgan Mortgage Trust Series 2024-1, Class A4 | JP Morgan Mortgage Trust Series 2024-1, Class A4 | JP Morgan Mortgage Trust Series 2024-1, Class A4 |
| 389992 | 6.000 <sup>(e)</sup> | 06/25/54 | 390830 |
| MFA Trust Series 2020-NQM3, Class B1 | MFA Trust Series 2020-NQM3, Class B1 | MFA Trust Series 2020-NQM3, Class B1 | MFA Trust Series 2020-NQM3, Class B1 |
| 800000 | 3.661 <sup>(e)</sup> | 01/26/65 | 726867 |
| Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 |
| 206082 | 3.250 <sup>(e)</sup> | 07/25/59 | 202498 |
| OBX Trust Series 2022-NQM1, Class A2 | OBX Trust Series 2022-NQM1, Class A2 | OBX Trust Series 2022-NQM1, Class A2 | OBX Trust Series 2022-NQM1, Class A2 |
| 500000 | 3.001 <sup>(e)</sup> | 11/25/61 | 393589 |
| OBX Trust Series 2022-J2, Class A1 | OBX Trust Series 2022-J2, Class A1 | OBX Trust Series 2022-J2, Class A1 | OBX Trust Series 2022-J2, Class A1 |
| 889688 | 3.500 <sup>(e)</sup> | 08/25/52 | 801588 |
| OBX Trust Series 2022-NQM1, Class A1 | OBX Trust Series 2022-NQM1, Class A1 | OBX Trust Series 2022-NQM1, Class A1 | OBX Trust Series 2022-NQM1, Class A1 |
| 1269775 | 2.305 <sup>(e)</sup> | 11/25/61 | 1141010 |
| PRKCM Trust Series 2021-AFC2, Class A1 | PRKCM Trust Series 2021-AFC2, Class A1 | PRKCM Trust Series 2021-AFC2, Class A1 | PRKCM Trust Series 2021-AFC2, Class A1 |
| 1648467 | 2.071 <sup>(e)</sup> | 11/25/56 | 1459975 |
| RALI Trust Series 2006-QO7, Class 3A2 (1 mo. USD Term SOFR + 0.524%) | RALI Trust Series 2006-QO7, Class 3A2 (1 mo. USD Term SOFR + 0.524%) | RALI Trust Series 2006-QO7, Class 3A2 (1 mo. USD Term SOFR + 0.524%) | RALI Trust Series 2006-QO7, Class 3A2 (1 mo. USD Term SOFR + 0.524%) |
| 51132 | 4.203 | 09/25/46 | 50266 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate(b)(d) – (continued) | Sequential Floating Rate(b)(d) – (continued) | Sequential Floating Rate(b)(d) – (continued) | Sequential Floating Rate(b)(d) – (continued) |
| Residential Mortgage Loan Trust Series 2020-2, Class A3 | Residential Mortgage Loan Trust Series 2020-2, Class A3 | Residential Mortgage Loan Trust Series 2020-2, Class A3 | Residential Mortgage Loan Trust Series 2020-2, Class A3 |
| 150495 | 2.911 %<sup>(e)</sup> | 05/25/60 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147171 |
| Starwood Mortgage Residential Trust Series 2020-2, Class B1E | Starwood Mortgage Residential Trust Series 2020-2, Class B1E | Starwood Mortgage Residential Trust Series 2020-2, Class B1E | Starwood Mortgage Residential Trust Series 2020-2, Class B1E |
| 1875000 | 3.000 <sup>(e)</sup> | 04/25/60 | 1834269 |
| Towd Point Mortgage Trust Series 2020-1, Class A2A | Towd Point Mortgage Trust Series 2020-1, Class A2A | Towd Point Mortgage Trust Series 2020-1, Class A2A | Towd Point Mortgage Trust Series 2020-1, Class A2A |
| 550000 | 3.100 <sup>(e)</sup> | 01/25/60 | 508784 |
| Verus Securitization Trust Series 2021-6, Class A1 | Verus Securitization Trust Series 2021-6, Class A1 | Verus Securitization Trust Series 2021-6, Class A1 | Verus Securitization Trust Series 2021-6, Class A1 |
| 249923 | 1.630 <sup>(e)</sup> | 10/25/66 | 218849 |
| Verus Securitization Trust Series 2021-4, Class A1 | Verus Securitization Trust Series 2021-4, Class A1 | Verus Securitization Trust Series 2021-4, Class A1 | Verus Securitization Trust Series 2021-4, Class A1 |
| 4064213 | 0.938 <sup>(e)</sup> | 07/25/66 | 3440851 |
| Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 |
| 619788 | 2.824 <sup>(e)</sup> | 11/25/66 | 564545 |
| Verus Securitization Trust Series 2021-7, Class A2 | Verus Securitization Trust Series 2021-7, Class A2 | Verus Securitization Trust Series 2021-7, Class A2 | Verus Securitization Trust Series 2021-7, Class A2 |
| 2055388 | 2.137 <sup>(e)</sup> | 10/25/66 | 1829732 |
| Verus Securitization Trust Series 2022-1, Class A3 | Verus Securitization Trust Series 2022-1, Class A3 | Verus Securitization Trust Series 2022-1, Class A3 | Verus Securitization Trust Series 2022-1, Class A3 |
| 944392 | 3.288 <sup>(e)</sup> | 01/25/67 | 862684 |
| Verus Securitization Trust Series 2025-1, Class A1 | Verus Securitization Trust Series 2025-1, Class A1 | Verus Securitization Trust Series 2025-1, Class A1 | Verus Securitization Trust Series 2025-1, Class A1 |
| 2273656 | 5.620 <sup>(e)</sup> | 01/25/70 | 2284363 |
| Visio Trust Series 2020-1, Class M1 | Visio Trust Series 2020-1, Class M1 | Visio Trust Series 2020-1, Class M1 | Visio Trust Series 2020-1, Class M1 |
| 500000 | 4.450 <sup>(e)</sup> | 08/25/55 | 482296 |
|  |  |  | 64588082 |
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | 101832815 |
| Commercial Mortgage-Backed Securities – 12.1% | Commercial Mortgage-Backed Securities – 12.1% | Commercial Mortgage-Backed Securities – 12.1% |  |
| Regular Floater(b)(e) –0.4% | Regular Floater(b)(e) –0.4% | Regular Floater(b)(e) –0.4% |  |
| BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) | BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) | BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) | BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) |
| 1800000 | 5.165% | 11/15/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800223 |
| TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) |
| 4425000 | 5.805 | 11/15/29 | 4415577 |
| TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) |
| 1250000 | 6.603 | 11/15/29 | 1251323 |
|  |  |  | 7467123 |
| Sequential Fixed Rate – 2.7% | Sequential Fixed Rate – 2.7% | Sequential Fixed Rate – 2.7% |  |
| 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 | 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 | 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 | 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 |
| 2300000 | 3.901 <sup>(e)</sup> | 08/10/35 | 2200011 |
| Bank Series 2021-BN38, Class A5 | Bank Series 2021-BN38, Class A5 | Bank Series 2021-BN38, Class A5 | Bank Series 2021-BN38, Class A5 |
| 1050000 | 2.521 <sup>(d)</sup> | 12/15/64 | 927533 |
| Bank Series 2023-BNK45, Class A5 | Bank Series 2023-BNK45, Class A5 | Bank Series 2023-BNK45, Class A5 | Bank Series 2023-BNK45, Class A5 |
| 725000 | 5.203 <sup>(d)</sup> | 02/15/56 | 735042 |
| Bank Series 2019-BN18, Class A4 | Bank Series 2019-BN18, Class A4 | Bank Series 2019-BN18, Class A4 | Bank Series 2019-BN18, Class A4 |
| 1500000 | 3.584 <sup>(d)</sup> | 05/15/62 | 1443236 |
| Bank Series 2025-BNK51, Class A5 | Bank Series 2025-BNK51, Class A5 | Bank Series 2025-BNK51, Class A5 | Bank Series 2025-BNK51, Class A5 |
| 1500000 | 5.290 <sup>(d)</sup> | 12/25/67 | 1523818 |
| Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS |
| 675000 | 6.139 <sup>(d)</sup> | 11/15/57 | 697918 |
| Bank5 Series 2025-5YR19, Class AS | Bank5 Series 2025-5YR19, Class AS | Bank5 Series 2025-5YR19, Class AS | Bank5 Series 2025-5YR19, Class AS |
| 5000000 | 5.611 <sup>(d)</sup> | 12/15/58 | 5107518 |
| BBCMS Mortgage Trust Series 2023-C20, Class A3 | BBCMS Mortgage Trust Series 2023-C20, Class A3 | BBCMS Mortgage Trust Series 2023-C20, Class A3 | BBCMS Mortgage Trust Series 2023-C20, Class A3 |
| 1600000 | 5.991 <sup>(d)</sup> | 07/15/56 | 1629499 |
| BBCMS Mortgage Trust Series 2019-C3, Class C | BBCMS Mortgage Trust Series 2019-C3, Class C | BBCMS Mortgage Trust Series 2019-C3, Class C | BBCMS Mortgage Trust Series 2019-C3, Class C |
| 865000 | 4.178 <sup>(d)</sup> | 05/15/52 | 789082 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **47** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) |
| BBCMS Mortgage Trust Series 2024-5C27, Class A3 | BBCMS Mortgage Trust Series 2024-5C27, Class A3 | BBCMS Mortgage Trust Series 2024-5C27, Class A3 | BBCMS Mortgage Trust Series 2024-5C27, Class A3 |
| 1375000 | 6.014 %<sup>(d)</sup> | 07/15/57 | 1427608 |
| Benchmark Mortgage Trust Series 2022-B33, Class A5 | Benchmark Mortgage Trust Series 2022-B33, Class A5 | Benchmark Mortgage Trust Series 2022-B33, Class A5 | Benchmark Mortgage Trust Series 2022-B33, Class A5 |
| 1125000 | 3.458 <sup>(b)(d)</sup> | 03/15/55 | 1028905 |
| Benchmark Mortgage Trust Series 2020-B21, Class A5 | Benchmark Mortgage Trust Series 2020-B21, Class A5 | Benchmark Mortgage Trust Series 2020-B21, Class A5 | Benchmark Mortgage Trust Series 2020-B21, Class A5 |
| 1000000 | 1.978 <sup>(d)</sup> | 12/17/53 | 885534 |
| Benchmark Mortgage Trust Series 2021-B24, Class A5 | Benchmark Mortgage Trust Series 2021-B24, Class A5 | Benchmark Mortgage Trust Series 2021-B24, Class A5 | Benchmark Mortgage Trust Series 2021-B24, Class A5 |
| 1325000 | 2.584 <sup>(d)</sup> | 03/15/54 | 1188461 |
| Benchmark Mortgage Trust Series 2020-B22, Class A5 | Benchmark Mortgage Trust Series 2020-B22, Class A5 | Benchmark Mortgage Trust Series 2020-B22, Class A5 | Benchmark Mortgage Trust Series 2020-B22, Class A5 |
| 1050000 | 1.973 <sup>(d)</sup> | 01/15/54 | 926213 |
| BMO Mortgage Trust Series 2024-5C3, Class D | BMO Mortgage Trust Series 2024-5C3, Class D | BMO Mortgage Trust Series 2024-5C3, Class D | BMO Mortgage Trust Series 2024-5C3, Class D |
| 1350000 | 4.000 <sup>(d)(e)</sup> | 02/15/57 | 1207340 |
| BWAY Mortgage Trust Series 2013-1515, Class A2 | BWAY Mortgage Trust Series 2013-1515, Class A2 | BWAY Mortgage Trust Series 2013-1515, Class A2 | BWAY Mortgage Trust Series 2013-1515, Class A2 |
| 1642595 | 3.454 <sup>(d)(e)</sup> | 03/10/33 | 1578877 |
| Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D |
| 1000000 | 3.000 <sup>(d)(e)</sup> | 09/15/50 | 712164 |
| COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A |
| 2500000 | 6.338 <sup>(e)</sup> | 08/10/44 | 2606644 |
| CSMC Trust Series 2017-TIME, Class A | CSMC Trust Series 2017-TIME, Class A | CSMC Trust Series 2017-TIME, Class A | CSMC Trust Series 2017-TIME, Class A |
| 1600000 | 3.646 <sup>(e)</sup> | 11/13/39 | 1521794 |
| DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A |
| 1600000 | 2.956 <sup>(e)</sup> | 05/10/41 | 1436589 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B |
| 1400000 | 3.598 <sup>(d)(e)</sup> | 06/05/39 | 1293412 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A |
| 1900000 | 6.234 <sup>(e)</sup> | 06/05/42 | 1963841 |
| MSWF Commercial Mortgage Trust Series 2023-2, Class A2 | MSWF Commercial Mortgage Trust Series 2023-2, Class A2 | MSWF Commercial Mortgage Trust Series 2023-2, Class A2 | MSWF Commercial Mortgage Trust Series 2023-2, Class A2 |
| 1255513 | 6.890 <sup>(d)</sup> | 12/15/56 | 1304431 |
| ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A |
| 3900000 | 5.388 <sup>(e)</sup> | 11/13/41 | 3965787 |
| ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D |
| 2350000 | 7.109 <sup>(e)</sup> | 11/13/41 | 2443057 |
| SLG Office Trust Series 2021-OVA, Class A | SLG Office Trust Series 2021-OVA, Class A | SLG Office Trust Series 2021-OVA, Class A | SLG Office Trust Series 2021-OVA, Class A |
| 3000000 | 2.585 <sup>(e)</sup> | 07/15/41 | 2669139 |
| Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D | Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D | Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D | Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D |
| 756000 | 3.250 <sup>(d)(e)</sup> | 01/15/60 | 719825 |
| Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 |
| 1500000 | 2.626 <sup>(d)</sup> | 04/15/54 | 1351538 |
|  |  |  | 45284816 |
| Sequential Floating Rate – 9.0% | Sequential Floating Rate – 9.0% | Sequential Floating Rate – 9.0% | Sequential Floating Rate – 9.0% |
| ALA Trust Series 2025-OANA, Class A (1 mo. USD Term SOFR + 1.743%) | ALA Trust Series 2025-OANA, Class A (1 mo. USD Term SOFR + 1.743%) | ALA Trust Series 2025-OANA, Class A (1 mo. USD Term SOFR + 1.743%) | ALA Trust Series 2025-OANA, Class A (1 mo. USD Term SOFR + 1.743%) |
| 3450000 | 5.416 <sup>(b)(e)</sup> | 06/15/40 | 3450724 |
| Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 |
| 600000 | 2.618 <sup>(b)(d)</sup> | 11/15/64 | 534155 |
| Bank Series 2021-BN31, Class AS | Bank Series 2021-BN31, Class AS | Bank Series 2021-BN31, Class AS | Bank Series 2021-BN31, Class AS |
| 2950000 | 2.211 <sup>(b)(d)</sup> | 02/15/54 | 2527478 |
| Bank Series 2021-BN33, Class AS | Bank Series 2021-BN33, Class AS | Bank Series 2021-BN33, Class AS | Bank Series 2021-BN33, Class AS |
| 1470000 | 2.792 <sup>(d)</sup> | 05/15/64 | 1282589 |
| Bank Series 2025-BNK51, Class B | Bank Series 2025-BNK51, Class B | Bank Series 2025-BNK51, Class B | Bank Series 2025-BNK51, Class B |
| 3050000 | 5.895 <sup>(b)(d)</sup> | 12/25/67 | 3076377 |
| Bank5 Series 2024-5YR8, Class C | Bank5 Series 2024-5YR8, Class C | Bank5 Series 2024-5YR8, Class C | Bank5 Series 2024-5YR8, Class C |
| 300000 | 6.775 <sup>(b)(d)</sup> | 08/15/57 | 307271 |
| Bank5 Series 2024-5YR9, Class AS | Bank5 Series 2024-5YR9, Class AS | Bank5 Series 2024-5YR9, Class AS | Bank5 Series 2024-5YR9, Class AS |
| 1150000 | 6.182 <sup>(b)(d)</sup> | 08/15/57 | 1191863 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) |
| Bank5 Series 2024-5YR10, Class AS | Bank5 Series 2024-5YR10, Class AS | Bank5 Series 2024-5YR10, Class AS | Bank5 Series 2024-5YR10, Class AS |
| 500000 | 5.637 %<sup>(d)</sup> | 10/15/57 | 509902 |
| Bank5 Series 2025-5YR17, Class C | Bank5 Series 2025-5YR17, Class C | Bank5 Series 2025-5YR17, Class C | Bank5 Series 2025-5YR17, Class C |
| 3052000 | 5.894 <sup>(b)(d)</sup> | 11/15/58 | 3043184 |
| Bank5 Series 2025-5YR16, Class AS | Bank5 Series 2025-5YR16, Class AS | Bank5 Series 2025-5YR16, Class AS | Bank5 Series 2025-5YR16, Class AS |
| 3050000 | 5.751 <sup>(b)(d)</sup> | 08/15/63 | 3122887 |
| Bank5 Series 2026-5YR21, Class C | Bank5 Series 2026-5YR21, Class C | Bank5 Series 2026-5YR21, Class C | Bank5 Series 2026-5YR21, Class C |
| 1250000 | 6.160 <sup>(b)(d)</sup> | 04/15/59 | 1239019 |
| BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) |
| 2600000 | 4.592 <sup>(b)(e)</sup> | 03/15/37 | 2465264 |
| BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) |
| 750000 | 4.841 <sup>(b)(e)</sup> | 03/15/37 | 693750 |
| BBCMS Mortgage Trust Series 2025-5C36, Class AS | BBCMS Mortgage Trust Series 2025-5C36, Class AS | BBCMS Mortgage Trust Series 2025-5C36, Class AS | BBCMS Mortgage Trust Series 2025-5C36, Class AS |
| 2550000 | 5.835 <sup>(b)(d)</sup> | 08/15/58 | 2616684 |
| Benchmark Mortgage Trust Series 2022-B32, Class A5 | Benchmark Mortgage Trust Series 2022-B32, Class A5 | Benchmark Mortgage Trust Series 2022-B32, Class A5 | Benchmark Mortgage Trust Series 2022-B32, Class A5 |
| 1800000 | 3.002 <sup>(b)</sup> | 01/15/55 | 1605338 |
| BFLD Commercial Mortgage Trust Series 2025-5MW, Class A | BFLD Commercial Mortgage Trust Series 2025-5MW, Class A | BFLD Commercial Mortgage Trust Series 2025-5MW, Class A | BFLD Commercial Mortgage Trust Series 2025-5MW, Class A |
| 3500000 | 4.674 <sup>(b)(e)</sup> | 10/10/42 | 3471367 |
| BFLD Commercial Mortgage Trust Series 2025-5MW, Class C | BFLD Commercial Mortgage Trust Series 2025-5MW, Class C | BFLD Commercial Mortgage Trust Series 2025-5MW, Class C | BFLD Commercial Mortgage Trust Series 2025-5MW, Class C |
| 1950000 | 5.451 <sup>(b)(e)</sup> | 10/10/42 | 1947218 |
| BFLD Commercial Mortgage Trust Series 2025-660F, Class B (1 mo. USD Term SOFR + 1.800%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class B (1 mo. USD Term SOFR + 1.800%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class B (1 mo. USD Term SOFR + 1.800%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class B (1 mo. USD Term SOFR + 1.800%) |
| 4000000 | 5.473 <sup>(b)(e)</sup> | 11/15/42 | 3988410 |
| BFLD Commercial Mortgage Trust Series 2025-660F, Class D (1 mo. USD Term SOFR + 2.750%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class D (1 mo. USD Term SOFR + 2.750%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class D (1 mo. USD Term SOFR + 2.750%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class D (1 mo. USD Term SOFR + 2.750%) |
| 5000000 | 6.423 <sup>(b)(e)</sup> | 11/15/42 | 4979866 |
| BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) | BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) | BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) | BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) |
| 2250000 | 5.573 <sup>(b)(e)</sup> | 06/15/42 | 2244383 |
| BMO Mortgage Trust Series 2022-C2, Class A5 | BMO Mortgage Trust Series 2022-C2, Class A5 | BMO Mortgage Trust Series 2022-C2, Class A5 | BMO Mortgage Trust Series 2022-C2, Class A5 |
| 1361000 | 4.810 <sup>(b)</sup> | 07/15/54 | 1366438 |
| BPR Trust Series 2024-PMDW, Class A | BPR Trust Series 2024-PMDW, Class A | BPR Trust Series 2024-PMDW, Class A | BPR Trust Series 2024-PMDW, Class A |
| 850000 | 5.358 <sup>(b)(e)</sup> | 11/05/41 | 860311 |
| BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A |
| 2400000 | 5.011 <sup>(b)(e)</sup> | 06/15/44 | 2441161 |
| BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) |
| 748825 | 5.064 <sup>(b)(e)</sup> | 03/15/41 | 748865 |
| BX Commercial Mortgage Trust Series 2024-AIRC, Class A (1 mo. USD Term SOFR + 1.691%) | BX Commercial Mortgage Trust Series 2024-AIRC, Class A (1 mo. USD Term SOFR + 1.691%) | BX Commercial Mortgage Trust Series 2024-AIRC, Class A (1 mo. USD Term SOFR + 1.691%) | BX Commercial Mortgage Trust Series 2024-AIRC, Class A (1 mo. USD Term SOFR + 1.691%) |
| 953976 | 5.364 <sup>(b)(e)</sup> | 08/15/41 | 953557 |
| BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A |
| 1000000 | 5.050 <sup>(b)(e)</sup> | 11/13/46 | 991519 |
| BX Commercial Mortgage Trust Series 2025-BCAT, Class C (1 mo. USD Term SOFR + 1.900%) | BX Commercial Mortgage Trust Series 2025-BCAT, Class C (1 mo. USD Term SOFR + 1.900%) | BX Commercial Mortgage Trust Series 2025-BCAT, Class C (1 mo. USD Term SOFR + 1.900%) | BX Commercial Mortgage Trust Series 2025-BCAT, Class C (1 mo. USD Term SOFR + 1.900%) |
| 766628 | 5.573 <sup>(b)(e)</sup> | 08/15/42 | 764860 |
| BX Commercial Mortgage Trust Series 2026-CSMO, Class A (1 mo. USD Term SOFR + 1.400%) | BX Commercial Mortgage Trust Series 2026-CSMO, Class A (1 mo. USD Term SOFR + 1.400%) | BX Commercial Mortgage Trust Series 2026-CSMO, Class A (1 mo. USD Term SOFR + 1.400%) | BX Commercial Mortgage Trust Series 2026-CSMO, Class A (1 mo. USD Term SOFR + 1.400%) |
| 3325000 | 5.073 <sup>(b)(e)</sup> | 02/15/43 | 3321572 |
| BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) |
| 1425000 | 5.315 <sup>(b)(e)</sup> | 02/15/41 | 1419731 |
| BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) | BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) | BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) | BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) |
| 1888899 | 5.514 <sup>(b)(e)</sup> | 04/15/41 | 1887817 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **48** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) |
| BX Trust Series 2024-BRVE, Class B (1 mo. USD Term SOFR + 2.540%) | BX Trust Series 2024-BRVE, Class B (1 mo. USD Term SOFR + 2.540%) | BX Trust Series 2024-BRVE, Class B (1 mo. USD Term SOFR + 2.540%) | BX Trust Series 2024-BRVE, Class B (1 mo. USD Term SOFR + 2.540%) |
| $1625888 | 6.213 %<sup>(b)(e)</sup> | 04/15/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625464 |
| BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) |
| 1659227 | 4.816 <sup>(b)(e)</sup> | 03/15/30 | 1650482 |
| BX Trust Series 2025-TAIL, Class A (1 mo. USD Term SOFR + 1.400%) | BX Trust Series 2025-TAIL, Class A (1 mo. USD Term SOFR + 1.400%) | BX Trust Series 2025-TAIL, Class A (1 mo. USD Term SOFR + 1.400%) | BX Trust Series 2025-TAIL, Class A (1 mo. USD Term SOFR + 1.400%) |
| 2450000 | 5.073 <sup>(b)(e)</sup> | 06/15/35 | 2445435 |
| BX Trust Series 2025-DELC, Class A (1 mo. USD Term SOFR + 1.550%) | BX Trust Series 2025-DELC, Class A (1 mo. USD Term SOFR + 1.550%) | BX Trust Series 2025-DELC, Class A (1 mo. USD Term SOFR + 1.550%) | BX Trust Series 2025-DELC, Class A (1 mo. USD Term SOFR + 1.550%) |
| 1750000 | 5.223 <sup>(b)(e)</sup> | 12/15/42 | 1747259 |
| BX Trust Series 2025-ARIA, Class A | BX Trust Series 2025-ARIA, Class A | BX Trust Series 2025-ARIA, Class A | BX Trust Series 2025-ARIA, Class A |
| 3700000 | 5.031 <sup>(b)(e)</sup> | 12/13/42 | 3720383 |
| CSAIL Commercial Mortgage Trust Series 2018-CX12, Class AS | CSAIL Commercial Mortgage Trust Series 2018-CX12, Class AS | CSAIL Commercial Mortgage Trust Series 2018-CX12, Class AS | CSAIL Commercial Mortgage Trust Series 2018-CX12, Class AS |
| 1750000 | 4.463 <sup>(b)(d)</sup> | 08/15/51 | 1722378 |
| CSTL Commercial Mortgage Trust Series 2024-GATE, Class A | CSTL Commercial Mortgage Trust Series 2024-GATE, Class A | CSTL Commercial Mortgage Trust Series 2024-GATE, Class A | CSTL Commercial Mortgage Trust Series 2024-GATE, Class A |
| 1675000 | 4.764 <sup>(b)(e)</sup> | 11/10/41 | 1670073 |
| DBC Mortgage Trust Series 2025-DBC, Class B (1 mo. USD Term SOFR + 1.600%) | DBC Mortgage Trust Series 2025-DBC, Class B (1 mo. USD Term SOFR + 1.600%) | DBC Mortgage Trust Series 2025-DBC, Class B (1 mo. USD Term SOFR + 1.600%) | DBC Mortgage Trust Series 2025-DBC, Class B (1 mo. USD Term SOFR + 1.600%) |
| 1950000 | 5.273 <sup>(b)(d)(e)</sup> | 11/15/42 | 1945393 |
| Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A |
| 2800000 | 4.802 <sup>(b)(e)</sup> | 08/10/42 | 2823249 |
| Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B |
| 5850000 | 5.210 <sup>(b)(e)</sup> | 08/10/42 | 5898268 |
| Durst Commercial Mortgage Trust Series 2025-151, Class C | Durst Commercial Mortgage Trust Series 2025-151, Class C | Durst Commercial Mortgage Trust Series 2025-151, Class C | Durst Commercial Mortgage Trust Series 2025-151, Class C |
| 1250000 | 5.436 <sup>(b)(e)</sup> | 08/10/42 | 1256255 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class C | Hudson Yards Mortgage Trust Series 2025-SPRL, Class C | Hudson Yards Mortgage Trust Series 2025-SPRL, Class C | Hudson Yards Mortgage Trust Series 2025-SPRL, Class C |
| 1070000 | 5.952 <sup>(b)(e)</sup> | 01/13/40 | 1097197 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D |
| 900000 | 6.340 <sup>(b)(e)</sup> | 01/13/40 | 924065 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A |
| 4225000 | 5.467 <sup>(b)(e)</sup> | 01/13/40 | 4326608 |
| ILPT Commercial Mortgage Trust Series 2025-LPF2, Class A | ILPT Commercial Mortgage Trust Series 2025-LPF2, Class A | ILPT Commercial Mortgage Trust Series 2025-LPF2, Class A | ILPT Commercial Mortgage Trust Series 2025-LPF2, Class A |
| 2900000 | 5.292 <sup>(b)(e)</sup> | 07/13/42 | 2941300 |
| IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A |
| 3100000 | 5.295 <sup>(b)(d)(e)</sup> | 03/14/47 | 3126112 |
| IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D |
| 950000 | 6.166 <sup>(b)(d)(e)</sup> | 03/14/47 | 951476 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%) | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%) | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%) | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%) |
| 1150612 | 5.029 <sup>(b)(e)</sup> | 04/15/37 | 1130558 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A |
| 1450000 | 5.797 <sup>(b)(e)</sup> | 10/05/39 | 1463280 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class C | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class C | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class C | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class C |
| 1150000 | 5.797 <sup>(b)(e)</sup> | 10/05/39 | 1146254 |
| KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%) | KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%) | KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%) | KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%) |
| 1950000 | 5.563 <sup>(b)(e)</sup> | 08/15/41 | 1947027 |
| KRE Commercial Mortgage Trust Series 2025-AIP4, Class B (1 mo. USD Term SOFR + 1.600%) | KRE Commercial Mortgage Trust Series 2025-AIP4, Class B (1 mo. USD Term SOFR + 1.600%) | KRE Commercial Mortgage Trust Series 2025-AIP4, Class B (1 mo. USD Term SOFR + 1.600%) | KRE Commercial Mortgage Trust Series 2025-AIP4, Class B (1 mo. USD Term SOFR + 1.600%) |
| 4204688 | 5.273 <sup>(b)(e)</sup> | 03/15/42 | 4178707 |
| LBTY Commercial Mortgage Trust Series 2026-225L, Class D | LBTY Commercial Mortgage Trust Series 2026-225L, Class D | LBTY Commercial Mortgage Trust Series 2026-225L, Class D | LBTY Commercial Mortgage Trust Series 2026-225L, Class D |
| 4100000 | 5.709 <sup>(b)(e)</sup> | 02/10/43 | 4010368 |
| LEX Mortgage Trust Series 2024-BBG, Class A | LEX Mortgage Trust Series 2024-BBG, Class A | LEX Mortgage Trust Series 2024-BBG, Class A | LEX Mortgage Trust Series 2024-BBG, Class A |
| 1350000 | 4.874 <sup>(b)(d)(e)</sup> | 10/13/33 | 1345745 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) |
| MAD Commercial Mortgage Trust Series 2025-11MD, Class D | MAD Commercial Mortgage Trust Series 2025-11MD, Class D | MAD Commercial Mortgage Trust Series 2025-11MD, Class D | MAD Commercial Mortgage Trust Series 2025-11MD, Class D |
| $3700000 | 5.935 %<sup>(b)(e)</sup> | 10/15/42 | $3719767 |
| Morgan Stanley Capital I Trust Series 2022-L8, Class A5 | Morgan Stanley Capital I Trust Series 2022-L8, Class A5 | Morgan Stanley Capital I Trust Series 2022-L8, Class A5 | Morgan Stanley Capital I Trust Series 2022-L8, Class A5 |
| 550000 | 3.791 <sup>(b)(d)</sup> | 04/15/55 | 512178 |
| NY Commercial Mortgage Trust Series 2025-299P, Class B | NY Commercial Mortgage Trust Series 2025-299P, Class B | NY Commercial Mortgage Trust Series 2025-299P, Class B | NY Commercial Mortgage Trust Series 2025-299P, Class B |
| 1050000 | 5.928 <sup>(b)(e)</sup> | 02/10/47 | 1077172 |
| NYC Commercial Mortgage Trust Series 2025-300P, Class D | NYC Commercial Mortgage Trust Series 2025-300P, Class D | NYC Commercial Mortgage Trust Series 2025-300P, Class D | NYC Commercial Mortgage Trust Series 2025-300P, Class D |
| 1300000 | 6.161 <sup>(b)(e)</sup> | 07/13/42 | 1292591 |
| NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) |
| 1550000 | 5.416 <sup>(b)(e)</sup> | 10/15/40 | 1550133 |
| NYC Commercial Mortgage Trust Series 2025-11X, Class C (1 mo. USD Term SOFR + 2.442%) | NYC Commercial Mortgage Trust Series 2025-11X, Class C (1 mo. USD Term SOFR + 2.442%) | NYC Commercial Mortgage Trust Series 2025-11X, Class C (1 mo. USD Term SOFR + 2.442%) | NYC Commercial Mortgage Trust Series 2025-11X, Class C (1 mo. USD Term SOFR + 2.442%) |
| 2900000 | 6.115 <sup>(b)(e)</sup> | 10/15/40 | 2901332 |
| NYC Commercial Mortgage Trust Series 2025-11X, Class B (1 mo. USD Term SOFR + 2.093%) | NYC Commercial Mortgage Trust Series 2025-11X, Class B (1 mo. USD Term SOFR + 2.093%) | NYC Commercial Mortgage Trust Series 2025-11X, Class B (1 mo. USD Term SOFR + 2.093%) | NYC Commercial Mortgage Trust Series 2025-11X, Class B (1 mo. USD Term SOFR + 2.093%) |
| 2300000 | 5.766 <sup>(b)(e)</sup> | 10/15/40 | 2300718 |
| NYC Trust Series 2025-77C, Class A | NYC Trust Series 2025-77C, Class A | NYC Trust Series 2025-77C, Class A | NYC Trust Series 2025-77C, Class A |
| 4500000 | 4.790 <sup>(b)(e)</sup> | 01/10/36 | 4468161 |
| One New York Plaza Trust Series 2020-1NYP, Class A (1 mo. USD Term SOFR + 1.064%) | One New York Plaza Trust Series 2020-1NYP, Class A (1 mo. USD Term SOFR + 1.064%) | One New York Plaza Trust Series 2020-1NYP, Class A (1 mo. USD Term SOFR + 1.064%) | One New York Plaza Trust Series 2020-1NYP, Class A (1 mo. USD Term SOFR + 1.064%) |
| 1557449 | 4.738 <sup>(b)(e)</sup> | 01/15/36 | 1502988 |
| PENN Commercial Mortgage Trust Series 2025-P11, Class A | PENN Commercial Mortgage Trust Series 2025-P11, Class A | PENN Commercial Mortgage Trust Series 2025-P11, Class A | PENN Commercial Mortgage Trust Series 2025-P11, Class A |
| 2500000 | 5.344 <sup>(e)</sup> | 08/10/42 | 2537705 |
| PENN Commercial Mortgage Trust Series 2025-P11, Class B | PENN Commercial Mortgage Trust Series 2025-P11, Class B | PENN Commercial Mortgage Trust Series 2025-P11, Class B | PENN Commercial Mortgage Trust Series 2025-P11, Class B |
| 1000000 | 5.927 <sup>(e)</sup> | 08/10/42 | 1024348 |
| TEXAS Commercial Mortgage Trust Series 2025-TWR, Class D (1 mo. USD Term SOFR + 3.091%) | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class D (1 mo. USD Term SOFR + 3.091%) | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class D (1 mo. USD Term SOFR + 3.091%) | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class D (1 mo. USD Term SOFR + 3.091%) |
| 800000 | 6.763 <sup>(b)(e)</sup> | 04/15/42 | 793002 |
| VTR Commercial Mortgage Trust Series 2025-STEM, Class A | VTR Commercial Mortgage Trust Series 2025-STEM, Class A | VTR Commercial Mortgage Trust Series 2025-STEM, Class A | VTR Commercial Mortgage Trust Series 2025-STEM, Class A |
| 2750000 | 4.698 <sup>(b)(e)</sup> | 10/13/39 | 2726220 |
| VTR Commercial Mortgage Trust Series 2025-STEM, Class C | VTR Commercial Mortgage Trust Series 2025-STEM, Class C | VTR Commercial Mortgage Trust Series 2025-STEM, Class C | VTR Commercial Mortgage Trust Series 2025-STEM, Class C |
| 1350000 | 5.471 <sup>(b)(e)</sup> | 10/13/39 | 1332311 |
| WB Commercial Mortgage Trust Series 2024-HQ, Class B | WB Commercial Mortgage Trust Series 2024-HQ, Class B | WB Commercial Mortgage Trust Series 2024-HQ, Class B | WB Commercial Mortgage Trust Series 2024-HQ, Class B |
| 2425000 | 5.992 <sup>(b)(e)</sup> | 03/15/40 | 2423783 |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A |
| 1750000 | 4.954 <sup>(b)(e)</sup> | 07/15/35 | 1756758 |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B |
| 1100000 | 5.360 <sup>(b)(e)</sup> | 07/15/35 | 1102871 |
| Wells Fargo Commercial Mortgage Trust Series 2026-1250B, Class B | Wells Fargo Commercial Mortgage Trust Series 2026-1250B, Class B | Wells Fargo Commercial Mortgage Trust Series 2026-1250B, Class B | Wells Fargo Commercial Mortgage Trust Series 2026-1250B, Class B |
| 1600000 | 5.136 <sup>(b)(e)</sup> | 03/10/41 | 1576542 |
| WHARF Commercial Mortgage Trust Series 2025-DC, Class A | WHARF Commercial Mortgage Trust Series 2025-DC, Class A | WHARF Commercial Mortgage Trust Series 2025-DC, Class A | WHARF Commercial Mortgage Trust Series 2025-DC, Class A |
| 1650000 | 4.993 <sup>(b)(e)</sup> | 07/15/40 | 1678500 |
|  |  |  | 150423976 |
| TOTAL COMMERCIAL MORTGAGE - BACKED SECURITIES | TOTAL COMMERCIAL MORTGAGE - BACKED SECURITIES | TOTAL COMMERCIAL MORTGAGE - BACKED SECURITIES | $203175915 |
| Federal Agencies – 32.1% | Federal Agencies – 32.1% | Federal Agencies – 32.1% | Federal Agencies – 32.1% |
| Federal Home Loan Mortgage Corp. – 0.0% | Federal Home Loan Mortgage Corp. – 0.0% | Federal Home Loan Mortgage Corp. – 0.0% | Federal Home Loan Mortgage Corp. – 0.0% |
| $2346 | 5.000% | 01/01/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2384 |
| 189 | 5.000 | 03/01/33 | 193 |
| 2835 | 5.000 | 04/01/33 | 2887 |
| 329 | 5.000 | 05/01/33 | 335 |
| 1060 | 5.000 | 06/01/33 | 1079 |
| 6755 | 5.000 | 07/01/33 | 6880 |
| 10346 | 5.000 | 08/01/33 | 10532 |
| 1096 | 5.000 | 09/01/33 | 1114 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **49** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date**<br>| **Value** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) |
| $| 2569 | 5.000% | 10/01/33 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2616 |
|  | 4726 | 5.000 | 11/01/33 |  | 4814 |
|  | 2062 | 5.000 | 12/01/33 |  | 2100 |
|  | 1997 | 5.000 | 01/01/34 |  | 2034 |
|  | 6531 | 5.000 | 02/01/34 |  | 6651 |
|  | 3914 | 5.000 | 03/01/34 |  | 3985 |
|  | 4902 | 5.000 | 04/01/34 |  | 4993 |
|  | 6694 | 5.000 | 05/01/34 |  | 6817 |
|  | 118621 | 5.000 | 06/01/34 |  | 120808 |
|  | 2528 | 5.000 | 11/01/34 |  | 2575 |
|  | 26681 | 5.000 | 04/01/35 |  | 27173 |
|  | 7 | 5.000 | 11/01/35 |  | 7 |
|  |  |  |  |  | 209977 |
| Government National Mortgage Association – 7.6% | Government National Mortgage Association – 7.6% | Government National Mortgage Association – 7.6% | Government National Mortgage Association – 7.6% | Government National Mortgage Association – 7.6% | Government National Mortgage Association – 7.6% |
|  | 6205516 | 4.500 | 12/20/48 |  | 6103589 |
|  | 2282409 | 5.000 | 12/20/48 |  | 2302241 |
|  | 3584410 | 4.500 | 01/20/49 |  | 3525535 |
|  | 1453700 | 2.500 | 10/20/51 |  | 1253376 |
|  | 1816907 | 2.500 | 11/20/51 |  | 1564261 |
|  | 2481003 | 2.500 | 12/20/51 |  | 2138719 |
|  | 8000000 | 2.000 | TBA-30yr<sup>(g)</sup> |  | 6590687 |
|  | 15000000 | 4.500 | TBA-30yr<sup>(g)</sup> |  | 14466987 |
|  | 3000000 | 2.500 | TBA-30yr<sup>(g)</sup> |  | 2575494 |
|  | 10000000 | 4.000 | TBA-30yr<sup>(g)</sup> |  | 9355859 |
|  | 43000000 | 5.000 | TBA-30yr<sup>(g)</sup> |  | 42462001 |
|  | 35000000 | 6.000 | TBA-30yr<sup>(g)</sup> |  | 35576954 |
|  |  |  |  |  | 127915703 |
| Uniform Mortgage-Backed Security – 24.5% | Uniform Mortgage-Backed Security – 24.5% | Uniform Mortgage-Backed Security – 24.5% | Uniform Mortgage-Backed Security – 24.5% | Uniform Mortgage-Backed Security – 24.5% | Uniform Mortgage-Backed Security – 24.5% |
|  | 11003 | 4.500 | 08/01/37 |  | 11031 |
|  | 2349 | 4.500 | 04/01/39 |  | 2342 |
|  | 3668 | 4.000 | 08/01/39 |  | 3581 |
|  | 1700 | 4.000 | 09/01/39 |  | 1660 |
|  | 12344 | 4.500 | 10/01/39 |  | 12318 |
|  | 1774 | 4.500 | 05/01/41 |  | 1765 |
|  | 6932 | 4.500 | 06/01/41 |  | 6900 |
|  | 7708 | 4.500 | 08/01/41 |  | 7664 |
|  | 2036 | 4.500 | 10/01/41 |  | 2026 |
|  | 551 | 4.500 | 11/01/42 |  | 548 |
|  | 8923 | 4.500 | 12/01/43 |  | 8866 |
|  | 349012 | 4.500 | 11/01/48 |  | 340294 |
|  | 64018 | 4.500 | 01/01/49 |  | 62476 |
|  | 299822 | 4.500 | 06/01/49 |  | 292333 |
|  | 320843 | 4.500 | 08/01/49 |  | 313017 |
|  | 94379 | 4.500 | 01/01/50 |  | 92274 |
|  | 5089393 | 6.000 | 01/01/53 |  | 5241529 |
|  | 1511689 | 5.500 | 04/01/53 |  | 1537557 |
|  | 2159101 | 6.000 | 04/01/53 |  | 2236499 |
|  | 1904502 | 6.000 | 12/01/54 |  | 1955927 |
|  | 41000000 | 2.500 | TBA-30yr<sup>(g)</sup> |  | 34465625 |
|  | 10000000 | 3.000 | TBA-30yr<sup>(g)</sup> |  | 8788281 |
|  | 138000000 | 5.500 | TBA-30yr<sup>(g)</sup> |  | 138576799 |
|  | 46000000 | 6.000 | TBA-30yr<sup>(g)</sup> |  | 46873282 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date**<br>| **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) |
| $161000000 | 7.000% | TBA-30yr<sup>(g)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;169276398 |
|  |  |  | 410110992 |
| **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | $538236672 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $843,671,667)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $843,671,667)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $843,671,667)** | $843245402 |
| Asset-Backed Securities – 19.6% | Asset-Backed Securities – 19.6% | Asset-Backed Securities – 19.6% | Asset-Backed Securities – 19.6% |
| Automotive<sup>(d)</sup> –0.5% | Automotive<sup>(d)</sup> –0.5% | Automotive<sup>(d)</sup> –0.5% | Automotive<sup>(d)</sup> –0.5% |
| Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 |
| $340060 | 4.670% | 08/15/28 | $340402 |
| Exeter Automobile Receivables Trust Series 2025-3A, Class A3 | Exeter Automobile Receivables Trust Series 2025-3A, Class A3 | Exeter Automobile Receivables Trust Series 2025-3A, Class A3 | Exeter Automobile Receivables Trust Series 2025-3A, Class A3 |
| 1950000 | 4.780 | 07/16/29 | 1956842 |
| GM Financial Revolving Receivables Trust Series 2024-1, Class A <sup>(e)</sup> | GM Financial Revolving Receivables Trust Series 2024-1, Class A <sup>(e)</sup> | GM Financial Revolving Receivables Trust Series 2024-1, Class A <sup>(e)</sup> | GM Financial Revolving Receivables Trust Series 2024-1, Class A <sup>(e)</sup> |
| 1550000 | 4.980 | 12/11/36 | 1579149 |
| Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 |
| 1463927 | 4.740 | 01/16/29 | 1466688 |
| Tesla Auto Lease Trust Series 2024-A, Class A3 <sup>(e)</sup> | Tesla Auto Lease Trust Series 2024-A, Class A3 <sup>(e)</sup> | Tesla Auto Lease Trust Series 2024-A, Class A3 <sup>(e)</sup> | Tesla Auto Lease Trust Series 2024-A, Class A3 <sup>(e)</sup> |
| 238449 | 5.300 | 06/21/27 | 238866 |
| Toyota Auto Receivables Owner Trust Series 2023-B, Class A3 | Toyota Auto Receivables Owner Trust Series 2023-B, Class A3 | Toyota Auto Receivables Owner Trust Series 2023-B, Class A3 | Toyota Auto Receivables Owner Trust Series 2023-B, Class A3 |
| 1058521 | 4.710 | 02/15/28 | 1061157 |
| Westlake Automobile Receivables Trust Series 2025-2A, Class A2A <sup>(e)</sup> | Westlake Automobile Receivables Trust Series 2025-2A, Class A2A <sup>(e)</sup> | Westlake Automobile Receivables Trust Series 2025-2A, Class A2A <sup>(e)</sup> | Westlake Automobile Receivables Trust Series 2025-2A, Class A2A <sup>(e)</sup> |
| 1818513 | 4.660 | 09/15/28 | 1821638 |
|  |  |  | 8464742 |
| Collateralized Loan Obligations – 17.9% | Collateralized Loan Obligations – 17.9% | Collateralized Loan Obligations – 17.9% | Collateralized Loan Obligations – 17.9% |
| 1988 CLO 3 Ltd. Series 2023-3A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.250%) | 1988 CLO 3 Ltd. Series 2023-3A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.250%) | 1988 CLO 3 Ltd. Series 2023-3A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.250%) | 1988 CLO 3 Ltd. Series 2023-3A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.250%) |
| 2500000 | 4.922 | 10/15/38 | 2486290 |
| 1988 CLO 4 Ltd. Series 2024-4A, Class C<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.600%) | 1988 CLO 4 Ltd. Series 2024-4A, Class C<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.600%) | 1988 CLO 4 Ltd. Series 2024-4A, Class C<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.600%) | 1988 CLO 4 Ltd. Series 2024-4A, Class C<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.600%) |
| 2100000 | 6.272 | 04/15/37 | 2100000 |
| 1988 CLO 4 Ltd. Series 2024-4A, Class D<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 4.250%) | 1988 CLO 4 Ltd. Series 2024-4A, Class D<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 4.250%) | 1988 CLO 4 Ltd. Series 2024-4A, Class D<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 4.250%) | 1988 CLO 4 Ltd. Series 2024-4A, Class D<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 4.250%) |
| 2700000 | 7.922 | 04/15/37 | 2700000 |
| 1988 CLO 5 Ltd. Series 2024-5A, Class D1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 3.300%) | 1988 CLO 5 Ltd. Series 2024-5A, Class D1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 3.300%) | 1988 CLO 5 Ltd. Series 2024-5A, Class D1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 3.300%) | 1988 CLO 5 Ltd. Series 2024-5A, Class D1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 3.300%) |
| 1900000 | 6.972 | 07/15/37 | 1893350 |
| 1988 CLO 6 Ltd. Series 2025-6A, Class E<sup>(b)(d)(e)</sup> (3 mo. USD TermSOFR + 4.900%) | 1988 CLO 6 Ltd. Series 2025-6A, Class E<sup>(b)(d)(e)</sup> (3 mo. USD TermSOFR + 4.900%) | 1988 CLO 6 Ltd. Series 2025-6A, Class E<sup>(b)(d)(e)</sup> (3 mo. USD TermSOFR + 4.900%) | 1988 CLO 6 Ltd. Series 2025-6A, Class E<sup>(b)(d)(e)</sup> (3 mo. USD TermSOFR + 4.900%) |
| 2100000 | 8.572 | 04/15/38 | 2015773 |
| AGL CLO 23 Ltd. Series 2022-23A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.150%) | AGL CLO 23 Ltd. Series 2022-23A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.150%) | AGL CLO 23 Ltd. Series 2022-23A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.150%) | AGL CLO 23 Ltd. Series 2022-23A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.150%) |
| 9000000 | 4.818 | 04/20/38 | 8959887 |
| AGL CLO 42 Ltd. Series 2025-42A, Class A1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.300%) | AGL CLO 42 Ltd. Series 2025-42A, Class A1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.300%) | AGL CLO 42 Ltd. Series 2025-42A, Class A1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.300%) | AGL CLO 42 Ltd. Series 2025-42A, Class A1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.300%) |
| 6175000 | 4.969 | 07/22/38 | 6176235 |
| AMMC CLO 32 Ltd. Series 2025-32A, Class A1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.360%) | AMMC CLO 32 Ltd. Series 2025-32A, Class A1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.360%) | AMMC CLO 32 Ltd. Series 2025-32A, Class A1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.360%) | AMMC CLO 32 Ltd. Series 2025-32A, Class A1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.360%) |
| 4825000 | 5.028 | 10/17/38 | 4829912 |
| Apidos CLO XXIII Series 2015-23A, Class ARR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.050%) | Apidos CLO XXIII Series 2015-23A, Class ARR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.050%) | Apidos CLO XXIII Series 2015-23A, Class ARR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.050%) | Apidos CLO XXIII Series 2015-23A, Class ARR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.050%) |
| 1906266 | 4.722 | 04/15/33 | 1905385 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **50** | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS DYNAMIC BOND FUND

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) |
| Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) |
| ARES LI CLO Ltd. Series 2019-51A, Class A1R2<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.360%) | ARES LI CLO Ltd. Series 2019-51A, Class A1R2<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.360%) | ARES LI CLO Ltd. Series 2019-51A, Class A1R2<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.360%) | ARES LI CLO Ltd. Series 2019-51A, Class A1R2<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.360%) |
| $2590000 | 5.032% | 10/15/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2590148 |
| ARES LXV CLO Ltd. Series 2022-65A, Class DR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.950%) | ARES LXV CLO Ltd. Series 2022-65A, Class DR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.950%) | ARES LXV CLO Ltd. Series 2022-65A, Class DR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.950%) | ARES LXV CLO Ltd. Series 2022-65A, Class DR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.950%) |
| 3200000 | 6.618 | 07/25/34 | 3092931 |
| Arini European CLO IX DAC Series 9A, Class B<sup>(b)(d)(e)</sup> (-1X 3 mo. EUR EURIBOR + 2.000%) | Arini European CLO IX DAC Series 9A, Class B<sup>(b)(d)(e)</sup> (-1X 3 mo. EUR EURIBOR + 2.000%) | Arini European CLO IX DAC Series 9A, Class B<sup>(b)(d)(e)</sup> (-1X 3 mo. EUR EURIBOR + 2.000%) | Arini European CLO IX DAC Series 9A, Class B<sup>(b)(d)(e)</sup> (-1X 3 mo. EUR EURIBOR + 2.000%) |
| 1200000 | 0.000 | 04/15/40 | 1387020 |
| Arini European CLO VII DAC Series 7A, Class B<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 1.800%) | Arini European CLO VII DAC Series 7A, Class B<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 1.800%) | Arini European CLO VII DAC Series 7A, Class B<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 1.800%) | Arini European CLO VII DAC Series 7A, Class B<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 1.800%) |
| 2100000 | 3.895 | 01/15/39 | 2415562 |
| Arini European CLO VII DAC Series 7A, Class D<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 2.850%) | Arini European CLO VII DAC Series 7A, Class D<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 2.850%) | Arini European CLO VII DAC Series 7A, Class D<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 2.850%) | Arini European CLO VII DAC Series 7A, Class D<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 2.850%) |
| 2300000 | 4.945 | 01/15/39 | 2636207 |
| Bain Capital Credit CLO Ltd. Series 2025-5A, Class E<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 5.000%) | Bain Capital Credit CLO Ltd. Series 2025-5A, Class E<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 5.000%) | Bain Capital Credit CLO Ltd. Series 2025-5A, Class E<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 5.000%) | Bain Capital Credit CLO Ltd. Series 2025-5A, Class E<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 5.000%) |
| $1600000 | 8.625 | 01/19/39 | 1518517 |
| Bain Capital Credit CLO Ltd. Series 2019-1A, Class DR3<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.700%) | Bain Capital Credit CLO Ltd. Series 2019-1A, Class DR3<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.700%) | Bain Capital Credit CLO Ltd. Series 2019-1A, Class DR3<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.700%) | Bain Capital Credit CLO Ltd. Series 2019-1A, Class DR3<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.700%) |
| 4780000 | 6.364 | 04/19/34 | 4587973 |
| Bain Capital Credit CLO Ltd. Series 2023-1A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.400%) | Bain Capital Credit CLO Ltd. Series 2023-1A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.400%) | Bain Capital Credit CLO Ltd. Series 2023-1A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.400%) | Bain Capital Credit CLO Ltd. Series 2023-1A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.400%) |
| 5875000 | 5.071 | 07/16/38 | 5877303 |
| Bain Capital Credit CLO Ltd. Series 2026-2A, Class D1<sup>(b)(d)(e)</sup> (-1X 3 mo. USD Term SOFR + 3.250%) | Bain Capital Credit CLO Ltd. Series 2026-2A, Class D1<sup>(b)(d)(e)</sup> (-1X 3 mo. USD Term SOFR + 3.250%) | Bain Capital Credit CLO Ltd. Series 2026-2A, Class D1<sup>(b)(d)(e)</sup> (-1X 3 mo. USD Term SOFR + 3.250%) | Bain Capital Credit CLO Ltd. Series 2026-2A, Class D1<sup>(b)(d)(e)</sup> (-1X 3 mo. USD Term SOFR + 3.250%) |
| 5000000 | 0.000 | 04/26/39 | 5000000 |
| BBAM U.S. CLO V Ltd. Series 2025-5A, Class A1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.360%) | BBAM U.S. CLO V Ltd. Series 2025-5A, Class A1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.360%) | BBAM U.S. CLO V Ltd. Series 2025-5A, Class A1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.360%) | BBAM U.S. CLO V Ltd. Series 2025-5A, Class A1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.360%) |
| 6025000 | 5.028 | 07/25/38 | 6038520 |
| BBAM U.S. CLO V Ltd. Series 2025-5A, Class B<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.800%) | BBAM U.S. CLO V Ltd. Series 2025-5A, Class B<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.800%) | BBAM U.S. CLO V Ltd. Series 2025-5A, Class B<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.800%) | BBAM U.S. CLO V Ltd. Series 2025-5A, Class B<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.800%) |
| 4150000 | 5.468 | 07/25/38 | 4153598 |
| Benefit Street Partners CLO XXVIII Ltd. Series 2022-28A, Class AR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.350%) | Benefit Street Partners CLO XXVIII Ltd. Series 2022-28A, Class AR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.350%) | Benefit Street Partners CLO XXVIII Ltd. Series 2022-28A, Class AR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.350%) | Benefit Street Partners CLO XXVIII Ltd. Series 2022-28A, Class AR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.350%) |
| 4000000 | 5.018 | 10/20/37 | 4003964 |
| Benefit Street Partners CLO XXXV Ltd. Series 2024-35A, Class E<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 6.100%) | Benefit Street Partners CLO XXXV Ltd. Series 2024-35A, Class E<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 6.100%) | Benefit Street Partners CLO XXXV Ltd. Series 2024-35A, Class E<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 6.100%) | Benefit Street Partners CLO XXXV Ltd. Series 2024-35A, Class E<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 6.100%) |
| 1000000 | 9.768 | 04/25/37 | 971948 |
| BlackRock European CLO XII DAC Series 12A, Class BR<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 2.000%) | BlackRock European CLO XII DAC Series 12A, Class BR<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 2.000%) | BlackRock European CLO XII DAC Series 12A, Class BR<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 2.000%) | BlackRock European CLO XII DAC Series 12A, Class BR<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 2.000%) |
| 1500000 | 4.030 | 01/25/38 | 1725351 |
| Bridgepoint CLO 2 DAC Series 2X, Class D<sup>(b)(d)</sup> (3 mo. EUR EURIBOR + 3.000%) | Bridgepoint CLO 2 DAC Series 2X, Class D<sup>(b)(d)</sup> (3 mo. EUR EURIBOR + 3.000%) | Bridgepoint CLO 2 DAC Series 2X, Class D<sup>(b)(d)</sup> (3 mo. EUR EURIBOR + 3.000%) | Bridgepoint CLO 2 DAC Series 2X, Class D<sup>(b)(d)</sup> (3 mo. EUR EURIBOR + 3.000%) |
| 800000 | 5.016 | 04/15/35 | 917562 |
| Captree Park CLO Ltd. Series 2024-1A, Class E<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 6.000%) | Captree Park CLO Ltd. Series 2024-1A, Class E<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 6.000%) | Captree Park CLO Ltd. Series 2024-1A, Class E<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 6.000%) | Captree Park CLO Ltd. Series 2024-1A, Class E<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 6.000%) |
| $625000 | 9.668 | 07/20/37 | 589046 |
| Carlyle U.S. CLO Ltd. Series 2024-6A, Class A1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.340%) | Carlyle U.S. CLO Ltd. Series 2024-6A, Class A1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.340%) | Carlyle U.S. CLO Ltd. Series 2024-6A, Class A1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.340%) | Carlyle U.S. CLO Ltd. Series 2024-6A, Class A1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.340%) |
| 4175000 | 5.008 | 10/25/37 | 4177555 |
| CBAM Ltd. Series 2018-5A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.340%) | CBAM Ltd. Series 2018-5A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.340%) | CBAM Ltd. Series 2018-5A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.340%) | CBAM Ltd. Series 2018-5A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.340%) |
| 9225000 | 5.452 | 10/17/38 | 9227112 |
| CBAMR Ltd. Series 2021-14A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.280%) | CBAMR Ltd. Series 2021-14A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.280%) | CBAMR Ltd. Series 2021-14A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.280%) | CBAMR Ltd. Series 2021-14A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.280%) |
| 5230000 | 4.948 | 10/20/38 | 5227191 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) |
| Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) |
| CBAMR Ltd. Series 2019-9A, Class DR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 4.150%) | CBAMR Ltd. Series 2019-9A, Class DR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 4.150%) | CBAMR Ltd. Series 2019-9A, Class DR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 4.150%) | CBAMR Ltd. Series 2019-9A, Class DR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 4.150%) |
| $2425000 | 7.822% | 07/15/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2427803 |
| Cedar Funding IV CLO Ltd. Series 2014-4A, Class AR3<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.340%) | Cedar Funding IV CLO Ltd. Series 2014-4A, Class AR3<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.340%) | Cedar Funding IV CLO Ltd. Series 2014-4A, Class AR3<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.340%) | Cedar Funding IV CLO Ltd. Series 2014-4A, Class AR3<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.340%) |
| 5200000 | 5.011 | 01/23/38 | 5201851 |
| CIFC Funding Ltd. Series 2021-6A, Class C<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.312%) | CIFC Funding Ltd. Series 2021-6A, Class C<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.312%) | CIFC Funding Ltd. Series 2021-6A, Class C<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.312%) | CIFC Funding Ltd. Series 2021-6A, Class C<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.312%) |
| 3000000 | 5.984 | 10/15/34 | 2999922 |
| CIFC Funding Ltd. Series 2020-4A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.300%) | CIFC Funding Ltd. Series 2020-4A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.300%) | CIFC Funding Ltd. Series 2020-4A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.300%) | CIFC Funding Ltd. Series 2020-4A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.300%) |
| 4250000 | 4.972 | 01/15/40 | 4253787 |
| Crown City CLO IV Series 2022-4A, Class C1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 4.500%) | Crown City CLO IV Series 2022-4A, Class C1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 4.500%) | Crown City CLO IV Series 2022-4A, Class C1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 4.500%) | Crown City CLO IV Series 2022-4A, Class C1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 4.500%) |
| 1300000 | 8.168 | 04/20/37 | 1300892 |
| Crown City CLO V Series 2023-5A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.600%) | Crown City CLO V Series 2023-5A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.600%) | Crown City CLO V Series 2023-5A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.600%) | Crown City CLO V Series 2023-5A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.600%) |
| 1700000 | 5.268 | 04/20/37 | 1700156 |
| CVC Cordatus Loan Fund III DAC Series 3A, Class B1R3<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 1.650%) | CVC Cordatus Loan Fund III DAC Series 3A, Class B1R3<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 1.650%) | CVC Cordatus Loan Fund III DAC Series 3A, Class B1R3<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 1.650%) | CVC Cordatus Loan Fund III DAC Series 3A, Class B1R3<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 1.650%) |
| 1600000 | 3.691 | 05/26/38 | 1832489 |
| CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 1.700%) | CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 1.700%) | CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 1.700%) | CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 1.700%) |
| 1800000 | 3.726 | 04/20/38 | 2060254 |
| Diameter Capital CLO 4 Ltd. Series 2022-4A, Class ARR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.230%) | Diameter Capital CLO 4 Ltd. Series 2022-4A, Class ARR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.230%) | Diameter Capital CLO 4 Ltd. Series 2022-4A, Class ARR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.230%) | Diameter Capital CLO 4 Ltd. Series 2022-4A, Class ARR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.230%) |
| $1475000 | 4.898 | 01/15/39 | 1472492 |
| Elmwood CLO 21 Ltd. Series 2022-8A, Class D1R2<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.600%) | Elmwood CLO 21 Ltd. Series 2022-8A, Class D1R2<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.600%) | Elmwood CLO 21 Ltd. Series 2022-8A, Class D1R2<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.600%) | Elmwood CLO 21 Ltd. Series 2022-8A, Class D1R2<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.600%) |
| 3600000 | 6.272 | 10/15/38 | 3555104 |
| Elmwood CLO 29 Ltd. Series 2024-5A, Class AR2<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.700%) | Elmwood CLO 29 Ltd. Series 2024-5A, Class AR2<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.700%) | Elmwood CLO 29 Ltd. Series 2024-5A, Class AR2<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.700%) | Elmwood CLO 29 Ltd. Series 2024-5A, Class AR2<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.700%) |
| 1325000 | 5.368 | 04/20/37 | 1320820 |
| Elmwood CLO 30 Ltd. Series 2024-6A, Class A<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.430%) | Elmwood CLO 30 Ltd. Series 2024-6A, Class A<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.430%) | Elmwood CLO 30 Ltd. Series 2024-6A, Class A<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.430%) | Elmwood CLO 30 Ltd. Series 2024-6A, Class A<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.430%) |
| 5500000 | 5.098 | 07/17/37 | 5507150 |
| Elmwood CLO 35 Ltd. Series 2024-11A, Class A<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.340%) | Elmwood CLO 35 Ltd. Series 2024-11A, Class A<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.340%) | Elmwood CLO 35 Ltd. Series 2024-11A, Class A<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.340%) | Elmwood CLO 35 Ltd. Series 2024-11A, Class A<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.340%) |
| 6650000 | 5.008 | 10/18/37 | 6654542 |
| Elmwood CLO IV Ltd. Series 2020-1A, Class AR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.460%) | Elmwood CLO IV Ltd. Series 2020-1A, Class AR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.460%) | Elmwood CLO IV Ltd. Series 2020-1A, Class AR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.460%) | Elmwood CLO IV Ltd. Series 2020-1A, Class AR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.460%) |
| 6400000 | 5.128 | 04/18/37 | 6400410 |
| Elmwood CLO X Ltd. Series 2021-3A, Class AR2<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.300%) | Elmwood CLO X Ltd. Series 2021-3A, Class AR2<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.300%) | Elmwood CLO X Ltd. Series 2021-3A, Class AR2<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.300%) | Elmwood CLO X Ltd. Series 2021-3A, Class AR2<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.300%) |
| 6625000 | 4.968 | 07/20/38 | 6625802 |
| GoldenTree Loan Management U.S. CLO 19 Ltd. Series 2024-19A, Class AR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.150%) | GoldenTree Loan Management U.S. CLO 19 Ltd. Series 2024-19A, Class AR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.150%) | GoldenTree Loan Management U.S. CLO 19 Ltd. Series 2024-19A, Class AR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.150%) | GoldenTree Loan Management U.S. CLO 19 Ltd. Series 2024-19A, Class AR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.150%) |
| 5925000 | 4.821 | 07/20/39 | 5913138 |
| GoldenTree Loan Management U.S. CLO Ltd. Series 2026-29A, Class D<sup>(d)(e)</sup> (-1X 3 mo. USD Term SOFR + 2.950%) | GoldenTree Loan Management U.S. CLO Ltd. Series 2026-29A, Class D<sup>(d)(e)</sup> (-1X 3 mo. USD Term SOFR + 2.950%) | GoldenTree Loan Management U.S. CLO Ltd. Series 2026-29A, Class D<sup>(d)(e)</sup> (-1X 3 mo. USD Term SOFR + 2.950%) | GoldenTree Loan Management U.S. CLO Ltd. Series 2026-29A, Class D<sup>(d)(e)</sup> (-1X 3 mo. USD Term SOFR + 2.950%) |
| 6400000 | 1.000 | 04/20/39 | 6400000 |
| Halsey Point CLO I Ltd. Series 2019-1A, Class AR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.450%) | Halsey Point CLO I Ltd. Series 2019-1A, Class AR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.450%) | Halsey Point CLO I Ltd. Series 2019-1A, Class AR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.450%) | Halsey Point CLO I Ltd. Series 2019-1A, Class AR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.450%) |
| 5000000 | 5.118 | 10/20/37 | 5001855 |
| HalseyPoint CLO II Ltd. Series 2020-2A, Class D1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 3.600%) | HalseyPoint CLO II Ltd. Series 2020-2A, Class D1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 3.600%) | HalseyPoint CLO II Ltd. Series 2020-2A, Class D1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 3.600%) | HalseyPoint CLO II Ltd. Series 2020-2A, Class D1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 3.600%) |
| 1425000 | 7.268 | 07/20/37 | 1390125 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **51** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) |
| Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) |
| Harvest CLO XXXVII DAC Series 37A, Class B<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 1.850%) | Harvest CLO XXXVII DAC Series 37A, Class B<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 1.850%) | Harvest CLO XXXVII DAC Series 37A, Class B<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 1.850%) | Harvest CLO XXXVII DAC Series 37A, Class B<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 1.850%) |
| 1900000 | 3.956% | 01/15/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2185117 |
| Kennedy Lewis CLO 15 Ltd. Series 2024-15A, Class A<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.570%) | Kennedy Lewis CLO 15 Ltd. Series 2024-15A, Class A<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.570%) | Kennedy Lewis CLO 15 Ltd. Series 2024-15A, Class A<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.570%) | Kennedy Lewis CLO 15 Ltd. Series 2024-15A, Class A<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.570%) |
| $2000000 | 5.238 | 07/20/37 | 2000016 |
| Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.530%) | Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.530%) | Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.530%) | Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.530%) |
| 1500000 | 5.202 | 04/15/37 | 1498723 |
| Magnetite XXXV Ltd. Series 2022-35A, Class A1RR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.200%) | Magnetite XXXV Ltd. Series 2022-35A, Class A1RR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.200%) | Magnetite XXXV Ltd. Series 2022-35A, Class A1RR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.200%) | Magnetite XXXV Ltd. Series 2022-35A, Class A1RR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.200%) |
| 3750000 | 4.919 | 01/25/39 | 3743625 |
| Man GLG U.S. CLO Ltd. Series 2021-1A, Class A1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.562%) | Man GLG U.S. CLO Ltd. Series 2021-1A, Class A1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.562%) | Man GLG U.S. CLO Ltd. Series 2021-1A, Class A1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.562%) | Man GLG U.S. CLO Ltd. Series 2021-1A, Class A1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.562%) |
| 6700000 | 5.234 | 07/15/34 | 6697514 |
| Nissan Master Owner Trust Receivables Series 2024-B, Class A<sup>(d)(e)</sup> | Nissan Master Owner Trust Receivables Series 2024-B, Class A<sup>(d)(e)</sup> | Nissan Master Owner Trust Receivables Series 2024-B, Class A<sup>(d)(e)</sup> | Nissan Master Owner Trust Receivables Series 2024-B, Class A<sup>(d)(e)</sup> |
| 2725000 | 5.050 | 02/15/29 | 2745112 |
| North Westerly VII ESG CLO DAC Series VII-X, Class D<sup>(b)(d)</sup> (3 mo. EUR EURIBOR + 2.950%) | North Westerly VII ESG CLO DAC Series VII-X, Class D<sup>(b)(d)</sup> (3 mo. EUR EURIBOR + 2.950%) | North Westerly VII ESG CLO DAC Series VII-X, Class D<sup>(b)(d)</sup> (3 mo. EUR EURIBOR + 2.950%) | North Westerly VII ESG CLO DAC Series VII-X, Class D<sup>(b)(d)</sup> (3 mo. EUR EURIBOR + 2.950%) |
| 1200000 | 4.934 | 05/15/34 | 1331189 |
| OCP CLO Ltd. Series 2017-14A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.370%) | OCP CLO Ltd. Series 2017-14A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.370%) | OCP CLO Ltd. Series 2017-14A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.370%) | OCP CLO Ltd. Series 2017-14A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.370%) |
| $5450000 | 5.038 | 07/20/37 | 5450452 |
| OCP Euro DAC Series 2025-12A, Class B1<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 1.700%) | OCP Euro DAC Series 2025-12A, Class B1<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 1.700%) | OCP Euro DAC Series 2025-12A, Class B1<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 1.700%) | OCP Euro DAC Series 2025-12A, Class B1<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 1.700%) |
| EUR 2,000,000 | 3.726 | 01/20/38 | 2288676 |
| Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.450%) | Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.450%) | Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.450%) | Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.450%) |
| $4000000 | 5.118 | 07/25/38 | 3983920 |
| Palmer Square CLO Ltd. Series 2024-3A, Class A<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.350%) | Palmer Square CLO Ltd. Series 2024-3A, Class A<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.350%) | Palmer Square CLO Ltd. Series 2024-3A, Class A<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.350%) | Palmer Square CLO Ltd. Series 2024-3A, Class A<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.350%) |
| 7500000 | 5.018 | 07/20/37 | 7501875 |
| Park Blue CLO Ltd. Series 2022-1A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.420%) | Park Blue CLO Ltd. Series 2022-1A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.420%) | Park Blue CLO Ltd. Series 2022-1A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.420%) | Park Blue CLO Ltd. Series 2022-1A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.420%) |
| 1200000 | 5.088 | 10/20/37 | 1200886 |
| Park Blue CLO Ltd. Series 2023-4A, Class D1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.750%) | Park Blue CLO Ltd. Series 2023-4A, Class D1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.750%) | Park Blue CLO Ltd. Series 2023-4A, Class D1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.750%) | Park Blue CLO Ltd. Series 2023-4A, Class D1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.750%) |
| 3000000 | 6.412 | 01/25/39 | 2934873 |
| Penta CLO DAC Series 2021-2A, Class BR<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 1.650%) | Penta CLO DAC Series 2021-2A, Class BR<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 1.650%) | Penta CLO DAC Series 2021-2A, Class BR<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 1.650%) | Penta CLO DAC Series 2021-2A, Class BR<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 1.650%) |
| EUR 1,350,000 | 3.666 | 04/15/38 | 1550441 |
| Pikes Peak CLO 19 Series 2025-19A, Class A1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.340%) | Pikes Peak CLO 19 Series 2025-19A, Class A1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.340%) | Pikes Peak CLO 19 Series 2025-19A, Class A1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.340%) | Pikes Peak CLO 19 Series 2025-19A, Class A1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.340%) |
| $11600000 | 5.008 | 07/20/38 | 11604942 |
| Pikes Peak CLO Ltd. Series 2023-14A, Class D1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 3.150%) | Pikes Peak CLO Ltd. Series 2023-14A, Class D1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 3.150%) | Pikes Peak CLO Ltd. Series 2023-14A, Class D1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 3.150%) | Pikes Peak CLO Ltd. Series 2023-14A, Class D1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 3.150%) |
| 3000000 | 6.818 | 07/20/38 | 2953002 |
| Providus CLO Series 13A, Class B<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 1.800%) | Providus CLO Series 13A, Class B<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 1.800%) | Providus CLO Series 13A, Class B<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 1.800%) | Providus CLO Series 13A, Class B<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 1.800%) |
| 7900000 | 3.954 | 11/19/39 | 9069654 |
| Rad CLO 31 Ltd. Series 2025-31A, Class C1A<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.400%) | Rad CLO 31 Ltd. Series 2025-31A, Class C1A<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.400%) | Rad CLO 31 Ltd. Series 2025-31A, Class C1A<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.400%) | Rad CLO 31 Ltd. Series 2025-31A, Class C1A<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.400%) |
| $3000000 | 6.077 | 04/17/39 | 2954700 |
| Regatta 30 Funding Ltd. Series 2024-4A, Class A1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.320%) | Regatta 30 Funding Ltd. Series 2024-4A, Class A1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.320%) | Regatta 30 Funding Ltd. Series 2024-4A, Class A1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.320%) | Regatta 30 Funding Ltd. Series 2024-4A, Class A1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.320%) |
| 10500000 | 4.988 | 01/25/38 | 10506825 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) |
| Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) |
| Regatta XVI Funding Ltd. Series 2019-2A, Class A1R2<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.190%) | Regatta XVI Funding Ltd. Series 2019-2A, Class A1R2<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.190%) | Regatta XVI Funding Ltd. Series 2019-2A, Class A1R2<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.190%) | Regatta XVI Funding Ltd. Series 2019-2A, Class A1R2<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.190%) |
| $7210000 | 4.841% | 04/15/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7190533 |
| RRE 2 Loan Management DAC Series 2A, Class A2RR<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 1.750%) | RRE 2 Loan Management DAC Series 2A, Class A2RR<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 1.750%) | RRE 2 Loan Management DAC Series 2A, Class A2RR<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 1.750%) | RRE 2 Loan Management DAC Series 2A, Class A2RR<sup>(b)(d)(e)</sup> (3 mo. EUR EURIBOR + 1.750%) |
| 5300000 | 3.796 | 01/15/41 | 6094206 |
| RRE 5 Loan Management DAC Series 5X, Class A2R<sup>(b)(d)</sup> (3 mo. EUR EURIBOR + 1.750%) | RRE 5 Loan Management DAC Series 5X, Class A2R<sup>(b)(d)</sup> (3 mo. EUR EURIBOR + 1.750%) | RRE 5 Loan Management DAC Series 5X, Class A2R<sup>(b)(d)</sup> (3 mo. EUR EURIBOR + 1.750%) | RRE 5 Loan Management DAC Series 5X, Class A2R<sup>(b)(d)</sup> (3 mo. EUR EURIBOR + 1.750%) |
| 2200000 | 3.766 | 01/15/37 | 2538047 |
| Sixth Street CLO XVI Ltd. Series 2020-16A, Class A1R2<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.170%) | Sixth Street CLO XVI Ltd. Series 2020-16A, Class A1R2<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.170%) | Sixth Street CLO XVI Ltd. Series 2020-16A, Class A1R2<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.170%) | Sixth Street CLO XVI Ltd. Series 2020-16A, Class A1R2<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.170%) |
| $6775000 | 4.832 | 01/21/39 | 6756829 |
| Stellar Jay Ireland DAC Series 2021-1, Class A<sup>(e)</sup>  | Stellar Jay Ireland DAC Series 2021-1, Class A<sup>(e)</sup>  | Stellar Jay Ireland DAC Series 2021-1, Class A<sup>(e)</sup>  | Stellar Jay Ireland DAC Series 2021-1, Class A<sup>(e)</sup>  |
| 427994 | 3.967 | 10/15/41 | 424135 |
| Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A<sup>(d)(e)</sup>  | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A<sup>(d)(e)</sup>  | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A<sup>(d)(e)</sup>  | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A<sup>(d)(e)</sup>  |
| 150266 | 5.750 | 12/20/50 | 147376 |
| Symphony CLO 36 Ltd. Series 2025-52A, Class D1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.500%) | Symphony CLO 36 Ltd. Series 2025-52A, Class D1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.500%) | Symphony CLO 36 Ltd. Series 2025-52A, Class D1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.500%) | Symphony CLO 36 Ltd. Series 2025-52A, Class D1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.500%) |
| 3625000 | 6.165 | 01/20/36 | 3548915 |
| Trimaran CAVU Ltd. Series 2021-2A, Class D1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.500%) | Trimaran CAVU Ltd. Series 2021-2A, Class D1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.500%) | Trimaran CAVU Ltd. Series 2021-2A, Class D1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.500%) | Trimaran CAVU Ltd. Series 2021-2A, Class D1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.500%) |
| 5275000 | 6.147 | 10/25/34 | 5020434 |
| Trinitas CLO XXII Ltd. Series 2023-22A, Class D1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 3.100%) | Trinitas CLO XXII Ltd. Series 2023-22A, Class D1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 3.100%) | Trinitas CLO XXII Ltd. Series 2023-22A, Class D1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 3.100%) | Trinitas CLO XXII Ltd. Series 2023-22A, Class D1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 3.100%) |
| 2825000 | 6.768 | 03/20/38 | 2758053 |
| Trinitas CLO XXIII Ltd. Series 2023-23A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.310%) | Trinitas CLO XXIII Ltd. Series 2023-23A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.310%) | Trinitas CLO XXIII Ltd. Series 2023-23A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.310%) | Trinitas CLO XXIII Ltd. Series 2023-23A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.310%) |
| 2000000 | 4.978 | 10/20/38 | 1999946 |
| Venture 49 CLO Ltd. Series 2024-49A, Class C1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.650%) | Venture 49 CLO Ltd. Series 2024-49A, Class C1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.650%) | Venture 49 CLO Ltd. Series 2024-49A, Class C1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.650%) | Venture 49 CLO Ltd. Series 2024-49A, Class C1<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 2.650%) |
| 1700000 | 6.318 | 04/20/37 | 1689764 |
| Voya CLO Ltd. Series 2019-2A, Class AR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.200%) | Voya CLO Ltd. Series 2019-2A, Class AR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.200%) | Voya CLO Ltd. Series 2019-2A, Class AR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.200%) | Voya CLO Ltd. Series 2019-2A, Class AR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.200%) |
| 1572615 | 4.868 | 07/20/32 | 1573534 |
| Voya CLO Ltd. Series 2024-1A, Class D<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 3.650%) | Voya CLO Ltd. Series 2024-1A, Class D<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 3.650%) | Voya CLO Ltd. Series 2024-1A, Class D<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 3.650%) | Voya CLO Ltd. Series 2024-1A, Class D<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 3.650%) |
| 1375000 | 7.322 | 04/15/37 | 1375663 |
| Wind River CLO Ltd. Series 2021-3A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.240%) | Wind River CLO Ltd. Series 2021-3A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.240%) | Wind River CLO Ltd. Series 2021-3A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.240%) | Wind River CLO Ltd. Series 2021-3A, Class A1R<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.240%) |
| 3500000 | 4.908 | 04/20/38 | 3489097 |
| Zais CLO 15 Ltd. Series 2020-15A, Class A1RR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.490%) | Zais CLO 15 Ltd. Series 2020-15A, Class A1RR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.490%) | Zais CLO 15 Ltd. Series 2020-15A, Class A1RR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.490%) | Zais CLO 15 Ltd. Series 2020-15A, Class A1RR<sup>(b)(d)(e)</sup> (3 mo. USD Term SOFR + 1.490%) |
| 2000000 | 5.161 | 07/28/37 | 1993084 |
|  |  |  | 300024090 |
| Collateralized Mortgage Obligations<sup>(b)(d)(e)</sup> – 0.1% | Collateralized Mortgage Obligations<sup>(b)(d)(e)</sup> – 0.1% | Collateralized Mortgage Obligations<sup>(b)(d)(e)</sup> – 0.1% | Collateralized Mortgage Obligations<sup>(b)(d)(e)</sup> – 0.1% |
| Brookhaven Park CLO Ltd. Series 2024-1A, Class A (3 mo. USD Term SOFR + 1.500%) | Brookhaven Park CLO Ltd. Series 2024-1A, Class A (3 mo. USD Term SOFR + 1.500%) | Brookhaven Park CLO Ltd. Series 2024-1A, Class A (3 mo. USD Term SOFR + 1.500%) | Brookhaven Park CLO Ltd. Series 2024-1A, Class A (3 mo. USD Term SOFR + 1.500%) |
| 1700000 | 5.168 | 04/19/37 | 1699840 |
| Credit Card<sup>(d)</sup> – 0.6% | Credit Card<sup>(d)</sup> – 0.6% | Credit Card<sup>(d)</sup> – 0.6% | Credit Card<sup>(d)</sup> – 0.6% |
| American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A |
| 2950000 | 4.510 | 04/15/32 | 2980567 |
| Barclays Dryrock Issuance Trust Series 2025-1, Class A | Barclays Dryrock Issuance Trust Series 2025-1, Class A | Barclays Dryrock Issuance Trust Series 2025-1, Class A | Barclays Dryrock Issuance Trust Series 2025-1, Class A |
| 2625000 | 3.970 | 07/15/31 | 2615546 |
| Capital One Multi-Asset Execution Trust Series 2025-A3, Class A | Capital One Multi-Asset Execution Trust Series 2025-A3, Class A | Capital One Multi-Asset Execution Trust Series 2025-A3, Class A | Capital One Multi-Asset Execution Trust Series 2025-A3, Class A |
| 2125000 | 4.650 | 10/15/37 | 2101951 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **52** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) |
| Credit Card<sup>(d)</sup> – (continued) | Credit Card<sup>(d)</sup> – (continued) | Credit Card<sup>(d)</sup> – (continued) | Credit Card<sup>(d)</sup> – (continued) |
| Citibank Credit Card Issuance Trust Series 2025-A2, Class A | Citibank Credit Card Issuance Trust Series 2025-A2, Class A | Citibank Credit Card Issuance Trust Series 2025-A2, Class A | Citibank Credit Card Issuance Trust Series 2025-A2, Class A |
| $2175000 | 4.490% | 06/21/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2189002 |
|  |  |  | 9887066 |
| **Home Equity<sup>(b)(d)</sup> –0.0%** | **Home Equity<sup>(b)(d)</sup> –0.0%** | **Home Equity<sup>(b)(d)</sup> –0.0%** | **Home Equity<sup>(b)(d)</sup> –0.0%** |
| JP Morgan Mortgage Trust Series 2023-HE3, Class A1<sup>(e)</sup> (1 mo. USD Term SOFR + 1.600%) | JP Morgan Mortgage Trust Series 2023-HE3, Class A1<sup>(e)</sup> (1 mo. USD Term SOFR + 1.600%) | JP Morgan Mortgage Trust Series 2023-HE3, Class A1<sup>(e)</sup> (1 mo. USD Term SOFR + 1.600%) | JP Morgan Mortgage Trust Series 2023-HE3, Class A1<sup>(e)</sup> (1 mo. USD Term SOFR + 1.600%) |
| 251825 | 5.273 | 05/20/54 | 252223 |
| JP Morgan Mortgage Trust Series 2023-HE1, Class A1<sup>(e)</sup> (1 mo. USD Term SOFR + 1.750%) | JP Morgan Mortgage Trust Series 2023-HE1, Class A1<sup>(e)</sup> (1 mo. USD Term SOFR + 1.750%) | JP Morgan Mortgage Trust Series 2023-HE1, Class A1<sup>(e)</sup> (1 mo. USD Term SOFR + 1.750%) | JP Morgan Mortgage Trust Series 2023-HE1, Class A1<sup>(e)</sup> (1 mo. USD Term SOFR + 1.750%) |
| 498873 | 5.423 | 11/25/53 | 499293 |
| Lehman XS Trust Series 2007-3, Class 1BA2 (6 mo. USD Term SOFR + 0.928%) | Lehman XS Trust Series 2007-3, Class 1BA2 (6 mo. USD Term SOFR + 0.928%) | Lehman XS Trust Series 2007-3, Class 1BA2 (6 mo. USD Term SOFR + 0.928%) | Lehman XS Trust Series 2007-3, Class 1BA2 (6 mo. USD Term SOFR + 0.928%) |
| 43851 | 4.549 | 03/25/37 | 48208 |
| Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A (1 mo. USD Term SOFR + 0.454%) | Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A (1 mo. USD Term SOFR + 0.454%) | Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A (1 mo. USD Term SOFR + 0.454%) | Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A (1 mo. USD Term SOFR + 0.454%) |
| 631548 | 4.133 | 11/25/36 | 94986 |
|  |  |  | 894710 |
| **Student Loan<sup>(b)(d)(e)</sup> – 0.5%** | **Student Loan<sup>(b)(d)(e)</sup> – 0.5%** | **Student Loan<sup>(b)(d)(e)</sup> – 0.5%** | **Student Loan<sup>(b)(d)(e)</sup> – 0.5%** |
| Carlyle U.S. CLO Ltd. Series 2024-1A, Class D (3 mo. USD Term SOFR + 3.900%) | Carlyle U.S. CLO Ltd. Series 2024-1A, Class D (3 mo. USD Term SOFR + 3.900%) | Carlyle U.S. CLO Ltd. Series 2024-1A, Class D (3 mo. USD Term SOFR + 3.900%) | Carlyle U.S. CLO Ltd. Series 2024-1A, Class D (3 mo. USD Term SOFR + 3.900%) |
| 1250000 | 7.572 | 04/15/37 | 1250000 |
| Elmwood CLO 27 Ltd. Series 2024-3A, Class A (3 mo. USD Term SOFR + 1.520%) | Elmwood CLO 27 Ltd. Series 2024-3A, Class A (3 mo. USD Term SOFR + 1.520%) | Elmwood CLO 27 Ltd. Series 2024-3A, Class A (3 mo. USD Term SOFR + 1.520%) | Elmwood CLO 27 Ltd. Series 2024-3A, Class A (3 mo. USD Term SOFR + 1.520%) |
| 2875000 | 5.188 | 04/18/37 | 2875284 |
| Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R (3 mo. USD Term SOFR + 1.530%) | Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R (3 mo. USD Term SOFR + 1.530%) | Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R (3 mo. USD Term SOFR + 1.530%) | Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R (3 mo. USD Term SOFR + 1.530%) |
| 2000000 | 5.198 | 04/20/38 | 2000124 |
| Neuberger Berman Loan Advisers CLO 54 Ltd. Series 2024-54A, Class D (3 mo. USD Term SOFR + 3.500%) | Neuberger Berman Loan Advisers CLO 54 Ltd. Series 2024-54A, Class D (3 mo. USD Term SOFR + 3.500%) | Neuberger Berman Loan Advisers CLO 54 Ltd. Series 2024-54A, Class D (3 mo. USD Term SOFR + 3.500%) | Neuberger Berman Loan Advisers CLO 54 Ltd. Series 2024-54A, Class D (3 mo. USD Term SOFR + 3.500%) |
| 1975000 | 7.171 | 04/23/38 | 1978887 |
|  |  |  | 8104295 |
| TOTAL ASSET - BACKED SECURITIES<br>(Cost $330,238,902) | TOTAL ASSET - BACKED SECURITIES<br>(Cost $330,238,902) | TOTAL ASSET - BACKED SECURITIES<br>(Cost $330,238,902) | $329074743 |
| Corporate Obligations – 19.6% | Corporate Obligations – 19.6% | Corporate Obligations – 19.6% | Corporate Obligations – 19.6% |
| Advertising<sup>(d)</sup> – 0.2% | Advertising<sup>(d)</sup> – 0.2% | Advertising<sup>(d)</sup> – 0.2% | Advertising<sup>(d)</sup> – 0.2% |
| Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. |
| $535000 | 3.625% | 01/15/31 | $495972 |
| Neptune Bidco U.S., Inc. <sup>(e)</sup> | Neptune Bidco U.S., Inc. <sup>(e)</sup> | Neptune Bidco U.S., Inc. <sup>(e)</sup> | Neptune Bidco U.S., Inc. <sup>(e)</sup> |
| 2285000 | 9.500 | 02/15/33 | 2225659 |
| Outfront Media Capital LLC/Outfront Media Capital Corp. <sup>(e)</sup> | Outfront Media Capital LLC/Outfront Media Capital Corp. <sup>(e)</sup> | Outfront Media Capital LLC/Outfront Media Capital Corp. <sup>(e)</sup> | Outfront Media Capital LLC/Outfront Media Capital Corp. <sup>(e)</sup> |
| 254000 | 5.000 | 08/15/27 | 253601 |
|  |  |  | 2975232 |
| Aerospace & Defense<sup>(d)</sup> – 0.3% | Aerospace & Defense<sup>(d)</sup> – 0.3% | Aerospace & Defense<sup>(d)</sup> – 0.3% | Aerospace & Defense<sup>(d)</sup> – 0.3% |
| Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
| 3900000 | 5.150 | 05/01/30 | 3959592 |
| TransDigm, Inc. <sup>(e)</sup> | TransDigm, Inc. <sup>(e)</sup> | TransDigm, Inc. <sup>(e)</sup> | TransDigm, Inc. <sup>(e)</sup> |
| 795000 | 6.750 | 08/15/28 | 804079 |
|  |  |  | 4763671 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Airlines<sup>(d)</sup> – 0.4% | Airlines<sup>(d)</sup> – 0.4% | Airlines<sup>(d)</sup> – 0.4% | Airlines<sup>(d)</sup> – 0.4% |
| American Airlines, Inc. <sup>(e)</sup> | American Airlines, Inc. <sup>(e)</sup> | American Airlines, Inc. <sup>(e)</sup> | American Airlines, Inc. <sup>(e)</sup> |
| $915000 | 7.250% | 02/15/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920911 |
| Avianca Midco 2 PLC <sup>(e)</sup> | Avianca Midco 2 PLC <sup>(e)</sup> | Avianca Midco 2 PLC <sup>(e)</sup> | Avianca Midco 2 PLC <sup>(e)</sup> |
| 760000 | 9.500 | 01/28/31 | 698478 |
| Azul Secured Finance LLP <sup>(e)</sup> | Azul Secured Finance LLP <sup>(e)</sup> | Azul Secured Finance LLP <sup>(e)</sup> | Azul Secured Finance LLP <sup>(e)</sup> |
| 2400000 | 9.875 | 02/15/31 | 2118000 |
| Latam Airlines Group SA | Latam Airlines Group SA | Latam Airlines Group SA | Latam Airlines Group SA |
| 2230000 | 7.625 | 01/07/31 | 2243937 |
|  |  |  | 5981326 |
| Apparel<sup>(d)</sup> – 0.2% | Apparel<sup>(d)</sup> – 0.2% | Apparel<sup>(d)</sup> – 0.2% | Apparel<sup>(d)</sup> – 0.2% |
| Beach Acquisition Bidco LLC | Beach Acquisition Bidco LLC | Beach Acquisition Bidco LLC | Beach Acquisition Bidco LLC |
| 469000 | 5.250 <sup>(e)</sup> | 07/15/32 | 520258 |
| 1469000 | 5.250 | 07/15/32 | 1629551 |
| Champ Acquisition Corp. <sup>(e)</sup> | Champ Acquisition Corp. <sup>(e)</sup> | Champ Acquisition Corp. <sup>(e)</sup> | Champ Acquisition Corp. <sup>(e)</sup> |
| $1360000 | 8.375 | 12/01/31 | 1424886 |
|  |  |  | 3574695 |
| Automotive<sup>(d)(e)</sup> – 0.2% | Automotive<sup>(d)(e)</sup> – 0.2% | Automotive<sup>(d)(e)</sup> – 0.2% | Automotive<sup>(d)(e)</sup> – 0.2% |
| Phinia, Inc. | Phinia, Inc. | Phinia, Inc. | Phinia, Inc. |
| 620000 | 6.750 | 04/15/29 | 632865 |
| 212000 | 6.625 | 10/15/32 | 214802 |
| Qnity Electronics, Inc. | Qnity Electronics, Inc. | Qnity Electronics, Inc. | Qnity Electronics, Inc. |
| 895000 | 5.750 | 08/15/32 | 896119 |
| 440000 | 6.250 | 08/15/33 | 446402 |
| ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. |
| 885000 | 6.875 | 04/14/28 | 894036 |
|  |  |  | 3084224 |
| Banks<sup>(b)(d)</sup> – 0.9% | Banks<sup>(b)(d)</sup> – 0.9% | Banks<sup>(b)(d)</sup> – 0.9% | Banks<sup>(b)(d)</sup> – 0.9% |
| Banco Mercantil del Norte SA (5 yr. CMT + 4.072%) | Banco Mercantil del Norte SA (5 yr. CMT + 4.072%) | Banco Mercantil del Norte SA (5 yr. CMT + 4.072%) | Banco Mercantil del Norte SA (5 yr. CMT + 4.072%) |
| 1040000 | 8.375 | 05/20/31 | 1073280 |
| (5 yr. CMT + 4.643%) | (5 yr. CMT + 4.643%) | (5 yr. CMT + 4.643%) | (5 yr. CMT + 4.643%) |
| 1190000 | 5.875 <sup>(e)</sup> | 01/24/27 | 1175910 |
| Bank of America Corp. (5 yr. CMT + 2.760%) | Bank of America Corp. (5 yr. CMT + 2.760%) | Bank of America Corp. (5 yr. CMT + 2.760%) | Bank of America Corp. (5 yr. CMT + 2.760%) |
| 2565000 | 4.375 | 01/27/27 | 2523345 |
| Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC |
| (5 yr. CMT + 5.431%) | (5 yr. CMT + 5.431%) | (5 yr. CMT + 5.431%) | (5 yr. CMT + 5.431%) |
| 415000 | 8.000 | 03/15/29 | 427948 |
| (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.686%) | (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.686%) | (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.686%) | (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.686%) |
| 435000 | 7.625 | 03/15/35 | 439924 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| (5 yr. CMT + 3.001%) | (5 yr. CMT + 3.001%) | (5 yr. CMT + 3.001%) | (5 yr. CMT + 3.001%) |
| 1430000 | 6.625 | 02/15/31 | 1429871 |
| (5 yr. CMT + 3.209%) | (5 yr. CMT + 3.209%) | (5 yr. CMT + 3.209%) | (5 yr. CMT + 3.209%) |
| 2365000 | 7.375 | 05/15/28 | 2431078 |
| (Secured Overnight Financing Rate + 1.887%) | (Secured Overnight Financing Rate + 1.887%) | (Secured Overnight Financing Rate + 1.887%) | (Secured Overnight Financing Rate + 1.887%) |
| 3160000 | 4.658 | 05/24/28 | 3166036 |
| Societe Generale SA (5 yr. USD Swap + 3.929%) | Societe Generale SA (5 yr. USD Swap + 3.929%) | Societe Generale SA (5 yr. USD Swap + 3.929%) | Societe Generale SA (5 yr. USD Swap + 3.929%) |
| 224000 | 6.750 | 04/06/28 | 222338 |
| Turkiye Garanti Bankasi AS (5 yr. CMT + 4.090%) | Turkiye Garanti Bankasi AS (5 yr. CMT + 4.090%) | Turkiye Garanti Bankasi AS (5 yr. CMT + 4.090%) | Turkiye Garanti Bankasi AS (5 yr. CMT + 4.090%) |
| 2260000 | 8.375 | 02/28/34 | 2276950 |
|  |  |  | 15166680 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **53** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Biotechnology<sup>(d)(e)</sup> – 0.2% | Biotechnology<sup>(d)(e)</sup> – 0.2% | Biotechnology<sup>(d)(e)</sup> – 0.2% | Biotechnology<sup>(d)(e)</sup> – 0.2% |
| Genmab AS/Genmab Finance LLC | Genmab AS/Genmab Finance LLC | Genmab AS/Genmab Finance LLC | Genmab AS/Genmab Finance LLC |
| $1515000 | 6.250% | 12/15/32 | $1553117 |
| 1470000 | 7.250 | 12/15/33 | 1537444 |
|  |  |  | 3090561 |
| Building Materials<sup>(d)(e)</sup> – 0.1% | Building Materials<sup>(d)(e)</sup> – 0.1% | Building Materials<sup>(d)(e)</sup> – 0.1% | Building Materials<sup>(d)(e)</sup> – 0.1% |
| Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |  |
| 1595000 | 6.750 | 05/15/35 | 1595941 |
| Standard Building Solutions, Inc. | Standard Building Solutions, Inc. | Standard Building Solutions, Inc. |  |
| 610000 | 6.500 | 08/15/32 | 613032 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2208973 |
| Chemicals<sup>(d)</sup> – 0.6% | Chemicals<sup>(d)</sup> – 0.6% |  |  |
| Cerdia Finanz GmbH <sup>(e)</sup> | Cerdia Finanz GmbH <sup>(e)</sup> | Cerdia Finanz GmbH <sup>(e)</sup> |  |
| 530000 | 9.375 | 10/03/31 | 527355 |
| Chemours Co. <sup>(e)</sup> | Chemours Co. <sup>(e)</sup> |  |  |
| 342000 | 5.750 | 11/15/28 | 339223 |
| 415000 | 8.000 | 01/15/33 | 417228 |
| Ingevity Corp. <sup>(e)</sup> | Ingevity Corp. <sup>(e)</sup> |  |  |
| 1461000 | 3.875 | 11/01/28 | 1401099 |
| Methanex U.S. Operations, Inc. <sup>(e)</sup> | Methanex U.S. Operations, Inc. <sup>(e)</sup> | Methanex U.S. Operations, Inc. <sup>(e)</sup> |  |
| 630000 | 6.250 | 03/15/32 | 644729 |
| OCP SA | OCP SA |  |  |
| 1800000 | 6.750 <sup>(e)</sup> | 05/02/34 | 1874484 |
| 1200000 | 7.500 | 05/02/54 | 1257978 |
| Olympus Water U.S. Holding Corp. <sup>(e)</sup> | Olympus Water U.S. Holding Corp. <sup>(e)</sup> | Olympus Water U.S. Holding Corp. <sup>(e)</sup> |  |
| 895000 | 7.250 | 06/15/31 | 875203 |
| Solstice Advanced Materials, Inc. <sup>(e)</sup> | Solstice Advanced Materials, Inc. <sup>(e)</sup> | Solstice Advanced Materials, Inc. <sup>(e)</sup> |  |
| 2715000 | 5.625 | 09/30/33 | 2677099 |
|  |  |  | 10014398 |
| Commercial Services – 0.9% | Commercial Services – 0.9% | Commercial Services – 0.9% |  |
| ADT Security Corp. <sup>(d)(e)</sup> | ADT Security Corp. <sup>(d)(e)</sup> | ADT Security Corp. <sup>(d)(e)</sup> |  |
| 1525000 | 4.125 | 08/01/29 | 1456817 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp. <sup>(d)(e)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp. <sup>(d)(e)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp. <sup>(d)(e)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp. <sup>(d)(e)</sup> |
| 1390000 | 6.000 | 06/01/29 | 1344227 |
| Belron U.K. Finance PLC <sup>(d)(e)</sup> | Belron U.K. Finance PLC <sup>(d)(e)</sup> | Belron U.K. Finance PLC <sup>(d)(e)</sup> |  |
| 1070000 | 5.750 | 10/15/29 | 1075489 |
| CompoSecure Holdings LLC <sup>(d)(e)</sup> | CompoSecure Holdings LLC <sup>(d)(e)</sup> | CompoSecure Holdings LLC <sup>(d)(e)</sup> |  |
| 4960000 | 5.625 | 02/01/33 | 4849392 |
| DP World Crescent Ltd. <sup>(e)</sup> | DP World Crescent Ltd. <sup>(e)</sup> | DP World Crescent Ltd. <sup>(e)</sup> |  |
| 1530000 | 5.500 | 05/08/35 | 1496646 |
| Mavis Tire Express Services Topco Corp. <sup>(d)(e)</sup> | Mavis Tire Express Services Topco Corp. <sup>(d)(e)</sup> | Mavis Tire Express Services Topco Corp. <sup>(d)(e)</sup> | Mavis Tire Express Services Topco Corp. <sup>(d)(e)</sup> |
| 3840000 | 6.500 | 05/15/29 | 3803904 |
| TriNet Group, Inc. <sup>(d)(e)</sup> | TriNet Group, Inc. <sup>(d)(e)</sup> | TriNet Group, Inc. <sup>(d)(e)</sup> |  |
| 525000 | 3.500 | 03/01/29 | 474154 |
| United Rentals North America, Inc. <sup>(d)</sup> | United Rentals North America, Inc. <sup>(d)</sup> | United Rentals North America, Inc. <sup>(d)</sup> |  |
| 424000 | 3.875 | 02/15/31 | 398764 |
|  |  |  | 14899393 |
| Computers<sup>(d)(e)</sup> – 0.4% | Computers<sup>(d)(e)</sup> – 0.4% |  |  |
| Ahead DB Holdings LLC | Ahead DB Holdings LLC | Ahead DB Holdings LLC |  |
| 2605000 | 6.625 | 05/01/28 | 2549149 |
| CACI International, Inc. | CACI International, Inc. | CACI International, Inc. |  |
| 765000 | 6.375 | 06/15/33 | 778104 |
| KBR, Inc. | KBR, Inc. | KBR, Inc. |  |
| 498000 | 4.750 | 09/30/28 | 487681 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |  |
| Computers<sup>(d)(e)</sup> – (continued) | Computers<sup>(d)(e)</sup> – (continued) | Computers<sup>(d)(e)</sup> – (continued) |  |
| McAfee Corp. | McAfee Corp. |  |  |
| 770000 | 7.375% | 02/15/30 | $635181 |
| Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. |
| 430000 | 8.250 | 12/15/29 | 451844 |
| Virtusa Corp. | Virtusa Corp. |  |  |
| 1845000 | 7.125 | 12/15/28 | 1442015 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6343974 |
| Diversified Financial Services<sup>(d)</sup> – 1.0% | Diversified Financial Services<sup>(d)</sup> – 1.0% | Diversified Financial Services<sup>(d)</sup> – 1.0% |  |
| Burford Capital Global Finance LLC <sup>(e)</sup> | Burford Capital Global Finance LLC <sup>(e)</sup> | Burford Capital Global Finance LLC <sup>(e)</sup> |  |
| 915000 | 8.500 | 01/15/34 | 782334 |
| Focus Financial Partners LLC <sup>(e)</sup> | Focus Financial Partners LLC <sup>(e)</sup> | Focus Financial Partners LLC <sup>(e)</sup> |  |
| 1100000 | 6.750 | 09/15/31 | 1094247 |
| Freedom Mortgage Holdings LLC <sup>(e)</sup> | Freedom Mortgage Holdings LLC <sup>(e)</sup> | Freedom Mortgage Holdings LLC <sup>(e)</sup> |  |
| 1395000 | 9.250 | 02/01/29 | 1414530 |
| goeasy Ltd. (e) | goeasy Ltd. (e) |  |  |
| 1155000 | 6.875 | 02/15/31 | 930087 |
| Jane Street Group/JSG Finance, Inc. <sup>(e)</sup> | Jane Street Group/JSG Finance, Inc. <sup>(e)</sup> | Jane Street Group/JSG Finance, Inc. <sup>(e)</sup> |  |
| 905000 | 6.125 | 11/01/32 | 896602 |
| Midcap Financial Issuer Trust <sup>(e)</sup> | Midcap Financial Issuer Trust <sup>(e)</sup> | Midcap Financial Issuer Trust <sup>(e)</sup> |  |
| 1176000 | 6.500 | 05/01/28 | 1142014 |
| Navient Corp. | Navient Corp. |  |  |
| 615000 | 5.500 | 03/15/29 | 566729 |
| 860000 | 9.375 | 07/25/30 | 839179 |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |  |
| 645000 | 3.875 | 09/15/28 | 613214 |
| 1055000 | 4.000 | 09/15/30 | 951494 |
| PennyMac Financial Services, Inc. <sup>(e)</sup> | PennyMac Financial Services, Inc. <sup>(e)</sup> | PennyMac Financial Services, Inc. <sup>(e)</sup> |  |
| 2605000 | 6.875 | 05/15/32 | 2514320 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. <sup>(e)</sup> | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. <sup>(e)</sup> | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. <sup>(e)</sup> | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. <sup>(e)</sup> |
| 4720000 | 2.875 | 10/15/26 | 4664445 |
| StoneX Group, Inc. <sup>(e)</sup> | StoneX Group, Inc. <sup>(e)</sup> |  |  |
| 685000 | 7.875 | 03/01/31 | 712647 |
|  |  |  | 17121842 |
| Electrical<sup>(d)(e</sup>) – 0.4% | Electrical<sup>(d)(e</sup>) – 0.4% |  |  |
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC |
| 960000 | 6.375 | 02/15/32 | 938381 |
| Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |  |
| 733000 | 4.625 | 02/01/29 | 724145 |
| Lightning Power LLC | Lightning Power LLC |  |  |
| 720000 | 7.250 | 08/15/32 | 750074 |
| NRG Energy, Inc. | NRG Energy, Inc. |  |  |
| 535000 | 3.375 | 02/15/29 | 508443 |
| Talen Energy Supply LLC | Talen Energy Supply LLC | Talen Energy Supply LLC |  |
| 2660000 | 6.250 | 02/01/34 | 2641912 |
| Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |  |
| 1015000 | 4.375 | 05/01/29 | 991097 |
|  |  |  | 6554052 |
| Electronics<sup>(d)(e)</sup> – 0.2% | Electronics<sup>(d)(e)</sup> – 0.2% |  |  |
| Imola Merger Corp. | Imola Merger Corp. |  |  |
| 495000 | 4.750 | 05/15/29 | 481452 |
| Sensata Technologies BV | Sensata Technologies BV | Sensata Technologies BV |  |
| 319000 | 4.000 | 04/15/29 | 307956 |
| Sensata Technologies, Inc. | Sensata Technologies, Inc. | Sensata Technologies, Inc. |  |
| 1059000 | 4.375 | 02/15/30 | 1014522 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **54** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |  |
| Electronics<sup>(d)(e)</sup> – (continued) | Electronics<sup>(d)(e)</sup> – (continued) | Electronics<sup>(d)(e)</sup> – (continued) |  |
| TTM Technologies, Inc. | TTM Technologies, Inc. | TTM Technologies, Inc. |  |
| 1040000 | 4.000% | 03/01/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998837 |
|  |  |  | 2802767 |
| Energy-Alternate Sources<sup>(d)(e)</sup> – 0.0% | Energy-Alternate Sources<sup>(d)(e)</sup> – 0.0% | Energy-Alternate Sources<sup>(d)(e)</sup> – 0.0% |  |
| Greenko Power II Ltd. | Greenko Power II Ltd. |  |  |
| 152000 | 4.300 | 12/13/28 | 142654 |
| Engineering & Construction<sup>(d)</sup> – 0.4% | Engineering & Construction<sup>(d)</sup> – 0.4% | Engineering & Construction<sup>(d)</sup> – 0.4% |  |
| Brundage-Bone Concrete Pumping Holdings, Inc. <sup>(e)</sup> | Brundage-Bone Concrete Pumping Holdings, Inc. <sup>(e)</sup> | Brundage-Bone Concrete Pumping Holdings, Inc. <sup>(e)</sup> | Brundage-Bone Concrete Pumping Holdings, Inc. <sup>(e)</sup> |
| 2282000 | 7.500 | 02/01/32 | 2304478 |
| Dycom Industries, Inc. <sup>(e)</sup> | Dycom Industries, Inc. <sup>(e)</sup> | Dycom Industries, Inc. <sup>(e)</sup> |  |
| 505000 | 4.500 | 04/15/29 | 490007 |
| Global Infrastructure Solutions, Inc. <sup>(e)</sup> | Global Infrastructure Solutions, Inc. <sup>(e)</sup> | Global Infrastructure Solutions, Inc. <sup>(e)</sup> |  |
| 1875000 | 5.625 | 06/01/29 | 1839187 |
| Kingston Airport Revenue Finance Ltd. | Kingston Airport Revenue Finance Ltd. | Kingston Airport Revenue Finance Ltd. |  |
| 1540000 | 6.750 | 12/15/36 | 1529759 |
| Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust |  |
| 1726000 | 5.500 | 07/31/47 | 1434133 |
|  |  |  | 7597564 |
| Entertainment<sup>(d)(e)</sup> – 0.2% | Entertainment<sup>(d)(e)</sup> – 0.2% | Entertainment<sup>(d)(e)</sup> – 0.2% |  |
| Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |  |
| 415000 | 6.000 | 10/15/32 | 381991 |
| Cinemark USA, Inc. | Cinemark USA, Inc. |  |  |
| 510000 | 7.000 | 08/01/32 | 523831 |
| Light & Wonder International, Inc. | Light & Wonder International, Inc. | Light & Wonder International, Inc. |  |
| 2710000 | 6.250 | 10/01/33 | 2653226 |
|  |  |  | 3559048 |
| Environmental<sup>(d)(e)</sup> – 0.3% | Environmental<sup>(d)(e)</sup> – 0.3% | Environmental<sup>(d)(e)</sup> – 0.3% |  |
| Madison IAQ LLC | Madison IAQ LLC |  |  |
| 2640000 | 5.875 | 06/30/29 | 2593510 |
| Waste Pro USA, Inc. | Waste Pro USA, Inc. |  |  |
| 2015000 | 7.000 | 02/01/33 | 2043069 |
|  |  |  | 4636579 |
| Food & Drug Retailing<sup>(d)</sup> – 0.4% | Food & Drug Retailing<sup>(d)</sup> – 0.4% | Food & Drug Retailing<sup>(d)</sup> – 0.4% |  |
| Grupo Nutresa SA | Grupo Nutresa SA |  |  |
| 2100000 | 9.000 | 05/12/35 | 2330843 |
| Lamb Weston Holdings, Inc. <sup>(e)</sup> | Lamb Weston Holdings, Inc. <sup>(e)</sup> | Lamb Weston Holdings, Inc. <sup>(e)</sup> |  |
| 1540000 | 4.125 | 01/31/30 | 1471855 |
| Post Holdings, Inc. <sup>(e)</sup> | Post Holdings, Inc. <sup>(e)</sup> |  |  |
| 1335000 | 6.375 | 03/01/33 | 1317124 |
| U.S. Foods, Inc. <sup>(e)</sup> | U.S. Foods, Inc. <sup>(e)</sup> |  |  |
| 1210000 | 6.875 | 09/15/28 | 1239621 |
| United Natural Foods, Inc. <sup>(e)</sup> | United Natural Foods, Inc. <sup>(e)</sup> | United Natural Foods, Inc. <sup>(e)</sup> |  |
| 816000 | 6.750 | 10/15/28 | 816530 |
|  |  |  | 7175973 |
| Healthcare Providers & Services<sup>(d)</sup> – 0.7% | Healthcare Providers & Services<sup>(d)</sup> – 0.7% | Healthcare Providers & Services<sup>(d)</sup> – 0.7% |  |
| Charles River Laboratories International, Inc. <sup>(e)</sup> | Charles River Laboratories International, Inc. <sup>(e)</sup> | Charles River Laboratories International, Inc. <sup>(e)</sup> | Charles River Laboratories International, Inc. <sup>(e)</sup> |
| 1035000 | 3.750 | 03/15/29 | 981470 |
| Encompass Health Corp. | Encompass Health Corp. | Encompass Health Corp. |  |
| 1381000 | 4.500 | 02/01/28 | 1369482 |
| Global Medical Response, Inc. <sup>(e)</sup> | Global Medical Response, Inc. <sup>(e)</sup> | Global Medical Response, Inc. <sup>(e)</sup> |  |
| 3667000 | 7.375 | 10/01/32 | 3807666 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |  |
| Healthcare Providers & Services<sup>(d)</sup> – (continued) | Healthcare Providers & Services<sup>(d)</sup> – (continued) | Healthcare Providers & Services<sup>(d)</sup> – (continued) | Healthcare Providers & Services<sup>(d)</sup> – (continued) |
| LifePoint Health, Inc. <sup>(e)</sup> | LifePoint Health, Inc. <sup>(e)</sup> | LifePoint Health, Inc. <sup>(e)</sup> |  |
| $1485000 | 5.375% | 01/15/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430100 |
| Medline Borrower LP <sup>(e)</sup> | Medline Borrower LP <sup>(e)</sup> | Medline Borrower LP <sup>(e)</sup> |  |
| 1257000 | 5.250 | 10/01/29 | 1245737 |
| Prime Healthcare Services, Inc. <sup>(e)</sup> | Prime Healthcare Services, Inc. <sup>(e)</sup> | Prime Healthcare Services, Inc. <sup>(e)</sup> |  |
| 790000 | 9.375 | 09/01/29 | 818882 |
| Select Medical Corp. <sup>(e)</sup> | Select Medical Corp. <sup>(e)</sup> | Select Medical Corp. <sup>(e)</sup> |  |
| 2680000 | 6.250 | 12/01/32 | 2547340 |
| Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |  |
| 414000 | 6.125 | 10/01/28 | 415002 |
|  |  |  | 12615679 |
| Home Builders<sup>(d)(e)</sup> – 0.2% | Home Builders<sup>(d)(e)</sup> – 0.2% | Home Builders<sup>(d)(e)</sup> – 0.2% |  |
| Installed Building Products, Inc. | Installed Building Products, Inc. | Installed Building Products, Inc. |  |
| 2324000 | 5.625 | 02/01/34 | 2281564 |
| K Hovnanian Enterprises, Inc. | K Hovnanian Enterprises, Inc. | K Hovnanian Enterprises, Inc. |  |
| 1330000 | 8.375 | 10/01/33 | 1315104 |
|  |  |  | 3596668 |
| Housewares<sup>(d)</sup> – 0.0% | Housewares<sup>(d)</sup> – 0.0% |  |  |
| Newell Brands, Inc. | Newell Brands, Inc. |  |  |
| 235000 | 6.375 | 05/15/30 | 226296 |
| 370000 | 6.625 | 05/15/32 | 353690 |
|  |  |  | 579986 |
| Insurance<sup>(d)</sup> – 0.8% | Insurance<sup>(d)</sup> – 0.8% |  |  |
| Acrisure LLC/Acrisure Finance, Inc. <sup>(e)</sup> | Acrisure LLC/Acrisure Finance, Inc. <sup>(e)</sup> | Acrisure LLC/Acrisure Finance, Inc. <sup>(e)</sup> |  |
| 835000 | 8.250 | 02/01/29 | 826124 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer <sup>(e)</sup> | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer <sup>(e)</sup> | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer <sup>(e)</sup> | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer <sup>(e)</sup> |
| 510000 | 6.750 | 10/15/27 | 509873 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC <sup>(e)</sup> | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC <sup>(e)</sup> | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC <sup>(e)</sup> | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC <sup>(e)</sup> |
| 1590000 | 7.875 | 11/01/29 | 1437026 |
| Ardonagh Finco Ltd. | Ardonagh Finco Ltd. |  |  |
| EUR 905,000 | 6.875 | 02/15/31 | 1039402 |
| $565000 | 7.750 <sup>(e)</sup> | 02/15/31 | 570780 |
| Ardonagh Group Finance Ltd. <sup>(e)</sup> | Ardonagh Group Finance Ltd. <sup>(e)</sup> | Ardonagh Group Finance Ltd. <sup>(e)</sup> |  |
| 1753000 | 8.875 | 02/15/32 | 1701830 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC <sup>(e)</sup> | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC <sup>(e)</sup> | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC <sup>(e)</sup> | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC <sup>(e)</sup> |
| 5395000 | 8.125 | 02/15/32 | 5059863 |
| HUB International Ltd. <sup>(e)</sup> | HUB International Ltd. <sup>(e)</sup> | HUB International Ltd. <sup>(e)</sup> |  |
| 585000 | 7.375 | 01/31/32 | 596729 |
| Nassau Cos., of New York <sup>(e)</sup> | Nassau Cos., of New York <sup>(e)</sup> | Nassau Cos., of New York <sup>(e)</sup> |  |
| 1330000 | 7.875 | 07/15/30 | 1210712 |
|  |  |  | 12952339 |
| Internet<sup>(d)(e)</sup> – 0.6% | Internet<sup>(d)(e)</sup> – 0.6% |  |  |
| ANGI Group LLC | ANGI Group LLC |  |  |
| 2935000 | 3.875 | 08/15/28 | 2621924 |
| Arches Buyer, Inc. | Arches Buyer, Inc. |  |  |
| 482000 | 6.125 | 12/01/28 | 461915 |
| Gen Digital, Inc. | Gen Digital, Inc. |  |  |
| 933000 | 6.750 | 09/30/27 | 937301 |
| 780000 | 6.250 | 04/01/33 | 759221 |
| Go Daddy Operating Co. LLC/GD Finance Co., Inc. | Go Daddy Operating Co. LLC/GD Finance Co., Inc. | Go Daddy Operating Co. LLC/GD Finance Co., Inc. | Go Daddy Operating Co. LLC/GD Finance Co., Inc. |
| 520000 | 3.500 | 03/01/29 | 484193 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **55** |

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------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |  |  |
| Internet<sup>(d)(e)</sup> – (continued) | Internet<sup>(d)(e)</sup> – (continued) | Internet<sup>(d)(e)</sup> – (continued) |  |  |
| Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC |  |  |
| 984000 | 4.625% | 06/01/28 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962411 |
| Snap, Inc. | Snap, Inc. |  |  |  |
| 2295000 | 6.875 | 03/01/33 |  | 2172309 |
| 1610000 | 6.875 | 03/15/34 |  | 1513706 |
|  |  |  |  | 9912980 |
| Iron/Steel<sup>(d)</sup> – 0.2% | Iron/Steel<sup>(d)</sup> – 0.2% |  |  |  |
| Vale Overseas Ltd. | Vale Overseas Ltd. |  |  |  |
| 2700000 | 6.400 | 06/28/54 |  | 2716686 |
| Leisure Time<sup>(d)(e)</sup> – 0.4% | Leisure Time<sup>(d)(e)</sup> – 0.4% | Leisure Time<sup>(d)(e)</sup> – 0.4% |  |  |
| Acushnet Co. | Acushnet Co. |  |  |  |
| 1775000 | 5.625 | 12/01/33 |  | 1770704 |
| Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |  |  |
| 895000 | 5.625 | 09/30/31 |  | 904577 |
| Viking Cruises Ltd. | Viking Cruises Ltd. |  |  |  |
| 2680000 | 5.875 | 10/15/33 |  | 2650842 |
| VOC Escrow Ltd. | VOC Escrow Ltd. |  |  |  |
| 1700000 | 5.000 | 02/15/28 |  | 1693625 |
|  |  |  |  | 7019748 |
| Lodging<sup>(d)</sup> – 0.5% | Lodging<sup>(d)</sup> – 0.5% |  |  |  |
| Genting New York LLC/GENNY Capital, Inc. <sup>(e)</sup> | Genting New York LLC/GENNY Capital, Inc. <sup>(e)</sup> | Genting New York LLC/GENNY Capital, Inc. <sup>(e)</sup> | Genting New York LLC/GENNY Capital, Inc. <sup>(e)</sup> | Genting New York LLC/GENNY Capital, Inc. <sup>(e)</sup> |
| 2190000 | 7.250 | 10/01/29 |  | 2201695 |
| Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |  |  |
| 1174000 | 4.875 | 01/15/30 |  | 1156742 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. <sup>(e)</sup> | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. <sup>(e)</sup> | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. <sup>(e)</sup> | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. <sup>(e)</sup> | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. <sup>(e)</sup> |
| 1263000 | 5.000 | 06/01/29 |  | 1200494 |
| Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |  |  |
| 1370000 | 5.625 | 06/15/28 |  | 1386957 |
| 510000 | 6.000 | 06/14/30 |  | 523904 |
| MGM Resorts International | MGM Resorts International | MGM Resorts International |  |  |
| 1005000 | 4.750 | 10/15/28 |  | 988739 |
| Travel & Leisure Co. <sup>(e)</sup> | Travel & Leisure Co. <sup>(e)</sup> | Travel & Leisure Co. <sup>(e)</sup> |  |  |
| 525000 | 4.500 | 12/01/29 |  | 502446 |
|  |  |  |  | 7960977 |
| Machinery - Construction & Mining<sup>(d)(e)</sup> – 0.0% | Machinery - Construction & Mining<sup>(d)(e)</sup> – 0.0% | Machinery - Construction & Mining<sup>(d)(e)</sup> – 0.0% | Machinery - Construction & Mining<sup>(d)(e)</sup> – 0.0% | Machinery - Construction & Mining<sup>(d)(e)</sup> – 0.0% |
| Terex Corp. | Terex Corp. |  |  |  |
| 520000 | 6.250 | 10/15/32 |  | 523520 |
| Media<sup>(d)(e)</sup> – 0.8% | Media<sup>(d)(e)</sup> – 0.8% |  |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. |
| 1176000 | 5.125 | 05/01/27 |  | 1176212 |
| 610000 | 6.375 | 09/01/29 |  | 612428 |
| 934000 | 4.250 | 02/01/31 |  | 849725 |
| Directv Financing LLC | Directv Financing LLC | Directv Financing LLC |  |  |
| 1504000 | 8.875 | 02/01/30 |  | 1499383 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc. | Directv Financing LLC/Directv Financing Co-Obligor, Inc. | Directv Financing LLC/Directv Financing Co-Obligor, Inc. | Directv Financing LLC/Directv Financing Co-Obligor, Inc. | Directv Financing LLC/Directv Financing Co-Obligor, Inc. |
| 207000 | 5.875 | 08/15/27 |  | 206377 |
| iHeartCommunications, Inc. | iHeartCommunications, Inc. | iHeartCommunications, Inc. |  |  |
| 177332 | 10.875 | 05/01/30 |  | 113730 |
| McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. |  |  |
| 1345000 | 8.000 | 08/01/29 |  | 1343117 |
| Nexstar Media, Inc. | Nexstar Media, Inc. |  |  |  |
| 549000 | 5.625 | 07/15/27 |  | 549000 |
| 3900000 | 6.500 | 09/15/33 |  | 3930186 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |  |
| Media<sup>(d)(e)</sup> – (continued) | Media<sup>(d)(e)</sup> – (continued) | Media<sup>(d)(e)</sup> – (continued) |  |
| Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. |  |
| 1145000 | 8.125% | 02/15/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166950 |
| Sirius XM Radio LLC | Sirius XM Radio LLC |  |  |
| 1525000 | 4.000 | 07/15/28 | 1473729 |
|  |  |  | 12920837 |
| Metal Fabricate & Hardware<sup>(d)(e)</sup> – 0.0% | Metal Fabricate & Hardware<sup>(d)(e)</sup> – 0.0% | Metal Fabricate & Hardware<sup>(d)(e)</sup> – 0.0% |  |
| Advanced Drainage Systems, Inc. | Advanced Drainage Systems, Inc. | Advanced Drainage Systems, Inc. |  |
| 570000 | 5.375 | 03/01/34 | 555915 |
| Miscellaneous Manufacturing<sup>(d)(e)</sup> – 0.0% | Miscellaneous Manufacturing<sup>(d)(e)</sup> – 0.0% | Miscellaneous Manufacturing<sup>(d)(e)</sup> – 0.0% |  |
| Axon Enterprise, Inc. | Axon Enterprise, Inc. |  |  |
| 255000 | 6.125 | 03/15/30 | 260233 |
| 260000 | 6.250 | 03/15/33 | 265371 |
|  |  |  | 525604 |
| Oil Field Services – 2.1% | Oil Field Services – 2.1% | Oil Field Services – 2.1% |  |
| Aethon United BR LP/Aethon United Finance Corp. <sup>(d)(e)</sup> | Aethon United BR LP/Aethon United Finance Corp. <sup>(d)(e)</sup> | Aethon United BR LP/Aethon United Finance Corp. <sup>(d)(e)</sup> | Aethon United BR LP/Aethon United Finance Corp. <sup>(d)(e)</sup> |
| 478000 | 7.500 | 10/01/29 | 499199 |
| Archrock Partners LP/Archrock Partners Finance Corp. <sup>(d)(e)</sup> | Archrock Partners LP/Archrock Partners Finance Corp. <sup>(d)(e)</sup> | Archrock Partners LP/Archrock Partners Finance Corp. <sup>(d)(e)</sup> | Archrock Partners LP/Archrock Partners Finance Corp. <sup>(d)(e)</sup> |
| 620000 | 6.625 | 09/01/32 | 632220 |
| Archrock Services LP/Archrock Partners Finance Corp. <sup>(d)(e)</sup> | Archrock Services LP/Archrock Partners Finance Corp. <sup>(d)(e)</sup> | Archrock Services LP/Archrock Partners Finance Corp. <sup>(d)(e)</sup> | Archrock Services LP/Archrock Partners Finance Corp. <sup>(d)(e)</sup> |
| 3240000 | 6.000 | 02/01/34 | 3209349 |
| California Resources Corp. <sup>(d)(e)</sup> | California Resources Corp. <sup>(d)(e)</sup> | California Resources Corp. <sup>(d)(e)</sup> |  |
| 1375000 | 7.000 | 01/15/34 | 1383319 |
| Chord Energy Corp. <sup>(d)(e)</sup> | Chord Energy Corp. <sup>(d)(e)</sup> | Chord Energy Corp. <sup>(d)(e)</sup> |  |
| 2000000 | 6.750 | 03/15/33 | 2065400 |
| DNO ASA <sup>(d)</sup> | DNO ASA <sup>(d)</sup> |  |  |
| 2270000 | 8.500 | 03/27/30 | 2315400 |
| Ecopetrol SA <sup>(d)</sup> | Ecopetrol SA <sup>(d)</sup> |  |  |
| 15000 | 7.750 | 02/01/32 | 15165 |
| Kodiak Gas Services LLC <sup>(d)(e)</sup> | Kodiak Gas Services LLC <sup>(d)(e)</sup> | Kodiak Gas Services LLC <sup>(d)(e)</sup> |  |
| 240000 | 7.250 | 02/15/29 | 248698 |
| 1380000 | 5.875 | 04/01/31 | 1385823 |
| Matador Resources Co. <sup>(d)(e)</sup> | Matador Resources Co. <sup>(d)(e)</sup> | Matador Resources Co. <sup>(d)(e)</sup> |  |
| 696000 | 6.250 | 04/15/33 | 696209 |
| 5830000 | 6.000 | 04/15/34 | 5789773 |
| Murphy Oil Corp. <sup>(d)</sup> | Murphy Oil Corp. <sup>(d)</sup> |  |  |
| 712000 | 6.000 | 10/01/32 | 707237 |
| Nabors Industries, Inc. <sup>(d)(e)</sup> | Nabors Industries, Inc. <sup>(d)(e)</sup> | Nabors Industries, Inc. <sup>(d)(e)</sup> |  |
| 660000 | 9.125 | 01/31/30 | 692710 |
| Noble Finance II LLC <sup>(d)(e)</sup> | Noble Finance II LLC <sup>(d)(e)</sup> | Noble Finance II LLC <sup>(d)(e)</sup> |  |
| 800000 | 8.000 | 04/15/30 | 825640 |
| Northern Oil & Gas, Inc. <sup>(d)(e)</sup> | Northern Oil & Gas, Inc. <sup>(d)(e)</sup> | Northern Oil & Gas, Inc. <sup>(d)(e)</sup> |  |
| 2115000 | 7.875 | 10/15/33 | 2189892 |
| Petroleos Mexicanos | Petroleos Mexicanos |  |  |
| 110000 | 6.500 | 01/23/29 | 110285 |
| 1050000 | 8.750 <sup>(d)</sup> | 06/02/29 | 1103970 |
| 1060000 | 6.840 <sup>(d)</sup> | 01/23/30 | 1063604 |
| 320000 | 5.950 <sup>(d)</sup> | 01/28/31 | 306064 |
| 60000 | 6.700 <sup>(d)</sup> | 02/16/32 | 58725 |
| SESI LLC <sup>(d)(e)</sup> | SESI LLC <sup>(d)(e)</sup> |  |  |
| 1390000 | 7.875 | 09/30/30 | 1417369 |
| SM Energy Co. <sup>(d)(e)</sup> | SM Energy Co. <sup>(d)(e)</sup> |  |  |
| 330000 | 6.750 | 08/01/29 | 335204 |
| 530000 | 7.000 | 08/01/32 | 541103 |
| Sunoco LP/Sunoco Finance Corp. <sup>(d)</sup> | Sunoco LP/Sunoco Finance Corp. <sup>(d)</sup> | Sunoco LP/Sunoco Finance Corp. <sup>(d)</sup> |  |
| 895000 | 7.000 (e) | 09/15/28 | 913124 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **56** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) |
| 495000 | 4.500% | 05/15/29 | 482531 |
| Tidewater, Inc. <sup>(d)(e)</sup> | Tidewater, Inc. <sup>(d)(e)</sup> | Tidewater, Inc. <sup>(d)(e)</sup> | Tidewater, Inc. <sup>(d)(e)</sup> |
| 2540000 | 9.125 | 07/15/30 | 2711628 |
| Transocean International Ltd. <sup>(d)(e)</sup> | Transocean International Ltd. <sup>(d)(e)</sup> | Transocean International Ltd. <sup>(d)(e)</sup> | Transocean International Ltd. <sup>(d)(e)</sup> |
| 295000 | 8.250 | 05/15/29 | 304685 |
| 300000 | 8.500 | 05/15/31 | 315165 |
| USA Compression Partners LP/USA Compression Finance Corp. <sup>(d)(e)</sup> | USA Compression Partners LP/USA Compression Finance Corp. <sup>(d)(e)</sup> | USA Compression Partners LP/USA Compression Finance Corp. <sup>(d)(e)</sup> | USA Compression Partners LP/USA Compression Finance Corp. <sup>(d)(e)</sup> |
| 880000 | 7.125 | 03/15/29 | 900557 |
| Weatherford International Ltd. <sup>(d)(e)</sup> | Weatherford International Ltd. <sup>(d)(e)</sup> | Weatherford International Ltd. <sup>(d)(e)</sup> | Weatherford International Ltd. <sup>(d)(e)</sup> |
| 1340000 | 6.750 | 10/15/33 | 1365500 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34585548 |
| Packaging<sup>(d)</sup> – 0.2% | Packaging<sup>(d)</sup> – 0.2% | Packaging<sup>(d)</sup> – 0.2% | Packaging<sup>(d)</sup> – 0.2% |
| ARD Finance SA <sup>(h)</sup> (PIK 5.750%, Cash 5.000%) | ARD Finance SA <sup>(h)</sup> (PIK 5.750%, Cash 5.000%) | ARD Finance SA <sup>(h)</sup> (PIK 5.750%, Cash 5.000%) | ARD Finance SA <sup>(h)</sup> (PIK 5.750%, Cash 5.000%) |
| 249939 | 5.000 | 06/30/27 | 3447 |
| Crown Americas LLC | Crown Americas LLC | Crown Americas LLC | Crown Americas LLC |
| 2058000 | 5.250 | 04/01/30 | 2056415 |
| Sealed Air Corp./Sealed Air Corp. U.S. <sup>(e)</sup> | Sealed Air Corp./Sealed Air Corp. U.S. <sup>(e)</sup> | Sealed Air Corp./Sealed Air Corp. U.S. <sup>(e)</sup> | Sealed Air Corp./Sealed Air Corp. U.S. <sup>(e)</sup> |
| 1375000 | 6.125 | 02/01/28 | 1396051 |
|  |  |  | 3455913 |
| Pharmaceuticals<sup>(d)(e)</sup> – 0.5% | Pharmaceuticals<sup>(d)(e)</sup> – 0.5% | Pharmaceuticals<sup>(d)(e)</sup> – 0.5% | Pharmaceuticals<sup>(d)(e)</sup> – 0.5% |
| AdaptHealth LLC |  |  |  |
| 1355000 | 6.125 | 08/01/28 | 1352886 |
| Amneal Pharmaceuticals LLC | Amneal Pharmaceuticals LLC | Amneal Pharmaceuticals LLC | Amneal Pharmaceuticals LLC |
| 2600000 | 6.875 | 08/01/32 | 2677298 |
| Jazz Securities DAC | Jazz Securities DAC | Jazz Securities DAC | Jazz Securities DAC |
| 990000 | 4.375 | 01/15/29 | 962280 |
| Opal Bidco SAS | Opal Bidco SAS | Opal Bidco SAS | Opal Bidco SAS |
| 2209000 | 6.500 | 03/31/32 | 2210480 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV |
| 985000 | 4.125 | 04/30/28 | 954987 |
|  |  |  | 8157931 |
| Pipelines – 1.8% | Pipelines – 1.8% | Pipelines – 1.8% | Pipelines – 1.8% |
| Antero Midstream Partners LP/Antero Midstream Finance Corp. <sup>(d)(e)</sup> | Antero Midstream Partners LP/Antero Midstream Finance Corp. <sup>(d)(e)</sup> | Antero Midstream Partners LP/Antero Midstream Finance Corp. <sup>(d)(e)</sup> | Antero Midstream Partners LP/Antero Midstream Finance Corp. <sup>(d)(e)</sup> |
| 480000 | 5.375 | 06/15/29 | 478474 |
| Buckeye Partners LP <sup>(d)</sup> | Buckeye Partners LP <sup>(d)</sup> | Buckeye Partners LP <sup>(d)</sup> | Buckeye Partners LP <sup>(d)</sup> |
| 4276000 | 3.950 | 12/01/26 | 4236917 |
| 1070000 | 6.875 <sup>(e)</sup> | 07/01/29 | 1100431 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC <sup>(d)(e)</sup> | CQP Holdco LP/BIP-V Chinook Holdco LLC <sup>(d)(e)</sup> | CQP Holdco LP/BIP-V Chinook Holdco LLC <sup>(d)(e)</sup> | CQP Holdco LP/BIP-V Chinook Holdco LLC <sup>(d)(e)</sup> |
| 6281000 | 5.500 | 06/15/31 | 6128749 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp. <sup>(d)(e)</sup> | Delek Logistics Partners LP/Delek Logistics Finance Corp. <sup>(d)(e)</sup> | Delek Logistics Partners LP/Delek Logistics Finance Corp. <sup>(d)(e)</sup> | Delek Logistics Partners LP/Delek Logistics Finance Corp. <sup>(d)(e)</sup> |
| 3639000 | 8.625 | 03/15/29 | 3766401 |
| Excelerate Energy LP <sup>(d)(e)</sup> | Excelerate Energy LP <sup>(d)(e)</sup> | Excelerate Energy LP <sup>(d)(e)</sup> | Excelerate Energy LP <sup>(d)(e)</sup> |
| 1275000 | 8.000 | 05/15/30 | 1335065 |
| Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. |
| 240000 | 2.625 <sup>(e)</sup> | 03/31/36 | 203523 |
| 1663864 | 2.940 | 09/30/40 | 1347896 |
| Genesis Energy LP/Genesis Energy Finance Corp. <sup>(d)</sup> | Genesis Energy LP/Genesis Energy Finance Corp. <sup>(d)</sup> | Genesis Energy LP/Genesis Energy Finance Corp. <sup>(d)</sup> | Genesis Energy LP/Genesis Energy Finance Corp. <sup>(d)</sup> |
| 910000 | 7.875 | 05/15/32 | 937045 |
| 2970000 | 6.750 | 03/15/34 | 2957437 |
| Prairie Acquiror LP <sup>(d)(e)</sup> | Prairie Acquiror LP <sup>(d)(e)</sup> | Prairie Acquiror LP <sup>(d)(e)</sup> | Prairie Acquiror LP <sup>(d)(e)</sup> |
| 535000 | 9.000 | 08/01/29 | 553179 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. <sup>(d)(e)</sup> | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. <sup>(d)(e)</sup> | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. <sup>(d)(e)</sup> | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. <sup>(d)(e)</sup> |
| 710000 | 7.375 | 02/15/29 | 729752 |
| TransMontaigne Partners LLC <sup>(d)(e)</sup> | TransMontaigne Partners LLC <sup>(d)(e)</sup> | TransMontaigne Partners LLC <sup>(d)(e)</sup> | TransMontaigne Partners LLC <sup>(d)(e)</sup> |
| 3756000 | 8.500 | 06/15/30 | 3807908 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Pipelines – (continued) | Pipelines – (continued) | Pipelines – (continued) | Pipelines – (continued) | Pipelines – (continued) |
| Venture Global LNG, Inc. <sup>(d)(e)</sup> | Venture Global LNG, Inc. <sup>(d)(e)</sup> | Venture Global LNG, Inc. <sup>(d)(e)</sup> | Venture Global LNG, Inc. <sup>(d)(e)</sup> | Venture Global LNG, Inc. <sup>(d)(e)</sup> |
| $| 1310000 | 9.500% | 02/01/29 | 1417001 |
|  Venture Global Plaquemines LNG LLC <sup>(d)(e)</sup> | Venture Global Plaquemines LNG LLC <sup>(d)(e)</sup> | Venture Global Plaquemines LNG LLC <sup>(d)(e)</sup> | Venture Global Plaquemines LNG LLC <sup>(d)(e)</sup> | Venture Global Plaquemines LNG LLC <sup>(d)(e)</sup> |
|  | 1280000 | 6.750 | 01/15/36 | 1354381 |
|  |  |  |  | 30354159 |
| Real Estate Investment Trust<sup>(d)</sup> – 0.2% | Real Estate Investment Trust<sup>(d)</sup> – 0.2% | Real Estate Investment Trust<sup>(d)</sup> – 0.2% | Real Estate Investment Trust<sup>(d)</sup> – 0.2% |  |
|  Iron Mountain, Inc. <sup>(e)</sup> | Iron Mountain, Inc. <sup>(e)</sup> | Iron Mountain, Inc. <sup>(e)</sup> | Iron Mountain, Inc. <sup>(e)</sup> |  |
|  | 1460000 | 7.000 | 02/15/29 | 1488645 |
|  MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. |
|  | 903000 | 4.625 | 08/01/29 | 703437 |
|  RHP Hotel Properties LP/RHP Finance Corp. <sup>(e)</sup> | RHP Hotel Properties LP/RHP Finance Corp. <sup>(e)</sup> | RHP Hotel Properties LP/RHP Finance Corp. <sup>(e)</sup> | RHP Hotel Properties LP/RHP Finance Corp. <sup>(e)</sup> | RHP Hotel Properties LP/RHP Finance Corp. <sup>(e)</sup> |
|  | 875000 | 5.750 | 03/15/34 | 863581 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3055663 |
| Retailing<sup>(d)(e)</sup> – 0.6% | Retailing<sup>(d)(e)</sup> – 0.6% | Retailing<sup>(d)(e)</sup> – 0.6% | Retailing<sup>(d)(e)</sup> – 0.6% |  |
|  Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. |
|  | 510000 | 4.625 | 11/15/29 | 492701 |
|  Cougar JV Subsidiary LLC | Cougar JV Subsidiary LLC | Cougar JV Subsidiary LLC | Cougar JV Subsidiary LLC | Cougar JV Subsidiary LLC |
|  | 1114000 | 8.000 | 05/15/32 | 1153803 |
|  Group 1 Automotive, Inc. | Group 1 Automotive, Inc. | Group 1 Automotive, Inc. | Group 1 Automotive, Inc. | Group 1 Automotive, Inc. |
|  | 219000 | 4.000 | 08/15/28 | 211696 |
|  LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC |
|  | 1273000 | 4.875 | 05/01/29 | 1240449 |
|  Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. |  |
|  | 520000 | 3.875 | 06/01/29 | 495482 |
|  Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. |  |
|  | 3395000 | 8.500 | 03/15/33 | 3306017 |
|  | 2014000 | 11.000 | 03/15/34 | 1878639 |
|  Sonic Automotive, Inc. | Sonic Automotive, Inc. | Sonic Automotive, Inc. | Sonic Automotive, Inc. | Sonic Automotive, Inc. |
|  | 1411000 | 4.625 | 11/15/29 | 1367598 |
|  |  |  |  | 10146385 |
| Semiconductors<sup>(d)(e)</sup> – 0.1% | Semiconductors<sup>(d)(e)</sup> – 0.1% | Semiconductors<sup>(d)(e)</sup> – 0.1% | Semiconductors<sup>(d)(e)</sup> – 0.1% | Semiconductors<sup>(d)(e)</sup> – 0.1% |
|  Amkor Technology, Inc. | Amkor Technology, Inc. | Amkor Technology, Inc. | Amkor Technology, Inc. | Amkor Technology, Inc. |
|  | 1640000 | 5.875 | 10/01/33 | 1633325 |
|  Entegris, Inc. | Entegris, Inc. | Entegris, Inc. | Entegris, Inc. |  |
|  | 470000 | 5.950 | 06/15/30 | 474127 |
|  |  |  |  | 2107452 |
| Software<sup>(d)</sup> – 1.3% | Software<sup>(d)</sup> – 1.3% | Software<sup>(d)</sup> – 1.3% | Software<sup>(d)</sup> – 1.3% |  |
|  Clarivate Science Holdings Corp. <sup>(e)</sup> | Clarivate Science Holdings Corp. <sup>(e)</sup> | Clarivate Science Holdings Corp. <sup>(e)</sup> | Clarivate Science Holdings Corp. <sup>(e)</sup> | Clarivate Science Holdings Corp. <sup>(e)</sup> |
|  | 340000 | 3.875 | 07/01/28 | 320991 |
|  Cloud Software Group, Inc. <sup>(e)</sup> | Cloud Software Group, Inc. <sup>(e)</sup> | Cloud Software Group, Inc. <sup>(e)</sup> | Cloud Software Group, Inc. <sup>(e)</sup> | Cloud Software Group, Inc. <sup>(e)</sup> |
|  | 3861000 | 6.625 | 08/15/33 | 3437024 |
|  CoreWeave, Inc. <sup>(e)</sup> | CoreWeave, Inc. <sup>(e)</sup> | CoreWeave, Inc. <sup>(e)</sup> | CoreWeave, Inc. <sup>(e)</sup> |  |
|  | 807000 | 9.250 | 06/01/30 | 784872 |
|  | 2550000 | 9.000 | 02/01/31 | 2425254 |
|  Fair Isaac Corp. <sup>(e)</sup> | Fair Isaac Corp. <sup>(e)</sup> | Fair Isaac Corp. <sup>(e)</sup> | Fair Isaac Corp. <sup>(e)</sup> |  |
|  | 1632000 | 6.000 | 05/15/33 | 1601237 |
|  | 2175000 | 6.250 | 09/15/34 | 2137394 |
|  OAK-Eagle Acquireco, Inc. <sup>(e)</sup> | OAK-Eagle Acquireco, Inc. <sup>(e)</sup> | OAK-Eagle Acquireco, Inc. <sup>(e)</sup> | OAK-Eagle Acquireco, Inc. <sup>(e)</sup> | OAK-Eagle Acquireco, Inc. <sup>(e)</sup> |
|  | 465000 | 7.250 | 07/01/33 | 481587 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |  |
|  | 3685000 | 5.350 | 05/04/33 | 3585394 |
|  | 4000000 | 5.700 | 02/04/36 | 3845680 |
|  | 1560000 | 6.700 | 02/04/56 | 1444966 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **57** |

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------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |  |
| Software<sup>(d)</sup> – (continued) | Software<sup>(d)</sup> – (continued) | Software<sup>(d)</sup> – (continued) |  |
| Twilio, Inc. | Twilio, Inc. |  |  |
| 525000 | 3.625% | 03/15/29 | $501616 |
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp. <sup>(e)</sup> | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. <sup>(e)</sup> | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. <sup>(e)</sup> | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. <sup>(e)</sup> |
| 1440000 | 3.875 | 02/01/29 | 1197619 |
|  |  |  | 21763634 |
| Sovereign<sup>(d)(e)</sup> – 0.2% | Sovereign<sup>(d)(e)</sup> – 0.2% |  |  |
| Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |  |
| 3300000 | 5.500 | 08/17/30 | 3308250 |
| Telecommunication Services<sup>(d)</sup> – 0.8% | Telecommunication Services<sup>(d)</sup> – 0.8% | Telecommunication Services<sup>(d)</sup> – 0.8% |  |
| APLD ComputeCo LLC <sup>(e)</sup> | APLD ComputeCo LLC <sup>(e)</sup> | APLD ComputeCo LLC <sup>(e)</sup> |  |
| 1840000 | 9.250 | 12/15/30 | 1895936 |
| Black Pearl Compute LLC <sup>(e)</sup> | Black Pearl Compute LLC <sup>(e)</sup> | Black Pearl Compute LLC <sup>(e)</sup> |  |
| 3575000 | 6.125 | 02/15/31 | 3640458 |
| Digicel International Finance Ltd./Difl U.S. LLC | Digicel International Finance Ltd./Difl U.S. LLC | Digicel International Finance Ltd./Difl U.S. LLC | Digicel International Finance Ltd./Difl U.S. LLC |
| 1510000 | 8.625 | 08/01/32 | 1532344 |
| Level 3 Financing, Inc. <sup>(e)</sup> | Level 3 Financing, Inc. <sup>(e)</sup> | Level 3 Financing, Inc. <sup>(e)</sup> |  |
| 2665000 | 7.000 | 03/31/34 | 2728587 |
| SV RNO Property Owner 1 LLC <sup>(e)</sup> | SV RNO Property Owner 1 LLC <sup>(e)</sup> | SV RNO Property Owner 1 LLC <sup>(e)</sup> |  |
| 3305000 | 5.875 | 03/01/31 | 3275156 |
|  |  |  | 13072481 |
| Transportation<sup>(d)(e)</sup> – 0.2% | Transportation<sup>(d)(e)</sup> – 0.2% | Transportation<sup>(d)(e)</sup> – 0.2% |  |
| Beacon Mobility Corp. | Beacon Mobility Corp. |  |  |
| 2610000 | 7.250 | 08/01/30 | 2694251 |
| Rand Parent LLC | Rand Parent LLC |  |  |
| 725000 | 8.500 | 02/15/30 | 745931 |
|  |  |  | 3440182 |
| Trucking & Leasing<sup>(d)(e)</sup> – 0.1% | Trucking & Leasing<sup>(d)(e)</sup> – 0.1% | Trucking & Leasing<sup>(d)(e)</sup> – 0.1% |  |
| FTAI Aviation Investors LLC | FTAI Aviation Investors LLC | FTAI Aviation Investors LLC |  |
| 1060000 | 5.500 | 05/01/28 | 1059618 |
| **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $332,276,910)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $332,276,910)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $332,276,910)** | $328081761 |
| Sovereign Debt Obligations – 4.5% | Sovereign Debt Obligations – 4.5% | Sovereign Debt Obligations – 4.5% |  |
| Euro – 0.2% | Euro – 0.2% |  |  |
| Indonesia Government International Bonds <sup>(d)</sup> | Indonesia Government International Bonds <sup>(d)</sup> | Indonesia Government International Bonds <sup>(d)</sup> | Indonesia Government International Bonds <sup>(d)</sup> |
| 1480000 | 4.100% | 03/04/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1641171 |
| Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
| 530000 | 4.875 | 01/30/32 | 568493 |
| Romania Government International Bonds <sup>(e)</sup> | Romania Government International Bonds <sup>(e)</sup> | Romania Government International Bonds <sup>(e)</sup> | Romania Government International Bonds <sup>(e)</sup> |
| 1250000 | 3.624 | 05/26/30 | 1379103 |
|  |  |  | 3588767 |
| United States Dollar – 4.3% | United States Dollar – 4.3% | United States Dollar – 4.3% |  |
| Argentina Republic Government International Bonds <sup>(d)(f)</sup> | Argentina Republic Government International Bonds <sup>(d)(f)</sup> | Argentina Republic Government International Bonds <sup>(d)(f)</sup> | Argentina Republic Government International Bonds <sup>(d)(f)</sup> |
| 3100000 | 4.125 | 07/09/35 | 2241300 |
| Benin Government International Bonds | Benin Government International Bonds | Benin Government International Bonds |  |
| 2240000 | 7.960 | 02/13/38 | 2191450 |
| Colombia Government International Bonds <sup>(d)</sup> | Colombia Government International Bonds <sup>(d)</sup> | Colombia Government International Bonds <sup>(d)</sup> | Colombia Government International Bonds <sup>(d)</sup> |
| 1070000 | 5.375 | 01/21/29 | 1061975 |
| 2660000 | 7.375 | 04/25/30 | 2761080 |
| Congolese International Bonds | Congolese International Bonds | Congolese International Bonds |  |
| 2550000 | 9.875 | 11/07/32 | 2381955 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) |  |
| United States Dollar – (continued) | United States Dollar – (continued) | United States Dollar – (continued) |  |
| Costa Rica Government International Bonds | Costa Rica Government International Bonds | Costa Rica Government International Bonds |  |
| 4110000 | 5.625% | 04/30/43 | $3822300 |
| Dominican Republic International Bonds <sup>(d)(e)</sup> | Dominican Republic International Bonds <sup>(d)(e)</sup> | Dominican Republic International Bonds <sup>(d)(e)</sup> |  |
| 1260000 | 5.750 | 03/17/34 | 1199520 |
| 1250000 | 6.150 | 05/17/38 | 1179433 |
| Ecuador Government International Bonds <sup>(e)</sup> | Ecuador Government International Bonds <sup>(e)</sup> | Ecuador Government International Bonds <sup>(e)</sup> |  |
| 1330000 | 8.750 | 01/29/34 | 1305728 |
| 580000 | 9.250 | 01/29/39 | 568980 |
| Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds |  |
| 2070000 | 9.450 | 02/04/33 | 2165862 |
| Egyptian Financial Co. for Sovereign Taskeek <sup>(e)</sup> | Egyptian Financial Co. for Sovereign Taskeek <sup>(e)</sup> | Egyptian Financial Co. for Sovereign Taskeek <sup>(e)</sup> |  |
| 420000 | 7.950 | 10/07/32 | 421890 |
| El Salvador Government International Bonds <sup>(d)</sup> | El Salvador Government International Bonds <sup>(d)</sup> | El Salvador Government International Bonds <sup>(d)</sup> |  |
| 2040000 | 9.500 | 07/15/52 | 2163190 |
| Ghana Government International Bonds <sup>(f)</sup> | Ghana Government International Bonds <sup>(f)</sup> | Ghana Government International Bonds <sup>(f)</sup> |  |
| 2570000 | 5.000 | 07/03/35 | 2184500 |
| Guatemala Government Bonds <sup>(d)</sup> | Guatemala Government Bonds <sup>(d)</sup> | Guatemala Government Bonds <sup>(d)</sup> |  |
| 3150000 | 7.050 | 10/04/32 | 3370500 |
| 1160000 | 6.250 <sup>(e)</sup> | 08/15/36 | 1179430 |
| Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |  |
| 3440000 | 6.750 | 09/25/52 | 3546158 |
| Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |  |
| 1190000 | 7.625 | 01/30/33 | 1209933 |
| 1896000 | 6.125 | 06/15/33 | 1780818 |
| 560000 | 8.075 <sup>(e)</sup> | 04/01/36 | 569009 |
| 2590000 | 6.750 <sup>(e)</sup> | 02/25/41 | 2266250 |
| Mongolia Government International Bonds | Mongolia Government International Bonds | Mongolia Government International Bonds |  |
| 2510000 | 4.450 | 07/07/31 | 2311239 |
| National Bank of Uzbekistan <sup>(d)</sup> | National Bank of Uzbekistan <sup>(d)</sup> | National Bank of Uzbekistan <sup>(d)</sup> |  |
| 2260000 | 7.200 | 07/17/30 | 2302375 |
| Nigeria Government International Bonds | Nigeria Government International Bonds | Nigeria Government International Bonds |  |
| 910000 | 7.143 | 02/23/30 | 914514 |
| 1260000 | 7.875 | 02/16/32 | &nbsp;&nbsp;&nbsp;&nbsp;1272915 |
| Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds |
| 1090000 | 6.125 <sup>(e)</sup> | 12/11/37 | 1011934 |
| 2360000 | 7.950 | 11/19/54 | 2332270 |
| 1900000 | 7.250 <sup>(e)</sup> | 12/11/55 | 1737550 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |  |
| 930000 | 3.000 | 02/14/31 | 816494 |
| 6350000 | 5.750 <sup>(e)</sup> | 07/04/36 | 5880854 |
| 1740000 | 7.500 | 02/10/37 | 1827661 |
| Sri Lanka Government International Bonds <sup>(f)</sup> | Sri Lanka Government International Bonds <sup>(f)</sup> | Sri Lanka Government International Bonds <sup>(f)</sup> |  |
| 2590000 | 3.350 | 03/15/33 | 2154232 |
| Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds |  |
| 1170000 | 7.125 | 07/17/32 | 1164337 |
| 2100000 | 6.800 | 11/04/36 | 1981875 |
| Ukraine Government International Bonds <sup>(e)(f)</sup> | Ukraine Government International Bonds <sup>(e)(f)</sup> | Ukraine Government International Bonds <sup>(e)(f)</sup> |  |
| 3020000 | 4.000 | 02/01/32 | 2174400 |
| Venezuela Government International Bonds <sup>(i)</sup> | Venezuela Government International Bonds <sup>(i)</sup> | Venezuela Government International Bonds <sup>(i)</sup> |  |
| 6610000 | 7.650 | 04/21/25 | 2743150 |
| Zambia Government International Bonds | Zambia Government International Bonds | Zambia Government International Bonds |  |
| 3200000 | 0.500 | 12/31/53 | 2080968 |
|  |  |  | 72278029 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $79,347,165)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $79,347,165)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $79,347,165)** | $75866796 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **58** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Bank Loans<sup>(j)</sup>–3.4% | Bank Loans<sup>(j)</sup>–3.4% |  |  |  |
| Aerospace & Defense–0.2% | Aerospace & Defense–0.2% | Aerospace & Defense–0.2% |  |  |
| Bleriot U.S. Bidco, Inc. | Bleriot U.S. Bidco, Inc. | Bleriot U.S. Bidco, Inc. |  |  |
| (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) |  |  |
| 687776 | 6.200% | 10/31/30 | $| 688264 |
| Kaman Corp. | Kaman Corp. |  |  |  |
| (1 mo. USD Term SOFR + 2.500%)–(3 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%)–(3 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%)–(3 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%)–(3 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%)–(3 mo. USD Term SOFR + 2.500%) |
| 2176655 | 6.168– |  |  |  |
|  | 6.200 | 02/26/32 |  | 2176242 |
| (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) |  |  |
| 40352 | 6.200 | 02/26/32 |  | 39853 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2904359 |
| Automotive–0.0% | Automotive–0.0% |  |  |  |
| First Brands Group LLC | First Brands Group LLC | First Brands Group LLC |  |  |
| (1 mo. USD Term SOFR + 10.000%) | (1 mo. USD Term SOFR + 10.000%) | (1 mo. USD Term SOFR + 10.000%) |  |  |
| 1502 | 13.671 | 06/29/26 |  | 303 |
| Banks–0.1% | Banks–0.1% |  |  |  |
| Nouryon Finance BV | Nouryon Finance BV |  |  |  |
| (6 mo. USD Term SOFR + 3.250%) | (6 mo. USD Term SOFR + 3.250%) | (6 mo. USD Term SOFR + 3.250%) |  |  |
| 1225717 | 7.036 | 04/03/28 |  | 1199670 |
| Building & Construction–0.2% | Building & Construction–0.2% | Building & Construction–0.2% |  |  |
| AAL Delaware Holdco, Inc. | AAL Delaware Holdco, Inc. | AAL Delaware Holdco, Inc. |  |  |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |  |  |
| 2487204 | 6.418 | 07/30/31 |  | 2481757 |
| KKR Apple Bidco LLC | KKR Apple Bidco LLC | KKR Apple Bidco LLC |  |  |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |  |  |
| 1436812 | 6.168 | 09/23/31 |  | 1436813 |
|  |  |  |  | 3918570 |
| Commercial Services–0.4% | Commercial Services–0.4% | Commercial Services–0.4% |  |  |
| Anticimex International AB | Anticimex International AB | Anticimex International AB |  |  |
| (3 mo. USD Term SOFR + 2.900%) | (3 mo. USD Term SOFR + 2.900%) | (3 mo. USD Term SOFR + 2.900%) |  |  |
| 2550539 | 6.560 | 11/17/31 |  | 2551074 |
| Fleet Midco I Ltd. | Fleet Midco I Ltd. |  |  |  |
| (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) |  |  |
| 3460674 | 6.419 | 02/21/31 |  | 3460675 |
|  |  |  |  | 6011749 |
| Consumer Cyclical Services–0.4% | Consumer Cyclical Services–0.4% | Consumer Cyclical Services–0.4% |  |  |
| Hertz Corp. | Hertz Corp. |  |  |  |
| (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) |  |  |
| 5305957 | 7.282 | 06/30/28 |  | 3913143 |
| IRB Holding Corp. | IRB Holding Corp. |  |  |  |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |  |  |
| 2332995 | 6.176 | 12/16/30 |  | 2325949 |
|  |  |  |  | 6239092 |
| Diversified Financial Services–0.4% | Diversified Financial Services–0.4% | Diversified Financial Services–0.4% |  |  |
| Deep Blue Operating I LLC | Deep Blue Operating I LLC | Deep Blue Operating I LLC |  |  |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |  |  |
| 2800000 | 6.421 | 10/01/32 |  | 2807000 |
| GEN II Fund Services LLC | GEN II Fund Services LLC | GEN II Fund Services LLC |  |  |
| (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) |  |  |
| 1381050 | 6.450 | 11/26/31 |  | 1362640 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(j)</sup>–(continued) | Bank Loans<sup>(j)</sup>–(continued) | Bank Loans<sup>(j)</sup>–(continued) |  |
| Diversified Financial Services–(continued) | Diversified Financial Services–(continued) | Diversified Financial Services–(continued) |  |
| VFH Parent LLC | VFH Parent LLC |  |  |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |  |
| 1806750 | 6.168% | 06/21/31 | $1803733 |
|  |  |  | 5973373 |
| Diversified Manufacturing–0.1% | Diversified Manufacturing–0.1% | Diversified Manufacturing–0.1% |  |
| Chart Industries, Inc. | Chart Industries, Inc. |  |  |
| (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) |  |
| 2068915 | 6.161 | 03/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064384 |
| Electrical–0.0% | Electrical–0.0% |  |  |
| Kohler Energy Co. LLC | Kohler Energy Co. LLC | Kohler Energy Co. LLC |  |
| (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) |  |
| 482078 | 6.700 | 05/01/31 | 480873 |
| Energy - Exploration & Production–0.1% | Energy - Exploration & Production–0.1% | Energy - Exploration & Production–0.1% |  |
| CQP Holdco LP | CQP Holdco LP |  |  |
| (3 mo. USD Term SOFR + 1.750%) | (3 mo. USD Term SOFR + 1.750%) | (3 mo. USD Term SOFR + 1.750%) |  |
| 2351295 | 5.450 | 12/31/32 | 2338080 |
| Entertainment–0.1% | Entertainment–0.1% |  |  |
| Crown Finance U.S., Inc. | Crown Finance U.S., Inc. | Crown Finance U.S., Inc. |  |
| (1 mo. USD Term SOFR + 4.500%) | (1 mo. USD Term SOFR + 4.500%) | (1 mo. USD Term SOFR + 4.500%) |  |
| 1481306 | 8.171 | 12/02/31 | 1464405 |
| Food & Beverages–0.1% | Food & Beverages–0.1% | Food & Beverages–0.1% |  |
| Sazerac Co., Inc. | Sazerac Co., Inc. |  |  |
| (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) |  |
| 1620937 | 5.670 | 07/09/32 | 1618684 |
| Healthcare–0.1% | Healthcare–0.1% |  |  |
| LifePoint Health, Inc. | LifePoint Health, Inc. |  |  |
| (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) |  |
| 932072 | 7.422 | 05/19/31 | 931839 |
| Insurance–0.1% | Insurance–0.1% |  |  |
| Broadstreet Partners, Inc. | Broadstreet Partners, Inc. | Broadstreet Partners, Inc. |  |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |  |
| 2242717 | 6.168 | 06/13/31 | 2184698 |
| Internet–0.1% | Internet–0.1% |  |  |
| BEP Intermediate Holdco LLC | BEP Intermediate Holdco LLC | BEP Intermediate Holdco LLC |  |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |  |
| 540427 | 6.418 | 04/25/31 | 539075 |
| Plano HoldCo, Inc. | Plano HoldCo, Inc. |  |  |
| (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) |  |
| 861579 | 7.200 | 10/02/31 | 689264 |
|  |  |  | 1228339 |
| Machinery–0.1% | Machinery–0.1% |  |  |
| TK Elevator Midco GmbH | TK Elevator Midco GmbH | TK Elevator Midco GmbH |  |
| (6 mo. USD Term SOFR + 2.750%) | (6 mo. USD Term SOFR + 2.750%) | (6 mo. USD Term SOFR + 2.750%) |  |
| 2352418 | 6.377 | 04/30/30 | 2356182 |
| Media - Cable–0.0% | Media - Cable–0.0% |  |  |
| iHeartCommunications, Inc. | iHeartCommunications, Inc. | iHeartCommunications, Inc. |  |
| (1 mo. USD Term SOFR + 5.775%) | (1 mo. USD Term SOFR + 5.775%) | (1 mo. USD Term SOFR + 5.775%) |  |
| 600828 | 9.557 | 05/01/29 | 524878 |
| Midstream–0.1% | Midstream–0.1% |  |  |
| AL GCX Holdings LLC | AL GCX Holdings LLC | AL GCX Holdings LLC |  |
| (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) |  |
| 500000 | 5.923 | 12/17/32 | 499530 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **59** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(j)</sup>–(continued) | Bank Loans<sup>(j)</sup>–(continued) | Bank Loans<sup>(j)</sup>–(continued) |  |
| Midstream–(continued) | Midstream–(continued) | Midstream–(continued) |  |
| Prairie ECI Acquiror LP | Prairie ECI Acquiror LP | Prairie ECI Acquiror LP |  |
| (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) |  |
| 1970137 | 6.918% | 08/01/29 | $1971615 |
|  |  |  | 2471145 |
| Pipelines–0.1% | Pipelines–0.1% |  |  |
| WhiteWater DBR HoldCo LLC | WhiteWater DBR HoldCo LLC | WhiteWater DBR HoldCo LLC |  |
| (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) |  |
| 1649927 | 5.950 | 03/03/31 | 1651577 |
| Retailers–0.1% | Retailers–0.1% |  |  |
| Harbor Freight Tools USA, Inc. | Harbor Freight Tools USA, Inc. | Harbor Freight Tools USA, Inc. |  |
| (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) |  |
| 2388625 | 5.918 | 06/11/31 | 2361108 |
| Technology–0.3% | Technology–0.3% |  |  |
| Go Daddy Operating Co. LLC | Go Daddy Operating Co. LLC | Go Daddy Operating Co. LLC |  |
| (1 mo. USD Term SOFR + 1.750%) | (1 mo. USD Term SOFR + 1.750%) | (1 mo. USD Term SOFR + 1.750%) |  |
| 4164430 | 5.418 | 11/09/29 | 4098507 |
| McAfee LLC | McAfee LLC |  |  |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |  |
| 1112817 | 6.668 | 03/01/29 | 990407 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5088914 |
| Technology - Software–0.3% | Technology - Software–0.3% | Technology - Software–0.3% |  |
| Athenahealth Group, Inc. | Athenahealth Group, Inc. | Athenahealth Group, Inc. |  |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |  |
| 1694714 | 6.418 | 02/15/29 | 1660819 |
| Camelot U.S. Acquisition LLC | Camelot U.S. Acquisition LLC | Camelot U.S. Acquisition LLC |  |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |  |
| 1831968 | 6.418 | 01/31/31 | 1576647 |
| Epicor Software Corp. | Epicor Software Corp. | Epicor Software Corp. |  |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |  |
| 389075 | 6.168 | 05/30/31 | 381196 |
| Travelport Finance (Luxembourg) SARL | Travelport Finance (Luxembourg) SARL | Travelport Finance (Luxembourg) SARL |  |
| (3 mo. USD Term SOFR + 7.000%) | (3 mo. USD Term SOFR + 7.000%) | (3 mo. USD Term SOFR + 7.000%) |  |
| 12736 | 10.922 | 09/30/28 | 9479 |
| UKG, Inc. | UKG, Inc. |  |  |
| (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) |  |
| 673630 | 6.167 | 02/10/31 | 642731 |
|  |  |  | 4270872 |
| **TOTAL BANK LOANS**<br> **(Cost $58,299,398)** | **TOTAL BANK LOANS**<br> **(Cost $58,299,398)** | **TOTAL BANK LOANS**<br> **(Cost $58,299,398)** | $57283094 |
| Municipal Debt Obligations – 0.4% | Municipal Debt Obligations – 0.4% | Municipal Debt Obligations – 0.4% |  |
| Illinois – 0.4% | Illinois – 0.4% |  |  |
| Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 |
| 3192857 | 7.350% | 07/01/35 | $3432811 |
| Illinois State GO Bonds Taxable-Pension Series 2003 | Illinois State GO Bonds Taxable-Pension Series 2003 | Illinois State GO Bonds Taxable-Pension Series 2003 | Illinois State GO Bonds Taxable-Pension Series 2003 |
| 3734510 | 5.100 | 06/01/33 | 3804003 |
| TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $7,134,831) | TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $7,134,831) | TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $7,134,831) | $7236814 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Description** | **Value** |
| Common Stocks<sup>(i)</sup> –0.1% | Common Stocks<sup>(i)</sup> –0.1% | Common Stocks<sup>(i)</sup> –0.1% | Common Stocks<sup>(i)</sup> –0.1% |  |
| Containers & Packaging<sup>(k</sup><sup>)</sup>–0.0% | Containers & Packaging<sup>(k</sup><sup>)</sup>–0.0% | Containers & Packaging<sup>(k</sup><sup>)</sup>–0.0% | Containers & Packaging<sup>(k</sup><sup>)</sup>–0.0% | Containers & Packaging<sup>(k</sup><sup>)</sup>–0.0% |
|  | 10317 | Ardagh Holdings SA | Ardagh Holdings SA | $72219 |
| Media – 0.1% | Media – 0.1% | Media – 0.1% | Media – 0.1% | Media – 0.1% |
|  | 242215 | iHeartMedia, Inc. Class A | iHeartMedia, Inc. Class A | 707268 |
| **TOTAL COMMON STOCKS**<br> **(Cost $688,068)** | **TOTAL COMMON STOCKS**<br> **(Cost $688,068)** | **TOTAL COMMON STOCKS**<br> **(Cost $688,068)** | **TOTAL COMMON STOCKS**<br> **(Cost $688,068)** | $779487 |
|  | **Units** | **Expiration<br>Date** |  | **Value** |
| Rights – 0.0% | Rights – 0.0% | Rights – 0.0% | Rights – 0.0% |  |
|  Cineworld Group PLC | Cineworld Group PLC | Cineworld Group PLC | Cineworld Group PLC | Cineworld Group PLC |
|  | 16800 | 12/31/99 |  | $295193 |
| (Cost $426,888) | (Cost $426,888) | (Cost $426,888) | (Cost $426,888) |  |
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| U.S. Treasury Obligations – 17.0% | U.S. Treasury Obligations – 17.0% | U.S. Treasury Obligations – 17.0% | U.S. Treasury Obligations – 17.0% |  |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  $ | 114740000 | 4.375% | 08/15/43 | $108303803 |
|  | 13490000 | 4.750 | 02/15/45 | 13256033 |
|  U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds |
|  | 54840852 | 1.500 | 02/15/53 | 42017519 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  | 11400 | 3.875 | 11/30/29 | 11398 |
|  | 63790000 | 4.125 <sup>(l)</sup> | 11/30/29 | 64318261 |
|  | 56500000 | 4.125 | 03/31/32 | 56698633 |
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $287,136,895) | TOTAL U.S. TREASURY OBLIGATIONS (Cost $287,136,895) | TOTAL U.S. TREASURY OBLIGATIONS (Cost $287,136,895) | TOTAL U.S. TREASURY OBLIGATIONS (Cost $287,136,895) | $284605647 |
|  | **Shares** | **Dividend<br>Rate** |  | **Value** |
| Investment Company<sup>(m)</sup> –0.7% | Investment Company<sup>(m)</sup> –0.7% | Investment Company<sup>(m)</sup> –0.7% | Investment Company<sup>(m)</sup> –0.7% |  |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
|  | 11043036 | 3.553% |  | $11043036 |
| (Cost $11,043,036) | (Cost $11,043,036) | (Cost $11,043,036) | (Cost $11,043,036) |  |
| TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 115.6%<br>(Cost $1,950,263,760) | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 115.6%<br>(Cost $1,950,263,760) | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 115.6%<br>(Cost $1,950,263,760) | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 115.6%<br>(Cost $1,950,263,760) | $&nbsp;&nbsp;&nbsp;&nbsp;1937511973 |
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Short-term Investments – 9.9% | Short-term Investments – 9.9% | Short-term Investments – 9.9% | Short-term Investments – 9.9% |  |
| Certificates of Deposit – 0.6% | Certificates of Deposit – 0.6% | Certificates of Deposit – 0.6% | Certificates of Deposit – 0.6% |  |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  $ | 10100000 | 4.000% | 04/24/26 | $10101130 |
| Commercial Paper – 9.3% | Commercial Paper – 9.3% | Commercial Paper – 9.3% | Commercial Paper – 9.3% |  |
|  Air Lease Corp.<sup>(e)(n)</sup> | Air Lease Corp.<sup>(e)(n)</sup> | Air Lease Corp.<sup>(e)(n)</sup> | Air Lease Corp.<sup>(e)(n)</sup> | Air Lease Corp.<sup>(e)(n)</sup> |
|  | 10000000 | 0.000 | 04/02/26 | 9997702 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **60** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) |
| Commercial Paper – (continued) | Commercial Paper – (continued) | Commercial Paper – (continued) | Commercial Paper – (continued) |  |
|  Alexandria Real Estate Equities, Inc.<sup>(e)(n)</sup> | Alexandria Real Estate Equities, Inc.<sup>(e)(n)</sup> | Alexandria Real Estate Equities, Inc.<sup>(e)(n)</sup> | Alexandria Real Estate Equities, Inc.<sup>(e)(n)</sup> | Alexandria Real Estate Equities, Inc.<sup>(e)(n)</sup> |
| $| 4545000 | 0.000% | 04/06/26 | $4542047 |
|  | 10000000 | 0.000 | 04/10/26 | 9989149 |
|  Bell Telephone Co. of Canada or Bell Canada<sup>(e)(n)</sup> | Bell Telephone Co. of Canada or Bell Canada<sup>(e)(n)</sup> | Bell Telephone Co. of Canada or Bell Canada<sup>(e)(n)</sup> | Bell Telephone Co. of Canada or Bell Canada<sup>(e)(n)</sup> | Bell Telephone Co. of Canada or Bell Canada<sup>(e)(n)</sup> |
|  | 11457000 | 0.000 | 04/07/26 | 11448490 |
|  Bunzl Finance PLC<sup>(e)(n)</sup> | Bunzl Finance PLC<sup>(e)(n)</sup> | Bunzl Finance PLC<sup>(e)(n)</sup> | Bunzl Finance PLC<sup>(e)(n)</sup> |  |
|  | 15000000 | 0.000 | 04/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14998353 |
|  E.ON SE<sup>(e)(n)</sup> | E.ON SE<sup>(e)(n)</sup> | E.ON SE<sup>(e)(n)</sup> |  |  |
|  | 20000000 | 0.000 | 06/08/26 | 19842718 |
|  Enel Finance America LLC<sup>(e)(n)</sup> | Enel Finance America LLC<sup>(e)(n)</sup> | Enel Finance America LLC<sup>(e)(n)</sup> | Enel Finance America LLC<sup>(e)(n)</sup> |  |
|  | 20000000 | 0.000 | 05/22/26 | 19882768 |
|  Energy Transfer LP<sup>(e)(n)</sup> | Energy Transfer LP<sup>(e)(n)</sup> | Energy Transfer LP<sup>(e)(n)</sup> | Energy Transfer LP<sup>(e)(n)</sup> |  |
|  | 7000000 | 0.000 | 04/01/26 | 6999221 |
|  Hyundai Capital America<sup>(e)(n)</sup> | Hyundai Capital America<sup>(e)(n)</sup> | Hyundai Capital America<sup>(e)(n)</sup> | Hyundai Capital America<sup>(e)(n)</sup> |  |
|  | 17000000 | 0.000 | 05/07/26 | 16929156 |
|  McCormick & Co., Inc.<sup>(e)(n)</sup> | McCormick & Co., Inc.<sup>(e)(n)</sup> | McCormick & Co., Inc.<sup>(e)(n)</sup> | McCormick & Co., Inc.<sup>(e)(n)</sup> |  |
|  | 7000000 | 0.000 | 04/07/26 | 6994692 |
|  National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait |  |
|  | 2908000 | 0.000 | 04/09/26 | 2908214 |
|  Oracle Corp.<sup>(e)(n)</sup> | Oracle Corp.<sup>(e)(n)</sup> | Oracle Corp.<sup>(e)(n)</sup> |  |  |
|  | 7795000 | 0.000 | 10/02/26 | 7616570 |
|  RWE AG<sup>(e)(n)</sup> | RWE AG<sup>(e)(n)</sup> | RWE AG<sup>(e)(n)</sup> |  |  |
|  | 7431000 | 0.000 | 06/23/26 | 7359459 |
|  Spire, Inc.<sup>(e)(n)</sup> | Spire, Inc.<sup>(e)(n)</sup> | Spire, Inc.<sup>(e)(n)</sup> |  |  |
|  | 17000000 | 0.000 | 04/17/26 | 16967746 |
|  |  |  |  | 156476285 |
| **TOTAL SHORT- TERM INVESTMENTS**<br> **(Cost $166,604,456)** | **TOTAL SHORT- TERM INVESTMENTS**<br> **(Cost $166,604,456)** | **TOTAL SHORT- TERM INVESTMENTS**<br> **(Cost $166,604,456)** | **TOTAL SHORT- TERM INVESTMENTS**<br> **(Cost $166,604,456)** | $166577415 |
| **TOTAL INVESTMENTS – 125.5%**<br> **(Cost $2,116,868,216)** | **TOTAL INVESTMENTS – 125.5%**<br> **(Cost $2,116,868,216)** | **TOTAL INVESTMENTS – 125.5%**<br> **(Cost $2,116,868,216)** | **TOTAL INVESTMENTS – 125.5%**<br> **(Cost $2,116,868,216)** | $2104089388 |
| **LIABILITIES IN EXCESS OF OTHER**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSETS – (25.5)%** | **LIABILITIES IN EXCESS OF OTHER**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSETS – (25.5)%** | **LIABILITIES IN EXCESS OF OTHER**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSETS – (25.5)%** | **LIABILITIES IN EXCESS OF OTHER**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSETS – (25.5)%** | (428135890) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $1675953498 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Interest Only Inverse Floaters.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2026.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(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 $509,008,367 which represents approximately 30.4% of net assets as of March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Pay-in-kind securities.

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

&nbsp;&nbsp;&nbsp;&nbsp;(j) Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on March 31, 2026. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the Secured Overnight Financing Rate ("SOFR"), and secondarily the prime rate offered by one or more major United States banks (the "Prime Rate") and the certificate of deposit ("CD") rate or other base lending rates used by commercial lenders.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(m) Represents an affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Issued with a zero coupon. Income is recognized through the accretion of discount.

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At March 31, 2026, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Principal<br>Amount** | **Current<br>Value** | **Unrealized<br>Gain (Loss)** |
|  Kaman Corp. (NR/B2), due 02/26/32 | $166345 | $166804 | $(32) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **61** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2026, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  JPMorgan Securities, Inc. | AUD | 6183078 | USD | 4226905 | 04/10/26 | $38554 |
|  | AUD | 1878633 | USD | 1276657 | 04/22/26 | 19146 |
|  | BRL | 72232712 | USD | 13798607 | 04/02/26 | 141338 |
|  | BRL | 86490365 | USD | 16549680 | 04/08/26 | 123532 |
|  | BRL | 67636905 | USD | 12698189 | 06/17/26 | 135744 |
|  | CAD | 29905853 | USD | 21478673 | 04/10/26 | 28889 |
|  | CNH | 18799324 | USD | 2725709 | 04/10/26 | 5881 |
|  | CNH | 192617476 | USD | 27776693 | 04/20/26 | 233607 |
|  | COP | 41652192099 | USD | 11191292 | 04/06/26 | 129239 |
|  | COP | 25057534000 | USD | 6563000 | 04/10/26 | 239422 |
|  | COP | 23378793158 | USD | 6228548 | 06/17/26 | 21546 |
|  | EUR | 3622050 | PLN | 15494587 | 04/10/26 | 14662 |
|  | EUR | 29481225 | USD | 33880650 | 04/10/26 | 211660 |
|  | EUR | 14351458 | USD | 16565888 | 05/29/26 | 68524 |
|  | EUR | 55278993 | USD | 63652673 | 06/17/26 | 469063 |
|  | EUR | 40629820 | USD | 46951965 | 06/18/26 | 179242 |
|  | EUR | 14148814 | USD | 16356029 | 06/22/26 | 59611 |
|  | GBP | 3121815 | USD | 4105147 | 04/10/26 | 26807 |
|  | GBP | 9602583 | USD | 12660151 | 06/17/26 | 46821 |
|  | HUF | 23959113711 | USD | 71093054 | 06/17/26 | 571912 |
|  | INR | 2071260507 | USD | 21882371 | 04/06/26 | 175797 |
|  | INR | 192910171 | USD | 2046779 | 04/09/26 | 10176 |
|  | INR | 422125896 | USD | 4440000 | 05/06/26 | 35287 |
|  | INR | 600406082 | USD | 6297869 | 06/17/26 | 27411 |
|  | JPY | 226392916 | USD | 1416719 | 04/02/26 | 10024 |
|  | JPY | 277049457 | USD | 1734065 | 04/06/26 | 12511 |
|  | JPY | 908707948 | USD | 5759182 | 06/17/26 | 4083 |
|  | KRW | 84207881 | USD | 43941 | 04/06/26 | 11902 |
|  | KRW | 6544077606 | USD | 4346289 | 04/13/26 | 5543 |
|  | KRW | 15096800270 | USD | 9956079 | 04/27/26 | 87204 |
|  | KRW | 13235667419 | USD | 8689948 | 05/04/26 | 116864 |
|  | MXN | 738334767 | USD | 40833215 | 04/09/26 | 330579 |
|  | MXN | 77458372 | USD | 4288899 | 04/10/26 | 29214 |
|  | NZD | 3758969 | AUD | 3130539 | 04/10/26 | 1182 |
|  | NZD | 14686483 | USD | 8419908 | 04/10/26 | 22506 |
|  | NZD | 45664056 | USD | 26188336 | 06/02/26 | 111408 |
|  | NZD | 2733646 | USD | 1566281 | 06/17/26 | 8911 |
|  | SGD | 27618870 | USD | 21418461 | 04/08/26 | 75513 |
|  | TWD | 322202962 | USD | 10048745 | 04/02/26 | 27836 |
|  | TWD | 1573624700 | USD | 49068435 | 04/13/26 | 88169 |
|  | TWD | 128816405 | USD | 4021115 | 04/17/26 | 862 |
|  | TWD | 331400210 | USD | 10317116 | 05/04/26 | 11705 |
|  | USD | 4235459 | AUD | 6072761 | 04/10/26 | 46105 |
|  | USD | 24796220 | AUD | 35595580 | 05/26/26 | 256103 |
|  | USD | 33919820 | AUD | 47917343 | 06/17/26 | 897149 |
|  | USD | 52761047 | CAD | 72498451 | 04/10/26 | 621921 |
|  | USD | 23413604 | CAD | 31767116 | 05/26/26 | 521055 |
|  | USD | 87707705 | CAD | 119131156 | 06/17/26 | 1778802 |
|  | USD | 32454824 | CHF | 25156765 | 06/17/26 | 724002 |
|  | USD | 3876674 | CLP | &nbsp;&nbsp;&nbsp;&nbsp;3544637323 | 06/17/26 | 47277 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **62** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  JPMorgan Securities, Inc. (continued) | USD | 10572 | CNH | 72541 | 05/21/26 | $1 |
|  | USD | 72352162 | CNH | 494429786 | 06/17/26 | 178129 |
|  | USD | 78903522 | CZK | 1657325866 | 06/17/26 | 784996 |
|  | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101441326 | EUR | 85901207 | 04/07/26 | 2120012 |
|  | USD | 15481158 | EUR | 13343950 | 04/10/26 | 50114 |
|  | USD | 26367335 | EUR | 22625880 | 04/20/26 | 188988 |
|  | USD | 14291935 | EUR | 12010030 | 04/21/26 | 395499 |
|  | USD | 112826383 | EUR | 97053812 | 04/23/26 | 516717 |
|  | USD | 65992011 | EUR | 56105765 | 05/22/26 | 981077 |
|  | USD | 40068150 | EUR | 34383798 | 06/17/26 | 184126 |
|  | USD | 8291235 | GBP | 6180054 | 04/10/26 | 111473 |
|  | USD | 2971831 | GBP | 2231881 | 04/28/26 | 17825 |
|  | USD | 20460451 | GBP | 15256956 | 06/17/26 | 271120 |
|  | USD | 1909489 | GBP | 1429501 | 06/18/26 | 17860 |
|  | USD | 50422777 | HUF | 16705696235 | 06/17/26 | 453769 |
|  | USD | 6556521 | ILS | 20315379 | 06/17/26 | 80280 |
|  | USD | 22514537 | INR | 2071260507 | 04/06/26 | 456370 |
|  | USD | 9067035 | INR | 833940588 | 04/09/26 | 174926 |
|  | USD | 1292361 | INR | 120857109 | 04/13/26 | 4859 |
|  | USD | 4383000 | INR | 405778140 | 04/20/26 | 67050 |
|  | USD | 15389370 | INR | 1441100619 | 04/23/26 | 71887 |
|  | USD | 4919040 | INR | 460884534 | 04/27/26 | 24716 |
|  | USD | 45008102 | INR | 4204471174 | 06/17/26 | 713987 |
|  | USD | 1473321 | JPY | 226455393 | 04/02/26 | 46185 |
|  | USD | 1776350 | JPY | 277181591 | 04/06/26 | 28941 |
|  | USD | 5386101 | JPY | 836257919 | 04/13/26 | 110432 |
|  | USD | 4820226 | JPY | 763041793 | 04/21/26 | 2451 |
|  | USD | 16146408 | JPY | 2452398733 | 05/13/26 | 633355 |
|  | USD | 7704898 | JPY | 1211108645 | 06/17/26 | 23728 |
|  | USD | 5707201 | JPY | 897652857 | 06/18/26 | 13577 |
|  | USD | 3796013 | KRW | 5681720178 | 04/03/26 | 57547 |
|  | USD | 74345270 | KRW | 108784133492 | 04/06/26 | 2204860 |
|  | USD | 10239759 | KRW | 15222265789 | 04/13/26 | 116904 |
|  | USD | 8437597 | KRW | 12612663435 | 04/23/26 | 47831 |
|  | USD | 8557966 | KRW | 12765917942 | 04/27/26 | 65324 |
|  | USD | 41772048 | KRW | 61408621401 | 05/06/26 | 909516 |
|  | USD | 59772350 | KRW | 89179614565 | 06/17/26 | 356639 |
|  | USD | 65844076 | MXN | 1160941867 | 04/09/26 | 1119001 |
|  | USD | 12050134 | MXN | 215317668 | 04/10/26 | 46705 |
|  | USD | 3872669 | MXN | 68590662 | 04/24/26 | 53393 |
|  | USD | 35244598 | MXN | 631456962 | 06/17/26 | 250399 |
|  | USD | 5643364 | NOK | 54647716 | 06/17/26 | 3347 |
|  | USD | 94701183 | NZD | 158393252 | 04/02/26 | 3674591 |
|  | USD | 3317484 | NZD | 5516968 | 04/14/26 | 145644 |
|  | USD | 35095190 | NZD | 60115091 | 04/16/26 | 531087 |
|  | USD | 56963760 | NZD | 96161680 | 06/17/26 | 1553129 |
|  | USD | 4315938 | NZD | 7283717 | 06/18/26 | 118750 |
|  | USD | 10673062 | PHP | 631612378 | 04/13/26 | 256327 |
|  | USD | 6383595 | PLN | 23020552 | 04/13/26 | 182396 |
|  | USD | 41492902 | PLN | 151606931 | 06/17/26 | 664156 |
|  | USD | 1482202 | SEK | 13766430 | 06/03/26 | 23276 |
|  | USD | 44114023 | SEK | 402832497 | 06/17/26 | 1393885 |
|  | USD | 29423510 | SGD | 37632581 | 04/08/26 | 136516 |
|  | USD | 13150000 | SGD | 16840759 | 04/10/26 | 41887 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **63** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  JPMorgan Securities, Inc. (continued) | USD | 2010070 | SGD | 2533247 | 04/23/26 | $36300 |
|  | USD | 37999146 | SGD | 48016024 | 06/17/26 | 448985 |
|  | USD | 8874253 | TRY | 429178475 | 06/17/26 | 26640 |
|  | USD | 10268435 | TWD | 322202962 | 04/02/26 | 191855 |
|  | USD | 51122136 | TWD | &nbsp;&nbsp;&nbsp;&nbsp;1626014682 | 04/07/26 | 291704 |
|  | USD | 4420946 | TWD | 141344283 | 04/09/26 | 3499 |
|  | USD | 21901097 | TWD | 693754089 | 04/10/26 | 221783 |
|  | USD | 52084865 | TWD | 1662506881 | 04/13/26 | 151777 |
|  | USD | 4491687 | TWD | 143150058 | 04/20/26 | 23814 |
|  | USD | 15237834 | TWD | 485558637 | 06/17/26 | 129361 |
|  | USD | 20813044 | ZAR | 336338783 | 04/08/26 | 948489 |
|  | USD | 50628547 | ZAR | 828142634 | 06/17/26 | 1975958 |
|  | USD | 13516048 | ZAR | 229705939 | 06/18/26 | 22113 |
|  | ZAR | 19314174 | USD | 1134528 | 04/10/26 | 6006 |
|  | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144175296 | USD | 8379849 | 05/29/26 | 102363 |
| TOTAL |  |  |  |  |  | $36120508 |

---

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  JPMorgan Securities, Inc. | AUD | 18487833 | USD | 12856172 | 04/10/26 | $(102160) |
|  | AUD | 8944292 | USD | 6248342 | 04/22/26 | (78940) |
|  | AUD | 46027002 | USD | 32333969 | 05/26/26 | (602277) |
|  | AUD | 49238537 | USD | 34565657 | 06/17/26 | (632473) |
|  | BRL | 20479202 | USD | 3954659 | 04/02/26 | (2448) |
|  | CAD | 29365460 | USD | 21391079 | 04/10/26 | (272154) |
|  | CAD | 32426198 | USD | 23997761 | 05/26/26 | (630253) |
|  | CAD | 76889721 | USD | 56897524 | 06/17/26 | (1437227) |
|  | CAD | 41884541 | USD | 30640365 | 06/18/26 | (427876) |
|  | CHF | 16515480 | USD | 21418395 | 06/17/26 | (587031) |
|  | CHF | 8121147 | USD | 10345055 | 06/18/26 | (100552) |
|  | CLP | &nbsp;&nbsp;&nbsp;&nbsp;3209095884 | USD | 3611041 | 06/17/26 | (144140) |
|  | CNH | 704893606 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103107139 | 06/17/26 | (210801) |
|  | CZK | 1427714592 | USD | 68229762 | 06/17/26 | (934029) |
|  | EUR | 105202199 | USD | 124015715 | 04/07/26 | (2378068) |
|  | EUR | 17149560 | USD | 19891898 | 04/10/26 | (60016) |
|  | EUR | 27440742 | USD | 31891630 | 04/20/26 | (142443) |
|  | EUR | 28309356 | USD | 33042680 | 04/21/26 | (286795) |
|  | EUR | 73374466 | USD | 86352490 | 04/23/26 | (1444317) |
|  | EUR | 28497750 | USD | 33271376 | 05/22/26 | (250433) |
|  | EUR | 29026535 | USD | 33714320 | 05/26/26 | (74798) |
|  | EUR | 13170363 | USD | 15317000 | 06/17/26 | (39831) |
|  | EUR | 13117887 | USD | 15258464 | 06/18/26 | (41516) |
|  | GBP | 3041692 | USD | 4056029 | 04/10/26 | (30124) |
|  | GBP | 8054453 | USD | 10779073 | 04/28/26 | (118601) |
|  | GBP | 11543828 | USD | 15414474 | 05/11/26 | (136211) |
|  | GBP | 19589607 | USD | 26069718 | 06/17/26 | (147048) |
|  | ILS | 18460535 | USD | 5955772 | 06/17/26 | (70829) |
|  | INR | 2071544180 | USD | 22353600 | 04/06/26 | (292412) |
|  | INR | 641271118 | USD | 6918241 | 04/09/26 | (80520) |
|  | INR | 371086488 | USD | 4003954 | 04/13/26 | (50733) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **64** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  JPMorgan Securities, Inc. (continued) | INR | 338207526 | USD | 3620678 | 04/27/26 | $(29112) |
|  | INR | 4297825453 | USD | 45993471 | 06/17/26 | (715869) |
|  | JPY | 1334969034 | USD | 8426708 | 04/10/26 | (7461) |
|  | JPY | 316906854 | USD | 2053170 | 04/13/26 | (53912) |
|  | JPY | 93780454 | USD | 598128 | 04/15/26 | (6376) |
|  | JPY | 446469733 | USD | 2879113 | 05/13/26 | (54895) |
|  | JPY | 2110892281 | USD | 13418551 | 06/17/26 | (30717) |
|  | JPY | 801956016 | USD | 5108086 | 06/18/26 | (21448) |
|  | KRW | 5674507469 | USD | 3960847 | 04/03/26 | (227127) |
|  | KRW | 108788415513 | USD | 74213961 | 04/06/26 | (2070711) |
|  | KRW | 6546511823 | USD | 4426070 | 04/09/26 | (73097) |
|  | KRW | 23775086926 | USD | 15960781 | 04/13/26 | (150273) |
|  | KRW | 5982372233 | USD | 4010170 | 04/16/26 | (31546) |
|  | KRW | 13238302893 | USD | 8899687 | 04/20/26 | (94480) |
|  | KRW | 6390962019 | USD | 4278325 | 04/27/26 | (26680) |
|  | KRW | 8197859625 | USD | 5541445 | 06/10/26 | (80998) |
|  | KRW | 122265173047 | USD | 82749113 | 06/17/26 | (1290226) |
|  | MXN | 567836653 | USD | 32586218 | 04/09/26 | (928070) |
|  | MXN | 72667932 | USD | 4209876 | 04/24/26 | (163569) |
|  | MXN | 164548096 | USD | 9286010 | 05/20/26 | (145685) |
|  | MXN | 121125926 | USD | 6767757 | 05/26/26 | (43296) |
|  | MXN | 531236516 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29720088 | 06/17/26 | (279924) |
|  | MXN | 100172740 | USD | 5559875 | 06/18/26 | (8936) |
|  | NOK | 36692211 | USD | 3807675 | 06/17/26 | (20789) |
|  | NOK | 127782601 | USD | 13203942 | 06/18/26 | (16076) |
|  | NZD | 50500527 | AUD | 42255613 | 04/10/26 | (120607) |
|  | NZD | 158391591 | USD | 94693612 | 04/02/26 | (3667973) |
|  | NZD | 35408307 | USD | 20545984 | 04/10/26 | (191789) |
|  | NZD | 12459654 | USD | 7449930 | 04/14/26 | (286570) |
|  | NZD | 39377482 | USD | 23272092 | 04/16/26 | (631398) |
|  | NZD | 50710238 | USD | 29614779 | 04/30/26 | (443568) |
|  | NZD | 87826507 | USD | 51652951 | 06/17/26 | (1045243) |
|  | PHP | 650414800 | USD | 10913000 | 04/13/26 | (186170) |
|  | PLN | 22901752 | USD | 6350652 | 04/13/26 | (181455) |
|  | PLN | 146717757 | USD | 40014255 | 06/17/26 | (502197) |
|  | SEK | 393950834 | USD | 43026061 | 06/17/26 | (1247818) |
|  | SGD | 2941246 | USD | 2340767 | 04/23/26 | (49106) |
|  | SGD | 47756028 | USD | 37799012 | 06/17/26 | (452178) |
|  | TRY | 593435987 | USD | 12276456 | 06/17/26 | (42638) |
|  | TWD | 321769091 | USD | 10162830 | 04/02/26 | (99820) |
|  | TWD | 1626074618 | USD | 51417450 | 04/07/26 | (585145) |
|  | TWD | 141297863 | USD | 4426070 | 04/09/26 | (10074) |
|  | TWD | 2440338064 | USD | 76898748 | 04/10/26 | (639945) |
|  | TWD | 127527803 | USD | 4000872 | 04/13/26 | (17182) |
|  | TWD | 136373095 | USD | 4265658 | 04/20/26 | (9302) |
|  | TWD | 518642025 | USD | 16263469 | 05/18/26 | (109416) |
|  | TWD | 477971382 | USD | 15016380 | 06/17/26 | (143989) |
|  | USD | 115361 | AUD | 171033 | 04/22/26 | (2611) |
|  | USD | 12860308 | AUD | 18774172 | 05/26/26 | (82882) |
|  | USD | 17734053 | BRL | 92775537 | 04/02/26 | (170383) |
|  | USD | 16451390 | BRL | 86538094 | 04/08/26 | (231023) |
|  | USD | 7534753 | BRL | 39884218 | 05/05/26 | (110943) |
|  | USD | 4843054 | BRL | 25791057 | 06/17/26 | (50734) |
|  | USD | 24623751 | CNH | 169924076 | 04/10/26 | (66648) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **65** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  JPMorgan Securities, Inc. (continued) | USD | 27106054 | CNH | 187291497 | 04/20/26 | $(129746) |
|  | USD | 21875000 | CNH | 149976422 | 06/17/26 | (17701) |
|  | USD | 10905000 | COP | 41744340000 | 04/06/26 | (440575) |
|  | USD | 6823292 | COP | 25249658836 | 04/10/26 | (31287) |
|  | USD | 6261327 | COP | 23567949212 | 06/17/26 | (39336) |
|  | USD | 25402944 | EUR | 22055170 | 04/10/26 | (101821) |
|  | USD | 13544090 | EUR | 11813423 | 04/23/26 | (126281) |
|  | USD | 1886035 | EUR | 1636388 | 05/22/26 | (10082) |
|  | USD | 73620408 | EUR | 63910155 | 06/17/26 | (513179) |
|  | USD | 31546068 | EUR | 27372749 | 06/18/26 | (206735) |
|  | USD | 12660151 | GBP | 9602627 | 06/18/26 | (46804) |
|  | USD | 3157904 | HUF | 1062116800 | 06/17/26 | (19032) |
|  | USD | 18356861 | HUF | 6262942103 | 06/18/26 | (375274) |
|  | USD | 21885368 | INR | 2071544180 | 04/06/26 | (175821) |
|  | USD | 10580792 | INR | 1001485855 | 05/06/26 | (36743) |
|  | USD | 3150784 | JPY | 503190955 | 04/10/26 | (22690) |
|  | USD | 8775000 | JPY | 1386392085 | 06/17/26 | (17863) |
|  | USD | 1376182 | JPY | 217535524 | 06/18/26 | (3600) |
|  | USD | 4346289 | KRW | 6544816475 | 04/09/26 | (5556) |
|  | USD | 9956079 | KRW | 15102375674 | 04/13/26 | (87049) |
|  | USD | 4431000 | KRW | 6681682140 | 05/04/26 | (14888) |
|  | USD | 4344000 | NOK | 42276677 | 06/17/26 | (19241) |
|  | USD | 1441768 | NZD | 2508295 | 04/14/26 | (312) |
|  | USD | 50814611 | NZD | 88712659 | 04/30/26 | (217603) |
|  | USD | 21797758 | SGD | 28085249 | 04/10/26 | (62576) |
|  | USD | 10035213 | TWD | 321769091 | 04/02/26 | (27795) |
|  | USD | 54470122 | TWD | 1746638927 | 04/10/26 | (111084) |
|  | USD | 14528006 | TWD | 468237635 | 05/18/26 | (56110) |
|  | USD | 10317116 | TWD | 331972810 | 06/17/26 | (12433) |
|  | USD | 11460983 | ZAR | 197610261 | 05/18/26 | (174262) |
|  | ZAR | 339632014 | USD | 21029846 | 04/08/26 | (970790) |
|  | ZAR | 25759431 | USD | 1598793 | 04/30/26 | (80094) |
|  | ZAR | 114663583 | USD | 6906405 | 05/18/26 | (155041) |
|  | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;1060473182 | USD | 63753975 | 06/17/26 | (1452188) |
| TOTAL |  |  |  |  |  | $(35518728) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **66** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD SALES CONTRACTS — At March 31, 2026, the Fund had the following forward sales contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date<sup>(a)</sup>** | **Settlement<br>Date** | **Principal<br>Amount** | **Value** |
|  Government National Mortgage |  |  |  |  |  |
|  Association | 3.000% | TBA - 30yr | 04/15/26 | $(8000000) | $(7134184) |
|  Government National Mortgage |  |  |  |  |  |
|  Association | 5.500 | TBA - 30yr | 04/15/26 | (3000000) | (3016590) |
|  Government National Mortgage |  |  |  |  |  |
|  Association | 5.000 | TBA - 30yr | 04/15/26 | (38000000) | (37601749) |
|  Uniform Mortgage-Backed |  |  |  |  |  |
|  Security | 5.000 | TBA - 30yr | 04/14/26 | (92000000) | (90681097) |
|  Uniform Mortgage-Backed |  |  |  |  |  |
|  Security | 2.000 | TBA - 30yr | 04/15/26 | (10000000) | (8037109) |
|  Uniform Mortgage-Backed |  |  |  |  |  |
|  Security | 3.500 | TBA - 30yr | 04/15/26 | (11000000) | (10077891) |
|  Uniform Mortgage-Backed |  |  |  |  |  |
|  Security | 4.000 | TBA - 30yr | 04/15/26 | (25000000) | (23541015) |
|  Uniform Mortgage-Backed |  |  |  |  |  |
|  Security | 4.500 | TBA - 30yr | 05/13/26 | (36000000) | (34679531) |
|  Uniform Mortgage-Backed |  |  |  |  |  |
|  Security | 6.500 | TBA - 30yr | 04/13/26 | (148000000) | (153064382) |
|  **(PROCEEDS RECEIVED: $(369940508))** |  |  |  |  | $(367833548) |

---

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

FUTURES CONTRACTS — At March 31, 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  10 Year U.K. Long Gilt | 3 | 06/26/26 | $348597 | $(19052) |
|  10 Year U.S. Treasury Notes | 2399 | 06/18/26 | 266401453 | 770384 |
|  2 Year U.S. Treasury Notes | 748 | 06/30/26 | 155169093 | (939325) |
|  5 Year U.S. Treasury Notes | 495 | 06/30/26 | 53548946 | (7491) |
|  Euro-Schatz | 1752 | 06/08/26 | 214148994 | (724360) |
|  ICE 3M Sonia Bonds | 2813 | 03/16/27 | 890238182 | (5074040) |
|  Ultra 10-Year U.S. Treasury Notes | 696 | 06/18/26 | 79006875 | (943514) |
|  **Total** |  |  |  | $(6937398) |
|  **Short position contracts:** |  |  |  |  |
|  20 Year U.S. Treasury Bonds | (183) | 06/18/26 | (20839125) | (4983) |
|  Ultra Long U.S. Treasury Bonds | (375) | 06/18/26 | (43710938) | 2797 |
|  **Total** |  |  |  | $(2186) |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $(6939584) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **67** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

**SWAP CONTRACTS** — At March 31, 2026, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Termination<br>Date** | **Notional**<br> **Amount**<br> (000s) | **Market**<br> **Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3.490%<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 05/28/27 | $10 | $75 | $(8) | $83 |
| 3.062<sup>(b)</sup><br> 12M SOFR<sup>(b)</sup> | 08/31/27 | 110690 <sup>(c)</sup> | 641869 | 64378 | 577491 |
| 1.250<sup>(b)</sup><br> 12M JYOR<sup>(b)</sup> | 12/15/27 | 72181440 <sup>(c)</sup> | 1106429 | 186639 | 919790 |
| 3.175<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 03/15/28 | $300190 <sup>(c)</sup> | 2075273 | 125332 | 1949941 |
| 2.500<sup>(d)</sup><br> 12M CDOR<sup>(d)</sup> | 06/17/28 | 32500 <sup>(c)</sup> | 139102 | 16169 | 122933 |
| 2.750<sup>(d)</sup><br> 12M CDOR<sup>(d)</sup> | 06/17/28 | 59760 <sup>(c)</sup> | 48307 | 130842 | (82535) |
| 2.000<sup>(a)</sup><br> 12M EURO<sup>(a)</sup> | 06/17/28 | 3160 <sup>(c)</sup> | 43536 | 55644 | (12108) |
| 4.000<sup>(a)</sup><br> 12M GBP<sup>(a)</sup> | 06/17/28 | 25710 <sup>(c)</sup> | 145784 | (200495) | 346279 |
| 3.000<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 06/17/28 | $253220 <sup>(c)</sup> | 2865311 | 1732169 | 1133142 |
| 3.250<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 06/17/28 | 51400 <sup>(c)</sup> | 335410 | 171771 | 163639 |
|  12M GBP<sup>(a)</sup><br> 3.750%<sup>(a)</sup> | 06/17/28 | 211630 <sup>(c)</sup> | (2510574) | (998216) | (1512358) |
| 4.500<sup>(e)</sup><br> 3M AUDOR<sup>(e)</sup> | 06/17/28 | 71680 <sup>(c)</sup> | 171161 | 2605 | 168556 |
| 2.250<sup>(a)</sup><br> 6M EURO<sup>(d)</sup> | 06/17/28 | 61350 <sup>(c)</sup> | 874657 | (34315) | 908972 |
| 2.500<sup>(a)</sup><br> 6M EURO<sup>(d)</sup> | 06/17/28 | 27900 <sup>(c)</sup> | 242965 | (31786) | 274751 |
|  12M EURO<sup>(b)</sup><br> 2.000<sup>(b)</sup> | 09/10/28 | 1138677 <sup>(c)</sup> | (7425001) | (991142) | (6433859) |
| 2.500<sup>(b)</sup><br> 6M EURO<sup>(d)</sup> | 09/10/28 | 1138677 <sup>(c)</sup> | 4613859 | (2429839) | 7043698 |
|  Mexico Interbank TIIE<br> 28 Days<sup>(f)</sup><br> 7.250<sup>(f)</sup> | 09/14/28 | 498480 <sup>(c)</sup> | (352449) | (126551) | (225898) |
| 6.000<sup>(d)</sup><br> 12M MIBOR<sup>(d)</sup> | 09/16/28 | 2642370 <sup>(c)</sup> | 354029 | 128272 | 225757 |
| 1.250<sup>(e)</sup><br> 12M THOR<sup>(e)</sup> | 09/16/28 | 374210 <sup>(c)</sup> | 61460 | 13278 | 48182 |
| 3.500<sup>(e)</sup><br> 3M KWCDC<sup>(e)</sup> | 09/16/28 | 55754800<sup>(c)</sup> | 215543 | (26243) | 241786 |
|  6M PRIBOR<sup>(d)</sup><br> 4.000<sup>(a)</sup> | 09/16/28 | 953280 <sup>(c)</sup> | (333102) | (129202) | (203900) |
|  12M CLICP<sup>(d)</sup><br> 4.750<sup>(d)</sup> | 09/16/28 | 14567570 <sup>(c)</sup> | (85837) | (1148) | (84689) |
|  6M BUBOR<sup>(d)</sup><br> 6.250<sup>(a)</sup> | 09/16/28 | 3287770 <sup>(c)</sup> | (190731) | (164086) | (26645) |
|  3M JIBAR<sup>(e)</sup><br> 6.750<sup>(e)</sup> | 09/16/28 | 311840 <sup>(c)</sup> | (248851) | (101272) | (147579) |
| 3.750<sup>(a)</sup><br> 6M WIBOR<sup>(d)</sup> | 09/16/28 | 81290 <sup>(c)</sup> | 323649 | 307739 | 15910 |
| 1.250<sup>(a)</sup><br> 6M EURO<sup>(d)</sup> | 12/19/28 | 2630 | 132487 | (22028) | 154515 |
|  1M BID Average<sup>(a)</sup><br> 13.250<sup>(a)</sup> | 01/02/29 | 318120 | (1009853) | (578458) | (431395) |
| 13.250<sup>(a)</sup><br> 1M BID Average<sup>(a)</sup> | 01/02/29 | 79740 | 253130 | (56067) | 309197 |
| 2.250<sup>(a)</sup><br> 6M EURO<sup>(d)</sup> | 06/17/29 | 1660 <sup>(c)</sup> | 34494 | 2229 | 32265 |
|  12M JYOR<sup>(a)</sup><br> 1.771<sup>(a)</sup> | 01/26/30 | 2311340 <sup>(c)</sup> | (45589) | (62990) | 17401 |
| 3.298<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 08/31/30 | $242940 <sup>(c)</sup> | 2749741 | 1637037 | 1112704 |
|  1M BID Average<sup>(a)</sup><br> 12.750<sup>(a)</sup> | 01/02/31 | 59120 | (283537) | (129160) | (154377) |
| 12.750<sup>(a)</sup><br> 1M BID Average<sup>(a)</sup> | 01/02/31 | 27240 | 130642 | 74328 | 56314 |
| 1.250<sup>(a)</sup><br> 12M JYOR<sup>(a)</sup> | 06/17/31 | 109740000 <sup>(c)</sup> | 18369358 | 12702014 | 5667344 |
|  6M EURO<sup>(d)</sup><br> 2.500<sup>(a)</sup> | 06/17/31 | 194560 <sup>(c)</sup> | (4276428) | (1372577) | (2903851) |
|  3M NZDOR<sup>(e)</sup><br> 3.750<sup>(d)</sup> | 06/17/31 | 240740 <sup>(c)</sup> | (1837490) | (279222) | (1558268) |
|  12M GBP<sup>(a)</sup><br> 4.000<sup>(a)</sup> | 06/17/31 | 84550 <sup>(c)</sup> | (883052) | 942545 | (1825597) |
|  6M AUDOR<sup>(d)</sup><br> 4.750<sup>(d)</sup> | 06/17/31 | 185780 <sup>(c)</sup> | (785635) | (179916) | (605719) |
|  12M SOFR<sup>(a)</sup><br> 3.379<sup>(a)</sup> | 08/31/31 | $158350 <sup>(c)</sup> | (1798271) | (371373) | (1426898) |
|  Mexico Interbank TIIE<br> 28 Days<sup>(f)</sup><br> 7.750<sup>(f)</sup> | 09/11/31 | 248590 <sup>(c)</sup> | (317253) | (119554) | (197699) |
| 1.500<sup>(e)</sup><br> 12M THOR<sup>(e)</sup> | 09/16/31 | 11060 <sup>(c)</sup> | 5304 | 1986 | 3318 |
|  3M JIBAR<sup>(e)</sup><br> 7.000<sup>(e)</sup> | 09/16/31 | 51820 <sup>(c)</sup> | (103763) | (49612) | (54151) |
| 2.000<sup>(a)</sup><br> 6M JYOR<sup>(a)</sup> | 01/11/33 | 8243273 <sup>(c)</sup> | 296162 | (890950) | 1187112 |
| 3.407<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 01/31/33 | $202670<sup>(c)</sup> | 3548751 | 28505 | 3520246 |
|  12M CHFOR<sup>(a)</sup><br> 0.500<sup>(a)</sup> | 06/17/36 | 23540 <sup>(c)</sup> | (212390) | (365762) | 153372 |
|  12M JYOR<sup>(a)</sup><br> 1.500<sup>(a)</sup> | 06/17/36 | 4219000 <sup>(c)</sup> | (1681015) | (1596649) | (84366) |
| 4.250<sup>(a)</sup><br> 12M GBP<sup>(a)</sup> | 06/17/36 | 22290 <sup>(c)</sup> | 399359 | 300467 | 98892 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **68** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Termination<br>Date** | **Notional**<br> **Amount (000s)** | **Market Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3.750%<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 06/17/36 | $36730 <sup>(c)</sup> | $394958 | $(606188) | $1001146 |
|  12M CDOR<sup>(d)</sup><br> 3.250%<sup>(d)</sup> | 06/17/36 | 24460 <sup>(c)</sup> | (4565) | 330672 | (335237) |
| 2.750<sup>(a)</sup><br> 3M STIBOR<sup>(e)</sup> | 06/17/36 | 308080 <sup>(c)</sup> | 951820 | 863632 | 88188 |
|  3M NZDOR<sup>(e)</sup><br> 4.000<sup>(d)</sup> | 06/17/36 | 56840 <sup>(c)</sup> | (1004436) | (498170) | (506266) |
|  6M NIBOR<sup>(d)</sup><br> 4.250<sup>(a)</sup> | 06/17/36 | 81170 <sup>(c)</sup> | (119015) | (91282) | (27733) |
|  6M AUDOR<sup>(d)</sup><br> 5.000<sup>(d)</sup> | 06/17/36 | 61430 <sup>(c)</sup> | (182275) | 521930 | (704205) |
| 2.750<sup>(a)</sup><br> 6M EURO<sup>(d)</sup> | 06/17/36 | 197460 <sup>(c)</sup> | 6630089 | 1746260 | 4883829 |
| 3.805<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 08/31/36 | $87920 <sup>(c)</sup> | 638879 | (976645) | 1615524 |
|  Mexico Interbank TIIE<br> 28 Days<sup>(f)</sup><br> 8.000<sup>(f)</sup> | 09/04/36 | 93400 <sup>(c)</sup> | (214795) | (120829) | (93966) |
| 11.250<sup>(e)</sup><br> 12M CPIBR<sup>(e)</sup> | 09/16/36 | 16719810 <sup>(c)</sup> | (49044) | (26756) | (22288) |
| 2.000<sup>(e)</sup><br> 12M THOR<sup>(e)</sup> | 09/16/36 | 189810 <sup>(c)</sup> | 108646 | 16324 | 92322 |
| 7.750<sup>(e)</sup><br> 3M JIBAR<sup>(e)</sup> | 09/16/36 | 143090 <sup>(c)</sup> | 422931 | 172329 | 250602 |
|  6M PRIBOR<sup>(d)</sup><br> 4.250<sup>(a)</sup> | 09/16/36 | 92690 <sup>(c)</sup> | (116820) | (92860) | (23960) |
|  6M WIBOR<sup>(d)</sup><br> 4.500<sup>(a)</sup> | 09/16/36 | 17650 <sup>(c)</sup> | (159831) | (107435) | (52396) |
|  12M CLICP<sup>(d)</sup><br> 5.250<sup>(d)</sup> | 09/16/36 | 881800 <sup>(c)</sup> | (5781) | (6232) | 451 |
| 6.750<sup>(a)</sup><br> 6M BUBOR<sup>(d)</sup> | 09/16/36 | 2108970 <sup>(c)</sup> | 172404 | 128090 | 44314 |
|  12M JYOR<sup>(a)</sup><br> 2.160<sup>(a)</sup> | 08/02/44 | 13324914 <sup>(c)</sup> | (4407116) | (7843184) | 3436068 |
| 3.000<sup>(a)</sup><br> 6M EURO<sup>(d)</sup> | 06/17/46 | 510 <sup>(c)</sup> | 20124 | 3624 | 16500 |
|  12M JYOR<sup>(a)</sup><br> 2.500<sup>(a)</sup> | 06/17/56 | 2038000 <sup>(c)</sup> | (1397294) | (927330) | (469964) |
| 3.000<sup>(a)</sup><br> 6M EURO<sup>(d)</sup> | 06/17/56 | 12380 <sup>(c)</sup> | 292212 | 48548 | 243664 |
| TOTAL |  |  | $17768117 | $(150174) | $17918291 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made annually.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Payments made semi-annually.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Payments made at monthly.

OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread**<br> **at March 31,<br>2026<sup>(b)</sup>** | **Counterparty** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Sold:** |  |  |  |  |  |  |  |  |
|  CMBX.NA.AAA.17 | 0.500% | 0.751% | Citigroup Global Markets,Inc. | 12/15/56 | $21850 | $(315070) | $(296468) | $(18602) |
|  CMBX.NA.AAA.17 | 0.500 | 0.751 | MS & Co. Int. PLC | 12/15/56 | 40200 | (579671) | (508778) | (70893) |
| TOTAL |  |  |  |  |  | $(894741) | $(805246) | $(89495) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made monthly.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **69** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>March 31,<br>2026<sup>(b)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Sold:** |  |  |  |  |  |  |  |
|  CDX.NA.HY Ind 39 | 5.000% | 2.636% | 12/20/27 | $21533 | $866496 | $729868 | $136628 |
|  CDX.NA.HY Ind 45 | 5.000 | 3.648 | 12/20/30 | 62964 | 3424623 | 4423587 | (998964) |
|  CDX.NA.IG Ind 44 | 1.000 | 0.538 | 06/20/30 | 211142 | 3861029 | 4025081 | (164052) |
|  CDX.NA.IG Ind 45 | 1.000 | 0.588 | 12/20/30 | 727674 | 13118321 | 15267039 | (2148718) |
| TOTAL |  |  |  |  | $21270469 | $24445575 | $(3175106) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made quarterly.

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

OVER-THE-COUNTER TOTAL RETURN SWAP CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Financing Rate<br>Paid/(Received)<br>by the Fund<sup>(a)</sup>** | **Counterparty** | **Termination<br>Date<sup>#</sup>** | **Notional<br>Amount<br>(000s)** | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
|  JPMBKTL5 Index<sup>(b)</sup> | 12MSOFR-0.570% | JPMorgan Securities, Inc. | 05/29/26 | $95811 | $2301900 |
|  JPMBKTL5 Index<sup>(b)</sup> | 12MSOFR-0.570% | JPMorgan Securities, Inc. | 04/14/26 | 98472 | 2365841 |
| TOTAL |  |  |  |  | $4667741 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The top 50 components are shown below.

# The Fund pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars). 

\* There are no upfront payments on the swap contracts as of March 31, 2026. Therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **A basket (JPMBKTL5 - 05/29/26) of Corporate Obligations** |  |  |  |  |
| **Corporate Obligations** | **Sector** | **Shares** | **Value** | **Weight** |
|  Amazon.com Inc, 4.050, 08/22/47 | Communications | 252 | $20105 | 1.2 |
|  Elevance Health, Inc., 4.375, 12/02/47 | Health Care | 252 | 20256 | 1.2 |
|  Texas Instruments, 4.150, 05/15/48 | Technology | 252 | 20390 | 1.2 |
|  Comcast Corp, 3.750, 04/01/40 | Communications | 252 | 20391 | 1.2 |
|  AbbVie, Inc., 4.250, 11/21/49 | Health Care | 252 | 20460 | 1.2 |
|  Berkshire Hathaway Finance Corp, 4.250, 01/15/49 | Financials | 252 | 20644 | 1.2 |
|  Caterpillar Inc, 3.803, 08/15/42 | Industrials | 252 | 20763 | 1.2 |
|  Chubb INA Holdings LLC, 4.350, 11/03/45 | Financials | 252 | 21190 | 1.3 |
|  Mitsubishi UFJ Financial Group Inc, 3.751, 07/18/39 | Financials | 252 | 21269 | 1.3 |
|  Visa Inc, 4.300, 12/14/45 | Financials | 252 | 21340 | 1.3 |
|  Walmart Inc, 4.500, 04/15/53 | Consumer Staples | 252 | 21808 | 1.3 |
|  Phillips 66, 4.875, 11/15/44 | Energy | 252 | 21847 | 1.3 |
|  Novartis Capital Corp, 4.400, 05/06/44 | Consumer Staples | 252 | 22070 | 1.3 |
|  QUALCOMM Inc, 4.800, 05/20/45 | Technology | 252 | 22257 | 1.3 |
|  Intercontinental Exchange Inc, 4.950, 06/15/52 | Financials | 252 | 22292 | 1.3 |
|  Gilead Sciences Inc, 4.750, 03/01/46 | Consumer Staples | 252 | 22352 | 1.3 |
|  Energy Transfer LP, 5.400, 10/01/47 | Energy | 252 | 22352 | 1.3 |
|  Medtronic Inc, 4.625, 03/15/45 | Consumer Staples | 252 | 22462 | 1.3 |
|  KLA Corp, 4.950, 07/15/52 | Technology | 252 | 22566 | 1.4 |
|  Enterprise Products Operating LLC, 4.850, 03/15/44 | Energy | 252 | 22715 | 1.4 |
|  Dow Chemical Co/The, 5.950, 03/15/55 | Materials | 252 | 22749 | 1.4 |
|  Kenvue Inc, 5.050, 03/22/53 | Consumer Staples | 252 | 22780 | 1.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **70** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **A basket (JPMBKTL5 - 05/29/26) of Corporate Obligations (continued)** | **A basket (JPMBKTL5 - 05/29/26) of Corporate Obligations (continued)** |  |  |  |
| **Corporate Obligations** | **Sector** | **Shares** | **Value** | **Weight** |
|  Eli Lilly & Co, 5.000, 02/09/54 | Consumer Staples | 252 | $22957 | 1.4 |
|  Abbott Laboratories, 4.900, 11/30/46 | Consumer Staples | 252 | 23131 | 1.4 |
|  Intuit Inc, 5.500, 09/15/53 | Technology | 252 | 23148 | 1.4 |
|  BHP Billiton Finance USA Ltd, 5.000, 09/30/43 | Materials | 252 | 23420 | 1.4 |
|  BlackRock Funding Inc, 5.250, 03/14/54 | Financials | 252 | 23484 | 1.4 |
|  RTX Corp, 5.375, 02/27/53 | Industrials | 252 | 23603 | 1.4 |
|  Honeywell International Inc, 5.250, 03/01/54 | Industrials | 252 | 23609 | 1.4 |
|  Marsh & McLennan Cos Inc, 5.400, 03/15/55 | Financials | 252 | 23614 | 1.4 |
|  Coca-Cola Co/The, 5.200, 01/14/55 | Consumer Staples | 252 | 23819 | 1.4 |
|  Shell Finance US Inc, 4.125, 05/11/35 | Energy | 252 | 23888 | 1.4 |
|  Waste Management Inc, 5.350, 10/15/54 | Industrials | 252 | 23992 | 1.4 |
|  PepsiCo, 5.250, 07/17/54 | Consumer Staples | 252 | 24089 | 1.4 |
|  Burlington Northern Santa Fe LLC, 5.500, 03/15/55 | Industrials | 252 | 24290 | 1.5 |
|  Devon Energy Corp, 5.600, 07/15/41 | Energy | 252 | 24373 | 1.5 |
|  Anheuser-Busch InBev Worldwide Inc, 5.550, 01/23/49 | Consumer Staples | 252 | 24393 | 1.5 |
|  Cooperatieve Rabobank UA, 5.250, 05/24/41 | Financials | 252 | 24424 | 1.5 |
|  Eli Lilly & Co, 5.500, 02/12/55 | Consumer Staples | 252 | 24646 | 1.5 |
|  Rio Tinto Finance USA PLC, 5.750, 03/14/55 | Materials | 252 | 25089 | 1.5 |
|  Cisco Systems Inc, 5.500, 01/15/40 | Communications | 252 | 25643 | 1.5 |
|  ONEOK Inc, 6.625, 09/01/53 | Energy | 252 | 25822 | 1.5 |
|  Bank of America Corp, 5.875, 02/07/42 | Financials | 252 | 25913 | 1.6 |
|  Marathon Petroleum Corp, 6.500, 03/01/41 | Energy | 252 | 26780 | 1.6 |
|  Home Depot Inc/The, 5.875, 12/16/36 | Consumer Staples | 252 | 26809 | 1.6 |
|  Enbridge Inc, 6.700, 11/15/53 | Energy | 252 | 27370 | 1.6 |
|  United Parcel Service Inc, 6.200, 01/15/38 | Industrials | 252 | 27465 | 1.6 |
|  Valero Energy Corp, 6.625, 06/15/37 | Energy | 252 | 27561 | 1.7 |
|  ConocoPhillips, 6.500, 02/01/39 | Energy | 252 | 27864 | 1.7 |
|  UnitedHealth Group Inc, 6.875, 02/15/38 | Consumer Staples | 252 | 28368 | 1.7 |
|  **A basket (JPMBKTL5 - 04/14/26) of Corporate Obligations** |  |  |  |  |
|  Amazon.com Inc, 4.050, 08/22/47 | Communications | 259 | 20663 | 1.2 |
|  Elevance Health, Inc., 4.375, 12/02/47 | Health Care | 259 | 20819 | 1.2 |
|  Comcast Corp, 3.750, 04/01/40 | Communications | 259 | 20957 | 1.2 |
|  Texas Instruments, 4.150, 05/15/48 | Technology | 259 | 20957 | 1.2 |
|  AbbVie, Inc., 4.250, 11/21/49 | Health Care | 259 | 21028 | 1.2 |
|  Berkshire Hathaway Finance Corp, 4.250, 01/15/49 | Financials | 259 | 21218 | 1.2 |
|  Caterpillar Inc, 3.803, 08/15/42 | Industrials | 259 | 21340 | 1.2 |
|  Chubb INA Holdings LLC, 4.350, 11/03/45 | Financials | 259 | 21779 | 1.3 |
|  Mitsubishi UFJ Financial Group Inc, 3.751, 07/18/39 | Financials | 259 | 21860 | 1.3 |
|  Visa Inc, 4.300, 12/14/45 | Financials | 259 | 21933 | 1.3 |
|  Walmart Inc, 4.500, 04/15/53 | Consumer Staples | 259 | 22414 | 1.3 |
|  Phillips 66, 4.875, 11/15/44 | Energy | 259 | 22454 | 1.3 |
|  Novartis Capital Corp, 4.400, 05/06/44 | Consumer Staples | 259 | 22683 | 1.3 |
|  QUALCOMM Inc, 4.800, 05/20/45 | Technology | 259 | 22875 | 1.3 |
|  Intercontinental Exchange Inc, 4.950, 06/15/52 | Financials | 259 | 22911 | 1.3 |
|  Gilead Sciences Inc, 4.750, 03/01/46 | Consumer Staples | 259 | 22972 | 1.3 |
|  Energy Transfer LP, 5.400, 10/01/47 | Energy | 259 | 22973 | 1.3 |
|  Medtronic Inc, 4.625, 03/15/45 | Consumer Staples | 259 | 23085 | 1.3 |
|  KLA Corp, 4.950, 07/15/52 | Technology | 259 | 23193 | 1.4 |
|  Enterprise Products Operating LLC, 4.850, 03/15/44 | Energy | 259 | 23346 | 1.4 |
|  Dow Chemical Co/The, 5.950, 03/15/55 | Materials | 259 | 23381 | 1.4 |
|  Kenvue Inc, 5.050, 03/22/53 | Consumer Staples | 259 | 23413 | 1.4 |
|  Eli Lilly & Co, 5.000, 02/09/54 | Consumer Staples | 259 | 23594 | 1.4 |
|  Abbott Laboratories, 4.900, 11/30/46 | Consumer Staples | 259 | 23773 | 1.4 |
|  Intuit Inc, 5.500, 09/15/53 | Technology | 259 | 23791 | 1.4 |
|  BHP Billiton Finance USA Ltd, 5.000, 09/30/43 | Materials | 259 | 24070 | 1.4 |
|  BlackRock Funding Inc, 5.250, 03/14/54 | Financials | 259 | 24136 | 1.4 |
|  RTX Corp, 5.375, 02/27/53 | Industrials | 259 | 24259 | 1.4 |
|  Honeywell International Inc, 5.250, 03/01/54 | Industrials | 259 | 24264 | 1.4 |
|  Marsh & McLennan Cos Inc, 5.400, 03/15/55 | Financials | 259 | 24270 | 1.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **71** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **A basket (JPMBKTL5 - 04/14/26) of Corporate Obligations (continued)** |  |  |  |  |
| **Corporate Obligations** | **Sector** | **Shares** | **Value** | **Weight** |
|  Coca-Cola Co/The, 5.200, 01/14/55 | Consumer Staples | 259 | $24480 | 1.4 |
|  Shell Finance US Inc, 4.125, 05/11/35 | Energy | 259 | 24551 | 1.4 |
|  Waste Management Inc, 5.350, 10/15/54 | Industrials | 259 | 24658 | 1.4 |
|  PepsiCo, 5.250, 07/17/54 | Consumer Staples | 259 | 24758 | 1.4 |
|  Burlington Northern Santa Fe LLC, 5.500, 03/15/55 | Industrials | 259 | 24965 | 1.5 |
|  Devon Energy Corp, 5.600, 07/15/41 | Energy | 259 | 25050 | 1.5 |
|  Anheuser-Busch InBev Worldwide Inc, 5.550, 01/23/49 | Consumer Staples | 259 | 25071 | 1.5 |
|  Cooperatieve Rabobank UA, 5.250, 05/24/41 | Financials | 259 | 25103 | 1.5 |
|  Eli Lilly & Co, 5.500, 02/12/55 | Consumer Staples | 259 | 25331 | 1.5 |
|  Rio Tinto Finance USA PLC, 5.750, 03/14/55 | Materials | 259 | 25786 | 1.5 |
|  Cisco Systems Inc, 5.500, 01/15/40 | Communications | 259 | 26355 | 1.5 |
|  ONEOK Inc, 6.625, 09/01/53 | Energy | 259 | 26539 | 1.5 |
|  Bank of America Corp, 5.875, 02/07/42 | Financials | 259 | 26633 | 1.6 |
|  Marathon Petroleum Corp, 6.500, 03/01/41 | Energy | 259 | 27524 | 1.6 |
|  Home Depot Inc/The, 5.875, 12/16/36 | Consumer Staples | 259 | 27553 | 1.6 |
|  Enbridge Inc, 6.700, 11/15/53 | Energy | 259 | 28131 | 1.6 |
|  United Parcel Service Inc, 6.200, 01/15/38 | Industrials | 259 | 28228 | 1.6 |
|  Valero Energy Corp, 6.625, 06/15/37 | Energy | 259 | 28327 | 1.7 |
|  ConocoPhillips, 6.500, 02/01/39 | Energy | 259 | 28638 | 1.7 |
|  UnitedHealth Group Inc, 6.875, 02/15/38 | Consumer Staples | 259 | 29156 | 1.7 |

---

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2026, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration**<br> **Date** | **Number of<br>Contracts** | **Notional<br>Amount**  | **Market**<br> **Value** | **Premiums Paid**<br> (Received)<br> **by Fund** | **Unrealized<br>Appreciation/**<br> (Depreciation) |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  2M IRS | Barclays Bank PLC | 4.002% | 06/30/2026 | 156520000 | 156520000 | $291718 | $250676 | $41042 |
|  6M IRS | Barclays Bank PLC | 3.400 | 05/14/2026 | 52300000 | 52300000 | 18310 | 164867 | (146557) |
|  2Y IRS | BNP Paribas SA | 1.950 | 05/11/2026 | 21520000 | 21520000 | 545 | 272326 | (271781) |
|  2Y IRS | BNP Paribas SA | 2.000 | 11/11/2026 | 21760000 | 21760000 | 29020 | 327067 | (298047) |
|  6M IRS | BNP Paribas SA | 1.950 | 05/11/2026 | 10270000 | 10270000 | 260 | 10951 | (10691) |
|  9M IRS | BNP Paribas SA | 2.250 | 04/29/2026 | 18390000 | 18390000 | 1237 | 124154 | (122917) |
|  2Y IRS | Citibank NA | 1.771 | 01/24/2028 | 16245000000 | 16245000000 | 441303 | 617748 | (176445) |
|  |  |  |  | 16525760000 |  | $782393 | $1767789 | $(985396) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  2Y IRS | Citibank NA | 1.771 | 01/24/2028 | 16245000004 | 16245000004 | 761894 | 617749 | 144145 |
|  **Total purchased option contracts** | **Total purchased option contracts** |  |  | 32770760004 |  | $1544287 | $2385538 | $(841251) |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  1M IRS | Barclays Bank PLC | 2.740 | 04/02/2026 | (35880000) | (35880000) | (21) | (199258) | 199237 |
|  1M IRS | Barclays Bank PLC | 3.883 | 04/30/2026 | (25910000) | $(25910000) | (231159) | (243554) | 12395 |
|  6M IRS | Barclays Bank PLC | 3.893 | 05/14/2026 | (12180000) | (12180000) | (20527) | (164851) | 144324 |
|  2Y IRS | BNP Paribas SA | 2.085 | 11/11/2026 | (6400000) | (6400000) | (12961) | (326983) | 314022 |
|  6M IRS | BNP Paribas SA | 2.400 | 05/11/2026 | (3130000) | (3130000) | (357) | (14097) | 13740 |
|  9M IRS | BNP Paribas SA | 2.586 | 04/29/2026 | (4260000) | (4260000) | (2146) | (124191) | 122045 |
|  9M IRS | BNP Paribas SA | 2.400 | 05/11/2026 | (6555646) | (6555646) | (747) | (85989) | 85242 |
|  1M IRS | BofA Securities LLC | 2.970 | 04/16/2026 | (35270000) | (35270000) | (104245) | (279035) | 174790 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **72** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration**<br> **Date** | **Number of<br>Contracts** | **Notional<br>Amount**  | **Market**<br> **Value** | **Premiums Paid**<br> (Received)<br> **by Fund** | **Unrealized<br>Appreciation/**<br> (Depreciation) |
|  1M IRS | Deutsche Bank AG (London) | 3.870% | 04/23/2026 | (25470000) | $(25470000) | $(188437) | $(212038) | $23601 |
|  1M IRS | MS & Co. Int. PLC | 3.750 | 04/17/2026 | (38130000) | $(38130000) | (110916) | (277014) | 166098 |
|  1M IRS | UBS AG (London) | 3.117 | 04/27/2026 | (23470000) | (23470000) | (274561) | (237971) | (36590) |
|  |  |  |  | (216655646) |  | $(946077) | $(2164981) | $1218904 |
|  **Puts** | **Puts** | **Puts** | **Puts** | **Puts** |  |  |  |  |
|  1M IRS | Barclays Bank PLC | 2.740 | 04/02/2026 | (35880000) | (35880000) | (1160533) | (199258) | (961275) |
|  1M IRS | Barclays Bank PLC | 3.883 | 04/30/2026 | (25910000) | $(25910000) | (209405) | (243554) | 34149 |
|  2M IRS | Barclays Bank PLC | 4.900 | 06/30/2026 | (156520000) | (156520000) | (232918) | (250676) | 17758 |
|  1M IRS | BofA Securities LLC | 2.970 | 04/16/2026 | (35270000) | (35270000) | (450359) | (279035) | (171324) |
|  1M IRS | Deutsche Bank AG (London) | 3.870 | 04/23/2026 | (25470000) | $(25470000) | (191840) | (212038) | 20198 |
|  1M IRS | MS & Co. Int. PLC | 3.750 | 04/17/2026 | (38130000) | $(38130000) | (492037) | (277014) | (215023) |
|  1M IRS | UBS AG (London) | 3.117 | 04/27/2026 | (23470000) | (23470000) | (168079) | (237971) | 69892 |
|  |  |  |  | (340650000) |  | $(2905171) | $(1699546) | $(1205625) |
|  **Total written option contracts** | **Total written option contracts** |  |  | (557305646) |  | $(3851248) | $(3864527) | $13279 |
|  **TOTAL** | **TOTAL** |  |  | 32213454358 |  | $(2306961) | $(1478989) | $(827972) |

---

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Call USD/Put BRL | BNP Paribas SA | $5.215 | 04/06/2026 | 42930000 | $42930000 | $162833 | $663655 | $(500822) |
|  Call USD/Put MXN | BofA Securities LLC | 18.200 | 04/07/2026 | 120785000 | 120785000 | 318631 | 1633617 | (1314986) |
|  Call USD/Put MXN | BofA Securities LLC | 17.840 | 04/07/2026 | 87389000 | 87389000 | 802231 | 622384 | 179847 |
|  Call USD/Put ZAR | BofA Securities LLC | 17.720 | 05/14/2026 | 48144000 | 48144000 | 448317 | 742140 | (293823) |
|  Call USD/Put MXN | Citibank NA | 17.750 | 04/07/2026 | 122719000 | 122719000 | 1516193 | 1363408 | 152785 |
|  Call USD/Put BRL | Deutsche Bank AG (London) | 5.375 | 04/06/2026 | 42930000 | 42930000 | 13652 | 351940 | (338288) |
|  Call USD/Put MXN | Deutsche Bank AG (London) | 17.800 | 05/18/2026 | 44080000 | 44080000 | 1009873 | 774618 | 235255 |
|  Call USD/Put CNH | HSBC Bank PLC | 6.965 | 04/16/2026 | 81478000 | 81478000 | 27947 | 319638 | (291691) |
|  Call USD/Put KRW | JPMorgan Securities, Inc. | 1485.500 | 04/02/2026 | 40804000 | 40804000 | 538286 | 201898 | 336388 |
|  Call USD/Put TWD | JPMorgan Securities, Inc. | 31.860 | 04/08/2026 | 87537000 | 87537000 | 726119 | 540103 | 186016 |
|  Call USD/Put ZAR | JPMorgan Securities, Inc. | 16.860 | 05/14/2026 | 43767000 | 43767000 | 1063013 | 838138 | 224875 |
|  Call USD/Put ZAR | JPMorgan Securities, Inc. | 17.500 | 05/27/2026 | 43821000 | 43821000 | 622171 | 911039 | (288868) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1485.500 | 04/02/2026 | 40804000 | 40804000 | 538287 | 118740 | 419547 |
|  Call USD/Put MXN | MS & Co. Int. PLC | 18.135 | 05/21/2026 | 43791000 | 43791000 | 711297 | 708801 | 2496 |
|  Call USD/Put TWD | Standard Chartered Bank | 31.940 | 04/09/2026 | 87420500 | 87420500 | 615091 | 887843 | (272752) |
|  Call USD/Put TWD | Standard Chartered Bank | 32.080 | 05/14/2026 | 43767000 | 43767000 | 516319 | 413554 | 102765 |
|  Call USD/Put TWD | Standard Chartered Bank | 32.780 | 05/14/2026 | 44313000 | 44313000 | 206055 | 231137 | (25082) |
|  |  |  |  | 1066479500 |  | $9836315 | $11322653 | $(1486338) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  Put EUR/Call USD | BNP Paribas SA | 1.178 | 04/01/2026 | 69084000 | EUR 69,084,000 | 1494407 | 578207 | 916200 |
|  Put EUR/Call USD | BNP Paribas SA | 1.179 | 04/01/2026 | 105394000 | 105394000 | 2385229 | 679277 | 1705952 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **73** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Put EUR/Call USD | BNP Paribas SA | 1.155 | 04/16/2026 | 75100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75100000 | $&nbsp;&nbsp;&nbsp;&nbsp;509108 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565578 | $(56470) |
|  Put EUR/Call USD | BNP Paribas SA | 1.160 | 04/17/2026 | 70649000 | 70649000 | 658748 | 670402 | (11654) |
|  Put EUR/Call USD | BNP Paribas SA | 1.139 | 04/21/2026 | 38032000 | 38032000 | 111833 | 364353 | &nbsp;&nbsp;&nbsp;&nbsp;(252520) |
|  Put EUR/Call USD | BNP Paribas SA | 1.153 | 05/22/2026 | 75546000 | 75546000 | 777321 | 804024 | (26703) |
|  Put EUR/Call USD | BNP Paribas SA | 1.145 | 05/27/2026 | 37970000 | 37970000 | 299840 | 396666 | (96826) |
|  Put EUR/Call USD | BNP Paribas SA | 1.145 | 06/18/2026 | 38200000 | 38200000 | 367401 | 471963 | (104562) |
|  Put NZD/Call USD | BNP Paribas SA | 0.561 | 05/28/2026 | 154238000 | 154238000 | 697895 | 893884 | (195989) |
|  Put USD/Call JPY | BNP Paribas SA | $154.250 | 04/09/2026 | 41169000 | $41169000 | 20708 | 426264 | (405556) |
|  Put USD/Call JPY | BNP Paribas SA | 157.250 | 04/17/2026 | 87510000 | 87510000 | 432124 | 802204 | (370080) |
|  Put GBP/Call USD | BofA Securities LLC | 1.314 | 06/15/2026 | 32830000 | 32830000 | 507758 | 543450 | (35692) |
|  Put USD/Call JPY | BofA Securities LLC | $154.000 | 04/17/2026 | 175019000 | $175019000 | 228400 | 1070241 | (841841) |
|  Put EUR/Call USD | Citibank NA | 1.173 | 04/21/2026 | 142619000 | 142619000 | 2550830 | 1150551 | 1400279 |
|  Put GBP/Call USD | Citibank NA | 1.326 | 05/07/2026 | 32875000 | 32875000 | 487611 | 365888 | 121723 |
|  Put USD/Call KRW | Citibank NA | $1476.200 | 04/30/2026 | 43767000 | $43767000 | 267329 | 711697 | (444368) |
|  Put EUR/Call USD | Deutsche Bank AG (London) | 1.195 | 04/01/2026 | 103678000 | 103678000 | 3951840 | 1271781 | 2680059 |
|  Put USD/Call KRW | Deutsche Bank AG (London) | $1416.000 | 04/02/2026 | 81608000 | $81608000 | 0 | 424606 | (424606) |
|  Put AUD/Call USD | JPMorgan Securities, Inc. | 0.696 | 05/22/2026 | 124477000 | 124477000 | 1796671 | 1242496 | 554175 |
|  Put AUD/Call USD | JPMorgan Securities, Inc. | 0.673 | 05/22/2026 | 64457000 | 64457000 | 362448 | 487642 | (125194) |
|  Put EUR/Call USD | MS & Co. Int. PLC | 1.178 | 04/01/2026 | 69112000 | 69112000 | 1460503 | 611122 | 849381 |
|  Put EUR/Call USD | Royal Bank of Canada (UK) | 1.149 | 04/21/2026 | 149638000 | 149638000 | 787137 | 1001504 | (214367) |
|  Put USD/Call JPY | Standard Chartered Bank | $150.150 | 04/09/2026 | 82338000 | $82338000 | 3376 | 504650 | (501274) |
|  Put EUR/Call USD | UBS AG (London) | 1.144 | 06/16/2026 | 38296000 | 38296000 | 347697 | 479032 | (131335) |
|  Put NZD/Call USD | UBS AG (London) | 0.577 | 04/28/2026 | 151033000 | 151033000 | 1149809 | 891325 | 258484 |
|  |  |  |  | 2084639000 |  | $21656023 | $17408807 | $4247216 |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** |  | 3151118500 |  | $31492338 | $28731460 | $2760878 |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Call USD/Put BRL | BNP Paribas SA | $5.375 | 04/06/2026 | (42930000) | $(42930000) | (13652) | (298922) | 285270 |
|  Call AUD/Put NZD | BofA Securities LLC | 1.212 | 04/07/2026 | (31049000) | (31049000) | (7412) | (111415) | 104003 |
|  Call AUD/Put NZD | BofA Securities LLC | 1.211 | 04/15/2026 | (31096000) | (31096000) | (30766) | (139288) | 108522 |
|  Call USD/Put CNH | BofA Securities LLC | $6.965 | 04/16/2026 | (81478000) | $(81478000) | (27947) | (253234) | 225287 |
|  Call USD/Put MXN | BofA Securities LLC | 17.750 | 04/07/2026 | (122719000) | (122719000) | (1516193) | (720925) | (795268) |
|  Call USD/Put MXN | BofA Securities LLC | 17.840 | 04/07/2026 | (87952918) | (87952918) | (807408) | (1193852) | 386444 |
|  Call USD/Put SGD | BofA Securities LLC | 1.272 | 04/02/2026 | (21883000) | (21883000) | (225658) | (103332) | (122326) |
|  Call USD/Put SGD | BofA Securities LLC | 1.276 | 04/06/2026 | (21913000) | (21913000) | (166999) | (103254) | (63745) |
|  Call USD/Put ZAR | BofA Securities LLC | 16.860 | 05/14/2026 | (43767000) | (43767000) | (1063013) | (1552678) | 489665 |
|  Call AUD/Put NZD | Citibank NA | 1.203 | 04/22/2026 | (31119000) | (31119000) | (93225) | (146224) | 52999 |
|  Call USD/Put MXN | Citibank NA | $18.200 | 04/07/2026 | (121321046) | $(121321046) | (320045) | (689104) | 369059 |
|  Call USD/Put BRL | Deutsche Bank AG (London) | 5.215 | 04/06/2026 | (42930000) | (42930000) | (162834) | (800602) | 637768 |
|  Call USD/Put KRW | Deutsche Bank AG (London) | 1485.500 | 04/02/2026 | (81608000) | (81608000) | (1076573) | (434726) | (641847) |
|  Call USD/Put MXN | Deutsche Bank AG (London) | 18.650 | 05/18/2026 | (48488000) | (48488000) | (413070) | (342859) | (70211) |
|  Call USD/Put SGD | HSBC Bank PLC | 1.276 | 04/23/2026 | (21881000) | (21881000) | (182838) | (124120) | (58718) |
|  Call USD/Put CNH | JPMorgan Securities, Inc. | 6.885 | 04/07/2026 | (21881000) | (21881000) | (44681) | (65862) | 21181 |
|  Call USD/Put ZAR | JPMorgan Securities, Inc. | 17.720 | 05/14/2026 | (48144000) | (48144000) | (448317) | (413076) | (35241) |
|  Call USD/Put ZAR | JPMorgan Securities, Inc. | 18.575 | 05/27/2026 | (43821000) | (43821000) | (225240) | (358456) | 133216 |
|  Call AUD/Put NZD | MS & Co. Int. PLC | 1.194 | 04/23/2026 | (31425000) | (31425000) | (177768) | (143088) | (34680) |
|  Call AUD/Put NZD | MS & Co. Int. PLC | 1.197 | 04/27/2026 | (32228000) | (32228000) | (154827) | (143441) | (11386) |
|  Call EUR/Put PLN | MS & Co. Int. PLC | 4.268 | 04/23/2026 | (18886000) | (18886000) | (193343) | (129472) | (63871) |
|  Call EUR/Put PLN | MS & Co. Int. PLC | 4.270 | 04/28/2026 | (18997000) | (18997000) | (197707) | (131418) | (66289) |
|  Call USD/Put CNH | MS & Co. Int. PLC | $6.860 | 04/16/2026 | (21937000) | $(21937000) | (101963) | (90567) | (11396) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **74** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADDITIONAL INVESTMENT INFORMATION (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADDITIONAL INVESTMENT INFORMATION (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADDITIONAL INVESTMENT INFORMATION (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADDITIONAL INVESTMENT INFORMATION (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADDITIONAL INVESTMENT INFORMATION (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADDITIONAL INVESTMENT INFORMATION (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADDITIONAL INVESTMENT INFORMATION (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADDITIONAL INVESTMENT INFORMATION (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADDITIONAL INVESTMENT INFORMATION (continued) |
| OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued) | OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued) | OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued) | OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued) | OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued) | OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued) | OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued) | OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued) | OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued) |
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Call USD/Put MXN | MS & Co. Int. PLC | $18.930 | 05/21/2026 | (48170000) | $(48170000) | $(331361) | $(356506) | $25145 |
|  Call USD/Put TWD | MS & Co. Int. PLC | 31.940 | 04/09/2026 | (43652000) | (43652000) | (307135) | (393741) | 86606 |
|  Call USD/Put CAD | Royal Bank of Canada (UK) | 1.355 | 04/07/2026 | (21793000) | (21793000) | (561649) | (119099) | (442550) |
|  Call USD/Put TWD | Standard Chartered Bank | 31.860 | 04/08/2026 | (87537000) | (87537000) | (726119) | (988730) | 262611 |
|  Call USD/Put TWD | Standard Chartered Bank | 31.940 | 04/09/2026 | (43768500) | (43768500) | (307955) | (300296) | (7659) |
|  Call USD/Put TWD | Standard Chartered Bank | 32.080 | 05/14/2026 | (43767000) | (43767000) | (516319) | (565995) | 49676 |
|  |  |  |  | (1358141464) |  | $(10402017) | $(11214282) | $812265 |
|  **Puts** | **Puts** | **Puts** |  |  |  |  |  |  |
|  Put EUR/Call USD | BNP Paribas SA | 1.195 | 04/01/2026 | (103678000) | (103678000) | (3951840) | (1562532) | (2389308) |
|  Put EUR/Call USD | BNP Paribas SA | 1.149 | 04/21/2026 | (74660665) | (74660665) | (392736) | (468367) | 75631 |
|  Put EUR/Call USD | BNP Paribas SA | 1.144 | 06/16/2026 | (38296000) | (38296000) | (347697) | (565296) | 217599 |
|  Put NZD/Call USD | BNP Paribas SA | 0.577 | 04/28/2026 | (151033000) | (151033000) | (1149808) | (1460266) | 310458 |
|  Put USD/Call JPY | BNP Paribas SA | $150.150 | 04/09/2026 | (82338000) | $(82338000) | (3376) | (313296) | 309920 |
|  Put USD/Call JPY | BNP Paribas SA | 154.000 | 04/17/2026 | (175019000) | (175019000) | (228400) | (674698) | 446298 |
|  Put AUD/Call NZD | BofA Securities LLC | 1.212 | 04/07/2026 | (31049000) | (31049000) | (217757) | (111415) | (106342) |
|  Put AUD/Call NZD | BofA Securities LLC | 1.211 | 04/15/2026 | (31096000) | (31096000) | (231861) | (139288) | (92573) |
|  Put EUR/Call USD | BofA Securities LLC | 1.139 | 04/21/2026 | (38032000) | (38032000) | (111832) | (149289) | 37457 |
|  Put USD/Call JPY | BofA Securities LLC | $157.250 | 04/17/2026 | (87510000) | $(87510000) | (432125) | (1134830) | 702705 |
|  Put USD/Call SGD | BofA Securities LLC | 1.272 | 04/02/2026 | (21883000) | (21883000) | (284) | (103332) | 103048 |
|  Put USD/Call SGD | BofA Securities LLC | 1.276 | 04/06/2026 | (21913000) | (21913000) | (11022) | (103254) | 92232 |
|  Put AUD/Call NZD | Citibank NA | 1.203 | 04/22/2026 | (31119000) | (31119000) | (157852) | (146224) | (11628) |
|  Put EUR/Call USD | Citibank NA | 1.179 | 04/01/2026 | (105394000) | (105394000) | (2385229) | (1007768) | (1377461) |
|  Put USD/Call KRW | Citibank NA | $1416.000 | 04/02/2026 | (81608000) | $(81608000) | 0 | (85169) | 85169 |
|  Put EUR/Call USD | Deutsche Bank AG (London) | 1.178 | 04/01/2026 | (69084000) | (69084000) | (1494407) | (355341) | (1139066) |
|  Put EUR/Call USD | Deutsche Bank AG (London) | 1.178 | 04/01/2026 | (69112000) | (69112000) | (1460503) | (345455) | (1115048) |
|  Put EUR/Call USD | Deutsche Bank AG (London) | 1.149 | 04/21/2026 | (74977334) | (74977334) | (394401) | (362447) | (31954) |
|  Put USD/Call SGD | HSBC Bank PLC | $1.276 | 04/23/2026 | (21881000) | $(21881000) | (56650) | (124120) | 67470 |
|  Put AUD/Call USD | JPMorgan Securities, Inc. | 0.696 | 05/22/2026 | (62238500) | (62238500) | (898335) | (1110250) | 211915 |
|  Put EUR/Call USD | JPMorgan Securities, Inc. | 1.155 | 04/16/2026 | (37603044) | (37603044) | (254913) | (214658) | (40255) |
|  Put USD/Call CNH | JPMorgan Securities, Inc. | $6.885 | 04/07/2026 | (21881000) | $(21881000) | (47854) | (65862) | 18008 |
|  Put AUD/Call NZD | MS & Co. Int. PLC | 1.194 | 04/23/2026 | (31425000) | (31425000) | (84298) | (143088) | 58790 |
|  Put AUD/Call NZD | MS & Co. Int. PLC | 1.197 | 04/27/2026 | (32228000) | (32228000) | (115337) | (143441) | 28104 |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.696 | 05/22/2026 | (62238500) | (62238500) | (898335) | (747135) | (151200) |
|  Put EUR/Call PLN | MS & Co. Int. PLC | 4.268 | 04/23/2026 | (18886000) | (18886000) | (49444) | (129472) | 80028 |
|  Put EUR/Call PLN | MS & Co. Int. PLC | 4.270 | 04/28/2026 | (18997000) | (18997000) | (59923) | (131418) | 71495 |
|  Put USD/Call CNH | MS & Co. Int. PLC | $6.860 | 04/16/2026 | (21937000) | $(21937000) | (42295) | (90567) | 48272 |
|  Put EUR/Call USD | Royal Bank of Canada (UK) | 1.155 | 04/16/2026 | (37778000) | (37778000) | (256099) | (312599) | 56500 |
|  Put EUR/Call USD | Royal Bank of Canada (UK) | 1.160 | 04/17/2026 | (70649000) | (70649000) | (658748) | (261004) | (397744) |
|  Put EUR/Call USD | Royal Bank of Canada (UK) | 1.173 | 04/21/2026 | (142619000) | (142619000) | (2550830) | (2462450) | (88380) |
|  Put USD/Call CAD | Royal Bank of Canada (UK) | $1.355 | 04/07/2026 | (21793000) | $(21793000) | (22) | (119099) | 119077 |
|  Put USD/Call JPY | Standard Chartered Bank | 154.250 | 04/09/2026 | (41169000) | (41169000) | (20708) | (598350) | 577642 |
|  |  |  |  | (1931125043) |  | $(18964921) | $(15741780) | $(3223141) |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** |  | (3289266507) |  | $(29366938) | $(26956062) | $(2410876) |
|  **TOTAL** | **TOTAL** | **TOTAL** |  | (138148007) |  | $2125400 | $1775398 | $350002 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **75** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| AUD | —Australian Dollar |
| BRL | —Brazil Real |
| CAD | —Canadian Dollar |
| CHF | —Swiss Franc |
| CLP | —Chilean Peso |
| CNH | —Chinese Yuan Renminbi Offshore |
| COP | —Colombia Peso |
| CZK | —Czech Republic Koruna |
| EUR | —Euro |
| GBP | —British Pound |
| HUF | —Hungarian Forint |
| ILS | —Israeli Shekel |
| INR | —Indian Rupee |
| JPY | —Japanese Yen |
| KRW | —South Korean Won |
| MXN | —Mexican Peso |
| NOK | —Norwegian Krone |
| NZD | —New Zealand Dollar |
| PHP | —Philippines Peso |
| PLN | —Polish Zloty |
| 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: | Investment Abbreviations: |
| CLO | —Collateralized Loan Obligation |
| CMT | —Constant Maturity Treasury Indexes |
| EURIBOR | —Euro Interbank Offered Rate |
| GO | —General Obligation |
| ICE | —Inter-Continental Exchange |
| 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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **76** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| 1M IRS | —1 Month Interest Rate Swaptions |
| 2M IRS | —2 Months Interest Rate Swaptions |
| 2Y IRS | —2 Year Interest Rate Swaptions |
| 6M IRS | —6 Month Interest Rate Swaptions |
| 9M IRS | —9 Months Interest Rate Swaptions |
| AUDOR | —Australian Dollar Offered Rate |
| BofA Securities LLC | —Bank of America Securities LLC |
| BUBOR | —Budapest Interbank Offered Rate |
| CDOR | —Canadian Dollar Offered Rate |
| CDX.NA.HY Ind 39 | —CDX North America High Yield Index 39 |
| CDX.NA.HY Ind 45 | —CDX North America High Yield Index 45 |
| CDX.NA.IG Ind 44 | —CDX North America Investment Grade Index 44 |
| CDX.NA.IG Ind 45 | —CDX North America Investment Grade Index 45 |
| CHFOR | —Swiss Franc Offered Rate |
| CLICP | —Sinacofi Chile Interbank Rate |
| CMBX | —Commercial Mortgage Backed Securities Index |
| EURO | —Euro Offered Rate |
| JIBAR | —Johannesburg Interbank Agreed Rate |
| JYOR | —Japanese Yen Offered Rate |
| KWCDC | —South Korean Won Certificate of Deposit |
| MIBOR | —Mumbai Interbank Offered Rate |
| MS & Co. Int. PLC | —Morgan Stanley & Co. International PLC |
| NIBOR | —Norwegian Interbank Offered Rate |
| NZDOR | —New Zealand Dollar Offered Rate |
| PRIBOR | —Prague Interbank 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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **77** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – 34.3% | Mortgage-Backed Obligations – 34.3% | Mortgage-Backed Obligations – 34.3% |  |
| Collateralized Mortgage Obligations – 8.0% | Collateralized Mortgage Obligations – 8.0% | Collateralized Mortgage Obligations – 8.0% |  |
| Interest Only – 0.1% | Interest Only – 0.1% |  |  |
| Federal Home Loan Mortgage Corp. REMICS Series 5002, Class SJ (-1X 1 mo. USD Term SOFR + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 5002, Class SJ (-1X 1 mo. USD Term SOFR + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 5002, Class SJ (-1X 1 mo. USD Term SOFR + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 5002, Class SJ (-1X 1 mo. USD Term SOFR + 5.986%) |
| 780269 | 2.324 %<sup>(a)(b)</sup> | 07/25/50 | $89091 |
| Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 1 mo. USD Term SOFR + 5.886%) | Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 1 mo. USD Term SOFR + 5.886%) | Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 1 mo. USD Term SOFR + 5.886%) | Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 1 mo. USD Term SOFR + 5.886%) |
| 331729 | 2.213 <sup>(a)(b)</sup> | 05/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34983 |
| Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%) |
| 90218 | 2.263 <sup>(a)(b)</sup> | 03/15/44 | 8540 |
| Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 1 mo. USD Term SOFR + 5.986%) | Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 1 mo. USD Term SOFR + 5.986%) | Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 1 mo. USD Term SOFR + 5.986%) | Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 1 mo. USD Term SOFR + 5.986%) |
| 257659 | 2.324 <sup>(a)(b)</sup> | 05/25/47 | 29406 |
| Federal National Mortgage Association REMICS Series 2012-5, Class SA (-1X 1 mo. USD Term SOFR + 5.836%) | Federal National Mortgage Association REMICS Series 2012-5, Class SA (-1X 1 mo. USD Term SOFR + 5.836%) | Federal National Mortgage Association REMICS Series 2012-5, Class SA (-1X 1 mo. USD Term SOFR + 5.836%) | Federal National Mortgage Association REMICS Series 2012-5, Class SA (-1X 1 mo. USD Term SOFR + 5.836%) |
| 120126 | 2.174 <sup>(a)(b)</sup> | 02/25/42 | 11366 |
| Government National Mortgage Association REMICS Series 2014- 132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014- 132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014- 132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014- 132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) |
| 82422 | 2.311 <sup>(a)(b)(c)</sup> | 10/20/43 | 3788 |
| Government National Mortgage Association REMICS Series 2015- 129, Class IC | Government National Mortgage Association REMICS Series 2015- 129, Class IC | Government National Mortgage Association REMICS Series 2015- 129, Class IC | Government National Mortgage Association REMICS Series 2015- 129, Class IC |
| 74080 | 4.500 <sup>(c)(d)</sup> | 09/16/45 | 13758 |
| Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) |
| 118273 | 2.261 <sup>(a)(b)(c)</sup> | 01/20/49 | 12861 |
| Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) |
| 81757 | 2.311 <sup>(a)(b)(c)</sup> | 06/20/49 | 9123 |
| Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI |
| 456846 | 4.000 <sup>(c)(d)</sup> | 06/20/50 | 97801 |
| Government National Mortgage Association REMICS Series 2013- 124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2013- 124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2013- 124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2013- 124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) |
| 187020 | 2.261 <sup>(a)(b)(c)</sup> | 08/20/43 | 18867 |
| Government National Mortgage Association REMICS Series 2015- 123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015- 123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015- 123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015- 123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) |
| 114099 | 2.461 <sup>(a)(b)(c)</sup> | 09/20/45 | 13430 |
| Government National Mortgage Association REMICS Series 2016-27, Class IA | Government National Mortgage Association REMICS Series 2016-27, Class IA | Government National Mortgage Association REMICS Series 2016-27, Class IA | Government National Mortgage Association REMICS Series 2016-27, Class IA |
| 75126 | 4.000 <sup>(c)(d)</sup> | 06/20/45 | 9769 |
| Government National Mortgage Association REMICS Series 2018- 122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018- 122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018- 122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018- 122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) |
| 236360 | 2.411 <sup>(a)(b)(c)</sup> | 09/20/48 | 26795 |
| Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) |
| 220702 | 2.461 <sup>(a)(b)(c)</sup> | 02/20/40 | 22843 |
| Government National Mortgage Association REMICS Series 2016-1, Class ST (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2016-1, Class ST (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2016-1, Class ST (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2016-1, Class ST (-1X 1 mo. USD Term SOFR + 6.086%) |
| 85418 | 2.411 <sup>(a)(b)(c)</sup> | 01/20/46 | 9749 |
| Government National Mortgage Association REMICS Series 2019- 151, Class IA | Government National Mortgage Association REMICS Series 2019- 151, Class IA | Government National Mortgage Association REMICS Series 2019- 151, Class IA | Government National Mortgage Association REMICS Series 2019- 151, Class IA |
| 1071362 | 3.500 <sup>(c)(d)</sup> | 12/20/49 | 200056 |
| Government National Mortgage Association REMICS Series 2016- 138, Class GI | Government National Mortgage Association REMICS Series 2016- 138, Class GI | Government National Mortgage Association REMICS Series 2016- 138, Class GI | Government National Mortgage Association REMICS Series 2016- 138, Class GI |
| 200916 | 4.000 <sup>(c)(d)</sup> | 10/20/46 | 39009 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Interest Only – (continued) | Interest Only – (continued) | Interest Only – (continued) | Interest Only – (continued) |  |
|  Government National Mortgage Association REMICS Series 2015- 167, Class AS (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015- 167, Class AS (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015- 167, Class AS (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015- 167, Class AS (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015- 167, Class AS (-1X 1 mo. USD Term SOFR + 6.136%) |
|  $ | 69053 | 2.461 %<sup>(a)(b)(c)</sup> | 11/20/45 | $7904 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659139 |
| Regular Floater<sup>(b)</sup> – 0.5% | Regular Floater<sup>(b)</sup> – 0.5% | Regular Floater<sup>(b)</sup> – 0.5% |  |  |
|  Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) |
|  | 774928 | 4.662 | 02/25/55 | 774083 |
|  Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3, Class M2 (1 mo. USD Term SOFR + 1.450%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3, Class M2 (1 mo. USD Term SOFR + 1.450%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3, Class M2 (1 mo. USD Term SOFR + 1.450%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3, Class M2 (1 mo. USD Term SOFR + 1.450%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3, Class M2 (1 mo. USD Term SOFR + 1.450%) |
|  | 1138306 | 5.112 <sup>(c)(e)</sup> | 10/25/44 | 1137366 |
|  Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3, Class A1 (1 mo. USD Term SOFR + 1.050%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3, Class A1 (1 mo. USD Term SOFR + 1.050%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3, Class A1 (1 mo. USD Term SOFR + 1.050%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3, Class A1 (1 mo. USD Term SOFR + 1.050%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3, Class A1 (1 mo. USD Term SOFR + 1.050%) |
|  | 310500 | 4.712 <sup>(c)(e)</sup> | 10/25/44 | 310264 |
|  Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) |
|  | 1554198 | 4.662 | 03/25/55 | 1562921 |
|  |  |  |  | 3784634 |
| Sequential Fixed Rate – 4.0% | Sequential Fixed Rate – 4.0% | Sequential Fixed Rate – 4.0% | Sequential Fixed Rate – 4.0% |  |
|  Angel Oak Mortgage Trust Series 2025-7, Class A1 | Angel Oak Mortgage Trust Series 2025-7, Class A1 | Angel Oak Mortgage Trust Series 2025-7, Class A1 | Angel Oak Mortgage Trust Series 2025-7, Class A1 | Angel Oak Mortgage Trust Series 2025-7, Class A1 |
|  | 1985269 | 5.509 <sup>(c)(e)(f)</sup> | 06/25/70 | 1991866 |
|  CIM Trust Series 2025-I1, Class A2 | CIM Trust Series 2025-I1, Class A2 | CIM Trust Series 2025-I1, Class A2 | CIM Trust Series 2025-I1, Class A2 |  |
|  | 849480 | 5.908 <sup>(c)(e)(f)</sup> | 10/25/69 | 853537 |
|  COLT Mortgage Loan Trust Series 2025-6, Class A1 | COLT Mortgage Loan Trust Series 2025-6, Class A1 | COLT Mortgage Loan Trust Series 2025-6, Class A1 | COLT Mortgage Loan Trust Series 2025-6, Class A1 | COLT Mortgage Loan Trust Series 2025-6, Class A1 |
|  | 1726990 | 5.529 <sup>(c)(e)(f)</sup> | 08/25/70 | 1733248 |
|  COLT Mortgage Loan Trust Series 2025-7, Class A1 | COLT Mortgage Loan Trust Series 2025-7, Class A1 | COLT Mortgage Loan Trust Series 2025-7, Class A1 | COLT Mortgage Loan Trust Series 2025-7, Class A1 | COLT Mortgage Loan Trust Series 2025-7, Class A1 |
|  | 2608074 | 5.470 <sup>(c)(e)(f)</sup> | 06/25/70 | 2613388 |
|  Federal National Mortgage Association REMICS Series 2011-99, Class DB | Federal National Mortgage Association REMICS Series 2011-99, Class DB | Federal National Mortgage Association REMICS Series 2011-99, Class DB | Federal National Mortgage Association REMICS Series 2011-99, Class DB | Federal National Mortgage Association REMICS Series 2011-99, Class DB |
|  | 95345 | 5.000 | 10/25/41 | 95767 |
|  Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B |
|  | 13344 | 7.000 | 10/25/42 | 14212 |
|  Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B |
|  | 55768 | 7.000 | 07/25/42 | 59902 |
|  Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB |
|  | 111237 | 5.000 | 06/25/41 | 111691 |
|  JP Morgan Mortgage Trust Series 2024-VIS2, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS2, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS2, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS2, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS2, Class A1 |
|  | 1548727 | 5.853 <sup>(c)(e)(f)</sup> | 11/25/64 | 1557880 |
|  JP Morgan Mortgage Trust Series 2025-VIS1, Class A1A | JP Morgan Mortgage Trust Series 2025-VIS1, Class A1A | JP Morgan Mortgage Trust Series 2025-VIS1, Class A1A | JP Morgan Mortgage Trust Series 2025-VIS1, Class A1A | JP Morgan Mortgage Trust Series 2025-VIS1, Class A1A |
|  | 1333794 | 5.493 <sup>(c)(e)(f)</sup> | 08/25/55 | 1338351 |
|  JP Morgan Mortgage Trust Series 2026-VIS1, Class A1A | JP Morgan Mortgage Trust Series 2026-VIS1, Class A1A | JP Morgan Mortgage Trust Series 2026-VIS1, Class A1A | JP Morgan Mortgage Trust Series 2026-VIS1, Class A1A | JP Morgan Mortgage Trust Series 2026-VIS1, Class A1A |
|  | 2532114 | 4.787 <sup>(c)(e)(f)</sup> | 06/25/66 | 2507700 |
|  Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1 |
|  | 1397490 | 5.562 <sup>(c)(e)(f)</sup> | 03/25/70 | 1403260 |
|  Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC3, Class A1A | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC3, Class A1A | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC3, Class A1A | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC3, Class A1A | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC3, Class A1A |
|  | 2395321 | 4.912 <sup>(c)(e)(f)</sup> | 09/25/70 | 2377858 |
|  New Residential Mortgage Loan Trust Series 2025-NQM1, Class A1 | New Residential Mortgage Loan Trust Series 2025-NQM1, Class A1 | New Residential Mortgage Loan Trust Series 2025-NQM1, Class A1 | New Residential Mortgage Loan Trust Series 2025-NQM1, Class A1 | New Residential Mortgage Loan Trust Series 2025-NQM1, Class A1 |
|  | 881941 | 5.643 <sup>(c)(e)(f)</sup> | 01/25/65 | 888361 |
|  OBX Trust Series 2024-NQM2, Class A1 | OBX Trust Series 2024-NQM2, Class A1 | OBX Trust Series 2024-NQM2, Class A1 | OBX Trust Series 2024-NQM2, Class A1 |  |
|  | 903307 | 5.878 <sup>(c)(e)(f)</sup> | 12/25/63 | 905521 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **78** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) |
| OBX Trust Series 2024-NQM14, Class A1 | OBX Trust Series 2024-NQM14, Class A1 | OBX Trust Series 2024-NQM14, Class A1 | OBX Trust Series 2024-NQM14, Class A1 |
| 2108911 | 4.944 %<sup>(c)(e)(f)</sup> | 09/25/64 | &nbsp;&nbsp;&nbsp;&nbsp;2097931 |
| OBX Trust Series 2025-NQM11, Class A1A | OBX Trust Series 2025-NQM11, Class A1A | OBX Trust Series 2025-NQM11, Class A1A | OBX Trust Series 2025-NQM11, Class A1A |
| 1930433 | 5.418 <sup>(c)(e)(f)</sup> | 05/25/65 | 1935165 |
| OBX Trust Series 2025-NQM21, Class A1A | OBX Trust Series 2025-NQM21, Class A1A | OBX Trust Series 2025-NQM21, Class A1A | OBX Trust Series 2025-NQM21, Class A1A |
| 2087382 | 4.989 <sup>(c)(e)(f)</sup> | 10/25/65 | 2078704 |
| OBX Trust Series 2025-NQM15, Class A1A | OBX Trust Series 2025-NQM15, Class A1A | OBX Trust Series 2025-NQM15, Class A1A | OBX Trust Series 2025-NQM15, Class A1A |
| 2031114 | 5.143 <sup>(c)(e)(f)</sup> | 07/27/65 | 2028698 |
| Santander Mortgage Asset Receivable Trust Series 2025-NQM1,<br>Class A1 | Santander Mortgage Asset Receivable Trust Series 2025-NQM1,<br>Class A1 | Santander Mortgage Asset Receivable Trust Series 2025-NQM1,<br>Class A1 | Santander Mortgage Asset Receivable Trust Series 2025-NQM1,<br>Class A1 |
| 1362349 | 5.545 <sup>(c)(e)(f)</sup> | 01/25/65 | 1366304 |
| Verus Securitization Trust Series 2023-INV2, Class A3 | Verus Securitization Trust Series 2023-INV2, Class A3 | Verus Securitization Trust Series 2023-INV2, Class A3 | Verus Securitization Trust Series 2023-INV2, Class A3 |
| 535951 | 7.079 <sup>(c)(e)(f)</sup> | 08/25/68 | 536299 |
| Verus Securitization Trust Series 2024-INV2, Class A1 | Verus Securitization Trust Series 2024-INV2, Class A1 | Verus Securitization Trust Series 2024-INV2, Class A1 | Verus Securitization Trust Series 2024-INV2, Class A1 |
| 962277 | 5.332 <sup>(c)(e)(f)</sup> | 08/26/69 | 963038 |
| Verus Securitization Trust Series 2025-1, Class A1A | Verus Securitization Trust Series 2025-1, Class A1A | Verus Securitization Trust Series 2025-1, Class A1A | Verus Securitization Trust Series 2025-1, Class A1A |
| 2254219 | 5.620 <sup>(c)(e)(f)</sup> | 01/25/70 | 2265703 |
|  |  |  | 31724384 |
| Sequential Floating Rate(b)(c) –3.4% | Sequential Floating Rate(b)(c) –3.4% | Sequential Floating Rate(b)(c) –3.4% | Sequential Floating Rate(b)(c) –3.4% |
| Angel Oak Mortgage Trust Series 2021-4, Class A1 | Angel Oak Mortgage Trust Series 2021-4, Class A1 | Angel Oak Mortgage Trust Series 2021-4, Class A1 | Angel Oak Mortgage Trust Series 2021-4, Class A1 |
| 872105 | 1.035 <sup>(e)</sup> | 01/20/65 | 743644 |
| Angel Oak Mortgage Trust Series 2021-3, Class A1 | Angel Oak Mortgage Trust Series 2021-3, Class A1 | Angel Oak Mortgage Trust Series 2021-3, Class A1 | Angel Oak Mortgage Trust Series 2021-3, Class A1 |
| 539817 | 1.068 <sup>(e)</sup> | 05/25/66 | 467991 |
| Angel Oak Mortgage Trust Series 2019-6, Class B1 | Angel Oak Mortgage Trust Series 2019-6, Class B1 | Angel Oak Mortgage Trust Series 2019-6, Class B1 | Angel Oak Mortgage Trust Series 2019-6, Class B1 |
| 1825000 | 3.941 <sup>(e)</sup> | 11/25/59 | 1758928 |
| Chase Home Lending Mortgage Trust Series 2024-3, Class A5 | Chase Home Lending Mortgage Trust Series 2024-3, Class A5 | Chase Home Lending Mortgage Trust Series 2024-3, Class A5 | Chase Home Lending Mortgage Trust Series 2024-3, Class A5 |
| 275000 | 6.000 <sup>(e)</sup> | 02/25/55 | 277784 |
| Chase Home Lending Mortgage Trust Series 2024-3, Class A5A | Chase Home Lending Mortgage Trust Series 2024-3, Class A5A | Chase Home Lending Mortgage Trust Series 2024-3, Class A5A | Chase Home Lending Mortgage Trust Series 2024-3, Class A5A |
| 425000 | 5.500 <sup>(e)</sup> | 02/25/55 | 426242 |
| COLT Mortgage Loan Trust Series 2021-HX1, Class A3 | COLT Mortgage Loan Trust Series 2021-HX1, Class A3 | COLT Mortgage Loan Trust Series 2021-HX1, Class A3 | COLT Mortgage Loan Trust Series 2021-HX1, Class A3 |
| 1871117 | 1.451 <sup>(e)</sup> | 10/25/66 | 1611280 |
| Countrywide Alternative Loan Trust Series 2005-38, Class A1 (1 yr. MTA + 1.500%) | Countrywide Alternative Loan Trust Series 2005-38, Class A1 (1 yr. MTA + 1.500%) | Countrywide Alternative Loan Trust Series 2005-38, Class A1 (1 yr. MTA + 1.500%) | Countrywide Alternative Loan Trust Series 2005-38, Class A1 (1 yr. MTA + 1.500%) |
| 26938 | 5.359 | 09/25/35 | 24471 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) |
| 44127 | 5.312 <sup>(e)</sup> | 01/25/34 | 44243 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2, Class M1 (1 mo. USD Term SOFR + 1.200%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2, Class M1 (1 mo. USD Term SOFR + 1.200%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2, Class M1 (1 mo. USD Term SOFR + 1.200%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2, Class M1 (1 mo. USD Term SOFR + 1.200%) |
| 963478 | 4.862 <sup>(e)</sup> | 05/25/44 | 963004 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) |
| 137080 | 5.212 <sup>(e)</sup> | 10/25/41 | 137441 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) |
| 282154 | 5.312 <sup>(e)</sup> | 12/25/41 | 282414 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) |
| 16390 | 5.562 <sup>(e)</sup> | 04/25/42 | 16406 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) |
| 227000 | 6.662 <sup>(e)</sup> | 04/25/42 | 229831 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) |
| $450000 | 5.462 %<sup>(e)</sup> | 01/25/44 | $&nbsp;&nbsp;&nbsp;&nbsp;451944 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R02, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R02, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R02, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R02, Class 1M2 (1 mo. USD Term SOFR + 1.800%) |
| 1845000 | 5.462 <sup>(e)</sup> | 02/25/44 | 1845758 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) |
| 1650000 | 5.312 <sup>(e)</sup> | 05/25/44 | 1648712 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) |
| 250000 | 5.612 <sup>(e)</sup> | 03/25/44 | 251420 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M2 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M2 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M2 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M2 (1 mo. USD Term SOFR + 1.700%) |
| 1100594 | 5.362 <sup>(e)</sup> | 07/25/44 | 1100732 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) |
| 623269 | 5.262 <sup>(e)</sup> | 09/25/44 | 622074 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R03, Class 2A1 (1 mo. USD Term SOFR + 1.450%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R03, Class 2A1 (1 mo. USD Term SOFR + 1.450%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R03, Class 2A1 (1 mo. USD Term SOFR + 1.450%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R03, Class 2A1 (1 mo. USD Term SOFR + 1.450%) |
| 779810 | 5.112 <sup>(e)</sup> | 03/25/45 | 781543 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1M2 (1 mo. USD Term SOFR + 1.500%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1M2 (1 mo. USD Term SOFR + 1.500%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1M2 (1 mo. USD Term SOFR + 1.500%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1M2 (1 mo. USD Term SOFR + 1.500%) |
| 1850000 | 5.162 <sup>(e)</sup> | 01/25/45 | 1840604 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2026-R01, Class 2M2 (1 mo. USD Term SOFR + 1.350%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2026-R01, Class 2M2 (1 mo. USD Term SOFR + 1.350%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2026-R01, Class 2M2 (1 mo. USD Term SOFR + 1.350%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2026-R01, Class 2M2 (1 mo. USD Term SOFR + 1.350%) |
| 1380000 | 5.012 <sup>(e)</sup> | 01/25/46 | 1374048 |
| GCAT Trust Series 2021-NQM5, Class A2 | GCAT Trust Series 2021-NQM5, Class A2 | GCAT Trust Series 2021-NQM5, Class A2 | GCAT Trust Series 2021-NQM5, Class A2 |
| 1318262 | 1.417 <sup>(e)</sup> | 07/25/66 | 1112474 |
| HarborView Mortgage Loan Trust Series 2006-6, Class 3A1A | HarborView Mortgage Loan Trust Series 2006-6, Class 3A1A | HarborView Mortgage Loan Trust Series 2006-6, Class 3A1A | HarborView Mortgage Loan Trust Series 2006-6, Class 3A1A |
| 133432 | 4.700 | 08/19/36 | 98851 |
| JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 |
| 887112 | 2.520 <sup>(e)</sup> | 05/25/52 | 751998 |
| JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 | JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 | JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 | JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 |
| 292917 | 3.514 <sup>(e)</sup> | 07/25/52 | 261318 |
| JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 |
| 1185393 | 5.990 <sup>(e)</sup> | 07/25/64 | 1191204 |
| JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 |
| 1561925 | 3.000 <sup>(e)</sup> | 05/25/54 | 1425830 |
| JP Morgan Mortgage Trust Series 2024-4, Class A5A | JP Morgan Mortgage Trust Series 2024-4, Class A5A | JP Morgan Mortgage Trust Series 2024-4, Class A5A | JP Morgan Mortgage Trust Series 2024-4, Class A5A |
| 700000 | 6.000 <sup>(e)</sup> | 10/25/54 | 710671 |
| JP Morgan Mortgage Trust Series 2024-1, Class A4 | JP Morgan Mortgage Trust Series 2024-1, Class A4 | JP Morgan Mortgage Trust Series 2024-1, Class A4 | JP Morgan Mortgage Trust Series 2024-1, Class A4 |
| 374120 | 6.000 <sup>(e)</sup> | 06/25/54 | 374924 |
| JP Morgan Mortgage Trust Series 2025-DSC1, Class A1 | JP Morgan Mortgage Trust Series 2025-DSC1, Class A1 | JP Morgan Mortgage Trust Series 2025-DSC1, Class A1 | JP Morgan Mortgage Trust Series 2025-DSC1, Class A1 |
| 1388176 | 5.577 <sup>(e)</sup> | 09/25/65 | 1394342 |
| MFA Trust Series 2025-NQM4, Class A1 | MFA Trust Series 2025-NQM4, Class A1 | MFA Trust Series 2025-NQM4, Class A1 | MFA Trust Series 2025-NQM4, Class A1 |
| 1636715 | 5.229 <sup>(e)</sup> | 08/25/70 | 1634907 |
| Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 |
| 85364 | 3.250 <sup>(e)</sup> | 07/25/59 | 83880 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **79** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(b)(c)</sup> – (continued) |
| Sequoia Mortgage Trust Series 2004-10, Class A3A (6 mo. USD Term SOFR + 1.088%) | Sequoia Mortgage Trust Series 2004-10, Class A3A (6 mo. USD Term SOFR + 1.088%) | Sequoia Mortgage Trust Series 2004-10, Class A3A (6 mo. USD Term SOFR + 1.088%) | Sequoia Mortgage Trust Series 2004-10, Class A3A (6 mo. USD Term SOFR + 1.088%) |
| $22395 | 4.818% | 11/20/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20685 |
| Towd Point Mortgage Trust Series 2020-1, Class A2A | Towd Point Mortgage Trust Series 2020-1, Class A2A | Towd Point Mortgage Trust Series 2020-1, Class A2A | Towd Point Mortgage Trust Series 2020-1, Class A2A |
| 530000 | 3.100 <sup>(e)</sup> | 01/25/60 | 490283 |
| Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 |
| 91920 | 2.824 <sup>(e)</sup> | 11/25/66 | 83727 |
| Verus Securitization Trust Series 2025-1, Class A1 | Verus Securitization Trust Series 2025-1, Class A1 | Verus Securitization Trust Series 2025-1, Class A1 | Verus Securitization Trust Series 2025-1, Class A1 |
| 1088246 | 5.620 <sup>(e)</sup> | 01/25/70 | 1093370 |
|  |  |  | 27628978 |
| TOTAL COLLATERALIZED MORTGAGE<br>OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE<br>OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE<br>OBLIGATIONS | 63797135 |
| Commercial Mortgage-Backed Securities – 11.9% | Commercial Mortgage-Backed Securities – 11.9% | Commercial Mortgage-Backed Securities – 11.9% | Commercial Mortgage-Backed Securities – 11.9% |
| Regular Floater<sup>(b)(e)</sup> – 0.6% | Regular Floater<sup>(b)(e)</sup> – 0.6% | Regular Floater<sup>(b)(e)</sup> – 0.6% | Regular Floater<sup>(b)(e)</sup> – 0.6% |
| BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) | BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) | BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) | BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) |
| $1600000 | 5.165% | 11/15/41 | $&nbsp;&nbsp;&nbsp;&nbsp;1600198 |
| TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) |
| 2350000 | 5.805 | 11/15/29 | 2344995 |
| WCORE Commercial Mortgage Trust Series 2024-CORE, Class A (1 mo. USD Term SOFR + 1.492%) | WCORE Commercial Mortgage Trust Series 2024-CORE, Class A (1 mo. USD Term SOFR + 1.492%) | WCORE Commercial Mortgage Trust Series 2024-CORE, Class A (1 mo. USD Term SOFR + 1.492%) | WCORE Commercial Mortgage Trust Series 2024-CORE, Class A (1 mo. USD Term SOFR + 1.492%) |
| 900000 | 5.165 | 11/15/41 | 899126 |
|  |  |  | 4844319 |
| Sequential Fixed Rate – 2.9% | Sequential Fixed Rate – 2.9% | Sequential Fixed Rate – 2.9% | Sequential Fixed Rate – 2.9% |
| Bank Series 2024-BNK47, Class A5 | Bank Series 2024-BNK47, Class A5 | Bank Series 2024-BNK47, Class A5 | Bank Series 2024-BNK47, Class A5 |
| 1250000 | 5.716 <sup>(c)</sup> | 06/15/57 | 1307702 |
| Bank5 Series 2024-5YR7, Class A3 | Bank5 Series 2024-5YR7, Class A3 | Bank5 Series 2024-5YR7, Class A3 | Bank5 Series 2024-5YR7, Class A3 |
| 1200000 | 5.769 <sup>(c)</sup> | 06/15/57 | 1237411 |
| Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS |
| 575000 | 6.139 <sup>(c)</sup> | 11/15/57 | 594523 |
| Bank5 Series 2025-5YR14, Class A3 | Bank5 Series 2025-5YR14, Class A3 | Bank5 Series 2025-5YR14, Class A3 | Bank5 Series 2025-5YR14, Class A3 |
| 1500000 | 5.646 <sup>(c)</sup> | 04/15/58 | 1549862 |
| Bank5 Series 2026-5YR20, Class A3 | Bank5 Series 2026-5YR20, Class A3 | Bank5 Series 2026-5YR20, Class A3 | Bank5 Series 2026-5YR20, Class A3 |
| 1600000 | 5.104 <sup>(c)</sup> | 02/15/59 | 1624134 |
| Benchmark Mortgage Trust Series 2023-B39, Class A5 | Benchmark Mortgage Trust Series 2023-B39, Class A5 | Benchmark Mortgage Trust Series 2023-B39, Class A5 | Benchmark Mortgage Trust Series 2023-B39, Class A5 |
| 1125000 | 5.754 <sup>(c)</sup> | 07/15/56 | 1175787 |
| BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 |
| 2300000 | 6.160 <sup>(c)</sup> | 12/15/56 | 2456528 |
| BWAY Mortgage Trust Series 2013-1515, Class A2 | BWAY Mortgage Trust Series 2013-1515, Class A2 | BWAY Mortgage Trust Series 2013-1515, Class A2 | BWAY Mortgage Trust Series 2013-1515, Class A2 |
| 1156757 | 3.454 <sup>(c)(e)</sup> | 03/10/33 | 1111885 |
| Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D |
| 400000 | 3.000 <sup>(c)(e)</sup> | 09/15/50 | 284865 |
| COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A |
| 1825000 | 6.338 <sup>(e)</sup> | 08/10/44 | 1902850 |
| DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A |
| 1500000 | 2.956 <sup>(e)</sup> | 05/10/41 | 1346802 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B |
| 1300000 | 3.598 <sup>(c)(e)</sup> | 06/05/39 | 1201026 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A |
| 1600000 | 6.234 <sup>(e)</sup> | 06/05/42 | 1653761 |
| ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A |
| 3325000 | 5.388 <sup>(e)</sup> | 11/13/41 | 3381088 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) |
| ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D |
| 1750000 | 7.109 %<sup>(e)</sup> | 11/13/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1819298 |
| Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 |
| 1100000 | 2.626 <sup>(c)</sup> | 04/15/54 | 991128 |
|  |  |  | 23638650 |
| Sequential Floating Rate – 8.4% | Sequential Floating Rate – 8.4% | Sequential Floating Rate – 8.4% | Sequential Floating Rate – 8.4% |
| ALA Trust Series 2025-OANA, Class A (1 mo. USD Term<br>SOFR + 1.743%) | ALA Trust Series 2025-OANA, Class A (1 mo. USD Term<br>SOFR + 1.743%) | ALA Trust Series 2025-OANA, Class A (1 mo. USD Term<br>SOFR + 1.743%) | ALA Trust Series 2025-OANA, Class A (1 mo. USD Term<br>SOFR + 1.743%) |
| 1950000 | 5.416 <sup>(b)(e)</sup> | 06/15/40 | 1950409 |
| Bank Series 2022-BNK40, Class A4 | Bank Series 2022-BNK40, Class A4 | Bank Series 2022-BNK40, Class A4 | Bank Series 2022-BNK40, Class A4 |
| 1150000 | 3.390 <sup>(b)(c)</sup> | 03/15/64 | 1068767 |
| Bank5 Series 2024-5YR10, Class AS | Bank5 Series 2024-5YR10, Class AS | Bank5 Series 2024-5YR10, Class AS | Bank5 Series 2024-5YR10, Class AS |
| 400000 | 5.637 <sup>(c)</sup> | 10/15/57 | 407922 |
| Bank5 Series 2025-5YR16, Class AS | Bank5 Series 2025-5YR16, Class AS | Bank5 Series 2025-5YR16, Class AS | Bank5 Series 2025-5YR16, Class AS |
| 2200000 | 5.751 <sup>(b)(c)</sup> | 08/15/63 | 2252574 |
| Bank5 Trust Series 2025-5YR13, Class AS | Bank5 Trust Series 2025-5YR13, Class AS | Bank5 Trust Series 2025-5YR13, Class AS | Bank5 Trust Series 2025-5YR13, Class AS |
| 1050000 | 6.096 <sup>(b)(c)</sup> | 01/15/58 | 1086527 |
| BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) |
| 1775000 | 4.592 <sup>(b)(e)</sup> | 03/15/37 | 1683017 |
| BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) |
| 475000 | 4.841 <sup>(b)(e)</sup> | 03/15/37 | 439375 |
| BFLD Commercial Mortgage Trust Series 2025-5MW, Class A | BFLD Commercial Mortgage Trust Series 2025-5MW, Class A | BFLD Commercial Mortgage Trust Series 2025-5MW, Class A | BFLD Commercial Mortgage Trust Series 2025-5MW, Class A |
| 2550000 | 4.674 <sup>(b)(e)</sup> | 10/10/42 | 2529139 |
| BFLD Commercial Mortgage Trust Series 2025-660F, Class A (1 mo. USD Term SOFR + 1.500%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class A (1 mo. USD Term SOFR + 1.500%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class A (1 mo. USD Term SOFR + 1.500%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class A (1 mo. USD Term SOFR + 1.500%) |
| 2650000 | 5.173 <sup>(b)(e)</sup> | 11/15/42 | 2636082 |
| BFLD Commercial Mortgage Trust Series 2025-660F, Class B (1 mo. USD Term SOFR + 1.800%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class B (1 mo. USD Term SOFR + 1.800%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class B (1 mo. USD Term SOFR + 1.800%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class B (1 mo. USD Term SOFR + 1.800%) |
| 2250000 | 5.473 <sup>(b)(e)</sup> | 11/15/42 | 2243480 |
| BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + | BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + | BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + | BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + |
| 1.900%) |  |  |  |
| 1750000 | 5.573 <sup>(b)(e)</sup> | 06/15/42 | 1745631 |
| BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A |
| 1800000 | 5.011 <sup>(b)(e)</sup> | 06/15/44 | 1830871 |
| BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) |
| 672414 | 5.064 <sup>(b)(e)</sup> | 03/15/41 | 672450 |
| BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A |
| 900000 | 5.050 <sup>(b)(e)</sup> | 11/13/46 | 892367 |
| BX Commercial Mortgage Trust Series 2026-CSMO, Class A (1 mo. USD Term SOFR + 1.400%) | BX Commercial Mortgage Trust Series 2026-CSMO, Class A (1 mo. USD Term SOFR + 1.400%) | BX Commercial Mortgage Trust Series 2026-CSMO, Class A (1 mo. USD Term SOFR + 1.400%) | BX Commercial Mortgage Trust Series 2026-CSMO, Class A (1 mo. USD Term SOFR + 1.400%) |
| 1750000 | 5.073 <sup>(b)(e)</sup> | 02/15/43 | 1748196 |
| BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) |
| 2050000 | 5.315 <sup>(b)(e)</sup> | 02/15/41 | 2042419 |
| BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) |
| 1464024 | 4.816 <sup>(b)(e)</sup> | 03/15/30 | 1456308 |
| BX Trust Series 2025-TAIL, Class A (1 mo. USD Term SOFR + 1.400%) | BX Trust Series 2025-TAIL, Class A (1 mo. USD Term SOFR + 1.400%) | BX Trust Series 2025-TAIL, Class A (1 mo. USD Term SOFR + 1.400%) | BX Trust Series 2025-TAIL, Class A (1 mo. USD Term SOFR + 1.400%) |
| 1550000 | 5.073 <sup>(b)(e)</sup> | 06/15/35 | 1547112 |
| Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A |
| 1850000 | 4.802 <sup>(b)(e)</sup> | 08/10/42 | 1865361 |
| Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B |
| 2250000 | 5.210 <sup>(b)(e)</sup> | 08/10/42 | 2268565 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **80** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) |
| Durst Commercial Mortgage Trust Series 2025-151, Class C | Durst Commercial Mortgage Trust Series 2025-151, Class C | Durst Commercial Mortgage Trust Series 2025-151, Class C | Durst Commercial Mortgage Trust Series 2025-151, Class C |
| 1025000 | 5.436 %<sup>(b)(e)</sup> | 08/10/42 | &nbsp;&nbsp;&nbsp;&nbsp;1030129 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) |
| 602712 | 4.349 <sup>(b)(c)</sup> | 02/25/33 | 603270 |
| Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A |
| 975000 | 5.462 <sup>(b)(e)</sup> | 02/05/45 | 994824 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D |
| 750000 | 6.340 <sup>(b)(e)</sup> | 01/13/40 | 770054 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A |
| 3100000 | 5.467 <sup>(b)(e)</sup> | 01/13/40 | 3174553 |
| IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A |
| 2100000 | 5.295 <sup>(b)(c)(e)</sup> | 03/14/47 | 2117689 |
| IRV Trust Series 2025-200P, Class C | IRV Trust Series 2025-200P, Class C | IRV Trust Series 2025-200P, Class C | IRV Trust Series 2025-200P, Class C |
| 675000 | 5.730 <sup>(b)(c)(e)</sup> | 03/14/47 | 669254 |
| IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D |
| 750000 | 6.166 <sup>(b)(c)(e)</sup> | 03/14/47 | 751166 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%) | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%) | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%) | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%) |
| 962757 | 5.029 <sup>(b)(e)</sup> | 04/15/37 | 945977 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A |
| 550000 | 5.797 <sup>(b)(e)</sup> | 10/05/39 | 555037 |
| KRE Commercial Mortgage Trust Series 2025-AIP4, Class A (1 mo. USD Term SOFR + 1.300%) | KRE Commercial Mortgage Trust Series 2025-AIP4, Class A (1 mo. USD Term SOFR + 1.300%) | KRE Commercial Mortgage Trust Series 2025-AIP4, Class A (1 mo. USD Term SOFR + 1.300%) | KRE Commercial Mortgage Trust Series 2025-AIP4, Class A (1 mo. USD Term SOFR + 1.300%) |
| 1588438 | 4.973 <sup>(b)(e)</sup> | 03/15/42 | 1579946 |
| LBTY Commercial Mortgage Trust Series 2026-225L, Class A | LBTY Commercial Mortgage Trust Series 2026-225L, Class A | LBTY Commercial Mortgage Trust Series 2026-225L, Class A | LBTY Commercial Mortgage Trust Series 2026-225L, Class A |
| 1450000 | 4.593 <sup>(b)(e)</sup> | 02/10/43 | 1432467 |
| LBTY Commercial Mortgage Trust Series 2026-225L, Class B | LBTY Commercial Mortgage Trust Series 2026-225L, Class B | LBTY Commercial Mortgage Trust Series 2026-225L, Class B | LBTY Commercial Mortgage Trust Series 2026-225L, Class B |
| 1000000 | 4.885 <sup>(b)(e)</sup> | 02/10/43 | 983845 |
| LEX Mortgage Trust Series 2024-BBG, Class A | LEX Mortgage Trust Series 2024-BBG, Class A | LEX Mortgage Trust Series 2024-BBG, Class A | LEX Mortgage Trust Series 2024-BBG, Class A |
| 1875000 | 4.874 <sup>(b)(c)(e)</sup> | 10/13/33 | 1869091 |
| MAD Commercial Mortgage Trust Series 2025-11MD, Class D | MAD Commercial Mortgage Trust Series 2025-11MD, Class D | MAD Commercial Mortgage Trust Series 2025-11MD, Class D | MAD Commercial Mortgage Trust Series 2025-11MD, Class D |
| 1450000 | 5.935 <sup>(b)(e)</sup> | 10/15/42 | 1457746 |
| MSWF Commercial Mortgage Trust Series 2023-2, Class A5 | MSWF Commercial Mortgage Trust Series 2023-2, Class A5 | MSWF Commercial Mortgage Trust Series 2023-2, Class A5 | MSWF Commercial Mortgage Trust Series 2023-2, Class A5 |
| 850000 | 6.014 <sup>(b)(c)</sup> | 12/15/56 | 901537 |
| NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) |
| 1200000 | 5.365 <sup>(b)(e)</sup> | 02/15/42 | 1193878 |
| NYC Commercial Mortgage Trust Series 2025-300P, Class A | NYC Commercial Mortgage Trust Series 2025-300P, Class A | NYC Commercial Mortgage Trust Series 2025-300P, Class A | NYC Commercial Mortgage Trust Series 2025-300P, Class A |
| 1850000 | 4.879 <sup>(b)(e)</sup> | 07/13/42 | 1837031 |
| NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) |
| 2200000 | 5.416 <sup>(b)(e)</sup> | 10/15/40 | 2200189 |
| NYC Commercial Mortgage Trust Series 2025-11X, Class B (1 mo. USD Term SOFR + 2.093%) | NYC Commercial Mortgage Trust Series 2025-11X, Class B (1 mo. USD Term SOFR + 2.093%) | NYC Commercial Mortgage Trust Series 2025-11X, Class B (1 mo. USD Term SOFR + 2.093%) | NYC Commercial Mortgage Trust Series 2025-11X, Class B (1 mo. USD Term SOFR + 2.093%) |
| 1300000 | 5.766 <sup>(b)(e)</sup> | 10/15/40 | 1300406 |
| PENN Commercial Mortgage Trust Series 2025-P11, Class A | PENN Commercial Mortgage Trust Series 2025-P11, Class A | PENN Commercial Mortgage Trust Series 2025-P11, Class A | PENN Commercial Mortgage Trust Series 2025-P11, Class A |
| 2000000 | 5.344 <sup>(e)</sup> | 08/10/42 | 2030164 |
| SCG Trust Series 2025-SNIP, Class A (1 mo. USD Term SOFR + 1.500%) | SCG Trust Series 2025-SNIP, Class A (1 mo. USD Term SOFR + 1.500%) | SCG Trust Series 2025-SNIP, Class A (1 mo. USD Term SOFR + 1.500%) | SCG Trust Series 2025-SNIP, Class A (1 mo. USD Term SOFR + 1.500%) |
| 2550000 | 5.173 <sup>(b)(e)</sup> | 09/15/42 | 2544603 |
| TEXAS Commercial Mortgage Trust Series 2025-TWR, Class C (1 mo. USD Term SOFR + 2.142%) | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class C (1 mo. USD Term SOFR + 2.142%) | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class C (1 mo. USD Term SOFR + 2.142%) | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class C (1 mo. USD Term SOFR + 2.142%) |
| 350000 | 5.815 <sup>(b)(e)</sup> | 04/15/42 | 347813 |
| UBS Commercial Mortgage Trust Series 2017-C2, Class AS | UBS Commercial Mortgage Trust Series 2017-C2, Class AS | UBS Commercial Mortgage Trust Series 2017-C2, Class AS | UBS Commercial Mortgage Trust Series 2017-C2, Class AS |
| 1125000 | 3.740 <sup>(b)(c)</sup> | 08/15/50 | 1108651 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A |
| $1600000 | 4.954 %<sup>(b)(e)</sup> | 07/15/35 | $1606179 |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B |
| 1000000 | 5.360 <sup>(b)(e)</sup> | 07/15/35 | 1002610 |
|  |  |  | 67374681 |
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | $95857650 |
| **Federal Agencies – 14.4%** | **Federal Agencies – 14.4%** | **Federal Agencies – 14.4%** | **Federal Agencies – 14.4%** |
| **Federal Home Loan Mortgage Corp. – 0.0%** | **Federal Home Loan Mortgage Corp. – 0.0%** | **Federal Home Loan Mortgage Corp. – 0.0%** | **Federal Home Loan Mortgage Corp. – 0.0%** |
| $386 | 5.000% | 01/01/33 | $392 |
| 107 | 5.000 | 06/01/33 | 109 |
| 1111 | 5.000 | 07/01/33 | 1132 |
| 1463 | 5.000 | 08/01/33 | 1489 |
| 279 | 5.000 | 10/01/33 | 284 |
| 778 | 5.000 | 11/01/33 | 792 |
| 311 | 5.000 | 12/01/33 | 317 |
| 1013 | 5.000 | 02/01/34 | 1032 |
| 532 | 5.000 | 03/01/34 | 542 |
| 663 | 5.000 | 04/01/34 | 675 |
| 996 | 5.000 | 05/01/34 | 1015 |
| 19515 | 5.000 | 06/01/34 | 19874 |
| 354 | 5.000 | 11/01/34 | 361 |
| 4389 | 5.000 | 04/01/35 | 4470 |
| 1 | 5.000 | 11/01/35 | 1 |
| 5432 | 5.000 | 01/01/40 | 5523 |
| 4239 | 4.000 | 06/01/40 | 4144 |
| 27857 | 4.000 | 02/01/41 | 27245 |
| 2719 | 4.000 | 11/01/41 | 2647 |
|  |  |  | 72044 |
| Government National Mortgage Association – 4.2% | Government National Mortgage Association – 4.2% | Government National Mortgage Association – 4.2% | Government National Mortgage Association – 4.2% |
| 131343 | 4.000 | 11/20/44 | 126157 |
| 12367 | 4.000 | 05/20/45 | 11870 |
| 283276 | 4.000 | 07/20/45 | 271673 |
| 197039 | 4.000 | 01/20/46 | 188800 |
| 65051 | 4.500 | 02/20/48 | 64125 |
| 22341 | 4.500 | 03/20/48 | 22023 |
| 78272 | 4.500 | 04/20/48 | 77109 |
| 178121 | 4.500 | 05/20/48 | 175362 |
| 716592 | 4.000 | 07/20/48 | 683234 |
| 246883 | 4.500 | 08/20/48 | 242905 |
| 138622 | 5.000 | 08/20/48 | 140000 |
| 724792 | 4.000 | 09/20/48 | 692245 |
| 1162987 | 4.500 | 09/20/48 | 1144248 |
| 160582 | 5.000 | 09/20/48 | 162178 |
| 160603 | 5.000 | 10/20/48 | 162099 |
| 639338 | 5.000 | 11/20/48 | 645293 |
| 268265 | 5.000 | 12/20/48 | 270596 |
| 900249 | 4.500 | 01/20/49 | 885462 |
| 457553 | 5.000 | 01/20/49 | 461243 |
| 242057 | 4.500 | 02/20/49 | 238006 |
| 171372 | 4.500 | 03/20/49 | 168557 |
| 256320 | 5.000 | 03/20/49 | 258547 |
| 505578 | 3.000 | 08/20/49 | 453995 |
| 377185 | 4.500 | 10/20/49 | 371108 |
| 146722 | 4.500 | 12/20/49 | 144312 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **81** |

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------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) |
| $| 1646399 | 3.000% | 03/20/50 | $| &nbsp;&nbsp;&nbsp;&nbsp;1473259 |
|  | 613302 | 3.000 | 07/20/51 |  | 548069 |
|  | 307269 | 2.500 | 09/20/51 |  | 264062 |
|  | 727185 | 2.500 | 10/20/51 |  | 626977 |
|  | 454396 | 2.500 | 11/20/51 |  | 391211 |
|  | 667394 | 3.000 | 12/20/51 |  | 595782 |
|  | 1398185 | 2.500 | 12/20/51 |  | 1204205 |
|  | 10595982 | 4.500 | 10/20/52 |  | 10319894 |
|  | 5000000 | 2.000 | TBA-30yr<sup>(g)</sup> |  | 4119179 |
|  | 1000000 | 5.500 | TBA-30yr<sup>(g)</sup> |  | 1005530 |
|  | 4000000 | 6.000 | TBA-30yr<sup>(g)</sup> |  | 4065938 |
|  | 1000000 | 6.500 | TBA-30yr<sup>(g)</sup> |  | 1036016 |
|  |  |  |  |  | 33711269 |
| Uniform Mortgage-Backed Security – 10.2% | Uniform Mortgage-Backed Security – 10.2% | Uniform Mortgage-Backed Security – 10.2% | Uniform Mortgage-Backed Security – 10.2% | Uniform Mortgage-Backed Security – 10.2% | Uniform Mortgage-Backed Security – 10.2% |
|  | 95866 | 4.500 | 07/01/36 |  | 95416 |
|  | 4052 | 4.500 | 12/01/36 |  | 4033 |
|  | 3736 | 4.500 | 05/01/38 |  | 3729 |
|  | 6109 | 4.500 | 05/01/39 |  | 6096 |
|  | 5080 | 4.500 | 06/01/39 |  | 5068 |
|  | 3733 | 4.500 | 09/01/39 |  | 3727 |
|  | 6036 | 4.500 | 10/01/39 |  | 6026 |
|  | 2884 | 4.500 | 03/01/40 |  | 2879 |
|  | 35244 | 4.500 | 04/01/40 |  | 35175 |
|  | 3535 | 4.500 | 12/01/40 |  | 3528 |
|  | 36221 | 4.500 | 01/01/41 |  | 36150 |
|  | 11636 | 4.500 | 04/01/41 |  | 11581 |
|  | 16825 | 4.500 | 06/01/41 |  | 16746 |
|  | 16428 | 4.500 | 07/01/41 |  | 16351 |
|  | 26106 | 4.500 | 08/01/41 |  | 25981 |
|  | 68122 | 4.500 | 09/01/41 |  | 67802 |
|  | 39741 | 4.500 | 10/01/41 |  | 39554 |
|  | 48093 | 4.500 | 11/01/41 |  | 47867 |
|  | 44671 | 4.500 | 12/01/41 |  | 44462 |
|  | 34817 | 4.500 | 01/01/42 |  | 34654 |
|  | 2909 | 4.500 | 03/01/42 |  | 2896 |
|  | 7497 | 4.500 | 04/01/42 |  | 7465 |
|  | 23248 | 3.000 | 12/01/42 |  | 21695 |
|  | 57348 | 3.000 | 01/01/43 |  | 53251 |
|  | 72881 | 3.000 | 04/01/43 |  | 67295 |
|  | 166239 | 4.500 | 06/01/45 |  | 164677 |
|  | 1276242 | 4.000 | 08/01/45 |  | 1233491 |
|  | 670321 | 4.500 | 11/01/47 |  | 657532 |
|  | 2076727 | 4.000 | 01/01/48 |  | 1987924 |
|  | 11639 | 4.500 | 08/01/48 |  | 11366 |
|  | 205985 | 4.500 | 09/01/48 |  | 202441 |
|  | 135855 | 5.000 | 11/01/48 |  | 136900 |
|  | 688459 | 3.000 | 02/01/49 |  | 624663 |
|  | 9903 | 4.500 | 03/01/49 |  | 9665 |
|  | 75576 | 3.500 | 07/01/49 |  | 70348 |
|  | 694862 | 4.000 | 07/01/49 |  | 664596 |
|  | 316499 | 4.500 | 10/01/50 |  | 308878 |
|  | 2003975 | 3.000 | 12/01/50 |  | 1794433 |
|  | 121427 | 2.500 | 03/01/51 |  | 104362 |
|  | 5117689 | 2.000 | 03/01/51 |  | 4170472 |
|  | 2197603 | 2.500 | 05/01/51 |  | 1878246 |
|  | 622873 | 2.000 | 07/01/51 |  | 505410 |
|  | 816339 | 2.000 | 08/01/51 |  | 662107 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) |
| $| 2194586 | 2.500% | 09/01/51 | $1877725 |
|  | 609277 | 2.500 | 10/01/51 | 522507 |
|  | 639648 | 2.500 | 11/01/51 | 548552 |
|  | 1581700 | 2.000 | 01/01/52 | 1289693 |
|  | 698164 | 2.000 | 02/01/52 | 564795 |
|  | 1142095 | 2.500 | 02/01/52 | 966984 |
|  | 391182 | 2.000 | 03/01/52 | 316767 |
|  | 676784 | 2.500 | 03/01/52 | 570673 |
|  | 826750 | 4.500 | 04/01/52 | 801804 |
|  | 936742 | 2.000 | 04/01/52 | 758545 |
|  | 743083 | 3.000 | 08/01/52 | 664455 |
|  | 709456 | 5.500 | 09/01/52 | 723370 |
|  | 329690 | 2.500 | 09/01/52 | 278919 |
|  | 1501211 | 5.500 | 11/01/52 | 1530183 |
|  | 2054505 | 6.000 | 11/01/52 | 2131008 |
|  | 1346817 | 6.000 | 12/01/52 | 1395074 |
|  | 668255 | 6.000 | 01/01/53 | 692199 |
|  | 729678 | 5.500 | 04/01/53 | 742164 |
|  | 4640616 | 4.500 | 05/01/53 | 4537575 |
|  | 409456 | 2.500 | 01/01/54 | 346338 |
|  | 1000000 | 5.000 | TBA-30yr<sup>(g)</sup> | 985664 |
|  | 22000000 | 2.500 | TBA-30yr<sup>(g)</sup> | 18493750 |
|  | 1000000 | 3.000 | TBA-30yr<sup>(g)</sup> | 878828 |
|  | 5000000 | 4.000 | TBA-30yr<sup>(g)</sup> | 4711914 |
|  | 7000000 | 3.500 | TBA-30yr<sup>(g)</sup> | 6413203 |
|  | 8000000 | 4.500 | TBA-30yr<sup>(g)</sup> | 7936875 |
|  | 2000000 | 6.500 | TBA-30yr<sup>(g)</sup> | 2068438 |
|  | 3000000 | 6.000 | TBA-30yr<sup>(g)</sup> | 3056953 |
|  |  |  |  | 81651893 |
| TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES | $115435206 |
| TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $277,874,261) | TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $277,874,261) | TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $277,874,261) | TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $277,874,261) | $275089991 |
| Sovereign Debt Obligations – 33.7% | Sovereign Debt Obligations – 33.7% | Sovereign Debt Obligations – 33.7% | Sovereign Debt Obligations – 33.7% | Sovereign Debt Obligations – 33.7% |
| British Pound – 0.7% | British Pound – 0.7% | British Pound – 0.7% | British Pound – 0.7% | British Pound – 0.7% |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts |
| GBP | 1990000 | 3.500% | 01/22/45 | $2034501 |
|  | 840000 | 1.500 | 07/31/53 | 482321 |
|  | 220000 | 1.750 | 07/22/57 | 129927 |
|  | 3330000 | 3.500 | 07/22/68 | 3024003 |
|  |  |  |  | 5670752 |
| Canadian Dollar – 0.8% | Canadian Dollar – 0.8% | Canadian Dollar – 0.8% | Canadian Dollar – 0.8% | Canadian Dollar – 0.8% |
|  Province of British Columbia | Province of British Columbia | Province of British Columbia | Province of British Columbia | Province of British Columbia |
| CAD | 2000000 | 4.950 | 06/18/40 | 1519517 |
|  Province of Ontario | Province of Ontario | Province of Ontario | Province of Ontario | Province of Ontario |
|  | 2300000 | 4.650 | 06/02/41 | 1695264 |
|  Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec |
| GBP | 2390000 | 2.250 | 09/15/26 | 3135884 |
|  |  |  |  | 6350665 |
| Chinese Yuan Renminbi – 1.9% | Chinese Yuan Renminbi – 1.9% | Chinese Yuan Renminbi – 1.9% | Chinese Yuan Renminbi – 1.9% | Chinese Yuan Renminbi – 1.9% |
|  China Government Bonds | China Government Bonds | China Government Bonds | China Government Bonds | China Government Bonds |
| CNY | 58720000 | 1.650 | 05/15/35 | 8425076 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **82** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) |
| Chinese Yuan Renminbi – (continued) | Chinese Yuan Renminbi – (continued) | Chinese Yuan Renminbi – (continued) | Chinese Yuan Renminbi – (continued) | Chinese Yuan Renminbi – (continued) |
| CNY | 23780000 | 1.980% | 04/25/45 | 3268359 |
|  | 26320000 | 1.880 | 04/25/55 | 3477190 |
|  |  |  |  | 15170625 |
| Euro – 23.6% | Euro – 23.6% | Euro – 23.6% | Euro – 23.6% | Euro – 23.6% |
|  European Financial Stability Facility <sup>(h)</sup> | European Financial Stability Facility <sup>(h)</sup> | European Financial Stability Facility <sup>(h)</sup> | European Financial Stability Facility <sup>(h)</sup> | European Financial Stability Facility <sup>(h)</sup> |
| EUR | 1170000 | 0.875 | 04/10/35 | 1095494 |
|  European Union | European Union | European Union | European Union | European Union |
|  | 6632868 | 1.625 | 12/04/29 | 7337935 |
|  | 820000 | 0.200 | 06/04/36 | 691570 |
|  Finland Government Bonds | Finland Government Bonds | Finland Government Bonds | Finland Government Bonds | Finland Government Bonds |
|  | 1190000 | 1.500 | 09/15/32 | 1248630 |
|  France Treasury Bills BTF <sup>(i)</sup> | France Treasury Bills BTF <sup>(i)</sup> | France Treasury Bills BTF <sup>(i)</sup> | France Treasury Bills BTF <sup>(i)</sup> | France Treasury Bills BTF <sup>(i)</sup> |
|  | 31738767 | 0.000 | 04/22/26 | 36644907 |
|  | 46748349 | 0.000 | 05/06/26 | 53932505 |
|  | 33010000 | 0.000 | 06/17/26 | 37982538 |
|  French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT |
|  | 7350000 | 3.500 | 11/25/33 | 8498133 |
|  | 1760000 | 1.250 | 05/25/34 | 1706551 |
|  | 1030000 | 4.500 | 04/25/41 | 1244754 |
|  | 310000 | 3.250 | 05/25/45 | 312464 |
|  | 210000 | 2.000 | 05/25/48 | 163247 |
|  | 800000 | 1.750 | 05/25/66 | 474490 |
|  Indonesia Government International Bonds <sup>(c)</sup> | Indonesia Government International Bonds <sup>(c)</sup> | Indonesia Government International Bonds <sup>(c)</sup> | Indonesia Government International Bonds <sup>(c)</sup> | Indonesia Government International Bonds <sup>(c)</sup> |
|  | 1250000 | 4.100 | 03/04/34 | 1386125 |
|  Ireland Government Bonds | Ireland Government Bonds | Ireland Government Bonds | Ireland Government Bonds | Ireland Government Bonds |
|  | 430000 | 0.200 | 10/18/30 | 442602 |
|  | 920000 | 0.350 | 10/18/32 | 900068 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  | 5400000 | 0.000 | 08/01/26 | 6195903 |
|  | 3220000 | 0.900 | 04/01/31 | 3320624 |
|  | 1680000 | 6.000 | 05/01/31 | 2189528 |
|  | 1130000 | 3.250 | 03/01/38 | 1211744 |
|  | 1370000 | 4.450 | 09/01/43 | 1607505 |
|  | 1170000 | 2.150 | 09/01/52 | 867502 |
|  | 357000 | 4.500 | 10/01/53 | 410423 |
|  | 100000 | 2.800 | 03/01/67 | 80565 |
|  Kingdom of Belgium Government Bonds | Kingdom of Belgium Government Bonds | Kingdom of Belgium Government Bonds | Kingdom of Belgium Government Bonds | Kingdom of Belgium Government Bonds |
|  | 1690000 | 0.350 | 06/22/32 | 1647096 |
|  | 250000 | 2.150 | 06/22/66 | 174715 |
|  Netherlands Government Bonds | Netherlands Government Bonds | Netherlands Government Bonds | Netherlands Government Bonds | Netherlands Government Bonds |
|  | 709181 | 2.500 | 07/15/34 | 788214 |
|  | 673445 | 0.000 | 01/15/38 | 532800 |
|  | 838544 | 3.750 | 01/15/42 | 1011315 |
|  | 687236 | 2.000 | 01/15/54 | 589116 |
|  Portugal Obrigacoes do Tesouro OT | Portugal Obrigacoes do Tesouro OT | Portugal Obrigacoes do Tesouro OT | Portugal Obrigacoes do Tesouro OT | Portugal Obrigacoes do Tesouro OT |
|  | 1200000 | 1.950 | 06/15/29 | 1355715 |
|  Region Wallonne Belgium | Region Wallonne Belgium | Region Wallonne Belgium | Region Wallonne Belgium | Region Wallonne Belgium |
|  | 1300000 | 2.875 | 01/14/38 | 1331549 |
|  Republic of Austria Government Bonds | Republic of Austria Government Bonds | Republic of Austria Government Bonds | Republic of Austria Government Bonds | Republic of Austria Government Bonds |
|  | 1270000 | 0.000 | 10/20/28 | 1370224 |
|  | 280000 | 2.100 <sup>(j)</sup> | 09/20/17 | 193257 |
|  | 280000 | 0.850 <sup>(k)</sup> | 06/30/20 | 100629 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  | 630000 | 2.124 | 07/16/31 | 624958 |
|  | 610000 | 4.625 <sup>(e)</sup> | 03/04/33 | 657917 |
|  | 1130000 | 5.375 <sup>(e)</sup> | 06/07/33 | 1269383 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) |
| Euro – (continued) | Euro – (continued) | Euro – (continued) | Euro – (continued) | Euro – (continued) |
|  Spain Government Bonds | Spain Government Bonds | Spain Government Bonds | Spain Government Bonds | Spain Government Bonds |
| EUR | 870000 | 1.250% | 10/31/30 | 934525 |
|  | 3430000 | 2.550 | 10/31/32 | 3829057 |
|  | 650000 | 0.850 | 07/30/37 | 559563 |
|  | 700000 | 2.900 | 10/31/46 | 686542 |
|  | 1110000 | 3.450 | 07/30/66 | 1110033 |
|  |  |  |  | 188712415 |
| Indonesia Rupiah – 0.2% | Indonesia Rupiah – 0.2% | Indonesia Rupiah – 0.2% | Indonesia Rupiah – 0.2% | Indonesia Rupiah – 0.2% |
|  Indonesia Treasury Bonds | Indonesia Treasury Bonds | Indonesia Treasury Bonds | Indonesia Treasury Bonds | Indonesia Treasury Bonds |
| IDR | 10285000000 | 6.500 | 07/15/30 | 603172 |
|  | 7702000000 | 6.500 | 02/15/31 | 450760 |
|  | 7391000000 | 6.375 | 04/15/32 | 426994 |
|  | 5281000000 | 7.125 | 06/15/38 | 315615 |
|  |  |  |  | 1796541 |
| Israeli Shekel – 0.2% | Israeli Shekel – 0.2% | Israeli Shekel – 0.2% | Israeli Shekel – 0.2% | Israeli Shekel – 0.2% |
|  Israel Government Bonds | Israel Government Bonds | Israel Government Bonds | Israel Government Bonds | Israel Government Bonds |
| ILS | 2430000 | 2.000 | 03/31/27 | 758333 |
|  | 2500000 | 1.300 | 04/30/32 | 680944 |
|  |  |  |  | 1439277 |
| Japanese Yen – 4.0% | Japanese Yen – 4.0% | Japanese Yen – 4.0% | Japanese Yen – 4.0% | Japanese Yen – 4.0% |
|  Japan Government Five Year Bonds | Japan Government Five Year Bonds | Japan Government Five Year Bonds | Japan Government Five Year Bonds | Japan Government Five Year Bonds |
| JPY | 958350000 | 1.100 | 12/20/29 | 5923044 |
|  Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds |  |
|  | 292700000 | 2.200 | 03/20/64 | 1280757 |
|  | 249100000 | 3.100 | 03/20/65 | 1372518 |
|  Japan Government Ten Year Bonds | Japan Government Ten Year Bonds | Japan Government Ten Year Bonds | Japan Government Ten Year Bonds |  |
|  | 245900000 | 0.200 | 06/20/32 | 1391949 |
|  | 768800000 | 1.400 | 03/20/35 | 4513397 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |  |
|  | 1843900000 | 1.400 | 09/20/52 | 7227233 |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |  |
|  | 903000000 | 1.100 | 09/20/42 | 4269172 |
|  | 1167350000 | 1.600 | 03/20/44 | 5798024 |
|  |  |  |  | 31776094 |
| Mexican Peso – 0.3% | Mexican Peso – 0.3% | Mexican Peso – 0.3% | Mexican Peso – 0.3% | Mexican Peso – 0.3% |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos | Mexico Bonos | Mexico Bonos |
| MXN | 39000000 | 7.750 | 11/23/34 | 1989119 |
| Peruvian Nuevo Sol – 0.0% | Peruvian Nuevo Sol – 0.0% | Peruvian Nuevo Sol – 0.0% | Peruvian Nuevo Sol – 0.0% | Peruvian Nuevo Sol – 0.0% |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
| PEN | 500000 | 7.600 | 08/12/39 | 148746 |
| Singapore Dollar – 0.2% | Singapore Dollar – 0.2% | Singapore Dollar – 0.2% | Singapore Dollar – 0.2% | Singapore Dollar – 0.2% |
|  Singapore Government Bonds | Singapore Government Bonds | Singapore Government Bonds | Singapore Government Bonds | Singapore Government Bonds |
| SGD | 1320000 | 3.375 | 09/01/33 | 1110188 |
|  | 790000 | 2.750 | 03/01/35 | 639619 |
|  |  |  |  | 1749807 |
| South Korean Won – 0.4% | South Korean Won – 0.4% | South Korean Won – 0.4% | South Korean Won – 0.4% | South Korean Won – 0.4% |
|  Korea Treasury Bonds | Korea Treasury Bonds | Korea Treasury Bonds | Korea Treasury Bonds | Korea Treasury Bonds |
| KRW | 2598070000 | 1.875 | 06/10/29 | 1607552 |
|  | 2641660000 | 1.375 | 12/10/29 | 1586108 |
|  |  |  |  | 3193660 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **83** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) |
| Thailand Baht – 0.2% | Thailand Baht – 0.2% |  |  |
| Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds |
| 6350000 | 2.650% | 06/17/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197167 |
| 6710000 | 2.875 | 12/17/28 | 210455 |
| 70000 | 3.390 | 06/17/37 | 2317 |
| 9116000 | 3.450 | 06/17/43 | 284813 |
| 17150000 | 4.000 | 06/17/55 | 584129 |
|  |  |  | 1278881 |
| Total Colombia Peso – 0.0% | Total Colombia Peso – 0.0% | Total Colombia Peso – 0.0% |  |
| Colombia TES | Colombia TES | Colombia TES | Colombia TES |
| 890400000 | 9.250 | 05/28/42 | 180721 |
| Total Romania New Leu – 0.0% | Total Romania New Leu – 0.0% | Total Romania New Leu – 0.0% |  |
| Romania Government Bonds | Romania Government Bonds | Romania Government Bonds | Romania Government Bonds |
| 1375000 | 6.700 | 02/25/32 | 303191 |
| United States Dollar – 1.2% | United States Dollar – 1.2% | United States Dollar – 1.2% |  |
| Chile Government International Bonds <sup>(c)</sup> | Chile Government International Bonds <sup>(c)</sup> | Chile Government International Bonds <sup>(c)</sup> | Chile Government International Bonds <sup>(c)</sup> |
| $430000 | 3.100 | 05/07/41 | 325080 |
| Export-Import Bank of Korea | Export-Import Bank of Korea | Export-Import Bank of Korea | Export-Import Bank of Korea |
| 390000 | 5.000 | 01/11/28 | 396150 |
| 330000 | 5.125 | 01/11/33 | 343022 |
| Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
| 2040000 | 6.125 | 05/22/28 | 2086879 |
| Korea Hydro & Nuclear Power Co. Ltd. <sup>(e)</sup> | Korea Hydro & Nuclear Power Co. Ltd. <sup>(e)</sup> | Korea Hydro & Nuclear Power Co. Ltd. <sup>(e)</sup> | Korea Hydro & Nuclear Power Co. Ltd. <sup>(e)</sup> |
| 630000 | 4.250 | 07/27/27 | 629546 |
| Mexico Government International Bonds <sup>(c)</sup> | Mexico Government International Bonds <sup>(c)</sup> | Mexico Government International Bonds <sup>(c)</sup> | Mexico Government International Bonds <sup>(c)</sup> |
| 930000 | 5.625 | 02/09/34 | 913260 |
| 1521000 | 3.771 | 05/24/61 | 907276 |
| 1810000 | 3.750 | 04/19/71 | 1037130 |
| Panama Government International Bonds <sup>(c)</sup> | Panama Government International Bonds <sup>(c)</sup> | Panama Government International Bonds <sup>(c)</sup> | Panama Government International Bonds <sup>(c)</sup> |
| 200000 | 6.875 | 01/31/36 | 212838 |
| Peru Government International Bonds <sup>(c)</sup> | Peru Government International Bonds <sup>(c)</sup> | Peru Government International Bonds <sup>(c)</sup> | Peru Government International Bonds <sup>(c)</sup> |
| 10000 | 2.780 | 12/01/60 | 5308 |
| 100000 | 3.230 <sup>(l)</sup> | 07/28/21 | 53350 |
| Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds |
| 470000 | 3.700 | 03/01/41 | 377880 |
| Republic of Poland Government International Bonds <sup>(c)</sup> | Republic of Poland Government International Bonds <sup>(c)</sup> | Republic of Poland Government International Bonds <sup>(c)</sup> | Republic of Poland Government International Bonds <sup>(c)</sup> |
| 600000 | 5.125 | 09/18/34 | 601200 |
| 650000 | 5.500 | 03/18/54 | 598839 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| 240000 | 3.000 <sup>(e)</sup> | 02/27/27 | 235020 |
| 70000 | 6.375 | 01/30/34 | 69580 |
| Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
| 830000 | 4.875 | 07/18/33 | 819525 |
| State of Israel | State of Israel | State of Israel | State of Israel |
| 400000 | 3.800 | 05/13/60 | 257264 |
| Uruguay Government International Bonds <sup>(c)</sup> | Uruguay Government International Bonds <sup>(c)</sup> | Uruguay Government International Bonds <sup>(c)</sup> | Uruguay Government International Bonds <sup>(c)</sup> |
| 31914 | 4.375 | 01/23/31 | 31866 |
| 57058 | 5.442 | 02/14/37 | 58256 |
|  |  |  | 9959269 |
| TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $286,873,123) | TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $286,873,123) | TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $286,873,123) | $269719763 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – 23.6% | Corporate Obligations – 23.6% | Corporate Obligations – 23.6% | Corporate Obligations – 23.6% |
| Aerospace & Defense<sup>(c)</sup> – 0.9% | Aerospace & Defense<sup>(c)</sup> – 0.9% | Aerospace & Defense<sup>(c)</sup> – 0.9% | Aerospace & Defense<sup>(c)</sup> – 0.9% |
| Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
| $4954000 | 5.150% | 05/01/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5029697 |
| 1634000 | 6.528 | 05/01/34 | 1779916 |
| L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. |
| 50000 | 4.400 | 06/15/28 | 50009 |
|  |  |  | 6859622 |
| Agriculture<sup>(c)</sup> – 0.3% | Agriculture<sup>(c)</sup> – 0.3% | Agriculture<sup>(c)</sup> – 0.3% | Agriculture<sup>(c)</sup> – 0.3% |
| Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
| 875000 | 4.500 | 08/06/30 | 871167 |
| BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
| 50000 | 3.557 | 08/15/27 | 49455 |
| BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC |
| 948000 | 2.250 | 06/26/28 | 1178596 |
| 200000 | 2.250 | 01/16/30 | 219949 |
|  |  |  | 2319167 |
| Automotive<sup>(c)</sup> – 0.6% | Automotive<sup>(c)</sup> – 0.6% | Automotive<sup>(c)</sup> – 0.6% | Automotive<sup>(c)</sup> – 0.6% |
| Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
| $975000 | 5.800 | 03/05/27 | 980440 |
| 818000 | 5.850 | 05/17/27 | 824004 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 249000 | 1.500 | 06/10/26 | 247454 |
| 650000 | 5.000 | 04/09/27 | 653042 |
| Hyundai Capital America <sup>(e)</sup> | Hyundai Capital America <sup>(e)</sup> | Hyundai Capital America <sup>(e)</sup> | Hyundai Capital America <sup>(e)</sup> |
| 941000 | 1.650 | 09/17/26 | 928993 |
| Traton Finance Luxembourg SA | Traton Finance Luxembourg SA | Traton Finance Luxembourg SA | Traton Finance Luxembourg SA |
| 1000000 | 3.375 | 01/14/28 | 1150568 |
|  |  |  | 4784501 |
| Banks – 10.0% | Banks – 10.0% | Banks – 10.0% | Banks – 10.0% |
| ABN AMRO Bank NV <sup>(b)(c)(e)</sup> (1 yr. CMT + 0.800%) | ABN AMRO Bank NV <sup>(b)(c)(e)</sup> (1 yr. CMT + 0.800%) | ABN AMRO Bank NV <sup>(b)(c)(e)</sup> (1 yr. CMT + 0.800%) | ABN AMRO Bank NV <sup>(b)(c)(e)</sup> (1 yr. CMT + 0.800%) |
| $1200000 | 1.542 | 06/16/27 | 1192116 |
| AIB Group PLC <sup>(b)(c)</sup> (-1X 5 yr. EUR Swap + 3.300%) | AIB Group PLC <sup>(b)(c)</sup> (-1X 5 yr. EUR Swap + 3.300%) | AIB Group PLC <sup>(b)(c)</sup> (-1X 5 yr. EUR Swap + 3.300%) | AIB Group PLC <sup>(b)(c)</sup> (-1X 5 yr. EUR Swap + 3.300%) |
| 805000 | 2.875 | 05/30/31 | 930245 |
| Australia & New Zealand Banking Group Ltd. <sup>(b)(c)</sup> (5 yr. EURIBOR ICE Swap + 1.320%) | Australia & New Zealand Banking Group Ltd. <sup>(b)(c)</sup> (5 yr. EURIBOR ICE Swap + 1.320%) | Australia & New Zealand Banking Group Ltd. <sup>(b)(c)</sup> (5 yr. EURIBOR ICE Swap + 1.320%) | Australia & New Zealand Banking Group Ltd. <sup>(b)(c)</sup> (5 yr. EURIBOR ICE Swap + 1.320%) |
| 715000 | 3.706 | 07/31/35 | 816516 |
| Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
| $1600000 | 4.150 | 03/03/29 | 1581120 |
| Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
| 1000000 | 3.800 | 02/23/28 | 987440 |
| (1 yr. CMT + 1.250%) | (1 yr. CMT + 1.250%) | (1 yr. CMT + 1.250%) | (1 yr. CMT + 1.250%) |
| 1000000 | 5.552 <sup>(b)(c)</sup> | 03/14/28 | 1008230 |
| (5 yr. CMT + 3.753%) | (5 yr. CMT + 3.753%) | (5 yr. CMT + 3.753%) | (5 yr. CMT + 3.753%) |
| 600000 | 4.750 <sup>(b)(c)</sup> | 11/12/26 | 591696 |
| Bank of America Corp. <sup>(b)(c)</sup> | Bank of America Corp. <sup>(b)(c)</sup> | Bank of America Corp. <sup>(b)(c)</sup> | Bank of America Corp. <sup>(b)(c)</sup> |
| (Secured Overnight Financing Rate + 1.570%) | (Secured Overnight Financing Rate + 1.570%) | (Secured Overnight Financing Rate + 1.570%) | (Secured Overnight Financing Rate + 1.570%) |
| 2993000 | 5.819 | 09/15/29 | 3087369 |
| (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) |
| 2125000 | 5.202 | 04/25/29 | 2155154 |
| (Secured Overnight Financing Rate + 2.150%) | (Secured Overnight Financing Rate + 2.150%) | (Secured Overnight Financing Rate + 2.150%) | (Secured Overnight Financing Rate + 2.150%) |
| 375000 | 2.592 | 04/29/31 | 346425 |
| Bank of Ireland Group PLC <sup>(b)(c)</sup> (5 yr. EUR Swap + 4.150%) | Bank of Ireland Group PLC <sup>(b)(c)</sup> (5 yr. EUR Swap + 4.150%) | Bank of Ireland Group PLC <sup>(b)(c)</sup> (5 yr. EUR Swap + 4.150%) | Bank of Ireland Group PLC <sup>(b)(c)</sup> (5 yr. EUR Swap + 4.150%) |
| 400000 | 6.750 | 03/01/33 | 484052 |
| Barclays PLC <sup>(b)(c)</sup> | Barclays PLC <sup>(b)(c)</sup> | Barclays PLC <sup>(b)(c)</sup> | Barclays PLC <sup>(b)(c)</sup> |
| (1 yr. EUR Swap + 1.750%) | (1 yr. EUR Swap + 1.750%) | (1 yr. EUR Swap + 1.750%) | (1 yr. EUR Swap + 1.750%) |
| 1671000 | 4.918 | 08/08/30 | 2004395 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **84** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| (Secured Overnight Financing Rate + 1.230%) | (Secured Overnight Financing Rate + 1.230%) | (Secured Overnight Financing Rate + 1.230%) | (Secured Overnight Financing Rate + 1.230%) |
| 1250000 | 5.367% | 02/25/31 | $1271263 |
| (Secured Overnight Financing Rate + 1.490%) | (Secured Overnight Financing Rate + 1.490%) | (Secured Overnight Financing Rate + 1.490%) | (Secured Overnight Financing Rate + 1.490%) |
| 605000 | 5.674 | 03/12/28 | 610711 |
| (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) |
| 639000 | 4.942 | 09/10/30 | 642323 |
| (Secured Overnight Financing Rate + 1.740%) | (Secured Overnight Financing Rate + 1.740%) | (Secured Overnight Financing Rate + 1.740%) | (Secured Overnight Financing Rate + 1.740%) |
| 573000 | 5.690 | 03/12/30 | 588654 |
| BPCE SA | BPCE SA | BPCE SA | BPCE SA |
| 300000 | 1.750 | 04/26/27 | 342296 |
| CaixaBank SA <sup>(b)(c)</sup> (-1X 3 mo. EUR EURIBOR + 1.000%) | CaixaBank SA <sup>(b)(c)</sup> (-1X 3 mo. EUR EURIBOR + 1.000%) | CaixaBank SA <sup>(b)(c)</sup> (-1X 3 mo. EUR EURIBOR + 1.000%) | CaixaBank SA <sup>(b)(c)</sup> (-1X 3 mo. EUR EURIBOR + 1.000%) |
| 300000 | 0.750 | 05/26/28 | 337472 |
| (3 mo. EUR EURIBOR + 0.620%) | (3 mo. EUR EURIBOR + 0.620%) | (3 mo. EUR EURIBOR + 0.620%) | (3 mo. EUR EURIBOR + 0.620%) |
| 300000 | 0.625 | 01/21/28 | 340122 |
| Citigroup, Inc. <sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 0.784%) | Citigroup, Inc. <sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 0.784%) | Citigroup, Inc. <sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 0.784%) | Citigroup, Inc. <sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 0.784%) |
| 1418000 | 2.928 | 10/22/30 | 1603741 |
| (Secured Overnight Financing Rate + 1.364%) | (Secured Overnight Financing Rate + 1.364%) | (Secured Overnight Financing Rate + 1.364%) | (Secured Overnight Financing Rate + 1.364%) |
| 1750000 | 5.174 | 02/13/30 | 1776880 |
| Cooperatieve Rabobank UA <sup>(b)(c)</sup> (-1X 5 yr. EUR Swap + 3.702%) | Cooperatieve Rabobank UA <sup>(b)(c)</sup> (-1X 5 yr. EUR Swap + 3.702%) | Cooperatieve Rabobank UA <sup>(b)(c)</sup> (-1X 5 yr. EUR Swap + 3.702%) | Cooperatieve Rabobank UA <sup>(b)(c)</sup> (-1X 5 yr. EUR Swap + 3.702%) |
| 600000 | 3.250 | 12/29/26 | 690209 |
| Danske Bank AS <sup>(b)(c)(e)</sup> (1 yr. CMT + 1.750%) | Danske Bank AS <sup>(b)(c)(e)</sup> (1 yr. CMT + 1.750%) | Danske Bank AS <sup>(b)(c)(e)</sup> (1 yr. CMT + 1.750%) | Danske Bank AS <sup>(b)(c)(e)</sup> (1 yr. CMT + 1.750%) |
| 1275000 | 4.298 | 04/01/28 | 1273113 |
| Deutsche Bank AG <sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 2.950%) | Deutsche Bank AG <sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 2.950%) | Deutsche Bank AG <sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 2.950%) | Deutsche Bank AG <sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 2.950%) |
| 2100000 | 5.000 | 09/05/30 | 2515153 |
| HSBC Holdings PLC <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.040%) | HSBC Holdings PLC <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.040%) | HSBC Holdings PLC <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.040%) | HSBC Holdings PLC <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.040%) |
| 975000 | 5.130 | 11/19/28 | 982595 |
| Huntington Bancshares, Inc. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.276%) | Huntington Bancshares, Inc. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.276%) | Huntington Bancshares, Inc. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.276%) | Huntington Bancshares, Inc. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.276%) |
| 750000 | 5.272 | 01/15/31 | 761190 |
| (Secured Overnight Financing Rate + 2.020%) | (Secured Overnight Financing Rate + 2.020%) | (Secured Overnight Financing Rate + 2.020%) | (Secured Overnight Financing Rate + 2.020%) |
| 817000 | 6.208 | 08/21/29 | 847098 |
| ING Groep NV <sup>(b)(c)</sup> (-1X 5 yr. EUR Swap + 1.150%) | ING Groep NV <sup>(b)(c)</sup> (-1X 5 yr. EUR Swap + 1.150%) | ING Groep NV <sup>(b)(c)</sup> (-1X 5 yr. EUR Swap + 1.150%) | ING Groep NV <sup>(b)(c)</sup> (-1X 5 yr. EUR Swap + 1.150%) |
| 700000 | 1.000 | 11/16/32 | 778163 |
| (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) |
| 400000 | 4.017 | 03/28/28 | 398116 |
| JPMorgan Chase & Co. <sup>(b)(c)</sup> | JPMorgan Chase & Co. <sup>(b)(c)</sup> | JPMorgan Chase & Co. <sup>(b)(c)</sup> |  |
| (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) |
| 3500000 | 4.255 | 10/22/31 | 3445575 |
| (Secured Overnight Financing Rate + 1.160%) | (Secured Overnight Financing Rate + 1.160%) | (Secured Overnight Financing Rate + 1.160%) | (Secured Overnight Financing Rate + 1.160%) |
| 1750000 | 5.581 | 04/22/30 | 1803445 |
| (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) |
| 3125000 | 4.323 | 04/26/28 | 3124125 |
| Kreditanstalt fuer Wiederaufbau <sup>(h)</sup> | Kreditanstalt fuer Wiederaufbau <sup>(h)</sup> | Kreditanstalt fuer Wiederaufbau <sup>(h)</sup> |  |
| 3500000 | 3.125 | 10/10/28 | 4079013 |
| 4070000 | 2.625 | 04/26/29 | 4681259 |
| M&T Bank Corp. <sup>(b)(c)</sup> (5 yr. CMT + 1.430%) | M&T Bank Corp. <sup>(b)(c)</sup> (5 yr. CMT + 1.430%) | M&T Bank Corp. <sup>(b)(c)</sup> (5 yr. CMT + 1.430%) | M&T Bank Corp. <sup>(b)(c)</sup> (5 yr. CMT + 1.430%) |
| 275000 | 5.400 | 07/30/35 | 274117 |
| (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) |
| 525000 | 4.833 | 01/16/29 | 527147 |
| (Secured Overnight Financing Rate + 1.400%) | (Secured Overnight Financing Rate + 1.400%) | (Secured Overnight Financing Rate + 1.400%) | (Secured Overnight Financing Rate + 1.400%) |
| 1650000 | 5.179 | 07/08/31 | 1666335 |
| (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) |
| 1200000 | 5.385 | 01/16/36 | 1189860 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) |  |  |
| (Secured Overnight Financing Rate + 2.800%) | (Secured Overnight Financing Rate + 2.800%) | (Secured Overnight Financing Rate + 2.800%) | (Secured Overnight Financing Rate + 2.800%) |
| 630000 | 7.413% | 10/30/29 | $672853 |
| Macquarie Group Ltd. <sup>(b)(c)(e)</sup> (3 mo. USD Term SOFR + 1.634%) | Macquarie Group Ltd. <sup>(b)(c)(e)</sup> (3 mo. USD Term SOFR + 1.634%) | Macquarie Group Ltd. <sup>(b)(c)(e)</sup> (3 mo. USD Term SOFR + 1.634%) | Macquarie Group Ltd. <sup>(b)(c)(e)</sup> (3 mo. USD Term SOFR + 1.634%) |
| 380000 | 3.763 | 11/28/28 | 375083 |
| Morgan Stanley <sup>(b)(c)</sup> | Morgan Stanley <sup>(b)(c)</sup> |  |  |
| (Secured Overnight Financing Rate + 0.913%) | (Secured Overnight Financing Rate + 0.913%) | (Secured Overnight Financing Rate + 0.913%) | (Secured Overnight Financing Rate + 0.913%) |
| 2500000 | 4.133 | 10/18/29 | 2471125 |
| (Secured Overnight Financing Rate + 1.100%) | (Secured Overnight Financing Rate + 1.100%) | (Secured Overnight Financing Rate + 1.100%) | (Secured Overnight Financing Rate + 1.100%) |
| 1141000 | 4.654 | 10/18/30 | 1140156 |
| (Secured Overnight Financing Rate + 1.450%) | (Secured Overnight Financing Rate + 1.450%) | (Secured Overnight Financing Rate + 1.450%) | (Secured Overnight Financing Rate + 1.450%) |
| 1150000 | 5.173 | 01/16/30 | 1166284 |
| (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) |
| 3325000 | 5.164 | 04/20/29 | 3363237 |
| NatWest Group PLC <sup>(b)(c)</sup> | NatWest Group PLC <sup>(b)(c)</sup> |  |  |
| (-1X 3 mo. EUR EURIBOR + 0.889%) | (-1X 3 mo. EUR EURIBOR + 0.889%) | (-1X 3 mo. EUR EURIBOR + 0.889%) |  |
| 1750000 | 0.670 | 09/14/29 | 1889925 |
| (-1X 3 mo. EUR EURIBOR + 0.949%) | (-1X 3 mo. EUR EURIBOR + 0.949%) | (-1X 3 mo. EUR EURIBOR + 0.949%) |  |
| 2252000 | 0.780 | 02/26/30 | 2402780 |
| Nykredit Realkredit AS | Nykredit Realkredit AS |  |  |
| 1310000 | 4.625 | 01/19/29 | 1559634 |
| Permanent TSB Group Holdings PLC <sup>(b)(c)</sup> | Permanent TSB Group Holdings PLC <sup>(b)(c)</sup> | Permanent TSB Group Holdings PLC <sup>(b)(c)</sup> |  |
| (1 yr. EURIBOR ICE Swap + 3.500%) | (1 yr. EURIBOR ICE Swap + 3.500%) | (1 yr. EURIBOR ICE Swap + 3.500%) |  |
| 265000 | 6.625 | 04/25/28 | 316148 |
| 1020000 | 6.625 | 06/30/29 | 1252582 |
| Santander U.K. Group Holdings PLC <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.070%) | Santander U.K. Group Holdings PLC <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.070%) | Santander U.K. Group Holdings PLC <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.070%) | Santander U.K. Group Holdings PLC <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.070%) |
| 600000 | 4.320 | 09/22/29 | 594420 |
| Shinhan Bank Co. Ltd. <sup>(e)</sup> | Shinhan Bank Co. Ltd. <sup>(e)</sup> |  |  |
| 240000 | 4.500 | 04/12/28 | 240989 |
| Skandinaviska Enskilda Banken AB <sup>(b)(c)</sup> (5 yr. EURIBOR ICE Swap + 1.900%) | Skandinaviska Enskilda Banken AB <sup>(b)(c)</sup> (5 yr. EURIBOR ICE Swap + 1.900%) | Skandinaviska Enskilda Banken AB <sup>(b)(c)</sup> (5 yr. EURIBOR ICE Swap + 1.900%) | Skandinaviska Enskilda Banken AB <sup>(b)(c)</sup> (5 yr. EURIBOR ICE Swap + 1.900%) |
| 1325000 | 5.000 | 08/17/33 | 1578672 |
| Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |  |
| 1375000 | 0.632 | 10/23/29 | 1441617 |
| Truist Bank <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.590%) | Truist Bank <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.590%) | Truist Bank <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.590%) | Truist Bank <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.590%) |
| 1575000 | 4.671 | 05/20/27 | 1574874 |
| Truist Financial Corp. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.050%) | Truist Financial Corp. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.050%) | Truist Financial Corp. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.050%) | Truist Financial Corp. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.050%) |
| 225000 | 6.047 | 06/08/27 | 225576 |
| U.S. Bancorp <sup>(b)(c)</sup> | U.S. Bancorp <sup>(b)(c)</sup> |  |  |
| (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) |
| 725000 | 5.384 | 01/23/30 | 741798 |
| (Secured Overnight Financing Rate + 2.020%) | (Secured Overnight Financing Rate + 2.020%) | (Secured Overnight Financing Rate + 2.020%) | (Secured Overnight Financing Rate + 2.020%) |
| 225000 | 5.775 | 06/12/29 | 231341 |
| UBS Group AG <sup>(b)(c)</sup> | UBS Group AG <sup>(b)(c)</sup> |  |  |
| (1 yr. CMT + 1.520%) | (1 yr. CMT + 1.520%) |  |  |
| 1112000 | 5.428 <sup>(e)</sup> | 02/08/30 | 1135041 |
| (-1X 1 yr. EURIBOR ICE Swap + 0.770%) | (-1X 1 yr. EURIBOR ICE Swap + 0.770%) | (-1X 1 yr. EURIBOR ICE Swap + 0.770%) |  |
| 509000 | 0.650 | 01/14/28 | 577661 |
| (-1X 1 yr. EURIBOR ICE Swap + 1.050%) | (-1X 1 yr. EURIBOR ICE Swap + 1.050%) | (-1X 1 yr. EURIBOR ICE Swap + 1.050%) |  |
| 750000 | 1.000 | 06/24/27 | 863394 |
| (3 mo. USD Term SOFR + 1.410%) | (3 mo. USD Term SOFR + 1.410%) | (3 mo. USD Term SOFR + 1.410%) |  |
| 2800000 | 3.869 <sup>(e)</sup> | 01/12/29 | 2767884 |
| Wells Fargo & Co. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.500%) | Wells Fargo & Co. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.500%) | Wells Fargo & Co. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.500%) | Wells Fargo & Co. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.500%) |
| 175000 | 5.198 | 01/23/30 | 177882 |
|  |  |  | 80495689 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **85** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Beverages<sup>(c)</sup> – 0.2% | Beverages<sup>(c)</sup> – 0.2% |  |  |
| Bacardi Ltd. <sup>(e)</sup> | Bacardi Ltd. <sup>(e)</sup> |  |  |
| 1200000 | 4.700% | 05/15/28 $| 1197960 |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |  |
| 25000 | 4.650 | 11/15/28 | 25098 |
|  |  |  | 1223058 |
| Biotechnology<sup>(c)</sup> – 0.1% | Biotechnology<sup>(c)</sup> – 0.1% |  |  |
| Amgen, Inc. | Amgen, Inc. |  |  |
| 650000 | 5.150 | 03/02/28 | 659594 |
| Building Materials<sup>(c)</sup> – 0.1% | Building Materials<sup>(c)</sup> – 0.1% | Building Materials<sup>(c)</sup> – 0.1% |  |
| Carrier Global Corp. | Carrier Global Corp. |  |  |
| 145000 | 2.493 | 02/15/27 | 142661 |
| Owens Corning | Owens Corning |  |  |
| 975000 | 3.500 | 02/15/30 | 936419 |
|  |  |  | 1079080 |
| Chemicals<sup>(c)(e)</sup> – 0.1% | Chemicals<sup>(c)(e)</sup> – 0.1% |  |  |
| International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |  |
| 53000 | 1.832 | 10/15/27 | 50841 |
| 600000 | 2.300 | 11/01/30 | 533898 |
|  |  |  | 584739 |
| Commercial Services – 0.5% | Commercial Services – 0.5% | Commercial Services – 0.5% |  |
| DP World Crescent Ltd. | DP World Crescent Ltd. |  |  |
| 200000 | 4.848 | 09/26/28 | 197200 |
| 750000 | 5.500 <sup>(e)</sup> | 05/08/35 | 733650 |
| DP World Ltd. | DP World Ltd. |  |  |
| 390000 | 5.625 | 09/25/48 | 348173 |
| Motability Operations Group PLC <sup>(c)</sup> | Motability Operations Group PLC <sup>(c)</sup> | Motability Operations Group PLC <sup>(c)</sup> | Motability Operations Group PLC <sup>(c)</sup> |
| 1247000 | 3.625 | 07/24/29 | 1441547 |
| Quanta Services, Inc. <sup>(c)</sup> | Quanta Services, Inc. <sup>(c)</sup> |  |  |
| 847000 | 4.750 | 08/09/27 | 851625 |
| RELX Finance BV <sup>(c)</sup> | RELX Finance BV <sup>(c)</sup> | RELX Finance BV <sup>(c)</sup> | RELX Finance BV <sup>(c)</sup> |
| 437000 | 3.750 | 06/12/31 | 507970 |
|  |  |  | 4080165 |
| Computers(c) – 0.1% | Computers(c) – 0.1% |  |  |
| Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |  |
| 550000 | 5.300 | 10/01/29 | 561259 |
| Diversified Financial Services<sup>(c)</sup> – 0.7% | Diversified Financial Services<sup>(c)</sup> – 0.7% | Diversified Financial Services<sup>(c)</sup> – 0.7% |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
| 1375000 | 4.875 | 04/01/28 | 1385065 |
| 244000 | 3.000 | 10/29/28 | 234962 |
| 200000 | 5.100 | 01/19/29 | 202606 |
| Air Lease Corp. | Air Lease Corp. |  |  |
| 1300000 | 5.300 | 02/01/28 | 1314677 |
| Ally Financial, Inc. | Ally Financial, Inc. |  |  |
| 650000 | 7.100 | 11/15/27 | 673589 |
| Avolon Holdings Funding Ltd. <sup>(e)</sup> | Avolon Holdings Funding Ltd. <sup>(e)</sup> | Avolon Holdings Funding Ltd. <sup>(e)</sup> |  |
| 1036000 | 4.950 | 01/15/28 | 1039989 |
| Macquarie Airfinance Holdings Ltd. <sup>(e)</sup> | Macquarie Airfinance Holdings Ltd. <sup>(e)</sup> | Macquarie Airfinance Holdings Ltd. <sup>(e)</sup> |  |
| 850000 | 5.200 | 03/27/28 | 853578 |
|  |  |  | 5704466 |
| Electrical – 0.8% | Electrical – 0.8% |  |  |
| Dominion Energy, Inc. <sup>(c)</sup> | Dominion Energy, Inc. <sup>(c)</sup> |  |  |
| 925000 | 4.600 | 05/15/28 | 928034 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electrical – (continued) | Electrical – (continued) |  |  |  |
| DTE Energy Co. <sup>(c)</sup> | DTE Energy Co. <sup>(c)</sup> |  |  |  |
| 700000 | 4.950% | 07/01/27 | $| 704781 |
| E.ON International Finance BV | E.ON International Finance BV | E.ON International Finance BV |  |  |
| 417000 | 6.375 | 06/07/32 |  | 579881 |
| Electricite de France SA <sup>(c)(e)</sup> | Electricite de France SA <sup>(c)(e)</sup> | Electricite de France SA <sup>(c)(e)</sup> |  |  |
| 1450000 | 4.500 | 09/21/28 |  | 1448999 |
| Enel SpA <sup>(b)(c)</sup> (-1X 5 yr. EUR Swap + 1.719%) | Enel SpA <sup>(b)(c)</sup> (-1X 5 yr. EUR Swap + 1.719%) | Enel SpA <sup>(b)(c)</sup> (-1X 5 yr. EUR Swap + 1.719%) | Enel SpA <sup>(b)(c)</sup> (-1X 5 yr. EUR Swap + 1.719%) | Enel SpA <sup>(b)(c)</sup> (-1X 5 yr. EUR Swap + 1.719%) |
| 523000 | 1.375 | 06/08/27 |  | 584120 |
| (5 yr. EUR Swap + 2.580%) | (5 yr. EUR Swap + 2.580%) | (5 yr. EUR Swap + 2.580%) |  |  |
| 935000 | 3.375 | 08/24/26 |  | 1079066 |
| Sempra <sup>(c)</sup> | Sempra <sup>(c)</sup> |  |  |  |
| 700000 | 3.400 | 02/01/28 |  | 687015 |
| Southern Power Co. <sup>(c)</sup> | Southern Power Co. <sup>(c)</sup> |  |  |  |
| 475000 | 4.250 | 10/01/30 |  | 468431 |
| Teollisuuden Voima OYJ <sup>(c)</sup> | Teollisuuden Voima OYJ <sup>(c)</sup> | Teollisuuden Voima OYJ <sup>(c)</sup> |  |  |
| 250000 | 1.375 | 06/23/28 |  | 275378 |
|  |  |  |  | 6755705 |
| Engineering & Construction<sup>(c)</sup> – 0.1% | Engineering & Construction<sup>(c)</sup> – 0.1% | Engineering & Construction<sup>(c)</sup> – 0.1% |  |  |
| Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust |  |  |
| 540000 | 3.875 <sup>(e)</sup> | 04/30/28 |  | 526797 |
| 200000 | 5.500 <sup>(e)</sup> | 10/31/46 |  | 166504 |
| 200000 | 5.500 | 07/31/47 |  | 166180 |
|  |  |  |  | 859481 |
| Environmental<sup>(c)</sup> – 0.1% | Environmental<sup>(c)</sup> – 0.1% |  |  |  |
| Veralto Corp. | Veralto Corp. |  |  |  |
| 1050000 | 5.350 | 09/18/28 |  | 1072187 |
| Food & Drug Retailing<sup>(c)</sup> – 1.0% | Food & Drug Retailing<sup>(c)</sup> – 1.0% | Food & Drug Retailing<sup>(c)</sup> – 1.0% |  |  |
| Campbell's Co. | Campbell's Co. |  |  |  |
| 1000000 | 5.200 | 03/21/29 |  | 1009360 |
| J.M. Smucker Co. | J.M. Smucker Co. |  |  |  |
| 1225000 | 5.900 | 11/15/28 |  | 1267017 |
| Mars, Inc. <sup>(e)</sup> | Mars, Inc. <sup>(e)</sup> |  |  |  |
| 875000 | 4.800 | 03/01/30 |  | 884135 |
| 800000 | 5.000 | 03/01/32 |  | 809400 |
| 3575000 | 5.200 | 03/01/35 |  | 3607497 |
|  |  |  |  | 7577409 |
| Food Service<sup>(c)(e)</sup> – 0.1% | Food Service<sup>(c)(e)</sup> – 0.1% |  |  |  |
| Sodexo, Inc. | Sodexo, Inc. |  |  |  |
| 1025000 | 5.150 | 08/15/30 |  | 1039073 |
| Gas<sup>(c)</sup> – 0.1% | Gas<sup>(c)</sup> – 0.1% |  |  |  |
| NiSource, Inc. | NiSource, Inc. |  |  |  |
| 600000 | 5.200 | 07/01/29 |  | 612246 |
| Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. |  |  |
| 375000 | 4.050 | 09/15/28 |  | 372120 |
|  |  |  |  | 984366 |
| Healthcare Providers & Services<sup>(c)</sup> – 0.3% | Healthcare Providers & Services<sup>(c)</sup> – 0.3% | Healthcare Providers & Services<sup>(c)</sup> – 0.3% |  |  |
| Cigna Group | Cigna Group |  |  |  |
| 300000 | 4.375 | 10/15/28 |  | 299847 |
| HCA, Inc. | HCA, Inc. |  |  |  |
| 250000 | 3.375 | 03/15/29 |  | 242130 |
| Solventum Corp. | Solventum Corp. |  |  |  |
| 378000 | 5.400 | 03/01/29 |  | 386974 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **86** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Healthcare Providers & Services<sup>(c)</sup> – (continued) | Healthcare Providers & Services<sup>(c)</sup> – (continued) | Healthcare Providers & Services<sup>(c)</sup> – (continued) | Healthcare Providers & Services<sup>(c)</sup> – (continued) | Healthcare Providers & Services<sup>(c)</sup> – (continued) |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |  |  |  |
| 1775000 | 4.250% | 01/15/29 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772781 |
|  |  |  |  | 2701732 |
| Insurance – 0.1% | Insurance – 0.1% |  |  |  |
| Aviva PLC <sup>(b)(c)</sup> (5 yr. U.K. Government Bond + 2.850%) | Aviva PLC <sup>(b)(c)</sup> (5 yr. U.K. Government Bond + 2.850%) | Aviva PLC <sup>(b)(c)</sup> (5 yr. U.K. Government Bond + 2.850%) | Aviva PLC <sup>(b)(c)</sup> (5 yr. U.K. Government Bond + 2.850%) | Aviva PLC <sup>(b)(c)</sup> (5 yr. U.K. Government Bond + 2.850%) |
| 10000 | 6.125 | 11/14/36 |  | 13311 |
| Corebridge Global Funding <sup>(e)</sup> | Corebridge Global Funding <sup>(e)</sup> | Corebridge Global Funding <sup>(e)</sup> |  |  |
| 925000 | 5.200 | 06/24/29 |  | 936701 |
|  |  |  |  | 950012 |
| Internet – 0.5% | Internet – 0.5% |  |  |  |
| Amazon.com, Inc. <sup>(c)</sup> | Amazon.com, Inc. <sup>(c)</sup> |  |  |  |
| 900000 | 4.875 | 03/13/36 |  | 891612 |
| Booking Holdings, Inc. <sup>(c)</sup> | Booking Holdings, Inc. <sup>(c)</sup> | Booking Holdings, Inc. <sup>(c)</sup> |  |  |
| 729000 | 3.500 | 03/01/29 |  | 846289 |
| Netflix, Inc. | Netflix, Inc. |  |  |  |
| 1800000 | 4.625 | 05/15/29 |  | 2154244 |
| Prosus NV <sup>(c)(e)</sup> | Prosus NV <sup>(c)(e)</sup> |  |  |  |
| 200000 | 3.832 | 02/08/51 |  | 128057 |
|  |  |  |  | 4020202 |
| Iron/Steel<sup>(c)</sup> – 0.2% | Iron/Steel<sup>(c)</sup> – 0.2% |  |  |  |
| Steel Dynamics, Inc. | Steel Dynamics, Inc. |  |  |  |
| 1275000 | 1.650 | 10/15/27 |  | 1223936 |
| Vale Overseas Ltd. | Vale Overseas Ltd. |  |  |  |
| 350000 | 6.400 | 06/28/54 |  | 352163 |
|  |  |  |  | 1576099 |
| Lodging<sup>(c)</sup> – 0.3% | Lodging<sup>(c)</sup> – 0.3% |  |  |  |
| Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |  |  |
| 248000 | 3.700 | 01/15/31 |  | 232617 |
| Las Vegas Sands Corp. | Las Vegas Sands Corp. |  |  |  |
| 530000 | 5.625 | 06/15/28 |  | 536560 |
| 200000 | 6.000 | 06/14/30 |  | 205452 |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |  |  |
| 515000 | 5.000 | 10/15/27 |  | 519702 |
| 573000 | 4.650 | 12/01/28 |  | 575957 |
| 135000 | 4.875 | 05/15/29 |  | 136455 |
|  |  |  |  | 2206743 |
| Machinery-Diversified<sup>(c)</sup> – 0.0% | Machinery-Diversified<sup>(c)</sup> – 0.0% | Machinery-Diversified<sup>(c)</sup> – 0.0% |  |  |
| Otis Worldwide Corp. | Otis Worldwide Corp. |  |  |  |
| 225000 | 5.250 | 08/16/28 |  | 229626 |
| Media<sup>(c)</sup> – 0.0% | Media<sup>(c)</sup> – 0.0% |  |  |  |
| Comcast Corp. | Comcast Corp. |  |  |  |
| 300000 | 4.150 | 10/15/28 |  | 298821 |
| Mining<sup>(c)(e)</sup> – 0.3% | Mining<sup>(c)(e)</sup> – 0.3% |  |  |  |
| Glencore Funding LLC | Glencore Funding LLC |  |  |  |
| 455000 | 1.625 | 04/27/26 |  | 454099 |
| 775000 | 4.875 | 03/12/29 |  | 779759 |
| 1150000 | 5.371 | 04/04/29 |  | 1173678 |
|  |  |  |  | 2407536 |
| Multi-National – 1.2% | Multi-National – 1.2% |  |  |  |
| Asian Development Bank | Asian Development Bank |  |  |  |
| 3120000 | 0.100 | 06/17/31 |  | 3116379 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Multi-National – (continued) | Multi-National – (continued) | Multi-National – (continued) |  |  |
| European Investment Bank | European Investment Bank | European Investment Bank |  |  |
| 1240000 | 0.875% | 01/14/28 | $| 1387104 |
| 4410000 | 2.250 | 03/15/30 |  | 4989695 |
|  |  |  |  | 9493178 |
| Oil Field Services – 0.1% | Oil Field Services – 0.1% |  |  |  |
| BP Capital Markets PLC | BP Capital Markets PLC |  |  |  |
| 300000 | 1.594 | 07/03/28 |  | 333048 |
| Saudi Arabian Oil Co. <sup>(c)(e)</sup> | Saudi Arabian Oil Co. <sup>(c)(e)</sup> | Saudi Arabian Oil Co. <sup>(c)(e)</sup> |  |  |
| 330000 | 5.750 | 07/17/54 |  | 302280 |
| TotalEnergies SE <sup>(b)(c)</sup> (5 yr. EUR Swap + 3.350%) | TotalEnergies SE <sup>(b)(c)</sup> (5 yr. EUR Swap + 3.350%) | TotalEnergies SE <sup>(b)(c)</sup> (5 yr. EUR Swap + 3.350%) | TotalEnergies SE <sup>(b)(c)</sup> (5 yr. EUR Swap + 3.350%) | TotalEnergies SE <sup>(b)(c)</sup> (5 yr. EUR Swap + 3.350%) |
| 300000 | 3.369 | 10/06/26 |  | 346297 |
|  |  |  |  | 981625 |
| Pharmaceuticals<sup>(c)</sup> – 0.5% | Pharmaceuticals<sup>(c)</sup> – 0.5% |  |  |  |
| BMS Ireland Capital Funding DAC | BMS Ireland Capital Funding DAC | BMS Ireland Capital Funding DAC |  |  |
| 1200000 | 2.973 | 11/10/30 |  | 1358863 |
| Cencora, Inc. | Cencora, Inc. |  |  |  |
| 900000 | 2.875 | 05/22/28 |  | 1029509 |
| CVS Health Corp. | CVS Health Corp. |  |  |  |
| 325000 | 4.780 | 03/25/38 |  | 299374 |
| Pfizer Netherlands International Finance BV | Pfizer Netherlands International Finance BV | Pfizer Netherlands International Finance BV | Pfizer Netherlands International Finance BV | Pfizer Netherlands International Finance BV |
| 1031000 | 2.875 | 05/19/29 |  | 1176893 |
|  |  |  |  | 3864639 |
| Pipelines – 0.3% | Pipelines – 0.3% |  |  |  |
| Abu Dhabi Crude Oil Pipeline LLC <sup>(e)</sup> | Abu Dhabi Crude Oil Pipeline LLC <sup>(e)</sup> | Abu Dhabi Crude Oil Pipeline LLC <sup>(e)</sup> |  |  |
| 250000 | 4.600 | 11/02/47 |  | 215599 |
| Enbridge, Inc. <sup>(c)</sup> | Enbridge, Inc. <sup>(c)</sup> |  |  |  |
| 350000 | 6.000 | 11/15/28 |  | 363349 |
| Energy Transfer LP <sup>(c)</sup> | Energy Transfer LP <sup>(c)</sup> |  |  |  |
| 750000 | 6.100 | 12/01/28 |  | 779640 |
| 250000 | 5.250 | 04/15/29 |  | 254723 |
| Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. |  |  |
| 200000 | 2.625 <sup>(e)</sup> | 03/31/36 |  | 169603 |
| 526324 | 2.940 | 09/30/40 |  | 426375 |
| Williams Cos., Inc. <sup>(c)</sup> | Williams Cos., Inc. <sup>(c)</sup> |  |  |  |
| 350000 | 2.600 | 03/15/31 |  | 316781 |
|  |  |  |  | 2526070 |
| Real Estate<sup>(c)</sup> – 0.3% | Real Estate<sup>(c)</sup> – 0.3% |  |  |  |
| Blackstone Property Partners Europe Holdings SARL | Blackstone Property Partners Europe Holdings SARL | Blackstone Property Partners Europe Holdings SARL | Blackstone Property Partners Europe Holdings SARL | Blackstone Property Partners Europe Holdings SARL |
| 1050000 | 1.000 | 05/04/28 |  | 1144938 |
| CBRE Services, Inc. | CBRE Services, Inc. |  |  |  |
| 258000 | 5.500 | 04/01/29 |  | 264156 |
| Logicor Financing SARL | Logicor Financing SARL |  |  |  |
| 550000 | 3.250 | 11/13/28 |  | 631090 |
| 325000 | 1.625 | 01/17/30 |  | 341903 |
|  |  |  |  | 2382087 |
| Real Estate Investment Trust<sup>(c)</sup> – 0.1% | Real Estate Investment Trust<sup>(c)</sup> – 0.1% | Real Estate Investment Trust<sup>(c)</sup> – 0.1% |  |  |
| American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |  |  |
| 125000 | 2.375 | 07/15/31 |  | 110061 |
| Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |  |  |
| 275000 | 4.250 | 12/15/28 |  | 271695 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **87** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Real Estate Investment Trust<sup>(c)</sup> – (continued) | Real Estate Investment Trust<sup>(c)</sup> – (continued) | Real Estate Investment Trust<sup>(c)</sup> – (continued) |  |
| Realty Income Corp. | Realty Income Corp. |  |  |
| 300000 | 2.100% | 03/15/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287592 |
|  |  |  | 669348 |
| Retailing<sup>(c)</sup> – 0.3% | Retailing<sup>(c)</sup> – 0.3% |  |  |
| AutoNation, Inc. | AutoNation, Inc. |  |  |
| 200000 | 1.950 | 08/01/28 | 188354 |
| 2150000 | 4.450 | 01/15/29 | 2132413 |
|  |  |  | 2320767 |
| Semiconductors<sup>(c)(e)</sup> – 0.2% | Semiconductors<sup>(c)(e)</sup> – 0.2% | Semiconductors<sup>(c)(e)</sup> – 0.2% |  |
| Broadcom, Inc. | Broadcom, Inc. |  |  |
| 1531000 | 3.137 | 11/15/35 | 1300814 |
| Software<sup>(c)</sup> – 1.7% | Software<sup>(c)</sup> – 1.7% |  |  |
| Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. |  |
| 2125000 | 4.550 | 03/10/29 | 2114587 |
| MSCI, Inc. <sup>(e)</sup> | MSCI, Inc. <sup>(e)</sup> |  |  |
| 1547000 | 3.875 | 02/15/31 | 1464344 |
| Oracle Corp. | Oracle Corp. |  |  |
| 3350000 | 4.450 | 09/26/30 | 3228462 |
| 4050000 | 4.950 | 02/04/31 | 3964302 |
| 1925000 | 4.800 | 09/26/32 | 1831638 |
| 1175000 | 5.350 | 05/04/33 | 1143240 |
|  |  |  | 13746573 |
| Sovereign<sup>(c)(e)</sup> – 0.3% | Sovereign<sup>(c)(e)</sup> – 0.3% |  |  |
| Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |  |
| 2450000 | 5.500 | 08/17/30 | 2456125 |
| Telecommunication Services – 0.8% | Telecommunication Services – 0.8% | Telecommunication Services – 0.8% |  |
| NTT Finance Corp. <sup>(e)</sup> | NTT Finance Corp. <sup>(e)</sup> |  |  |
| 1625000 | 4.620 | 07/16/28 | 1629225 |
| 725000 | 4.876 <sup>(c)</sup> | 07/16/30 | 729473 |
| Orange SA <sup>(c)(e)</sup> | Orange SA <sup>(c)(e)</sup> |  |  |
| 1225000 | 4.000 | 01/13/29 | 1212334 |
| Rogers Communications, Inc. <sup>(c)</sup> | Rogers Communications, Inc. <sup>(c)</sup> | Rogers Communications, Inc. <sup>(c)</sup> |  |
| 1074000 | 5.000 | 02/15/29 | 1084901 |
| Telefonica Emisiones SA | Telefonica Emisiones SA |  |  |
| 450000 | 5.445 | 10/08/29 | 598378 |
| T-Mobile USA, Inc. <sup>(c)</sup> | T-Mobile USA, Inc. <sup>(c)</sup> |  |  |
| 656000 | 3.750 | 04/15/27 | 652031 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |  |
| 300000 | 4.329 | 09/21/28 | 300075 |
|  |  |  | 6206417 |
| Trucking & Leasing(c)(e) – 0.1% | Trucking & Leasing(c)(e) – 0.1% | Trucking & Leasing(c)(e) – 0.1% |  |
| Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. |
| 500000 | 5.250 | 07/01/29 | 506980 |
| Water(c) – 0.2% | Water(c) – 0.2% |  |  |
| Veolia Environnement SA | Veolia Environnement SA | Veolia Environnement SA |  |
| 1300000 | 1.940 | 01/07/30 | 1418655 |
| **TOTAL CORPORATE OBLIGATIONS** <br> **(Cost $186,325,314)** | **TOTAL CORPORATE OBLIGATIONS** <br> **(Cost $186,325,314)** | **TOTAL CORPORATE OBLIGATIONS** <br> **(Cost $186,325,314)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188903610 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Asset-Backed Securities<sup>(c)</sup> – 10.4% | Asset-Backed Securities<sup>(c)</sup> – 10.4% | Asset-Backed Securities<sup>(c)</sup> – 10.4% | Asset-Backed Securities<sup>(c)</sup> – 10.4% |
| Automotive – 1.4% | Automotive – 1.4% |  |  |
| BMW Vehicle Lease Trust Series 2025-1, Class A3 | BMW Vehicle Lease Trust Series 2025-1, Class A3 | BMW Vehicle Lease Trust Series 2025-1, Class A3 | BMW Vehicle Lease Trust Series 2025-1, Class A3 |
| $1775000 | 4.430% | 06/26/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781364 |
| Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 |
| 289051 | 4.670 | 08/15/28 | 289342 |
| Exeter Automobile Receivables Trust Series 2025-3A, Class A3 | Exeter Automobile Receivables Trust Series 2025-3A, Class A3 | Exeter Automobile Receivables Trust Series 2025-3A, Class A3 | Exeter Automobile Receivables Trust Series 2025-3A, Class A3 |
| 1550000 | 4.780 | 07/16/29 | 1555438 |
| Ford Credit Auto Owner Trust Series 2025-2, Class A<sup>(e)(f)</sup> | Ford Credit Auto Owner Trust Series 2025-2, Class A<sup>(e)(f)</sup> | Ford Credit Auto Owner Trust Series 2025-2, Class A<sup>(e)(f)</sup> | Ford Credit Auto Owner Trust Series 2025-2, Class A<sup>(e)(f)</sup> |
| 2400000 | 4.370 | 02/15/38 | 2395828 |
| GMF Floorplan Owner Revolving Trust Series 2023-1, Class A1<sup>(e)</sup> | GMF Floorplan Owner Revolving Trust Series 2023-1, Class A1<sup>(e)</sup> | GMF Floorplan Owner Revolving Trust Series 2023-1, Class A1<sup>(e)</sup> | GMF Floorplan Owner Revolving Trust Series 2023-1, Class A1<sup>(e)</sup> |
| 1500000 | 5.340 | 06/15/28 | 1504072 |
| Nissan Auto Receivables Owner Trust Series 2023-B, Class A3 | Nissan Auto Receivables Owner Trust Series 2023-B, Class A3 | Nissan Auto Receivables Owner Trust Series 2023-B, Class A3 | Nissan Auto Receivables Owner Trust Series 2023-B, Class A3 |
| 173286 | 5.930 | 03/15/28 | 174297 |
| Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 |
| 1240271 | 4.740 | 01/16/29 | 1242611 |
| Toyota Auto Loan Extended Note Trust Series 2025-1A, Class A<sup>(e)</sup> | Toyota Auto Loan Extended Note Trust Series 2025-1A, Class A<sup>(e)</sup> | Toyota Auto Loan Extended Note Trust Series 2025-1A, Class A<sup>(e)</sup> | Toyota Auto Loan Extended Note Trust Series 2025-1A, Class A<sup>(e)</sup> |
| 2525000 | 4.650 | 05/25/38 | 2547887 |
|  |  |  | 11490839 |
| Collateralized Loan Obligations<sup>(e)</sup> – 7.7% | Collateralized Loan Obligations<sup>(e)</sup> – 7.7% | Collateralized Loan Obligations<sup>(e)</sup> – 7.7% |  |
| 1988 CLO 4 Ltd. Series 2024-4A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.250%) | 1988 CLO 4 Ltd. Series 2024-4A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.250%) | 1988 CLO 4 Ltd. Series 2024-4A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.250%) | 1988 CLO 4 Ltd. Series 2024-4A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.250%) |
| 1575000 | 7.922 | 04/15/37 | 1575000 |
| 1988 CLO 5 Ltd. Series 2024-5A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.540%) | 1988 CLO 5 Ltd. Series 2024-5A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.540%) | 1988 CLO 5 Ltd. Series 2024-5A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.540%) | 1988 CLO 5 Ltd. Series 2024-5A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.540%) |
| 1275000 | 5.212 | 07/15/37 | 1275793 |
| AGL CLO 3 Ltd. Series 2020-3A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.150%) | AGL CLO 3 Ltd. Series 2020-3A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.150%) | AGL CLO 3 Ltd. Series 2020-3A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.150%) | AGL CLO 3 Ltd. Series 2020-3A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.150%) |
| 2100000 | 4.822 | 04/15/38 | 2091762 |
| ARES European CLO XXI DAC Series 21A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.700%) | ARES European CLO XXI DAC Series 21A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.700%) | ARES European CLO XXI DAC Series 21A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.700%) | ARES European CLO XXI DAC Series 21A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.700%) |
| 540000 | 3.716 | 04/15/38 | 618935 |
| Arini European CLO IX DAC Series 9A, Class B<sup>(b)</sup> (-1X 3 mo. EUR EURIBOR + 2.000%) | Arini European CLO IX DAC Series 9A, Class B<sup>(b)</sup> (-1X 3 mo. EUR EURIBOR + 2.000%) | Arini European CLO IX DAC Series 9A, Class B<sup>(b)</sup> (-1X 3 mo. EUR EURIBOR + 2.000%) | Arini European CLO IX DAC Series 9A, Class B<sup>(b)</sup> (-1X 3 mo. EUR EURIBOR + 2.000%) |
| 600000 | 0.000 | 04/15/40 | 693510 |
| Arini European CLO VII DAC Series 7A, Class D<sup>(b)</sup> (3 mo. EUR EURIBOR + 2.850%) | Arini European CLO VII DAC Series 7A, Class D<sup>(b)</sup> (3 mo. EUR EURIBOR + 2.850%) | Arini European CLO VII DAC Series 7A, Class D<sup>(b)</sup> (3 mo. EUR EURIBOR + 2.850%) | Arini European CLO VII DAC Series 7A, Class D<sup>(b)</sup> (3 mo. EUR EURIBOR + 2.850%) |
| 1400000 | 4.945 | 01/15/39 | 1604648 |
| Aurium CLO VIII DAC Series 8A, Class CR<sup>(b)</sup> (3 mo. EUR EURIBOR + 2.150%) | Aurium CLO VIII DAC Series 8A, Class CR<sup>(b)</sup> (3 mo. EUR EURIBOR + 2.150%) | Aurium CLO VIII DAC Series 8A, Class CR<sup>(b)</sup> (3 mo. EUR EURIBOR + 2.150%) | Aurium CLO VIII DAC Series 8A, Class CR<sup>(b)</sup> (3 mo. EUR EURIBOR + 2.150%) |
| 1400000 | 4.163 | 10/16/38 | 1592607 |
| Barings CLO Ltd. Series 2024-1A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.170%) | Barings CLO Ltd. Series 2024-1A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.170%) | Barings CLO Ltd. Series 2024-1A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.170%) | Barings CLO Ltd. Series 2024-1A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.170%) |
| $3475000 | 4.848 | 01/20/39 | 3463797 |
| Bridgepoint CLO IX DAC Series 9A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.800%) | Bridgepoint CLO IX DAC Series 9A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.800%) | Bridgepoint CLO IX DAC Series 9A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.800%) | Bridgepoint CLO IX DAC Series 9A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.800%) |
| 1125000 | 3.914 | 10/15/39 | 1298642 |
| Carlyle U.S. CLO Ltd. Series 2022-3A, Class D1R2<sup>(b)</sup> (3 mo. USD Term SOFR + 2.800%) | Carlyle U.S. CLO Ltd. Series 2022-3A, Class D1R2<sup>(b)</sup> (3 mo. USD Term SOFR + 2.800%) | Carlyle U.S. CLO Ltd. Series 2022-3A, Class D1R2<sup>(b)</sup> (3 mo. USD Term SOFR + 2.800%) | Carlyle U.S. CLO Ltd. Series 2022-3A, Class D1R2<sup>(b)</sup> (3 mo. USD Term SOFR + 2.800%) |
| $1750000 | 6.471 | 04/20/39 | 1709965 |
| CIFC Funding Ltd. Series 2025-2A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.130%) | CIFC Funding Ltd. Series 2025-2A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.130%) | CIFC Funding Ltd. Series 2025-2A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.130%) | CIFC Funding Ltd. Series 2025-2A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.130%) |
| 2150000 | 4.802 | 04/15/38 | 2143561 |
| CVC Cordatus Loan Fund III DAC Series 3A, Class B1R3<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.650%) | CVC Cordatus Loan Fund III DAC Series 3A, Class B1R3<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.650%) | CVC Cordatus Loan Fund III DAC Series 3A, Class B1R3<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.650%) | CVC Cordatus Loan Fund III DAC Series 3A, Class B1R3<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.650%) |
| 1400000 | 3.691 | 05/26/38 | 1603428 |
| Elmwood CLO 23 Ltd. Series 2023-2A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.350%) | Elmwood CLO 23 Ltd. Series 2023-2A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.350%) | Elmwood CLO 23 Ltd. Series 2023-2A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.350%) | Elmwood CLO 23 Ltd. Series 2023-2A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.350%) |
| $2775000 | 5.021 | 04/16/36 | 2775819 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **88** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Asset-Backed Securities<sup>(c)</sup> – (continued) | Asset-Backed Securities<sup>(c)</sup> – (continued) | Asset-Backed Securities<sup>(c)</sup> – (continued) | Asset-Backed Securities<sup>(c)</sup> – (continued) |
| Collateralized Loan Obligations<sup>(e)</sup> – (continued) | Collateralized Loan Obligations<sup>(e)</sup> – (continued) | Collateralized Loan Obligations<sup>(e)</sup> – (continued) | Collateralized Loan Obligations<sup>(e)</sup> – (continued) |
| Elmwood CLO 41 Ltd. Series 2025-4A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.350%) | Elmwood CLO 41 Ltd. Series 2025-4A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.350%) | Elmwood CLO 41 Ltd. Series 2025-4A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.350%) | Elmwood CLO 41 Ltd. Series 2025-4A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.350%) |
| 6000000 | 5.018% | 07/17/38 $| 6007404 |
| GoldenTree Loan Management U.S. CLO Ltd. Series 2026-29A, Class A (-1X 3 mo. USD Term SOFR + 1.230%) | GoldenTree Loan Management U.S. CLO Ltd. Series 2026-29A, Class A (-1X 3 mo. USD Term SOFR + 1.230%) | GoldenTree Loan Management U.S. CLO Ltd. Series 2026-29A, Class A (-1X 3 mo. USD Term SOFR + 1.230%) | GoldenTree Loan Management U.S. CLO Ltd. Series 2026-29A, Class A (-1X 3 mo. USD Term SOFR + 1.230%) |
| 1950000 | 1.000 | 04/20/39 | 1950000 |
| Kennedy Lewis CLO 22 Ltd. Series 2025-22A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.330%) | Kennedy Lewis CLO 22 Ltd. Series 2025-22A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.330%) | Kennedy Lewis CLO 22 Ltd. Series 2025-22A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.330%) | Kennedy Lewis CLO 22 Ltd. Series 2025-22A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.330%) |
| 2700000 | 4.998 | 07/20/38 | 2702781 |
| Mountain View CLO XV Ltd. Series 2019-2A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.670%) | Mountain View CLO XV Ltd. Series 2019-2A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.670%) | Mountain View CLO XV Ltd. Series 2019-2A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.670%) | Mountain View CLO XV Ltd. Series 2019-2A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.670%) |
| 1225000 | 5.342 | 07/15/37 | 1225584 |
| Neuberger Berman Loan Advisers CLO 45Ltd. Series 2021-45A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.060%) | Neuberger Berman Loan Advisers CLO 45Ltd. Series 2021-45A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.060%) | Neuberger Berman Loan Advisers CLO 45Ltd. Series 2021-45A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.060%) | Neuberger Berman Loan Advisers CLO 45Ltd. Series 2021-45A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.060%) |
| 740000 | 4.727 | 10/14/36 | 738813 |
| OHA Credit Funding 7 Ltd. Series 2020-7A, Class A1R2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.280%) | OHA Credit Funding 7 Ltd. Series 2020-7A, Class A1R2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.280%) | OHA Credit Funding 7 Ltd. Series 2020-7A, Class A1R2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.280%) | OHA Credit Funding 7 Ltd. Series 2020-7A, Class A1R2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.280%) |
| 2725000 | 4.948 | 07/19/38 | 2725147 |
| Penta CLO DAC Series 2021-2A, Class BR<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.650%) | Penta CLO DAC Series 2021-2A, Class BR<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.650%) | Penta CLO DAC Series 2021-2A, Class BR<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.650%) | Penta CLO DAC Series 2021-2A, Class BR<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.650%) |
| 1300000 | 3.666 | 04/15/38 | 1493017 |
| Pikes Peak CLO 19 Series 2025-19A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.340%) | Pikes Peak CLO 19 Series 2025-19A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.340%) | Pikes Peak CLO 19 Series 2025-19A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.340%) | Pikes Peak CLO 19 Series 2025-19A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.340%) |
| 3325000 | 5.008 | 07/20/38 | 3326416 |
| Pikes Peak CLO 5 Series 2020-5A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) | Pikes Peak CLO 5 Series 2020-5A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) | Pikes Peak CLO 5 Series 2020-5A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) | Pikes Peak CLO 5 Series 2020-5A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) |
| 1875000 | 5.068 | 10/20/37 | 1875996 |
| Regatta 30 Funding Ltd. Series 2024-4A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.320%) | Regatta 30 Funding Ltd. Series 2024-4A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.320%) | Regatta 30 Funding Ltd. Series 2024-4A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.320%) | Regatta 30 Funding Ltd. Series 2024-4A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.320%) |
| 4175000 | 4.988 | 01/25/38 | 4177714 |
| Regatta XXV Funding Ltd. Series 2023-1A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.340%) | Regatta XXV Funding Ltd. Series 2023-1A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.340%) | Regatta XXV Funding Ltd. Series 2023-1A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.340%) | Regatta XXV Funding Ltd. Series 2023-1A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.340%) |
| 3025000 | 5.012 | 07/15/38 | 3027181 |
| Silver Point CLO 4 Ltd. Series 2024-4A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.630%) | Silver Point CLO 4 Ltd. Series 2024-4A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.630%) | Silver Point CLO 4 Ltd. Series 2024-4A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.630%) | Silver Point CLO 4 Ltd. Series 2024-4A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.630%) |
| 4500000 | 5.302 | 04/15/37 | 4502641 |
| Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A |
| 150266 | 5.750 | 12/20/50 | 147376 |
| Venture 36 CLO Ltd. Series 2019-36A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.412%) | Venture 36 CLO Ltd. Series 2019-36A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.412%) | Venture 36 CLO Ltd. Series 2019-36A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.412%) | Venture 36 CLO Ltd. Series 2019-36A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.412%) |
| 900000 | 8.079 | 04/20/32 | 871141 |
| Voya CLO Ltd. Series 2019-1A, Class A1RR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.370%) | Voya CLO Ltd. Series 2019-1A, Class A1RR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.370%) | Voya CLO Ltd. Series 2019-1A, Class A1RR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.370%) | Voya CLO Ltd. Series 2019-1A, Class A1RR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.370%) |
| 1150000 | 5.042 | 10/15/37 | 1150607 |
| WISE CLO Ltd. Series 2023-2A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.100%) | WISE CLO Ltd. Series 2023-2A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.100%) | WISE CLO Ltd. Series 2023-2A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.100%) | WISE CLO Ltd. Series 2023-2A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.100%) |
| 2950000 | 4.772 | 04/15/39 | 2954295 |
|  |  |  | 61323580 |
| Credit Card – 0.7% | Credit Card – 0.7% | Credit Card – 0.7% | Credit Card – 0.7% |
| Barclays Dryrock Issuance Trust Series 2023-1, Class A | Barclays Dryrock Issuance Trust Series 2023-1, Class A | Barclays Dryrock Issuance Trust Series 2023-1, Class A | Barclays Dryrock Issuance Trust Series 2023-1, Class A |
| 1500000 | 4.720 | 02/15/29 | 1500494 |
| Citibank Credit Card Issuance Trust Series 2025-A2, Class A | Citibank Credit Card Issuance Trust Series 2025-A2, Class A | Citibank Credit Card Issuance Trust Series 2025-A2, Class A | Citibank Credit Card Issuance Trust Series 2025-A2, Class A |
| 1675000 | 4.490 | 06/21/32 | 1685783 |
| WF Card Issuance Trust Series 2025-A1, Class A | WF Card Issuance Trust Series 2025-A1, Class A | WF Card Issuance Trust Series 2025-A1, Class A | WF Card Issuance Trust Series 2025-A1, Class A |
| 2325000 | 4.340 | 05/15/30 | 2337695 |
|  |  |  | 5523972 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Asset-Backed Securities<sup>(c)</sup> – (continued) | Asset-Backed Securities<sup>(c)</sup> – (continued) | Asset-Backed Securities<sup>(c)</sup> – (continued) | Asset-Backed Securities<sup>(c)</sup> – (continued) |
| Home Equity<sup>(b)</sup><sup>(e)</sup> – 0.0% | Home Equity<sup>(b)</sup><sup>(e)</sup> – 0.0% |  |  |
| JP Morgan Mortgage Trust Series 2023-HE3, Class A1 (1 mo. USD Term SOFR + 1.600%) | JP Morgan Mortgage Trust Series 2023-HE3, Class A1 (1 mo. USD Term SOFR + 1.600%) | JP Morgan Mortgage Trust Series 2023-HE3, Class A1 (1 mo. USD Term SOFR + 1.600%) | JP Morgan Mortgage Trust Series 2023-HE3, Class A1 (1 mo. USD Term SOFR + 1.600%) |
| 248122 | 5.273% | 05/20/54 | $248514 |
| Student Loan<sup>(b)</sup><sup>(e)</sup> – 0.6% | Student Loan<sup>(b)</sup><sup>(e)</sup> – 0.6% | Student Loan<sup>(b)</sup><sup>(e)</sup> – 0.6% | Student Loan<sup>(b)</sup><sup>(e)</sup> – 0.6% |
| ECMC Group Student Loan Trust Series 2017-1A, Class A (1 mo. USD Term SOFR + 1.314%) | ECMC Group Student Loan Trust Series 2017-1A, Class A (1 mo. USD Term SOFR + 1.314%) | ECMC Group Student Loan Trust Series 2017-1A, Class A (1 mo. USD Term SOFR + 1.314%) | ECMC Group Student Loan Trust Series 2017-1A, Class A (1 mo. USD Term SOFR + 1.314%) |
| 1839778 | 4.976 | 12/27/66 | 1862685 |
| Navient Student Loan Trust Series 2017-2A, Class A (1 mo. USD Term SOFR + 1.164%) | Navient Student Loan Trust Series 2017-2A, Class A (1 mo. USD Term SOFR + 1.164%) | Navient Student Loan Trust Series 2017-2A, Class A (1 mo. USD Term SOFR + 1.164%) | Navient Student Loan Trust Series 2017-2A, Class A (1 mo. USD Term SOFR + 1.164%) |
| 2642847 | 4.826 | 12/27/66 | 2652768 |
| PHEAA Student Loan Trust Series 2016-1A, Class A (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A (1 mo. USD Term SOFR + 1.264%) |
| 549643 | 4.926 | 09/25/65 | 547241 |
|  |  |  | 5062694 |
| **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $83,508,010)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $83,508,010)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $83,508,010)** | $83649599 |
| U.S. Treasury Obligations – 1.6% | U.S. Treasury Obligations – 1.6% | U.S. Treasury Obligations – 1.6% | U.S. Treasury Obligations – 1.6% |
| U.S. Treasury Bonds | U.S. Treasury Bonds |  |  |
| 3560000 | 2.375% | 11/15/49 | $2268387 |
| 2440000 | 4.750 | 11/15/53 | 2372519 |
| U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds |
| 9332331 | 1.500 | 02/15/53 | 7150170 |
| U.S. Treasury Notes | U.S. Treasury Notes |  |  |
| 1574700 | 0.625 | 05/15/30 | 1379093 |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $13,644,931)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $13,644,931)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $13,644,931)** | $13170169 |
| **Shares** | **Description** | **Description** | **Value** |
| Exchange Traded Funds – 0.0% | Exchange Traded Funds – 0.0% | Exchange Traded Funds – 0.0% |  |
| 3755 | Vanguard Intermediate-Term<br>Corporate Bond ETF | Vanguard Intermediate-Term<br>Corporate Bond ETF | $310726 |
| (Cost $306,201) | (Cost $306,201) | (Cost $306,201) | (Cost $306,201) |
| **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(m)</sup> –1.1% | Investment Company<sup>(m)</sup> –1.1% | Investment Company<sup>(m)</sup> –1.1% |  |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 8664462 | 3.553% | 3.553% | $8664462 |
| (Cost $8,664,462) | (Cost $8,664,462) | (Cost $8,664,462) |  |
| **TOTAL INVESTMENTS – 104.7%**<br> **(Cost $857,196,302)** | **TOTAL INVESTMENTS – 104.7%**<br> **(Cost $857,196,302)** | **TOTAL INVESTMENTS – 104.7%**<br> **(Cost $857,196,302)** | $839508320 |
| **LIABILITIES IN EXCESS OF OTHER**<br> **ASSETS – (4.7)%** | **LIABILITIES IN EXCESS OF OTHER**<br> **ASSETS – (4.7)%** | **LIABILITIES IN EXCESS OF OTHER**<br> **ASSETS – (4.7)%** | (37948198) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $801560122 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **89** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Interest Only Inverse Floaters.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(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 $54,772,288 which represents approximately 6.8% of net assets as of March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $9,855,766, which represents approximately 1.2% of the Fund's net assets as of March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Issued with a zero coupon. Income is recognized through the accretion of discount.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Actual maturity date is September 20, 2117.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Actual maturity date is June 30, 2120.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Actual maturity date is July 28, 2121.

&nbsp;&nbsp;&nbsp;&nbsp;(m) Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2026, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  JPMorgan Securities, Inc. | BRL | 5125453 | USD | 974347 | 04/02/26 | $&nbsp;&nbsp;&nbsp;&nbsp;14797 |
|  | BRL | 11266316 | USD | 2115144 | 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;22611 |
|  | COP | 6499153094 | USD | 1759281 | 04/06/26 | 7105 |
|  | COP | 3879088000 | USD | 1016000 | 04/10/26 | 37064 |
|  | COP | 4450913290 | USD | 1185807 | 06/17/26 | 4102 |
|  | EUR | 20657586 | USD | 23741723 | 05/22/26 | 194657 |
|  | EUR | 8238335 | USD | 9481382 | 06/17/26 | 74803 |
|  | EUR | 4069415 | USD | 4705175 | 06/18/26 | 15408 |
|  | GBP | 1450419 | USD | 1912248 | 06/17/26 | 7072 |
|  | HUF | 3667856774 | USD | 10883556 | 06/17/26 | 87502 |
|  | INR | 6172769 | USD | 65493 | 04/09/26 | 326 |
|  | INR | 63413958 | USD | 667000 | 05/06/26 | 5301 |
|  | INR | 90688087 | USD | 951259 | 06/17/26 | 4140 |
|  | JPY | 139072406 | USD | 880864 | 06/17/26 | 1170 |
|  | TWD | 52548068 | USD | 1638849 | 04/02/26 | 4540 |
|  | TWD | 50056223 | USD | 1558345 | 05/04/26 | 1768 |
|  | USD | 5478228 | AUD | 7738769 | 06/17/26 | 144987 |
|  | USD | 3471320 | CAD | 4735152 | 05/26/26 | 58996 |
|  | USD | 14370298 | CAD | 19512414 | 06/17/26 | 296059 |
|  | USD | 5229201 | CHF | 4052151 | 06/17/26 | 118126 |
|  | USD | 470212 | CLP | 429938226 | 06/17/26 | 5734 |
|  | USD | 15774045 | CNH | 108233295 | 05/21/26 | 1595 |
|  | USD | 11365311 | CNH | 77666623 | 06/17/26 | 27981 |
|  | USD | 12020286 | CZK | 252479609 | 06/17/26 | 119587 |
|  | USD | 248757074 | EUR | 210035098 | 05/22/26 | 5384975 |
|  | USD | 6131571 | EUR | 5261605 | 06/17/26 | 28289 |
|  | USD | 11839338 | GBP | 8642799 | 04/28/26 | 400160 |
|  | USD | 3015286 | GBP | 2248426 | 06/17/26 | 39974 |
|  | USD | 292964 | GBP | 219322 | 06/18/26 | 2740 |
|  | USD | 7805285 | HUF | 2585988612 | 06/17/26 | 70242 |
|  | USD | 1268622 | ILS | 3930825 | 06/17/26 | 15533 |
|  | USD | 1409690 | INR | 129656248 | 04/09/26 | 27196 |
|  | USD | 2361124 | INR | 221101790 | 04/23/26 | 11029 |
|  | USD | 753576 | INR | 70605550 | 04/27/26 | 3786 |
|  | USD | 6928149 | INR | 646824794 | 06/17/26 | 113849 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **90** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  JPMorgan Securities, Inc. (continued) | USD | 35939981 | JPY | 5458747559 | 05/13/26 | $1409773 |
|  | USD | 1398287 | JPY | 219867014 | 06/17/26 | 3833 |
|  | USD | 891091 | JPY | 140158454 | 06/18/26 | 2095 |
|  | USD | 1294543 | KRW | 1935104884 | 04/23/26 | 7339 |
|  | USD | 3840542 | KRW | 5680967940 | 06/10/26 | 56551 |
|  | USD | 8926013 | KRW | 13316450999 | 06/17/26 | 53959 |
|  | USD | 2104372 | MXN | 36426552 | 04/24/26 | 76063 |
|  | USD | 5379554 | MXN | 96385206 | 06/17/26 | 38061 |
|  | USD | 1208260 | NOK | 11700226 | 06/17/26 | 717 |
|  | USD | 1066916 | NZD | 1802506 | 04/14/26 | 30611 |
|  | USD | 8773091 | NZD | 14797377 | 06/17/26 | 246494 |
|  | USD | 705554 | NZD | 1190715 | 06/18/26 | 19413 |
|  | USD | 1650524 | PHP | 97675005 | 04/13/26 | 39639 |
|  | USD | 6424298 | PLN | 23473126 | 06/17/26 | 102831 |
|  | USD | 6625061 | SEK | 60497542 | 06/17/26 | 209334 |
|  | USD | 1853344 | SGD | 2331565 | 04/23/26 | 36715 |
|  | USD | 5830765 | SGD | 7367801 | 06/17/26 | 68894 |
|  | USD | 1555149 | THB | 49511129 | 06/18/26 | 44212 |
|  | USD | 1489225 | TRY | 72022194 | 06/17/26 | 4471 |
|  | USD | 1674679 | TWD | 52548068 | 04/02/26 | 31290 |
|  | USD | 2538131 | TWD | 80876883 | 06/17/26 | 21594 |
|  | USD | 7746583 | ZAR | 126675494 | 06/17/26 | 304519 |
|  | USD | 2073708 | ZAR | 35242775 | 06/18/26 | 3393 |
|  **TOTAL** |  |  |  |  |  | $10165005 |

---

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** |  | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  JPMorgan Securities, Inc. | AUD | 8239269 | USD | 5782485 | 06/17/26 | $(104318) |
|  | CAD | 12750315 | USD | 9435089 | 06/17/26 | (238330) |
|  | CAD | 6421371 | USD | 4697512 | 06/18/26 | (65598) |
|  | CHF | 2948100 | USD | 3823184 | 06/17/26 | (104675) |
|  | CHF | 1245992 | USD | 1587196 | 06/18/26 | (15427) |
|  | CLP | 440448423 | USD | 495615 | 06/17/26 | (19783) |
|  | CNH | 108600497 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15885367 | 06/17/26 | (32487) |
|  | COP | 3149629459 | USD | 844724 | 06/17/26 | (2701) |
|  | CZK | 224071010 | USD | 10708241 | 06/17/26 | (146590) |
|  | EUR | 5819709 | USD | 6768347 | 05/22/26 | (24927) |
|  | EUR | 3240774 | USD | 3765705 | 06/17/26 | (6519) |
|  | EUR | 2009605 | USD | 2337532 | 06/18/26 | (6360) |
|  | GBP | 1722387 | USD | 2308663 | 04/28/26 | (28998) |
|  | GBP | 1333628 | USD | 1783490 | 06/17/26 | (18717) |
|  | ILS | 2627249 | USD | 847608 | 06/17/26 | (10080) |
|  | INR | 123491181 | USD | 1332263 | 04/09/26 | (15506) |
|  | INR | &nbsp;&nbsp;&nbsp;&nbsp;664945969 | USD | 7116324 | 06/17/26 | (111117) |
|  | JPY | 336538283 | USD | 2139423 | 06/17/26 | (5009) |
|  | JPY | 123040558 | USD | 783711 | 06/18/26 | (3291) |
|  | KRW | 1362965422 | USD | 921313 | 06/10/26 | (13467) |
|  | KRW | 18625818456 | USD | 12613233 | 06/17/26 | (203825) |
|  | MXN | 87625331 | USD | 4901403 | 06/17/26 | (45367) |
|  | MXN | 15369060 | USD | 853027 | 06/18/26 | (1371) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **91** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  JPMorgan Securities, Inc. (continued) | NOK | 6972548 | USD | 723565 | 06/17/26 | $(3950) |
|  | NOK | 22292618 | USD | 2303525 | 06/18/26 | (2805) |
|  | NZD | 2052124 | USD | 1182645 | 04/14/26 | (2829) |
|  | NZD | 13422398 | USD | 7896262 | 06/17/26 | (161960) |
|  | PHP | 100545200 | USD | 1687000 | 04/13/26 | (28779) |
|  | PLN | 22162876 | USD | 6044813 | 06/17/26 | (76205) |
|  | SEK | 61748402 | USD | 6748459 | 06/17/26 | (200079) |
|  | SGD | 7543783 | USD | 5970923 | 06/17/26 | (71428) |
|  | TRY | 108518837 | USD | 2244044 | 06/17/26 | (6903) |
|  | TWD | 52477393 | USD | 1657476 | 04/02/26 | (16296) |
|  | TWD | 76800456 | USD | 2412832 | 06/17/26 | (23136) |
|  | USD | 981131 | BRL | 5131251 | 04/02/26 | (9132) |
|  | USD | 974347 | BRL | 5157576 | 05/05/26 | (14346) |
|  | USD | 1113979 | BRL | 5932351 | 06/17/26 | (11670) |
|  | USD | 3347000 | CNH | 22977583 | 06/17/26 | (7136) |
|  | USD | 1704000 | COP | 6522912000 | 04/06/26 | (68844) |
|  | USD | 1759281 | COP | 6510236563 | 04/10/26 | (8067) |
|  | USD | 1192047 | COP | 4486925263 | 06/17/26 | (7489) |
|  | USD | 671000 | EUR | 580273 | 04/10/26 | (32) |
|  | USD | 36995212 | EUR | 32119588 | 05/22/26 | (222431) |
|  | USD | 11931142 | EUR | 10359340 | 06/17/26 | (85337) |
|  | USD | 1884846 | EUR | 1629644 | 06/18/26 | (5566) |
|  | USD | 1912248 | GBP | 1450425 | 06/18/26 | (7069) |
|  | USD | 393544 | HUF | 132363015 | 06/17/26 | (2372) |
|  | USD | 2815036 | HUF | 960431234 | 06/18/26 | (57564) |
|  | USD | 3452443 | IDR | 58786479653 | 06/10/26 | (3687) |
|  | USD | 1433021 | ILS | 4529302 | 04/07/26 | (8151) |
|  | USD | 1597955 | INR | 151248538 | 05/06/26 | (5549) |
|  | USD | 1350000 | JPY | 213291090 | 06/17/26 | (2748) |
|  | USD | 207864 | JPY | 32857430 | 06/18/26 | (544) |
|  | USD | 668000 | NOK | 6501110 | 06/17/26 | (2959) |
|  | USD | 1636646 | TWD | 52477393 | 04/02/26 | (4533) |
|  | USD | 1558345 | TWD | 50142711 | 06/17/26 | (1878) |
|  | ZAR | 162318916 | USD | 9758569 | 06/17/26 | (222488) |
|  **TOTAL** |  |  |  |  |  | $(2578425) |

---

FORWARD SALES CONTRACTS — At March 31, 2026, the Fund had the following forward sales contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Settlement**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** | **Value** |
|  Government National Mortgage |  |  |  |  |  |
|  Association | 4.500% | TBA - 30yr | 04/21/26 | $(9000000) | $(8680192) |
|  Government National Mortgage |  |  |  |  |  |
|  Association | 3.000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TBA - 30yr | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/21/26 | (2000000) | (1783546) |
|  Government National Mortgage |  |  |  |  |  |
|  Association | 4.000 | TBA - 30yr | 04/21/26 | (2000000) | (1871172) |
|  Government National Mortgage |  |  |  |  |  |
|  Association | 5.000 | TBA - 30yr | 04/21/26 | (2000000) | (1979039) |
|  Uniform Mortgage-Backed Security | 2.000 | TBA - 30yr | 04/13/26 | (3000000) | (2411133) |
|  **(PROCEEDS RECEIVED: $(16948516))** | **(PROCEEDS RECEIVED: $(16948516))** | **(PROCEEDS RECEIVED: $(16948516))** |  |  | $(16725082) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **92** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

**FUTURES CONTRACTS** — At March 31, 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  10 Year U.K. Long Gilt | 106 | 06/26/26 | $12317082 | $(697490) |
|  10 Year U.S. Treasury Notes | 669 | 06/18/26 | 74290359 | (788103) |
|  20 Year U.S. Treasury Bonds | 290 | 06/18/26 | 33023750 | (630250) |
|  30 Year German Euro-Buxl | 67 | 06/08/26 | 8538751 | (163502) |
|  5 Year German Euro-Bund | 255 | 06/08/26 | 36957675 | (896899) |
|  5 Year U.S. Treasury Notes | 42 | 06/30/26 | 4543547 | 18690 |
|  Australian 10 Year Government Bonds | 44 | 06/15/26 | 3271169 | (31211) |
|  Australian 3 Year Government Bonds | 94 | 06/15/26 | 6722571 | (32361) |
|  Canada 10 Year Government Bonds | 239 | 06/19/26 | 20618496 | (342338) |
|  Euro BTP | 14 | 06/08/26 | 1881632 | (79233) |
|  Euro-Bobl | 174 | 06/08/26 | 23215044 | (465379) |
|  Euro-Schatz | 268 | 06/08/26 | 32757951 | (110896) |
|  French 10 Year Government Bonds | 9 | 06/08/26 | 1234691 | (20092) |
|  ICE 3M Sonia Bonds | 215 | 03/16/27 | 68041667 | (625442) |
|  Japan 10 Year Government Bond | 10 | 06/15/26 | 8210831 | (98793) |
|  Ultra Long U.S. Treasury Bonds | 64 | 06/18/26 | 7460000 | (61421) |
|  **Total** |  |  |  | $(5024720) |
|  **Short position contracts:** |  |  |  |  |
|  3 Month SOFR | (35) | 06/16/26 | (8428438) | (81) |
|  Ultra 10-Year U.S. Treasury Notes | (35) | 06/18/26 | (3973047) | 28837 |
|  **Total** |  |  |  | $28756 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $(4995964) |

---

SWAP CONTRACTS — At March 31, 2026, the Fund had the following swap contracts:

OVER-THE-COUNTER INTEREST RATE SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Payments<br>Received by<br>the Fund** | **Counterparty** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Payments<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3M KLIBOR | 3.750% | Citibank NA | 12/21/32 | MYR3,450 | $7167 | $(31587) | $38754 |
|  3M KLIBOR | 3.250 | JPMorgan Securities, Inc. | 09/17/30 | 3030 | (8307) | 2508 | (10815) |
|  3M KLIBOR | 3.680 | MS & Co. Int. PLC | 07/12/32 | 1940 | 2843 |  | 2843 |
|  **TOTAL** |  |  |  |  | $1703 | $(29079) | $30782 |

---

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Termination<br>Date** | **Notional**<br> **Amount**<br> (000s) | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3.062%<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 08/31/27 | $16890 <sup>(b)</sup> | $97941 | $4553 | $93388 |
| 1.250<sup>(a)</sup><br> 12M JYOR<sup>(a)</sup> | 12/15/27 | 11764400 <sup>(b)</sup> | 180330 | 25847 | 154483 |
| 12.750<sup>(c)</sup><br> 1M BID Average<sup>(c)</sup> | 01/03/28 | 150 | 469 | 71 | 398 |
| 3.175<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 03/15/28 | $48070 <sup>(b)</sup> | 332318 | 20070 | 312248 |
| 2.750<sup>(d)</sup><br> 12M CDOR<sup>(d)</sup> | 06/17/28 | 6620 <sup>(b)</sup> | 5351 | 18980 | (13629) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **93** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Payments<br>Received<br>by Fund** | **Termination<br>Date** | **Notional**<br> **Amount**<br> (000s) | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  2.000%<sup>(c)</sup> | 12M EURO<sup>(c)</sup> | 06/17/28 | 180 <sup>(b)</sup> | $2480 | $3170 | $(690) |
| 4.000<sup>(c)</sup> | 12M GBP<sup>(c)</sup> | 06/17/28 | 2730 <sup>(b)</sup> | 15480 | (22853) | 38333 |
| 3.000<sup>(c)</sup> | 12M SOFR<sup>(c)</sup> | 06/17/28 | $29020 <sup>(b)</sup> | 328376 | 204500 | 123876 |
| 3.250<sup>(c)</sup> | 12M SOFR<sup>(c)</sup> | 06/17/28 | 7840 <sup>(b)</sup> | 51159 | 26169 | 24990 |
|  12M GBP<sup>(c)</sup> | 3.750%<sup>(c)</sup> | 06/17/28 | 40220 <sup>(b)</sup> | (477131) | (74718) | (402413) |
| 4.500<sup>(e)</sup> | 3M AUDOR<sup>(e)</sup> | 06/17/28 | 15170 <sup>(b)</sup> | 36223 | 551 | 35672 |
| 2.250<sup>(d)</sup> | 6M EURO<sup>(d)</sup> | 06/17/28 | 10550 <sup>(b)</sup> | 150410 | (5901) | 156311 |
| 2.500<sup>(d)</sup> | 6M EURO<sup>(d)</sup> | 06/17/28 | 4890 <sup>(b)</sup> | 42584 | (4977) | 47561 |
|  12M EURO<sup>(a)</sup> | 2.000<sup>(a)</sup> | 09/10/28 | 211378 <sup>(b)</sup> | (1378338) | (183949) | (1194389) |
| 2.500<sup>(d)</sup> | 6M EURO<sup>(d)</sup> | 09/10/28 | 211378 <sup>(b)</sup> | 856492 | (458961) | 1315453 |
|  Mexico Interbank TIIE 28 Days<sup>(f)</sup> | 7.250<sup>(f)</sup> | 09/14/28 | 76920 <sup>(b)</sup> | (54386) | (19528) | (34858) |
|  3M CNRR<sup>(e)</sup> | 1.500<sup>(e)</sup> | 09/16/28 | 577940 <sup>(b)</sup> | (37449) | (30956) | (6493) |
| 12.000<sup>(e)</sup> | 12M CPIBR<sup>(e)</sup> | 09/16/28 | 517170 <sup>(b)</sup> | 473 | (118) | 591 |
| 6.000<sup>(d)</sup> | 12M MIBOR<sup>(d)</sup> | 09/16/28 | 569620 <sup>(b)</sup> | 76319 | 27652 | 48667 |
| 1.250<sup>(e)</sup> | 12M THOR<sup>(e)</sup> | 09/16/28 | 12730 <sup>(b)</sup> | 2091 | 452 | 1639 |
| 3.500<sup>(e)</sup> | 3M KWCDC<sup>(e)</sup> | 09/16/28 | 14437130 <sup>(b)</sup> | 55813 | (6795) | 62608 |
|  6M PRIBOR<sup>(c)</sup> | 4.000<sup>(c)</sup> | 09/16/28 | 126780 <sup>(b)</sup> | (44300) | (17183) | (27117) |
|  12M CLICP<sup>(d)</sup> | 4.750<sup>(d)</sup> | 09/16/28 | 1911450 <sup>(b)</sup> | (11263) | (151) | (11112) |
|  6M BUBOR<sup>(c)</sup> | 6.250<sup>(c)</sup> | 09/16/28 | 528920 <sup>(b)</sup> | (30684) | (26132) | (4552) |
|  3M JIBAR<sup>(e)</sup> | 6.750<sup>(e)</sup> | 09/16/28 | 76470 <sup>(b)</sup> | (61024) | (24834) | (36190) |
| 3.750<sup>(d)</sup> | 6M WIBOR<sup>(d)</sup> | 09/16/28 | 10850 <sup>(b)</sup> | 43198 | 42252 | 946 |
|  1M BID Average<sup>(c)</sup> | 13.250<sup>(c)</sup> | 01/02/29 | 44900 | (142533) | (55786) | (86747) |
| 13.250<sup>(c)</sup> | 1M BID Average<sup>(c)</sup> | 01/02/29 | 13990 | 44410 | (9837) | 54247 |
| 3.750<sup>(c)</sup> | 12M GBP<sup>(c)</sup> | 06/17/29 | 350 <sup>(b)</sup> | 5429 | (4628) | 10057 |
|  12M JYOR<sup>(c)</sup> | 1.771<sup>(c)</sup> | 01/26/30 | 374200 <sup>(b)</sup> | (7381) | (10198) | 2817 |
| 3.298<sup>(c)</sup> | 12M SOFR<sup>(c)</sup> | 08/31/30 | $37000 <sup>(b)</sup> | 418788 | 197323 | 221465 |
|  1M BID Average<sup>(c)</sup> | 12.750<sup>(c)</sup> | 01/02/31 | 10380 | (49782) | (21631) | (28151) |
| 12.750<sup>(c)</sup> | 1M BID Average<sup>(c)</sup> | 01/02/31 | 3930 | 18849 | 10724 | 8125 |
| 1.250<sup>(c)</sup> | 12M JYOR<sup>(c)</sup> | 06/17/31 | 15802000 <sup>(b)</sup> | 2645093 | 1835522 | 809571 |
|  6M EURO<sup>(c)</sup> | 2.500<sup>(c)</sup> | 06/17/31 | 23040 <sup>(b)</sup> | (506419) | (93948) | (412471) |
|  3M NZDOR<sup>(d)</sup> | 3.750<sup>(d)</sup> | 06/17/31 | 37520 <sup>(b)</sup> | (286377) | (35157) | (251220) |
|  12M GBP<sup>(c)</sup> | 4.000<sup>(c)</sup> | 06/17/31 | 16650 <sup>(b)</sup> | (173895) | 239528 | (413423) |
|  6M AUDOR<sup>(d)</sup> | 4.750<sup>(d)</sup> | 06/17/31 | 32460 <sup>(b)</sup> | (137268) | (19789) | (117479) |
|  12M SOFR<sup>(c)</sup> | 3.379<sup>(c)</sup> | 08/31/31 | $24140 <sup>(b)</sup> | (274141) | (61654) | (212487) |
|  Mexico Interbank TIIE 28 Days<sup>(f)</sup> | 7.750<sup>(f)</sup> | 09/11/31 | 38930 <sup>(b)</sup> | (49683) | (18723) | (30960) |
|  12M THOR<sup>(e)</sup> | 1.500<sup>(e)</sup> | 09/16/31 | 6850 <sup>(b)</sup> | (3286) | (1235) | (2051) |
|  3M CNRR<sup>(e)</sup> | 1.500<sup>(e)</sup> | 09/16/31 | 130440 <sup>(b)</sup> | (116321) | (109427) | (6894) |
|  3M JIBAR<sup>(e)</sup> | 7.000<sup>(e)</sup> | 09/16/31 | 17420 <sup>(b)</sup> | (34882) | (16678) | (18204) |
| 2.000<sup>(c)</sup> | 12M JYOR<sup>(c)</sup> | 01/11/33 | 1264499 <sup>(b)</sup> | 45431 | (138969) | 184400 |
| 3.407<sup>(c)</sup> | 12M SOFR<sup>(c)</sup> | 01/31/33 | $31380 <sup>(b)</sup> | 549464 | 4414 | 545050 |
|  12M CHFOR<sup>(c)</sup> | 0.500<sup>(c)</sup> | 06/17/36 | 5880 <sup>(b)</sup> | (53052) | (87754) | 34702 |
|  12M JYOR<sup>(c)</sup> | 1.500<sup>(c)</sup> | 06/17/36 | 2035000 <sup>(b)</sup> | (810824) | (694009) | (116815) |
| 4.250<sup>(c)</sup> | 12M GBP<sup>(c)</sup> | 06/17/36 | 4370 <sup>(b)</sup> | 78296 | 27602 | 50694 |
| 3.750<sup>(c)</sup> | 12M SOFR<sup>(c)</sup> | 06/17/36 | $5530 <sup>(b)</sup> | 59464 | (32824) | 92288 |
|  12M CDOR<sup>(d)</sup> | 3.250<sup>(d)</sup> | 06/17/36 | 2050 <sup>(b)</sup> | (383) | 31542 | (31925) |
| 2.750<sup>(e)</sup> | 3M STIBOR<sup>(e)</sup> | 06/17/36 | 51020 <sup>(b)</sup> | 157628 | 135737 | 21891 |
|  3M NZDOR<sup>(d)</sup> | 4.000<sup>(d)</sup> | 06/17/36 | 9890 <sup>(b)</sup> | (174769) | (86358) | (88411) |
|  6M NIBOR<sup>(c)</sup> | 4.250<sup>(c)</sup> | 06/17/36 | 33860 <sup>(b)</sup> | (49647) | (38078) | (11569) |
|  6M AUDOR<sup>(d)</sup> | 5.000<sup>(d)</sup> | 06/17/36 | 7940 <sup>(b)</sup> | (23559) | 67461 | (91020) |
| 2.750<sup>(d)</sup> | 6M EURO<sup>(d)</sup> | 06/17/36 | 29230 <sup>(b)</sup> | 981451 | 353433 | 628018 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **94** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Payments<br>Received<br>by Fund** | **Termination<br>Date** | **Notional Amount<br>(000s)** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3.805%<sup>(c)</sup> | 12M SOFR<sup>(c)</sup> | 08/31/36 | $13440 <sup>(b)</sup> | $97663 | $(169665) | $267328 |
|  Mexico Interbank TIIE 28 Days<sup>(f)</sup> | 8.000%<sup>(f)</sup> | 09/04/36 | 15910 <sup>(b)</sup> | (36588) | (20582) | (16006) |
| 11.250<sup>(e)</sup> | 12M CPIBR<sup>(e)</sup> | 09/16/36 | 4356430 <sup>(b)</sup> | (12778) | (6971) | (5807) |
| 2.000<sup>(e)</sup> | 12M THOR<sup>(e)</sup> | 09/16/36 | 31340 <sup>(b)</sup> | 17939 | 2695 | 15244 |
|  3M KWCDC<sup>(e)</sup> | 3.500<sup>(e)</sup> | 09/16/36 | 11329550 <sup>(b)</sup> | (206603) | (109904) | (96699) |
| 7.750<sup>(e)</sup> | 3M JIBAR<sup>(e)</sup> | 09/16/36 | 30850 <sup>(b)</sup> | 91184 | 37154 | 54030 |
|  6M PRIBOR<sup>(c)</sup> | 4.250<sup>(c)</sup> | 09/16/36 | 11040 <sup>(b)</sup> | (13914) | (11060) | (2854) |
|  6M WIBOR<sup>(c)</sup> | 4.500<sup>(c)</sup> | 09/16/36 | 3640 <sup>(b)</sup> | (32963) | (22157) | (10806) |
|  12M CLICP<sup>(d)</sup> | 5.250<sup>(d)</sup> | 09/16/36 | 135210 <sup>(b)</sup> | (887) | (956) | 69 |
| 6.750<sup>(d)</sup> | 6M BUBOR<sup>(d)</sup> | 09/16/36 | 331000 <sup>(b)</sup> | 27059 | 20104 | 6955 |
|  12M JYOR<sup>(c)</sup> | 2.160<sup>(c)</sup> | 08/02/44 | 2044011 <sup>(b)</sup> | (676041) | (1299576) | 623535 |
| 2.500<sup>(c)</sup> | 12M JYOR<sup>(c)</sup> | 06/17/56 | 179000 <sup>(b)</sup> | 122726 | 83548 | 39178 |
| 3.000<sup>(d)</sup> | 6M EURO<sup>(d)</sup> | 06/17/56 | 1480 <sup>(b)</sup> | 34933 | 10297 | 24636 |
|  **TOTA L** |  |  |  | $1704763 | $(623259) | $2328022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Payments made annually.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Payments made semi-annually.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Payments made at monthly.

OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread**<br> **at March 31,<br>2026<sup>(b)</sup>** | **Counterparty** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Sold:** |  |  |  |  |  |  |  |  |
|  CMBX.NA.AAA.17 | 0.500% | 0.751% | MS & Co. Int. PLC | 12/15/56 | $3800 | $(54795) | $(47364) | $(7431) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made monthly.

&nbsp;&nbsp;&nbsp;&nbsp;(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 greaterasthe credit spread and the term of the swap contract increase.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>March 31,<br>2026<sup>(b)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Purchased:** |  |  |  |  |  |  |  |
|  ICE CD ITXEU 45 | (1.000)% | 1.340% | 06/20/31 | 14610 | $266617 | $270531 | $(3914) |
|  **Protection Sold:** |  |  |  |  |  |  |  |
|  CDX.NA.IG Ind 45 | 1.000 | 0.588 | 12/20/30 | $106664 | 1922907 | 2225922 | (303015) |
|  ICE CD ITXEB 45 | 1.000 | 0.714 | 06/20/31 | 44802 | 728196 | 698642 | 29554 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **95** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>March 31,<br>2026<sup>(b)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Republic of Chile, 3.240%, 2/06/28 | 1.000% | 0.632% | 06/20/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | $22178 | $25587 | $&nbsp;&nbsp;&nbsp;&nbsp;(3409) |
|  Republic of Indonesia, 2.150%, 07/28/31 | 1.000 | 1.020 | 06/20/31 | 1740 | (1027) | (3992) | 2965 |
|  Republic of Peru, 8.750%, 11/21/33 | 1.000 | 0.871 | 06/20/31 | 1150 | 7359 | 9866 | (2507) |
| TOTAL |  |  |  |  | $2946230 | $3226556 | $(280326) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made quarterly.

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

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2026, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  2M IRS | Barclays Bank PLC | 4.002% | 06/30/2026 | 23440000 | 23440000 | $43686 | $37540 | $6146 |
|  6M IRS | Barclays Bank PLC | 3.400 | 05/14/2026 | 10010000 | 10010000 | 3505 | 31555 | (28050) |
|  2Y IRS | BNP Paribas SA | 1.950 | 05/11/2026 | 5680000 | 5680000 | 144 | 71878 | (71734) |
|  2Y IRS | BNP Paribas SA | 2.000 | 11/11/2026 | 5740000 | 5740000 | 7655 | 86276 | (78621) |
|  9M IRS | BNP Paribas SA | 2.250 | 04/29/2026 | 2980000 | 2980000 | 200 | 20118 | (19918) |
|  2Y IRS | Citibank NA | 1.771 | 01/24/2028 | 2629999999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2629999999 | 71445 | 100011 | (28566) |
|  |  |  |  | 2677849999 |  | $126635 | $347378 | $(220743) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  2Y IRS | Citibank NA | 1.771 | 01/24/2028 | 2630000002 | 2630000002 | 123349 | 100012 | 23337 |
| Total purchased option contracts | Total purchased option contracts |  |  | 5307850001 |  | $249984 | $447390 | $(197406) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  1M IRS | Barclays Bank PLC | 2.740 | 04/02/2026 | (5560000) | (5560000) | (3) | (30877) | 30874 |
|  1M IRS | Barclays Bank PLC | 3.883 | 04/30/2026 | (3860000) | $(3860000) | (34437) | (36284) | 1847 |
|  6M IRS | Barclays Bank PLC | 3.893 | 05/14/2026 | (2330000) | (2330000) | (3927) | (31536) | 27609 |
|  2Y IRS | BNP Paribas SA | 2.085 | 11/11/2026 | (1690000) | (1690000) | (3423) | (86344) | 82921 |
|  9M IRS | BNP Paribas SA | 2.586 | 04/29/2026 | (700000) | (700000) | (353) | (20407) | 20054 |
|  9M IRS | BNP Paribas SA | 2.400 | 05/11/2026 | (1726803) | (1726803) | (197) | (22650) | 22453 |
|  1M IRS | BofA Securities LLC | 2.970 | 04/16/2026 | (5380000) | (5380000) | (15901) | (42563) | 26662 |
|  1M IRS | Deutsche Bank AG |  |  |  |  |  |  |  |
|  | (London) | 3.870 | 04/23/2026 | (3870000) | $(3870000) | (28632) | (32218) | 3586 |
|  1M IRS | MS & Co. Int. PLC | 3.750 | 04/17/2026 | (5810000) | $(5810000) | (16901) | (42210) | 25309 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **96** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  1M IRS | UBS AG (London) | 3.117% | 04/27/2026 | (3550000) | (3550000) | $(41529) | $(35995) | $&nbsp;&nbsp;&nbsp;&nbsp;(5534) |
|  |  |  |  | (34476803) |  | $(145303) | $(381084) | $235781 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  1M IRS | Barclays Bank PLC | 2.740 | 04/02/2026 | (5560000) | (5560000) | (179837) | (30877) | (148960) |
|  1M IRS | Barclays Bank PLC | 3.883 | 04/30/2026 | (3860000) | $(3860000) | (31197) | (36284) | 5087 |
|  2M IRS | Barclays Bank PLC | 4.900 | 06/30/2026 | (23440000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23440000) | (34880) | (37540) | 2660 |
|  1M IRS | BofA Securities LLC | 2.970 | 04/16/2026 | (5380000) | (5380000) | (68697) | (42563) | (26134) |
|  1M IRS | Deutsche Bank AG |  |  |  |  |  |  |  |
|  | (London) | 3.870 | 04/23/2026 | (3870000) | $(3870000) | (29149) | (32218) | 3069 |
|  1M IRS | MS & Co. Int. PLC | 3.750 | 04/17/2026 | (5810000) | $(5810000) | (74974) | (42210) | (32764) |
|  1M IRS | UBS AG (London) | 3.117 | 04/27/2026 | (3550000) | (3550000) | (25423) | (35995) | 10572 |
|  |  |  |  | (51470000) |  | $(444157) | $(257687) | $(186470) |
| Total written option contracts | Total written option contracts |  |  | (85946803) |  | $(589460) | $(638771) | $49311 |
| TOTAL |  |  |  | 5221903198 |  | $(339476) | $(191381) | $(148095) |

---

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| AUD | —Australian Dollar |
| BRL | —Brazil Real |
| CAD | —Canadian Dollar |
| CHF | —Swiss Franc |
| CLP | —Chilean Peso |
| CNH | —Chinese Yuan Renminbi Offshore |
| CNY | —Chinese Yuan Renminbi |
| COP | —Colombia Peso |
| CZK | —Czech Republic Koruna |
| EUR | —Euro |
| GBP | —British Pound |
| HUF | —Hungarian Forint |
| IDR | —Indonesia Rupiah |
| ILS | —Israeli Shekel |
| INR | —Indian Rupee |
| JPY | —Japanese Yen |
| KRW | —South Korean Won |
| MXN | —Mexican Peso |
| MYR | —Malaysia Ringgit |
| NOK | —Norwegian Krone |
| NZD | —New Zealand Dollar |
| PEN | —Peru Nuevo Sol |
| PHP | —Philippines Peso |
| 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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **97** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| CLO | —Collateralized Loan Obligation |
| CMT | —Constant Maturity Treasury Indexes |
| ETF | —Exchange Traded Fund |
| EURIBOR | —Euro Interbank Offered Rate |
| ICE | —Inter-Continental Exchange |
| LLC | —Limited Liability Company |
| LP | —Limited Partnership |
| MSCI | —Morgan Stanley Capital International |
| MTA | —Monthly Treasury Average |
| PLC | —Public Limited Company |
| REMICS | —Real Estate Mortgage Investment Conduits |
| SOFR | —Secured Overnight Financing Rate |
| SpA | —Stand-by Purchase Agreement |
| STACR | —Structured Agency Credit Risk |

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| 1M IRS | —1 Month Interest Rate Swaptions |
| 2M IRS | —2 Months Interest Rate Swaptions |
| 2Y IRS | —2 Year Interest Rate Swaptions |
| 6M IRS | —6 Month Interest Rate Swaptions |
| 9M IRS | —9 Months Interest Rate Swaptions |
| AUDOR | —Australian Dollar Offered Rate |
| BofA Securities LLC | —Bank of America Securities LLC |
| BUBOR | —Budapest Interbank Offered Rate |
| CDOR | —Canadian Dollar Offered Rate |
| CDX.NA.IG Ind 45 | —CDX North America Investment Grade Index 45 |
| CHFOR | —Swiss Franc Offered Rate |
| CLICP | —Sinacofi Chile Interbank Rate |
| CMBX | —Commercial Mortgage Backed Securities Index |
| CNRR | —China Fixing Repo Rate |
| EURO | —Euro Offered Rate |
| ICE | —Inter-Continental Exchange |
| ICE CD ITXEB | —iTraxx Europe Index |
| ICE CD ITXEU | —iTraxx Europe Sub Financials Index |
| JIBAR | —Johannesburg Interbank Agreed Rate |
| JYOR | —Japanese Yen Offered Rate |
| KLIBOR | —Kuala Lumpur Interbank Offered Rate |
| KWCDC | —South Korean Won Certificate of Deposit |
| MIBOR | —Mumbai Interbank Offered Rate |
| MS & Co. Int. PLC | —Morgan Stanley & Co. International PLC |
| NIBOR | —Norwegian Interbank Offered Rate |
| NZDOR | —New Zealand Dollar Offered Rate |
| PRIBOR | —Prague Interbank 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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **98** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – 81.0% | Corporate Obligations – 81.0% | Corporate Obligations – 81.0% | Corporate Obligations – 81.0% |
| Advertising<sup>(a)(b)</sup> – 0.6% | Advertising<sup>(a)(b)</sup> – 0.6% | Advertising<sup>(a)(b)</sup> – 0.6% | Advertising<sup>(a)(b)</sup> – 0.6% |
| Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. |
| 40000 | 7.750% | 04/15/28 | $40209 |
| 309000 | 7.875 | 04/01/30 | 323770 |
| 95000 | 7.125 | 02/15/31 | 99570 |
| 106000 | 7.500 | 03/15/33 | 112283 |
| Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. |  |
| 135000 | 10.375 | 05/15/31 | 136524 |
| 230000 | 9.500 | 02/15/33 | 224027 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936383 |
| Aerospace & Defense – 1.7% | Aerospace & Defense – 1.7% | Aerospace & Defense – 1.7% |  |
| Boeing Co. <sup>(a)</sup> | Boeing Co. <sup>(a)</sup> |  |  |
| 858000 | 6.298 | 05/01/29 | 901423 |
| 90000 | 5.150 | 05/01/30 | 91375 |
| 25000 | 3.250 | 02/01/35 | 21408 |
| 90000 | 5.805 | 05/01/50 | 86877 |
| Bombardier, Inc. <sup>(a)(b)</sup> | Bombardier, Inc. <sup>(a)(b)</sup> |  |  |
| 120000 | 7.000 | 06/01/32 | 124441 |
| 55000 | 6.750 | 06/15/33 | 56845 |
| Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. |  |
| 495000 | 4.550 <sup>(a)</sup> | 11/15/32 | 488926 |
| 180000 | 5.950 | 02/01/37 | 191696 |
| TransDigm, Inc. <sup>(a)</sup> | TransDigm, Inc. <sup>(a)</sup> |  |  |
| 465000 | 4.625 | 01/15/29 | 456784 |
| 220000 | 4.875 | 05/01/29 | 216819 |
|  |  |  | 2636594 |
| Agriculture<sup>(a)</sup> – 0.7% | Agriculture<sup>(a)</sup> – 0.7% |  |  |
| BAT Capital Corp. | BAT Capital Corp. |  |  |
| 578000 | 6.000 | 02/20/34 | 610524 |
| 480000 | 5.625 | 08/15/35 | 493862 |
|  |  |  | 1104386 |
| Airlines – 0.8% | Airlines – 0.8% |  |  |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. <sup>(b)</sup> | American Airlines, Inc./AAdvantage Loyalty IP Ltd. <sup>(b)</sup> | American Airlines, Inc./AAdvantage Loyalty IP Ltd. <sup>(b)</sup> | American Airlines, Inc./AAdvantage Loyalty IP Ltd. <sup>(b)</sup> |
| 280000 | 5.750 | 04/20/29 | 277819 |
| Azul Secured Finance LLP <sup>(a)(b)</sup> | Azul Secured Finance LLP <sup>(a)(b)</sup> | Azul Secured Finance LLP <sup>(a)(b)</sup> |  |
| 200000 | 9.875 | 02/15/31 | 176500 |
| OneSky Flight LLC <sup>(a)(b)</sup> | OneSky Flight LLC <sup>(a)(b)</sup> | OneSky Flight LLC <sup>(a)(b)</sup> |  |
| 250000 | 8.875 | 12/15/29 | 257808 |
| United Airlines Holdings, Inc. <sup>(a)</sup> | United Airlines Holdings, Inc. <sup>(a)</sup> | United Airlines Holdings, Inc. <sup>(a)</sup> |  |
| 200000 | 5.375 | 03/01/31 | 195876 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc. <sup>(a)(b)</sup> | VistaJet Malta Finance PLC/Vista Management Holding, Inc. <sup>(a)(b)</sup> | VistaJet Malta Finance PLC/Vista Management Holding, Inc. <sup>(a)(b)</sup> | VistaJet Malta Finance PLC/Vista Management Holding, Inc. <sup>(a)(b)</sup> |
| 265000 | 7.875 | 05/01/27 | 260850 |
| 115000 | 9.500 | 06/01/28 | 112403 |
|  |  |  | 1281256 |
| Apparel<sup>(a)</sup> – 0.6% | Apparel<sup>(a)</sup> – 0.6% |  |  |
| Beach Acquisition Bidco LLC | Beach Acquisition Bidco LLC | Beach Acquisition Bidco LLC |  |
| 100000 | 5.250 <sup>(b)</sup> | 07/15/32 | 110929 |
| 142000 | 5.250 | 07/15/32 | 157520 |
| (PIK 10.750%, Cash 10.000%) | (PIK 10.750%, Cash 10.000%) | (PIK 10.750%, Cash 10.000%) |  |
| 210809 | 10.000 <sup>(b)(c)</sup> | 07/15/33 | 224094 |
| Champ Acquisition Corp. <sup>(b)</sup> | Champ Acquisition Corp. <sup>(b)</sup> | Champ Acquisition Corp. <sup>(b)</sup> |  |
| 375000 | 8.375 | 12/01/31 | 392891 |
|  |  |  | 885434 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Automotive<sup>(a)</sup> – 2.2% | Automotive<sup>(a)</sup> – 2.2% | Automotive<sup>(a)</sup> – 2.2% | Automotive<sup>(a)</sup> – 2.2% |
| American Axle & Manufacturing, Inc. <sup>(b)</sup> | American Axle & Manufacturing, Inc. <sup>(b)</sup> | American Axle & Manufacturing, Inc. <sup>(b)</sup> | American Axle & Manufacturing, Inc. <sup>(b)</sup> |
| 95000 | 6.375% | 10/15/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94002 |
| Clarios Global LP/Clarios U.S. Finance Co. <sup>(b)</sup> | Clarios Global LP/Clarios U.S. Finance Co. <sup>(b)</sup> | Clarios Global LP/Clarios U.S. Finance Co. <sup>(b)</sup> | Clarios Global LP/Clarios U.S. Finance Co. <sup>(b)</sup> |
| 126000 | 6.750 | 02/15/30 | 128350 |
| 105000 | 6.750 | 09/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105887 |
| Cyprium Corp./Cyprium Holdings Luxembourg SARL <sup>(b)</sup> | Cyprium Corp./Cyprium Holdings Luxembourg SARL <sup>(b)</sup> | Cyprium Corp./Cyprium Holdings Luxembourg SARL <sup>(b)</sup> | Cyprium Corp./Cyprium Holdings Luxembourg SARL <sup>(b)</sup> |
| 175000 | 6.125 | 04/15/31 | 173026 |
| Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |  |
| 200000 | 5.850 | 05/17/27 | 201468 |
| Forvia SE | Forvia SE |  |  |
| 100000 | 2.375 | 06/15/29 | 109572 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |  |
| 365000 | 5.650 | 01/17/29 | 373351 |
| 475000 | 6.150 | 07/15/35 | 491022 |
| Hyundai Capital America <sup>(b)</sup> | Hyundai Capital America <sup>(b)</sup> | Hyundai Capital America <sup>(b)</sup> |  |
| 370000 | 6.200 | 09/21/30 | 388045 |
| 475000 | 5.400 | 06/23/32 | 482923 |
| Nissan Motor Acceptance Co. LLC <sup>(b)</sup> | Nissan Motor Acceptance Co. LLC <sup>(b)</sup> | Nissan Motor Acceptance Co. LLC <sup>(b)</sup> |  |
| 310000 | 6.125 | 09/30/30 | 298161 |
| Phinia, Inc. <sup>(b)</sup> | Phinia, Inc. <sup>(b)</sup> |  |  |
| 290000 | 6.750 | 04/15/29 | 296018 |
| 41000 | 6.625 | 10/15/32 | 41542 |
| Qnity Electronics, Inc. <sup>(b)</sup> | Qnity Electronics, Inc. <sup>(b)</sup> | Qnity Electronics, Inc. <sup>(b)</sup> |  |
| 115000 | 5.750 | 08/15/32 | 115144 |
| 55000 | 6.250 | 08/15/33 | 55800 |
| Schaeffler AG | Schaeffler AG |  |  |
| 100000 | 4.750 | 08/14/29 | 115046 |
| ZF Europe Finance BV | ZF Europe Finance BV | ZF Europe Finance BV |  |
| 100000 | 6.125 | 03/13/29 | 115860 |
|  |  |  | 3585217 |
| Banks – 11.6% | Banks – 11.6% |  |  |
| Banco Mercantil del Norte SA <sup>(a)</sup> | Banco Mercantil del Norte SA <sup>(a)</sup> | Banco Mercantil del Norte SA <sup>(a)</sup> |  |
| (10 yr. CMT + 4.299%) | (10 yr. CMT + 4.299%) | (10 yr. CMT + 4.299%) |  |
| 450000 | 8.750 <sup>(b)(d)</sup> | 05/20/35 | 468900 |
| (10 yr. CMT + 5.353%) | (10 yr. CMT + 5.353%) | (10 yr. CMT + 5.353%) |  |
| 400000 | 7.625 | 01/10/28 | 399542 |
| Banco Santander SA | Banco Santander SA |  |  |
| 600000 | 2.749 | 12/03/30 | 538902 |
| 400000 | 6.921 | 08/08/33 | 431580 |
| Bank of America Corp. <sup>(a)(d)</sup> | Bank of America Corp. <sup>(a)(d)</sup> | Bank of America Corp. <sup>(a)(d)</sup> |  |
| (3 mo. USD Term SOFR + 1.252%) | (3 mo. USD Term SOFR + 1.252%) | (3 mo. USD Term SOFR + 1.252%) |  |
| 345000 | 2.496 | 02/13/31 | 318894 |
| (3 mo. USD Term SOFR + 1.332%) | (3 mo. USD Term SOFR + 1.332%) | (3 mo. USD Term SOFR + 1.332%) |  |
| 285000 | 3.970 | 03/05/29 | 282489 |
| (3 mo. USD Term SOFR + 1.572%) | (3 mo. USD Term SOFR + 1.572%) | (3 mo. USD Term SOFR + 1.572%) |  |
| 340000 | 4.271 | 07/23/29 | 338596 |
| (5 yr. CMT + 3.231%) | (5 yr. CMT + 3.231%) |  |  |
| 325000 | 6.125 | 04/27/27 | 325514 |
| (Secured Overnight Financing Rate + 1.130%) | (Secured Overnight Financing Rate + 1.130%) | (Secured Overnight Financing Rate + 1.130%) | (Secured Overnight Financing Rate + 1.130%) |
| 705000 | 5.045 | 02/06/37 | 695553 |
| (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) |
| 415000 | 2.651 | 03/11/32 | 376297 |
| (Secured Overnight Financing Rate + 1.530%) | (Secured Overnight Financing Rate + 1.530%) | (Secured Overnight Financing Rate + 1.530%) | (Secured Overnight Financing Rate + 1.530%) |
| 470000 | 1.898 | 07/23/31 | 418850 |
| (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) |
| 150000 | 5.202 | 04/25/29 | 152129 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **99** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |  |
| Banks – (continued) | Banks – (continued) |  |  |
| (Secured Overnight Financing Rate + 2.150%) | (Secured Overnight Financing Rate + 2.150%) | (Secured Overnight Financing Rate + 2.150%) | (Secured Overnight Financing Rate + 2.150%) |
| 515000 | 2.592% | 04/29/31 | $475757 |
| Bank of New York Mellon Corp. <sup>(a)(d)</sup> | Bank of New York Mellon Corp. <sup>(a)(d)</sup> | Bank of New York Mellon Corp. <sup>(a)(d)</sup> |  |
| (5 yr. CMT + 2.034%) | (5 yr. CMT + 2.034%) |  |  |
| 955000 | 5.625 | 03/20/31 | 935031 |
| (5 yr. CMT + 2.297%) | (5 yr. CMT + 2.297%) |  |  |
| 125000 | 6.300 | 03/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127918 |
| (Secured Overnight Financing Rate + 1.755%) | (Secured Overnight Financing Rate + 1.755%) | (Secured Overnight Financing Rate + 1.755%) | (Secured Overnight Financing Rate + 1.755%) |
| 15000 | 4.596 | 07/26/30 | 15075 |
| Barclays PLC <sup>(a)</sup> | Barclays PLC <sup>(a)</sup> |  |  |
| 250000 | 4.337 | 01/10/28 | 249055 |
| (5 yr. CMT + 5.431%) | (5 yr. CMT + 5.431%) |  |  |
| 205000 | 8.000 <sup>(d)</sup> | 03/15/29 | 211396 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero |
| BBVA Mexico<sup>(a)(d)</sup> (5 yr. CMT + 2.650%) | BBVA Mexico<sup>(a)(d)</sup> (5 yr. CMT + 2.650%) | BBVA Mexico<sup>(a)(d)</sup> (5 yr. CMT + 2.650%) | BBVA Mexico<sup>(a)(d)</sup> (5 yr. CMT + 2.650%) |
| 200000 | 5.125 | 01/18/33 | 195241 |
| Citigroup, Inc. | Citigroup, Inc. |  |  |
| 635000 | 4.125 | 07/25/28 | 629634 |
| (5 yr. CMT + 2.572%) | (5 yr. CMT + 2.572%) |  |  |
| 330000 | 6.750 <sup>(a)(d)</sup> | 02/15/30 | 329739 |
| (5 yr. CMT + 3.001%) | (5 yr. CMT + 3.001%) |  |  |
| 170000 | 6.625 <sup>(a)(d)</sup> | 02/15/31 | 169985 |
| (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) |
| 370000 | 2.976 <sup>(a)(d)</sup> | 11/05/30 | 349302 |
| Commerzbank AG <sup>(a)(d)</sup> (5 yr. USD Secured Overnight Financing Rate | Commerzbank AG <sup>(a)(d)</sup> (5 yr. USD Secured Overnight Financing Rate | Commerzbank AG <sup>(a)(d)</sup> (5 yr. USD Secured Overnight Financing Rate | Commerzbank AG <sup>(a)(d)</sup> (5 yr. USD Secured Overnight Financing Rate |
| ICE Swap Rate + 4.322%) | ICE Swap Rate + 4.322%) | ICE Swap Rate + 4.322%) | ICE Swap Rate + 4.322%) |
| 200000 | 7.500 | 10/09/30 | 202644 |
| Fifth Third Bancorp <sup>(a)(d)</sup> (Secured Overnight Financing Rate + 2.127%) | Fifth Third Bancorp <sup>(a)(d)</sup> (Secured Overnight Financing Rate + 2.127%) | Fifth Third Bancorp <sup>(a)(d)</sup> (Secured Overnight Financing Rate + 2.127%) | Fifth Third Bancorp <sup>(a)(d)</sup> (Secured Overnight Financing Rate + 2.127%) |
| 350000 | 4.772 | 07/28/30 | 350168 |
| JPMorgan Chase & Co. <sup>(a)(d)</sup> | JPMorgan Chase & Co. <sup>(a)(d)</sup> | JPMorgan Chase & Co. <sup>(a)(d)</sup> |  |
| (3 mo. USD Term SOFR + 1.207%) | (3 mo. USD Term SOFR + 1.207%) | (3 mo. USD Term SOFR + 1.207%) |  |
| 285000 | 3.509 | 01/23/29 | 280397 |
| (3 mo. USD Term SOFR + 2.515%) | (3 mo. USD Term SOFR + 2.515%) | (3 mo. USD Term SOFR + 2.515%) |  |
| 335000 | 2.956 | 05/13/31 | 312176 |
| (5 yr. CMT + 2.152%) | (5 yr. CMT + 2.152%) |  |  |
| 240000 | 6.500 | 04/01/30 | 246175 |
| (Secured Overnight Financing Rate + 1.300%) | (Secured Overnight Financing Rate + 1.300%) | (Secured Overnight Financing Rate + 1.300%) | (Secured Overnight Financing Rate + 1.300%) |
| 380000 | 5.193 | 02/05/37 | 373099 |
| (Secured Overnight Financing Rate + 1.800%) | (Secured Overnight Financing Rate + 1.800%) | (Secured Overnight Financing Rate + 1.800%) | (Secured Overnight Financing Rate + 1.800%) |
| 765000 | 4.586 | 04/26/33 | 754191 |
| M&T Bank Corp. <sup>(a)(d)</sup> | M&T Bank Corp. <sup>(a)(d)</sup> |  |  |
| (5 yr. CMT + 2.679%) | (5 yr. CMT + 2.679%) |  |  |
| 360000 | 3.500 | 09/01/26 | 348599 |
| (Secured Overnight Financing Rate + 1.850%) | (Secured Overnight Financing Rate + 1.850%) | (Secured Overnight Financing Rate + 1.850%) | (Secured Overnight Financing Rate + 1.850%) |
| 475000 | 5.053 | 01/27/34 | 468592 |
| Macquarie Bank Ltd. <sup>(a)(b)(d)</sup> (5 yr. CMT + 1.700%) | Macquarie Bank Ltd. <sup>(a)(b)(d)</sup> (5 yr. CMT + 1.700%) | Macquarie Bank Ltd. <sup>(a)(b)(d)</sup> (5 yr. CMT + 1.700%) | Macquarie Bank Ltd. <sup>(a)(b)(d)</sup> (5 yr. CMT + 1.700%) |
| 635000 | 3.052 | 03/03/36 | 571817 |
| Morgan Stanley <sup>(a)(d)</sup> | Morgan Stanley <sup>(a)(d)</sup> |  |  |
| (3 mo. USD Term SOFR + 1.890%) | (3 mo. USD Term SOFR + 1.890%) | (3 mo. USD Term SOFR + 1.890%) |  |
| 280000 | 4.431 | 01/23/30 | 278533 |
| (Secured Overnight Financing Rate + 1.034%) | (Secured Overnight Financing Rate + 1.034%) | (Secured Overnight Financing Rate + 1.034%) | (Secured Overnight Financing Rate + 1.034%) |
| 405000 | 1.794 | 02/13/32 | 350868 |
| (Secured Overnight Financing Rate + 1.143%) | (Secured Overnight Financing Rate + 1.143%) | (Secured Overnight Financing Rate + 1.143%) | (Secured Overnight Financing Rate + 1.143%) |
| 750000 | 2.699 | 01/22/31 | 696622 |
| (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) |
| 125000 | 5.164 | 04/20/29 | 126438 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) |
| 150000 | 4.210% | 04/20/28 | $149577 |
| PNC Financial Services Group, Inc. <sup>(a)(d)</sup> (5 yr. CMT + 3.238%) | PNC Financial Services Group, Inc. <sup>(a)(d)</sup> (5 yr. CMT + 3.238%) | PNC Financial Services Group, Inc. <sup>(a)(d)</sup> (5 yr. CMT + 3.238%) | PNC Financial Services Group, Inc. <sup>(a)(d)</sup> (5 yr. CMT + 3.238%) |
| 510000 | 6.200 | 09/15/27 | 511433 |
| Royal Bank of Canada <sup>(a)(d)</sup> (5 yr. CMT + 2.887%) | Royal Bank of Canada <sup>(a)(d)</sup> (5 yr. CMT + 2.887%) | Royal Bank of Canada <sup>(a)(d)</sup> (5 yr. CMT + 2.887%) | Royal Bank of Canada <sup>(a)(d)</sup> (5 yr. CMT + 2.887%) |
| 485000 | 7.500 | 05/02/84 | 496174 |
| State Street Corp. <sup>(a)(d)</sup> | State Street Corp. <sup>(a)(d)</sup> |  |  |
| (5 yr. CMT + 2.135%) | (5 yr. CMT + 2.135%) |  |  |
| 140000 | 6.450 | 09/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141957 |
| (5 yr. CMT + 2.613%) | (5 yr. CMT + 2.613%) |  |  |
| 245000 | 6.700 | 03/15/29 | 249518 |
| Truist Financial Corp. <sup>(a)(d)</sup> | Truist Financial Corp. <sup>(a)(d)</sup> | Truist Financial Corp. <sup>(a)(d)</sup> |  |
| (10 yr. CMT + 4.349%) | (10 yr. CMT + 4.349%) | (10 yr. CMT + 4.349%) |  |
| 561000 | 5.100 | 03/01/30 | 560994 |
| (5 yr. CMT + 3.003%) | (5 yr. CMT + 3.003%) |  |  |
| 255000 | 6.669 | 09/01/26 | 254582 |
| (Secured Overnight Financing Rate + 2.050%) | (Secured Overnight Financing Rate + 2.050%) | (Secured Overnight Financing Rate + 2.050%) | (Secured Overnight Financing Rate + 2.050%) |
| 25000 | 6.047 | 06/08/27 | 25064 |
| U.S. Bancorp <sup>(a)(d)</sup> (5 yr. CMT + 2.541%) | U.S. Bancorp <sup>(a)(d)</sup> (5 yr. CMT + 2.541%) | U.S. Bancorp <sup>(a)(d)</sup> (5 yr. CMT + 2.541%) |  |
| 285000 | 3.700 | 01/15/27 | 278713 |
| UBS Group AG <sup>(a)(b)(d)</sup> | UBS Group AG <sup>(a)(b)(d)</sup> | UBS Group AG <sup>(a)(b)(d)</sup> |  |
| (1 yr. CMT + 1.100%) | (1 yr. CMT + 1.100%) |  |  |
| 435000 | 2.746 | 02/11/33 | 384157 |
| (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.179%) | (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.179%) | (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.179%) | (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.179%) |
| 240000 | 7.125 | 08/10/34 | 235920 |
| Wells Fargo & Co. <sup>(a)</sup> | Wells Fargo & Co. <sup>(a)</sup> |  |  |
| 95000 | 4.150 | 01/24/29 | 94453 |
| (5 yr. CMT + 2.767%) | (5 yr. CMT + 2.767%) |  |  |
| 210000 | 6.850 <sup>(d)</sup> | 09/15/29 | 217489 |
| (5 yr. CMT + 3.606%) | (5 yr. CMT + 3.606%) |  |  |
| 400000 | 7.625 <sup>(d)</sup> | 09/15/28 | 420860 |
| (Secured Overnight Financing Rate + 2.100%) | (Secured Overnight Financing Rate + 2.100%) | (Secured Overnight Financing Rate + 2.100%) | (Secured Overnight Financing Rate + 2.100%) |
| 390000 | 4.897 <sup>(d)</sup> | 07/25/33 | 387816 |
| Yapi ve Kredi Bankasi AS <sup>(a)(b)(d)</sup> (5 yr. CMT + 5.278%) | Yapi ve Kredi Bankasi AS <sup>(a)(b)(d)</sup> (5 yr. CMT + 5.278%) | Yapi ve Kredi Bankasi AS <sup>(a)(b)(d)</sup> (5 yr. CMT + 5.278%) | Yapi ve Kredi Bankasi AS <sup>(a)(b)(d)</sup> (5 yr. CMT + 5.278%) |
| 200000 | 9.250 | 01/17/34 | 203412 |
|  |  |  | 18407817 |
| Beverages<sup>(a)</sup> – 0.8% | Beverages<sup>(a)</sup> – 0.8% |  |  |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |
| 390000 | 4.700 | 02/01/36 | 379755 |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |  |
| 100000 | 3.150 | 08/01/29 | 95671 |
| 505000 | 4.950 | 11/01/35 | 487714 |
| Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |  |
| 421000 | 3.200 | 05/01/30 | 394830 |
|  |  |  | 1357970 |
| Biotechnology<sup>(a)</sup> – 0.3% | Biotechnology<sup>(a)</sup> – 0.3% | Biotechnology<sup>(a)</sup> – 0.3% |  |
| Amgen, Inc. | Amgen, Inc. |  |  |
| 115000 | 5.250 | 03/02/30 | 118129 |
| 291000 | 5.250 | 03/02/33 | 298569 |
|  |  |  | 416698 |
| Building Materials<sup>(a)</sup> – 1.6% | Building Materials<sup>(a)</sup> – 1.6% | Building Materials<sup>(a)</sup> – 1.6% |  |
| Carrier Global Corp. | Carrier Global Corp. |  |  |
| 410000 | 2.722 | 02/15/30 | 383137 |
| 465000 | 5.900 | 03/15/34 | 490794 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **100** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |  |
| Building Materials<sup>(a)</sup> – (continued) | Building Materials<sup>(a)</sup> – (continued) | Building Materials<sup>(a)</sup> – (continued) | Building Materials<sup>(a)</sup> – (continued) |  |
|  Johnson Controls International PLC/Tyco Fire & Security Finance SCA | Johnson Controls International PLC/Tyco Fire & Security Finance SCA | Johnson Controls International PLC/Tyco Fire & Security Finance SCA | Johnson Controls International PLC/Tyco Fire & Security Finance SCA | Johnson Controls International PLC/Tyco Fire & Security Finance SCA |
| $| 270000 | 4.900% | 12/01/32 | $271093 |
|  MIWD Holdco II LLC/MIWD Finance Corp. <sup>(b)</sup> | MIWD Holdco II LLC/MIWD Finance Corp. <sup>(b)</sup> | MIWD Holdco II LLC/MIWD Finance Corp. <sup>(b)</sup> | MIWD Holdco II LLC/MIWD Finance Corp. <sup>(b)</sup> | MIWD Holdco II LLC/MIWD Finance Corp. <sup>(b)</sup> |
|  | 90000 | 5.500 | 02/01/30 | 77882 |
|  Quikrete Holdings, Inc. <sup>(b)</sup> | Quikrete Holdings, Inc. <sup>(b)</sup> | Quikrete Holdings, Inc. <sup>(b)</sup> | Quikrete Holdings, Inc. <sup>(b)</sup> |  |
|  | 175000 | 6.375 | 03/01/32 | 177874 |
|  | 195000 | 6.750 | 03/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198071 |
|  Smyrna Ready Mix Concrete LLC <sup>(b)</sup> | Smyrna Ready Mix Concrete LLC <sup>(b)</sup> | Smyrna Ready Mix Concrete LLC <sup>(b)</sup> | Smyrna Ready Mix Concrete LLC <sup>(b)</sup> |  |
|  | 472000 | 8.875 | 11/15/31 | 482762 |
|  Standard Building Solutions, Inc. <sup>(b)</sup> | Standard Building Solutions, Inc. <sup>(b)</sup> | Standard Building Solutions, Inc. <sup>(b)</sup> | Standard Building Solutions, Inc. <sup>(b)</sup> |  |
|  | 265000 | 6.500 | 08/15/32 | 266317 |
|  Standard Industries, Inc. <sup>(b)</sup> | Standard Industries, Inc. <sup>(b)</sup> | Standard Industries, Inc. <sup>(b)</sup> | Standard Industries, Inc. <sup>(b)</sup> |  |
|  | 230000 | 4.375 | 07/15/30 | 217154 |
|  |  |  |  | 2565084 |
| Chemicals<sup>(a)</sup> – 1.6% | Chemicals<sup>(a)</sup> – 1.6% | Chemicals<sup>(a)</sup> – 1.6% |  |  |
|  Avient Corp. <sup>(b)</sup> | Avient Corp. <sup>(b)</sup> | Avient Corp. <sup>(b)</sup> |  |  |
|  | 180000 | 7.125 | 08/01/30 | 182632 |
|  Axalta Coating Systems LLC <sup>(b)</sup> | Axalta Coating Systems LLC <sup>(b)</sup> | Axalta Coating Systems LLC <sup>(b)</sup> | Axalta Coating Systems LLC <sup>(b)</sup> |  |
|  | 325000 | 3.375 | 02/15/29 | 307200 |
|  Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC |  |
|  | 60000 | 6.500 | 04/15/30 | 61159 |
|  | 85000 | 6.750 | 04/15/33 | 87184 |
|  Chemours Co. <sup>(b)</sup> | Chemours Co. <sup>(b)</sup> | Chemours Co. <sup>(b)</sup> |  |  |
|  | 50000 | 8.000 | 01/15/33 | 50269 |
|  Ingevity Corp. <sup>(b)</sup> | Ingevity Corp. <sup>(b)</sup> | Ingevity Corp. <sup>(b)</sup> |  |  |
|  | 190000 | 3.875 | 11/01/28 | 182210 |
|  International Flavors & Fragrances, Inc. <sup>(b)</sup> | International Flavors & Fragrances, Inc. <sup>(b)</sup> | International Flavors & Fragrances, Inc. <sup>(b)</sup> | International Flavors & Fragrances, Inc. <sup>(b)</sup> |  |
|  | 266000 | 2.300 | 11/01/30 | 236695 |
|  Methanex U.S. Operations, Inc. <sup>(b)</sup> | Methanex U.S. Operations, Inc. <sup>(b)</sup> | Methanex U.S. Operations, Inc. <sup>(b)</sup> | Methanex U.S. Operations, Inc. <sup>(b)</sup> |  |
|  | 125000 | 6.250 | 03/15/32 | 127922 |
|  Minerals Technologies, Inc. <sup>(b)</sup> | Minerals Technologies, Inc. <sup>(b)</sup> | Minerals Technologies, Inc. <sup>(b)</sup> | Minerals Technologies, Inc. <sup>(b)</sup> |  |
|  | 325000 | 5.000 | 07/01/28 | 322146 |
|  Olympus Water U.S. Holding Corp. <sup>(b)</sup> | Olympus Water U.S. Holding Corp. <sup>(b)</sup> | Olympus Water U.S. Holding Corp. <sup>(b)</sup> | Olympus Water U.S. Holding Corp. <sup>(b)</sup> |  |
|  | 245000 | 7.250 | 06/15/31 | 239581 |
|  | 250000 | 6.750 | 08/01/32 | 238205 |
|  | 470000 | 7.250 | 02/15/33 | 449221 |
|  Solstice Advanced Materials, Inc. <sup>(b)</sup> | Solstice Advanced Materials, Inc. <sup>(b)</sup> | Solstice Advanced Materials, Inc. <sup>(b)</sup> | Solstice Advanced Materials, Inc. <sup>(b)</sup> |  |
|  | 35000 | 5.625 | 09/30/33 | 34511 |
|  |  |  |  | 2518935 |
| Commercial Services<sup>(a</sup><sup>)</sup> – 2.7% | Commercial Services<sup>(a</sup><sup>)</sup> – 2.7% | Commercial Services<sup>(a</sup><sup>)</sup> – 2.7% | Commercial Services<sup>(a</sup><sup>)</sup> – 2.7% |  |
|  Adani Ports & Special Economic Zone Ltd. | Adani Ports & Special Economic Zone Ltd. | Adani Ports & Special Economic Zone Ltd. | Adani Ports & Special Economic Zone Ltd. |  |
|  | 350000 | 4.000 | 07/30/27 | 342125 |
|  APi Group DE, Inc. <sup>(b)</sup> | APi Group DE, Inc. <sup>(b)</sup> | APi Group DE, Inc. <sup>(b)</sup> |  |  |
|  | 365000 | 4.125 | 07/15/29 | 347823 |
|  | 50000 | 4.750 | 10/15/29 | 48428 |
|  Avis Budget Car Rental LLC/Avis Budget Finance, Inc. <sup>(b)</sup> | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. <sup>(b)</sup> | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. <sup>(b)</sup> | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. <sup>(b)</sup> | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. <sup>(b)</sup> |
|  | 65000 | 8.375 | 06/15/32 | 64739 |
|  Belron U.K. Finance PLC <sup>(b)</sup> | Belron U.K. Finance PLC <sup>(b)</sup> | Belron U.K. Finance PLC <sup>(b)</sup> | Belron U.K. Finance PLC <sup>(b)</sup> |  |
|  | 205000 | 5.750 | 10/15/29 | 206052 |
|  CompoSecure Holdings LLC <sup>(b)</sup> | CompoSecure Holdings LLC <sup>(b)</sup> | CompoSecure Holdings LLC <sup>(b)</sup> | CompoSecure Holdings LLC <sup>(b)</sup> |  |
|  | 550000 | 5.625 | 02/01/33 | 537735 |
|  CoStar Group, Inc. <sup>(b)</sup> | CoStar Group, Inc. <sup>(b)</sup> | CoStar Group, Inc. <sup>(b)</sup> |  |  |
|  | 75000 | 2.800 | 07/15/30 | 67840 |
|  Garda World Security Corp. <sup>(b)</sup> | Garda World Security Corp. <sup>(b)</sup> | Garda World Security Corp. <sup>(b)</sup> | Garda World Security Corp. <sup>(b)</sup> |  |
|  | 75000 | 7.750 | 02/15/28 | 76387 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |  |  |
| Commercial Services<sup>(a)</sup> – (continued) | Commercial Services<sup>(a)</sup> – (continued) | Commercial Services<sup>(a)</sup> – (continued) | Commercial Services<sup>(a)</sup> – (continued) |  |  |
| $| 95000 | 8.250% | 08/01/32 | $| 94200 |
|  | 100000 | 8.375 | 11/15/32 |  | 100339 |
|  Graham Holdings Co. <sup>(b)</sup> | Graham Holdings Co. <sup>(b)</sup> | Graham Holdings Co. <sup>(b)</sup> | Graham Holdings Co. <sup>(b)</sup> |  |  |
|  | 385000 | 5.625 | 12/01/33 |  | 376430 |
|  GXO Logistics, Inc. | GXO Logistics, Inc. | GXO Logistics, Inc. |  |  |  |
|  | 471000 | 2.650 | 07/15/31 |  | 419463 |
|  | 465000 | 6.500 | 05/06/34 |  | 487790 |
|  Herc Holdings, Inc. <sup>(b)</sup> | Herc Holdings, Inc. <sup>(b)</sup> | Herc Holdings, Inc. <sup>(b)</sup> |  |  |  |
|  | 165000 | 7.000 | 06/15/30 |  | 169325 |
|  Hertz Corp. <sup>(b)</sup> | Hertz Corp. <sup>(b)</sup> | Hertz Corp. <sup>(b)</sup> |  |  |  |
|  | 107000 | 12.625 | 07/15/29 |  | 93867 |
|  Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. |  |  |  |
|  | 61000 | 2.900 | 10/01/30 |  | 56615 |
|  Verisure Midholding AB | Verisure Midholding AB | Verisure Midholding AB | Verisure Midholding AB |  |  |
| EUR | 380000 | 5.250 | 02/15/29 |  | 438208 |
|  Wand NewCo 3, Inc. <sup>(b)</sup> | Wand NewCo 3, Inc. <sup>(b)</sup> | Wand NewCo 3, Inc. <sup>(b)</sup> | Wand NewCo 3, Inc. <sup>(b)</sup> |  |  |
| $| 437000 | 7.625 | 01/30/32 |  | 446832 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4374198 |
| Computers<sup>(a)</sup> – 1.0% | Computers<sup>(a)</sup> – 1.0% | Computers<sup>(a)</sup> – 1.0% |  |  |  |
|  Ahead DB Holdings LLC <sup>(b)</sup> | Ahead DB Holdings LLC <sup>(b)</sup> | Ahead DB Holdings LLC <sup>(b)</sup> | Ahead DB Holdings LLC <sup>(b)</sup> |  |  |
|  | 443000 | 6.625 | 05/01/28 |  | 433502 |
|  CACI International, Inc. <sup>(b)</sup> | CACI International, Inc. <sup>(b)</sup> | CACI International, Inc. <sup>(b)</sup> | CACI International, Inc. <sup>(b)</sup> |  |  |
|  | 180000 | 6.375 | 06/15/33 |  | 183083 |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |  |  |
|  | 270000 | 5.300 | 10/01/29 |  | 275527 |
|  Diebold Nixdorf, Inc. <sup>(b)</sup> | Diebold Nixdorf, Inc. <sup>(b)</sup> | Diebold Nixdorf, Inc. <sup>(b)</sup> | Diebold Nixdorf, Inc. <sup>(b)</sup> |  |  |
|  | 240000 | 7.750 | 03/31/30 |  | 249967 |
| KBR, Inc. <sup>(b)</sup> | KBR, Inc. <sup>(b)</sup> | KBR, Inc. <sup>(b)</sup> |  |  |  |
|  | 110000 | 4.750 | 09/30/28 |  | 107721 |
|  McAfee Corp. <sup>(b)</sup> | McAfee Corp. <sup>(b)</sup> | McAfee Corp. <sup>(b)</sup> |  |  |  |
|  | 205000 | 7.375 | 02/15/30 |  | 169107 |
|  Virtusa Corp. <sup>(b)</sup> | Virtusa Corp. <sup>(b)</sup> | Virtusa Corp. <sup>(b)</sup> |  |  |  |
|  | 164000 | 7.125 | 12/15/28 |  | 128179 |
|  |  |  |  |  | 1547086 |
| Cosmetics & Personal Care<sup>(a</sup><sup>)</sup> – 0.0% | Cosmetics & Personal Care<sup>(a</sup><sup>)</sup> – 0.0% | Cosmetics & Personal Care<sup>(a</sup><sup>)</sup> – 0.0% | Cosmetics & Personal Care<sup>(a</sup><sup>)</sup> – 0.0% |  |  |
|  Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |  |  |
|  | 85000 | 6.125 | 09/30/32 |  | 77584 |
| Diversified Financial Services<sup>(a)</sup> – 4.1% | Diversified Financial Services<sup>(a)</sup> – 4.1% | Diversified Financial Services<sup>(a)</sup> – 4.1% | Diversified Financial Services<sup>(a)</sup> – 4.1% |  |  |
|  Air Lease Corp. <sup>(d)</sup> (5 yr. CMT + 3.149%) | Air Lease Corp. <sup>(d)</sup> (5 yr. CMT + 3.149%) | Air Lease Corp. <sup>(d)</sup> (5 yr. CMT + 3.149%) | Air Lease Corp. <sup>(d)</sup> (5 yr. CMT + 3.149%) |  |  |
|  | 260000 | 4.125 | 12/15/26 |  | 252759 |
|  Ally Financial, Inc. <sup>(d)</sup> (7 yr. CMT + 3.481%) | Ally Financial, Inc. <sup>(d)</sup> (7 yr. CMT + 3.481%) | Ally Financial, Inc. <sup>(d)</sup> (7 yr. CMT + 3.481%) | Ally Financial, Inc. <sup>(d)</sup> (7 yr. CMT + 3.481%) | Ally Financial, Inc. <sup>(d)</sup> (7 yr. CMT + 3.481%) | Ally Financial, Inc. <sup>(d)</sup> (7 yr. CMT + 3.481%) |
|  | 295000 | 4.700 | 05/15/28 |  | 272612 |
|  Burford Capital Global Finance LLC <sup>(b)</sup> | Burford Capital Global Finance LLC <sup>(b)</sup> | Burford Capital Global Finance LLC <sup>(b)</sup> | Burford Capital Global Finance LLC <sup>(b)</sup> |  |  |
|  | 230000 | 8.500 | 01/15/34 |  | 196652 |
|  Capital One Financial Corp. <sup>(d)</sup> (3 mo. USD Term SOFR + 3.338%) | Capital One Financial Corp. <sup>(d)</sup> (3 mo. USD Term SOFR + 3.338%) | Capital One Financial Corp. <sup>(d)</sup> (3 mo. USD Term SOFR + 3.338%) | Capital One Financial Corp. <sup>(d)</sup> (3 mo. USD Term SOFR + 3.338%) | Capital One Financial Corp. <sup>(d)</sup> (3 mo. USD Term SOFR + 3.338%) | Capital One Financial Corp. <sup>(d)</sup> (3 mo. USD Term SOFR + 3.338%) |
|  | 290000 | 5.500 | 10/30/27 |  | 287689 |
|  Charles Schwab Corp. <sup>(d)</sup> (5 yr. CMT + 3.256%) | Charles Schwab Corp. <sup>(d)</sup> (5 yr. CMT + 3.256%) | Charles Schwab Corp. <sup>(d)</sup> (5 yr. CMT + 3.256%) | Charles Schwab Corp. <sup>(d)</sup> (5 yr. CMT + 3.256%) | Charles Schwab Corp. <sup>(d)</sup> (5 yr. CMT + 3.256%) | Charles Schwab Corp. <sup>(d)</sup> (5 yr. CMT + 3.256%) |
|  | 265000 | 5.000 | 06/01/27 |  | 262930 |
|  Credit Acceptance Corp. <sup>(b)</sup> | Credit Acceptance Corp. <sup>(b)</sup> | Credit Acceptance Corp. <sup>(b)</sup> | Credit Acceptance Corp. <sup>(b)</sup> |  |  |
|  | 175000 | 6.625 | 03/15/30 |  | 170646 |
|  Focus Financial Partners LLC <sup>(b)</sup> | Focus Financial Partners LLC <sup>(b)</sup> | Focus Financial Partners LLC <sup>(b)</sup> | Focus Financial Partners LLC <sup>(b)</sup> |  |  |
|  | 192000 | 6.750 | 09/15/31 |  | 190996 |
|  Freedom Mortgage Holdings LLC <sup>(b)</sup> | Freedom Mortgage Holdings LLC <sup>(b)</sup> | Freedom Mortgage Holdings LLC <sup>(b)</sup> | Freedom Mortgage Holdings LLC <sup>(b)</sup> |  |  |
|  | 340000 | 9.250 | 02/01/29 |  | 344760 |
|  | 110000 | 7.875 | 04/01/33 |  | 103182 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **101** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |  |
| Diversified Financial Services<sup>(a</sup><sup>)</sup> – (continued) | Diversified Financial Services<sup>(a</sup><sup>)</sup> – (continued) | Diversified Financial Services<sup>(a</sup><sup>)</sup> – (continued) | Diversified Financial Services<sup>(a</sup><sup>)</sup> – (continued) | Diversified Financial Services<sup>(a</sup><sup>)</sup> – (continued) |
|  goeasy Ltd. <sup>(b)</sup> | goeasy Ltd. <sup>(b)</sup> | goeasy Ltd. <sup>(b)</sup> |  |  |
| $| 55000 | 6.875% | 05/15/30 | $45470 |
|  | 205000 | 6.875 | 02/15/31 | 165080 |
|  Jane Street Group/JSG Finance, Inc. <sup>(b)</sup> | Jane Street Group/JSG Finance, Inc. <sup>(b)</sup> | Jane Street Group/JSG Finance, Inc. <sup>(b)</sup> | Jane Street Group/JSG Finance, Inc. <sup>(b)</sup> |  |
|  | 250000 | 6.125 | 11/01/32 | 247680 |
|  Midcap Financial Issuer Trust <sup>(b)</sup> | Midcap Financial Issuer Trust <sup>(b)</sup> | Midcap Financial Issuer Trust <sup>(b)</sup> | Midcap Financial Issuer Trust <sup>(b)</sup> |  |
|  | 463000 | 6.500 | 05/01/28 | 449619 |
|  Navient Corp. | Navient Corp. | Navient Corp. |  |  |
|  | 300000 | 5.500 | 03/15/29 | 276453 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |  |
|  | 250000 | 4.000 | 09/15/30 | 225473 |
|  | 445000 | 7.125 | 09/15/32 | 438459 |
|  | 275000 | 6.750 | 09/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264250 |
|  Osaic Holdings, Inc. <sup>(b)</sup> | Osaic Holdings, Inc. <sup>(b)</sup> | Osaic Holdings, Inc. <sup>(b)</sup> | Osaic Holdings, Inc. <sup>(b)</sup> |  |
|  | 211000 | 6.750 | 08/01/32 | 210751 |
|  | 6000 | 8.000 | 08/01/33 | 5924 |
|  Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. <sup>(b)</sup> | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. <sup>(b)</sup> | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. <sup>(b)</sup> | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. <sup>(b)</sup> | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. <sup>(b)</sup> |
|  | 160000 | 6.375 | 02/01/27 | 158490 |
|  PennyMac Financial Services, Inc. <sup>(b)</sup> | PennyMac Financial Services, Inc. <sup>(b)</sup> | PennyMac Financial Services, Inc. <sup>(b)</sup> | PennyMac Financial Services, Inc. <sup>(b)</sup> |  |
|  | 190000 | 6.875 | 05/15/32 | 183386 |
|  Rocket Cos., Inc. <sup>(b)</sup> | Rocket Cos., Inc. <sup>(b)</sup> | Rocket Cos., Inc. <sup>(b)</sup> |  |  |
|  | 205000 | 6.125 | 08/01/30 | 207011 |
|  | 180000 | 6.375 | 08/01/33 | 181879 |
|  Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. <sup>(b)</sup> | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. <sup>(b)</sup> | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. <sup>(b)</sup> | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. <sup>(b)</sup> | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. <sup>(b)</sup> |
|  | 578000 | 4.000 | 10/15/33 | 518478 |
|  SLM Corp. | SLM Corp. | SLM Corp. |  |  |
|  | 105000 | 6.500 | 01/31/30 | 103317 |
|  Stonex Escrow Issuer LLC <sup>(b)</sup> | Stonex Escrow Issuer LLC <sup>(b)</sup> | Stonex Escrow Issuer LLC <sup>(b)</sup> | Stonex Escrow Issuer LLC <sup>(b)</sup> |  |
|  | 110000 | 6.875 | 07/15/32 | 111444 |
|  StoneX Group, Inc. <sup>(b)</sup> | StoneX Group, Inc. <sup>(b)</sup> | StoneX Group, Inc. <sup>(b)</sup> |  |  |
|  | 130000 | 7.875 | 03/01/31 | 135247 |
|  United Wholesale Mortgage LLC <sup>(b)</sup> | United Wholesale Mortgage LLC <sup>(b)</sup> | United Wholesale Mortgage LLC <sup>(b)</sup> | United Wholesale Mortgage LLC <sup>(b)</sup> |  |
|  | 210000 | 5.500 | 04/15/29 | 196537 |
|  UWM Holdings LLC <sup>(b)</sup> | UWM Holdings LLC <sup>(b)</sup> | UWM Holdings LLC <sup>(b)</sup> | UWM Holdings LLC <sup>(b)</sup> |  |
|  | 263000 | 6.250 | 03/15/31 | 239522 |
|  VFH Parent LLC/Valor Co-Issuer, Inc. <sup>(b)</sup> | VFH Parent LLC/Valor Co-Issuer, Inc. <sup>(b)</sup> | VFH Parent LLC/Valor Co-Issuer, Inc. <sup>(b)</sup> | VFH Parent LLC/Valor Co-Issuer, Inc. <sup>(b)</sup> |  |
|  | 125000 | 7.500 | 06/15/31 | 128534 |
|  |  |  |  | 6575230 |
| Electrical<sup>(a)</sup> – 1.7% | Electrical<sup>(a)</sup> – 1.7% | Electrical<sup>(a)</sup> – 1.7% |  |  |
|  AES Panama Generation Holdings SRL | AES Panama Generation Holdings SRL | AES Panama Generation Holdings SRL | AES Panama Generation Holdings SRL |  |
|  | 373404 | 4.375 | 05/31/30 | 346425 |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |  |
|  | 325000 | 2.300 | 03/01/30 | 297693 |
|  California Buyer Ltd./Atlantica Sustainable Infrastructure PLC <sup>(b)</sup> | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC <sup>(b)</sup> | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC <sup>(b)</sup> | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC <sup>(b)</sup> | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC <sup>(b)</sup> |
|  | 415000 | 6.375 | 02/15/32 | 405654 |
|  Lightning Power LLC <sup>(b)</sup> | Lightning Power LLC <sup>(b)</sup> | Lightning Power LLC <sup>(b)</sup> | Lightning Power LLC <sup>(b)</sup> |  |
|  | 195000 | 7.250 | 08/15/32 | 203145 |
|  NextEra Energy Capital Holdings, Inc. <sup>(d)</sup> | NextEra Energy Capital Holdings, Inc. <sup>(d)</sup> | NextEra Energy Capital Holdings, Inc. <sup>(d)</sup> | NextEra Energy Capital Holdings, Inc. <sup>(d)</sup> |  |
|  (5 yr. CMT + 1.979%) | (5 yr. CMT + 1.979%) | (5 yr. CMT + 1.979%) |  |  |
|  | 180000 | 6.500 | 08/15/55 | 185537 |
|  (5 yr. CMT + 2.053%) | (5 yr. CMT + 2.053%) | (5 yr. CMT + 2.053%) |  |  |
|  | 125000 | 6.375 | 08/15/55 | 126913 |
|  NRG Energy, Inc. <sup>(b)</sup> | NRG Energy, Inc. <sup>(b)</sup> | NRG Energy, Inc. <sup>(b)</sup> |  |  |
|  | 305000 | 5.750 | 07/15/29 | 304530 |
|  | 195000 | 6.000 | 01/15/36 | 193218 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |  |
|  | 25000 | 2.100 | 08/01/27 | 24225 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |  |  |
| Electrical<sup>(a)</sup> – (continued) | Electrical<sup>(a)</sup> – (continued) | Electrical<sup>(a)</sup> – (continued) | Electrical<sup>(a)</sup> – (continued) |  |  |
| $| 355000 | 2.500% | 02/01/31 | $| 318417 |
|  Talen Energy Supply LLC <sup>(b)</sup> | Talen Energy Supply LLC <sup>(b)</sup> | Talen Energy Supply LLC <sup>(b)</sup> | Talen Energy Supply LLC <sup>(b)</sup> |  |  |
|  | 115000 | 6.250 | 02/01/34 |  | 114218 |
|  | 115000 | 6.500 | 02/01/36 |  | 115903 |
|  Vistra Operations Co. LLC <sup>(b)</sup> | Vistra Operations Co. LLC <sup>(b)</sup> | Vistra Operations Co. LLC <sup>(b)</sup> | Vistra Operations Co. LLC <sup>(b)</sup> |  |  |
|  | 60000 | 4.300 | 07/15/29 |  | 58996 |
|  |  |  |  |  | 2694874 |
| Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1% | Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1% | Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1% | Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1% | Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1% | Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1% |
|  WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. |  |  |
|  | 75000 | 5.250 | 04/15/31 |  | 74527 |
|  | 105000 | 5.500 | 04/15/34 |  | 103492 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178019 |
| Electronics<sup>(a)(b)</sup> – 0.2% | Electronics<sup>(a)(b)</sup> – 0.2% | Electronics<sup>(a)(b)</sup> – 0.2% | Electronics<sup>(a)(b)</sup> – 0.2% |  |  |
|  Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. |  |  |
|  | 375000 | 4.750 | 05/15/29 |  | 364736 |
| Engineering & Construction<sup>(a)</sup> – 0.8% | Engineering & Construction<sup>(a)</sup> – 0.8% | Engineering & Construction<sup>(a)</sup> – 0.8% | Engineering & Construction<sup>(a)</sup> – 0.8% |  |  |
|  Aeropuerto Internacional de Tocumen SA <sup>(b)</sup> | Aeropuerto Internacional de Tocumen SA <sup>(b)</sup> | Aeropuerto Internacional de Tocumen SA <sup>(b)</sup> | Aeropuerto Internacional de Tocumen SA <sup>(b)</sup> | Aeropuerto Internacional de Tocumen SA <sup>(b)</sup> | Aeropuerto Internacional de Tocumen SA <sup>(b)</sup> |
|  | 210000 | 4.000 | 08/11/41 |  | 173311 |
|  Arcosa, Inc. <sup>(b)</sup> | Arcosa, Inc. <sup>(b)</sup> | Arcosa, Inc. <sup>(b)</sup> |  |  |  |
|  | 190000 | 4.375 | 04/15/29 |  | 182976 |
|  | 60000 | 6.875 | 08/15/32 |  | 61540 |
|  Brundage-Bone Concrete Pumping Holdings, Inc. <sup>(b)</sup> | Brundage-Bone Concrete Pumping Holdings, Inc. <sup>(b)</sup> | Brundage-Bone Concrete Pumping Holdings, Inc. <sup>(b)</sup> | Brundage-Bone Concrete Pumping Holdings, Inc. <sup>(b)</sup> | Brundage-Bone Concrete Pumping Holdings, Inc. <sup>(b)</sup> | Brundage-Bone Concrete Pumping Holdings, Inc. <sup>(b)</sup> |
|  | 245000 | 7.500 | 02/01/32 |  | 247413 |
|  Global Infrastructure Solutions, Inc. <sup>(b)</sup> | Global Infrastructure Solutions, Inc. <sup>(b)</sup> | Global Infrastructure Solutions, Inc. <sup>(b)</sup> | Global Infrastructure Solutions, Inc. <sup>(b)</sup> |  |  |
|  | 280000 | 5.625 | 06/01/29 |  | 274652 |
|  | 85000 | 7.500 | 04/15/32 |  | 88837 |
|  Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust |  |  |
|  | 400000 | 5.500 | 10/31/46 |  | 333008 |
|  |  |  |  |  | 1361737 |
| Entertainment<sup>(a)</sup> – 1.4% | Entertainment<sup>(a)</sup> – 1.4% | Entertainment<sup>(a)</sup> – 1.4% | Entertainment<sup>(a)</sup> – 1.4% |  |  |
|  Caesars Entertainment, Inc. <sup>(b)</sup> | Caesars Entertainment, Inc. <sup>(b)</sup> | Caesars Entertainment, Inc. <sup>(b)</sup> | Caesars Entertainment, Inc. <sup>(b)</sup> |  |  |
|  | 436000 | 4.625 | 10/15/29 |  | 419576 |
|  | 80000 | 6.000 | 10/15/32 |  | 73637 |
|  Cinemark USA, Inc. <sup>(b)</sup> | Cinemark USA, Inc. <sup>(b)</sup> | Cinemark USA, Inc. <sup>(b)</sup> | Cinemark USA, Inc. <sup>(b)</sup> |  |  |
|  | 311000 | 5.250 | 07/15/28 |  | 308842 |
|  | 85000 | 7.000 | 08/01/32 |  | 87305 |
|  Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. |  |  |
|  | 115000 | 4.279 | 03/15/32 |  | 101814 |
|  | 190000 | 5.050 | 03/15/42 |  | 126757 |
|  | 200000 | 5.141 | 03/15/52 |  | 121196 |
|  Light & Wonder International, Inc. <sup>(b)</sup> | Light & Wonder International, Inc. <sup>(b)</sup> | Light & Wonder International, Inc. <sup>(b)</sup> | Light & Wonder International, Inc. <sup>(b)</sup> |  |  |
|  | 177000 | 6.250 | 10/01/33 |  | 173292 |
|  Rivers Enterprise Borrower LLC <sup>(b)</sup> | Rivers Enterprise Borrower LLC <sup>(b)</sup> | Rivers Enterprise Borrower LLC <sup>(b)</sup> | Rivers Enterprise Borrower LLC <sup>(b)</sup> |  |  |
|  | 120000 | 6.250 | 10/15/30 |  | 119827 |
|  Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. <sup>(b)</sup> | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. <sup>(b)</sup> | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. <sup>(b)</sup> | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. <sup>(b)</sup> | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. <sup>(b)</sup> | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. <sup>(b)</sup> |
|  | 262000 | 6.625 | 02/01/33 |  | 260876 |
|  SeaWorld Parks & Entertainment, Inc. <sup>(b)</sup> | SeaWorld Parks & Entertainment, Inc. <sup>(b)</sup> | SeaWorld Parks & Entertainment, Inc. <sup>(b)</sup> | SeaWorld Parks & Entertainment, Inc. <sup>(b)</sup> |  |  |
|  | 290000 | 5.250 | 08/15/29 |  | 277918 |
|  Vail Resorts, Inc. <sup>(b)</sup> | Vail Resorts, Inc. <sup>(b)</sup> | Vail Resorts, Inc. <sup>(b)</sup> | Vail Resorts, Inc. <sup>(b)</sup> |  |  |
|  | 145000 | 5.625 | 07/15/30 |  | 143962 |
|  |  |  |  |  | 2215002 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **102** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |  |
| Environmental<sup>(a)(b)</sup> – 1.3% | Environmental<sup>(a)(b)</sup> – 1.3% | Environmental<sup>(a)(b)</sup> – 1.3% |  |
| GFL Environmental Holdings U.S., Inc. | GFL Environmental Holdings U.S., Inc. | GFL Environmental Holdings U.S., Inc. |  |
| 360000 | 5.500% | 02/01/34 | $353246 |
| GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |  |
| 340000 | 4.000 | 08/01/28 | 330460 |
| Luna 1.5 SARL <sup>(c)</sup> | Luna 1.5 SARL <sup>(c)</sup> |  |  |
| 518000 | 12.000 | 07/01/32 | 552587 |
| Luna 2 5SARL | Luna 2 5SARL |  |  |
| 100000 | 5.500 | 07/01/32 | 113877 |
| Madison IAQ LLC | Madison IAQ LLC |  |  |
| 265000 | 4.125 | 06/30/28 | 258825 |
| Waste Pro USA, Inc. | Waste Pro USA, Inc. |  |  |
| 480000 | 7.000 | 02/01/33 | 486686 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2095681 |
| Food & Drug Retailing<sup>(a)</sup> – 2.1% | Food & Drug Retailing<sup>(a)</sup> – 2.1% | Food & Drug Retailing<sup>(a)</sup> – 2.1% |  |
| Albertsons Cos., Inc. <sup>(b)</sup> | Albertsons Cos., Inc. <sup>(b)</sup> | Albertsons Cos., Inc. <sup>(b)</sup> |  |
| 500000 | 5.625 | 03/31/32 | 491995 |
| Fiesta Purchaser, Inc. <sup>(b)</sup> | Fiesta Purchaser, Inc. <sup>(b)</sup> | Fiesta Purchaser, Inc. <sup>(b)</sup> |  |
| 183000 | 9.625 | 09/15/32 | 187264 |
| J.M. Smucker Co. | J.M. Smucker Co. |  |  |
| 626000 | 6.200 | 11/15/33 | 662922 |
| Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |  |
| 351000 | 5.500 | 06/01/50 | 312899 |
| Mars, Inc. <sup>(b)</sup> | Mars, Inc. <sup>(b)</sup> |  |  |
| 325000 | 4.800 | 03/01/30 | 328393 |
| 300000 | 5.000 | 03/01/32 | 303525 |
| 400000 | 5.200 | 03/01/35 | 403636 |
| Post Holdings, Inc. <sup>(b)</sup> | Post Holdings, Inc. <sup>(b)</sup> |  |  |
| 363000 | 6.375 | 03/01/33 | 358139 |
| U.S. Foods, Inc. <sup>(b)</sup> | U.S. Foods, Inc. <sup>(b)</sup> |  |  |
| 205000 | 4.625 | 06/01/30 | 199691 |
| United Natural Foods, Inc. <sup>(b)</sup> | United Natural Foods, Inc. <sup>(b)</sup> | United Natural Foods, Inc. <sup>(b)</sup> |  |
| 139000 | 6.750 | 10/15/28 | 139090 |
|  |  |  | 3387554 |
| Hand/Machine Tools<sup>(a)</sup> – 0.1% | Hand/Machine Tools<sup>(a)</sup> – 0.1% | Hand/Machine Tools<sup>(a)</sup> – 0.1% |  |
| Regal Rexnord Corp. | Regal Rexnord Corp. |  |  |
| 105000 | 6.300 | 02/15/30 | 110033 |
| Healthcare Providers & Services<sup>(a)</sup> – 2.1% | Healthcare Providers & Services<sup>(a)</sup> – 2.1% | Healthcare Providers & Services<sup>(a)</sup> – 2.1% |  |
| DaVita, Inc. <sup>(b)</sup> | DaVita, Inc. <sup>(b)</sup> |  |  |
| 305000 | 3.750 | 02/15/31 | 279804 |
| Global Medical Response, Inc. <sup>(b)</sup> | Global Medical Response, Inc. <sup>(b)</sup> | Global Medical Response, Inc. <sup>(b)</sup> |  |
| 107000 | 7.375 | 10/01/32 | 111105 |
| LifePoint Health, Inc. <sup>(b)</sup> | LifePoint Health, Inc. <sup>(b)</sup> | LifePoint Health, Inc. <sup>(b)</sup> |  |
| 210000 | 5.375 | 01/15/29 | 202236 |
| 140000 | 11.000 | 10/15/30 | 150741 |
| Medline Borrower LP <sup>(b)</sup> | Medline Borrower LP <sup>(b)</sup> | Medline Borrower LP <sup>(b)</sup> |  |
| 400000 | 3.875 | 04/01/29 | 387124 |
| 275000 | 5.250 | 10/01/29 | 272536 |
| Molina Healthcare, Inc. <sup>(b)</sup> | Molina Healthcare, Inc. <sup>(b)</sup> | Molina Healthcare, Inc. <sup>(b)</sup> |  |
| 260000 | 6.500 | 02/15/31 | 255978 |
| 235000 | 6.250 | 01/15/33 | 227825 |
| Prime Healthcare Services, Inc. <sup>(b)</sup> | Prime Healthcare Services, Inc. <sup>(b)</sup> | Prime Healthcare Services, Inc. <sup>(b)</sup> |  |
| 150000 | 9.375 | 09/01/29 | 155484 |
| Select Medical Corp. <sup>(b)</sup> | Select Medical Corp. <sup>(b)</sup> | Select Medical Corp. <sup>(b)</sup> |  |
| 325000 | 6.250 | 12/01/32 | 308913 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |  |
| Healthcare Providers & Services<sup>(a)</sup> – (continued) | Healthcare Providers & Services<sup>(a)</sup> – (continued) | Healthcare Providers & Services<sup>(a)</sup> – (continued) | Healthcare Providers & Services<sup>(a)</sup> – (continued) |
| Team Health Holdings, Inc. <sup>(b)</sup> | Team Health Holdings, Inc. <sup>(b)</sup> | Team Health Holdings, Inc. <sup>(b)</sup> |  |
| 71000 | 8.375% | 06/30/28 | $70332 |
| (PIK 4.500%, Cash 9.000%) | (PIK 4.500%, Cash 9.000%) | (PIK 4.500%, Cash 9.000%) |  |
| 745000 | 13.500 <sup>(c)</sup> | 06/30/28 | 771529 |
| Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |  |
| 155000 | 6.125 | 06/15/30 | 156271 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3349878 |
| Home Builders(a) – 0.6% | Home Builders(a) – 0.6% | Home Builders(a) – 0.6% |  |
| Installed Building Products, Inc. <sup>(b)</sup> | Installed Building Products, Inc. <sup>(b)</sup> | Installed Building Products, Inc. <sup>(b)</sup> |  |
| 85000 | 5.625 | 02/01/34 | 83448 |
| K Hovnanian Enterprises, Inc. <sup>(b)</sup> | K Hovnanian Enterprises, Inc. <sup>(b)</sup> | K Hovnanian Enterprises, Inc. <sup>(b)</sup> |  |
| 49000 | 8.000 | 04/01/31 | 48588 |
| 44000 | 8.375 | 10/01/33 | 43507 |
| KB Home | KB Home |  |  |
| 185000 | 7.250 | 07/15/30 | 188765 |
| LGI Homes, Inc. <sup>(b)</sup> | LGI Homes, Inc. <sup>(b)</sup> |  |  |
| 214000 | 4.000 | 07/15/29 | 190971 |
| Risewell Homes, Inc. <sup>(b)</sup> | Risewell Homes, Inc. <sup>(b)</sup> | Risewell Homes, Inc. <sup>(b)</sup> |  |
| 343000 | 8.500 | 11/01/30 | 335478 |
|  |  |  | 890757 |
| Housewares<sup>(a)</sup> – 0.3% | Housewares<sup>(a)</sup> – 0.3% |  |  |
| Newell Brands, Inc. | Newell Brands, Inc. |  |  |
| 90000 | 8.500 <sup>(b)</sup> | 06/01/28 | 93069 |
| 45000 | 6.375 | 05/15/30 | 43333 |
| 75000 | 6.625 | 05/15/32 | 71694 |
| Scotts Miracle-Gro Co. | Scotts Miracle-Gro Co. | Scotts Miracle-Gro Co. |  |
| 250000 | 4.000 | 04/01/31 | 230995 |
|  |  |  | 439091 |
| Insurance<sup>(a)</sup> – 3.9% | Insurance<sup>(a)</sup> – 3.9% |  |  |
| Acrisure LLC/Acrisure Finance, Inc. <sup>(b)</sup> | Acrisure LLC/Acrisure Finance, Inc. <sup>(b)</sup> | Acrisure LLC/Acrisure Finance, Inc. <sup>(b)</sup> |  |
| 70000 | 8.250 | 02/01/29 | 69256 |
| 640000 | 6.000 | 08/01/29 | 601069 |
| 110000 | 6.750 | 07/01/32 | 105744 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer <sup>(b)</sup> | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer <sup>(b)</sup> | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer <sup>(b)</sup> | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer <sup>(b)</sup> |
| 345000 | 6.750 | 10/15/27 | 344914 |
| 85000 | 7.375 | 10/01/32 | 83437 |
| American International Group, Inc. | American International Group, Inc. | American International Group, Inc. |  |
| 305000 | 3.400 | 06/30/30 | 290943 |
| 475000 | 5.450 | 05/07/35 | 484547 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC <sup>(b)</sup> | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC <sup>(b)</sup> | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC <sup>(b)</sup> | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC <sup>(b)</sup> |
| 310000 | 7.875 | 11/01/29 | 280175 |
| Ardonagh Finco Ltd. | Ardonagh Finco Ltd. |  |  |
| 125000 | 6.875 | 02/15/31 | 143564 |
| Ardonagh Group Finance Ltd. <sup>(b)</sup> | Ardonagh Group Finance Ltd. <sup>(b)</sup> | Ardonagh Group Finance Ltd. <sup>(b)</sup> |  |
| 540000 | 8.875 | 02/15/32 | 524237 |
| Asurion LLC/Asurion Co-Issuer, Inc. <sup>(b)</sup> | Asurion LLC/Asurion Co-Issuer, Inc. <sup>(b)</sup> | Asurion LLC/Asurion Co-Issuer, Inc. <sup>(b)</sup> |  |
| 275000 | 8.375 | 02/01/34 | 267858 |
| Broadstreet Partners Group LLC <sup>(b)</sup> | Broadstreet Partners Group LLC <sup>(b)</sup> | Broadstreet Partners Group LLC <sup>(b)</sup> |  |
| 510000 | 5.875 | 04/15/29 | 496959 |
| Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. |  |
| 20000 | 4.350 | 04/20/28 | 19946 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC <sup>(b)</sup> | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC <sup>(b)</sup> | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC <sup>(b)</sup> | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC <sup>(b)</sup> |
| 820000 | 8.125 | 02/15/32 | 769062 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **103** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |  |
| Insurance<sup>(a)</sup> – (continued) | Insurance<sup>(a)</sup> – (continued) | Insurance<sup>(a)</sup> – (continued) |  |
| HUB International Ltd. <sup>(b)</sup> | HUB International Ltd. <sup>(b)</sup> | HUB International Ltd. <sup>(b)</sup> |  |
| 115000 | 7.375% | 01/31/32 | $117306 |
| MetLife, Inc. | MetLife, Inc. |  |  |
| 480000 | 5.300 | 12/15/34 | 491155 |
| (5 yr. CMT + 2.078%) | (5 yr. CMT + 2.078%) |  |  |
| 80000 | 6.350 <sup>(d)</sup> | 03/15/55 | 81014 |
| Panther Escrow Issuer LLC <sup>(b)</sup> | Panther Escrow Issuer LLC <sup>(b)</sup> | Panther Escrow Issuer LLC <sup>(b)</sup> |  |
| 843000 | 7.125 | 06/01/31 | 844340 |
| Ryan Specialty LLC <sup>(b)</sup> | Ryan Specialty LLC <sup>(b)</sup> | Ryan Specialty LLC <sup>(b)</sup> |  |
| 135000 | 5.875 | 08/01/32 | 133595 |
| USI, Inc. <sup>(b)</sup> | USI, Inc. <sup>(b)</sup> |  |  |
| 90000 | 7.500 | 01/15/32 | 91913 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6241034 |
| Internet<sup>(a)</sup> – 1.8% | Internet<sup>(a)</sup> – 1.8% |  |  |
| ANGI Group LLC <sup>(b)</sup> | ANGI Group LLC <sup>(b)</sup> |  |  |
| 194000 | 3.875 | 08/15/28 | 173306 |
| Arches Buyer, Inc. <sup>(b)</sup> | Arches Buyer, Inc. <sup>(b)</sup> |  |  |
| 64000 | 6.125 | 12/01/28 | 61333 |
| Expedia Group, Inc. | Expedia Group, Inc. |  |  |
| 72000 | 4.625 | 08/01/27 | 72063 |
| 326000 | 2.950 | 03/15/31 | 298805 |
| 485000 | 5.400 | 02/15/35 | 481096 |
| Gen Digital, Inc. <sup>(b)</sup> | Gen Digital, Inc. <sup>(b)</sup> |  |  |
| 125000 | 6.250 | 04/01/33 | 121670 |
| Match Group Holdings II LLC <sup>(b)</sup> | Match Group Holdings II LLC <sup>(b)</sup> | Match Group Holdings II LLC <sup>(b)</sup> |  |
| 145000 | 5.625 | 02/15/29 | 143134 |
| 110000 | 3.625 | 10/01/31 | 97713 |
| Meta Platforms, Inc. | Meta Platforms, Inc. |  |  |
| 575000 | 5.625 | 11/15/55 | 538603 |
| 80000 | 5.750 | 05/15/63 | 74244 |
| Prosus NV <sup>(b)</sup> | Prosus NV <sup>(b)</sup> |  |  |
| 120000 | 2.031 | 08/03/32 | 122155 |
| Snap, Inc. <sup>(b)</sup> | Snap, Inc. <sup>(b)</sup> |  |  |
| 80000 | 6.875 | 03/01/33 | 75723 |
| 360000 | 6.875 | 03/15/34 | 338468 |
| United Group BV <sup>(b)</sup> | United Group BV <sup>(b)</sup> |  |  |
| 175000 | 4.625 | 08/15/28 | 201254 |
|  |  |  | 2799567 |
| Investment Companies<sup>(a)(b)</sup> – 0.4% | Investment Companies<sup>(a)(b)</sup> – 0.4% | Investment Companies<sup>(a)(b)</sup> – 0.4% |  |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
| 425000 | 10.000 | 11/15/29 | 418145 |
| JAB Holdings BV | JAB Holdings BV |  |  |
| 250000 | 2.200 | 11/23/30 | 223130 |
|  |  |  | 641275 |
| Iron/Steel<sup>(a)</sup> – 0.2% | Iron/Steel<sup>(a)</sup> – 0.2% |  |  |
| Metinvest BV | Metinvest BV |  |  |
| 200000 | 8.500 | 04/23/26 | 194750 |
| Mineral Resources Ltd. <sup>(b)</sup> | Mineral Resources Ltd. <sup>(b)</sup> | Mineral Resources Ltd. <sup>(b)</sup> |  |
| 120000 | 7.000 | 04/01/31 | 122506 |
|  |  |  | 317256 |
| Leisure Time<sup>(a)(b)</sup> – 1.3% | Leisure Time<sup>(a)(b)</sup> – 1.3% | Leisure Time<sup>(a)(b)</sup> – 1.3% |  |
| Carnival Corp. | Carnival Corp. |  |  |
| 500000 | 5.125 | 05/01/29 | 496185 |
| 60000 | 7.000 | 08/15/29 | 62204 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Leisure Time<sup>(a)(b)</sup> – (continued) | Leisure Time<sup>(a)(b)</sup> – (continued) | Leisure Time<sup>(a)(b)</sup> – (continued) | Leisure Time<sup>(a)(b)</sup> – (continued) |  |  |
| $| 240000 | 5.750% | 03/15/30 | $| 241831 |
|  | 200000 | 6.125 | 02/15/33 |  | 201868 |
|  MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC |  |  |
|  | 260000 | 6.375 | 06/01/29 |  | 191584 |
|  NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |  |  |  |
|  | 164000 | 5.875 | 01/15/31 |  | 159310 |
|  | 82000 | 6.250 | 09/15/33 |  | 79635 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |  |  |
|  | 250000 | 5.625 | 09/30/31 |  | 252675 |
|  | 65000 | 6.250 | 03/15/32 |  | 66479 |
|  Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. |  |  |  |
|  | 410000 | 5.875 | 10/15/33 |  | 405539 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2157310 |
| Lodging<sup>(a)</sup> – 0.7% | Lodging<sup>(a)</sup> – 0.7% | Lodging<sup>(a)</sup> – 0.7% |  |  |  |
|  Genting New York LLC/GENNY Capital, Inc. <sup>(b)</sup> | Genting New York LLC/GENNY Capital, Inc. <sup>(b)</sup> | Genting New York LLC/GENNY Capital, Inc. <sup>(b)</sup> | Genting New York LLC/GENNY Capital, Inc. <sup>(b)</sup> | Genting New York LLC/GENNY Capital, Inc. <sup>(b)</sup> | Genting New York LLC/GENNY Capital, Inc. <sup>(b)</sup> |
|  | 435000 | 7.250 | 10/01/29 |  | 437323 |
|  Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. <sup>(b)</sup> | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. <sup>(b)</sup> | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. <sup>(b)</sup> | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. <sup>(b)</sup> | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. <sup>(b)</sup> | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. <sup>(b)</sup> |
|  | 350000 | 5.000 | 06/01/29 |  | 332679 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |  |  |
|  | 75000 | 5.000 | 10/15/27 |  | 75685 |
|  | 185000 | 4.900 | 04/15/29 |  | 187081 |
|  | 58000 | 4.875 | 05/15/29 |  | 58625 |
|  |  |  |  |  | 1091393 |
| Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.2% | Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.2% | Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.2% | Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.2% | Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.2% | Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.2% |
|  Terex Corp. | Terex Corp. | Terex Corp. |  |  |  |
|  | 105000 | 6.250 | 10/15/32 |  | 105711 |
|  Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. |  |  |  |
|  | 255000 | 4.125 | 11/15/28 |  | 250310 |
|  |  |  |  |  | 356021 |
| Machinery-Diversified<sup>(a)</sup> – 0.1% | Machinery-Diversified<sup>(a)</sup> – 0.1% | Machinery-Diversified<sup>(a)</sup> – 0.1% | Machinery-Diversified<sup>(a)</sup> – 0.1% |  |  |
|  Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. |  |  |  |
|  | 245000 | 2.565 | 02/15/30 |  | 227421 |
| Media – 3.0% | Media – 3.0% | Media – 3.0% |  |  |  |
|  AMC Networks, Inc. <sup>(a)(b)</sup> | AMC Networks, Inc. <sup>(a)(b)</sup> | AMC Networks, Inc. <sup>(a)(b)</sup> | AMC Networks, Inc. <sup>(a)(b)</sup> |  |  |
|  | 85000 | 10.500 | 07/15/32 |  | 83901 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. <sup>(a)(b)</sup> | CCO Holdings LLC/CCO Holdings Capital Corp. <sup>(a)(b)</sup> | CCO Holdings LLC/CCO Holdings Capital Corp. <sup>(a)(b)</sup> | CCO Holdings LLC/CCO Holdings Capital Corp. <sup>(a)(b)</sup> | CCO Holdings LLC/CCO Holdings Capital Corp. <sup>(a)(b)</sup> | CCO Holdings LLC/CCO Holdings Capital Corp. <sup>(a)(b)</sup> |
|  | 520000 | 4.750 | 03/01/30 |  | 493210 |
|  | 575000 | 4.750 | 02/01/32 |  | 521243 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital <sup>(a)</sup> | Charter Communications Operating LLC/Charter Communications Operating Capital <sup>(a)</sup> | Charter Communications Operating LLC/Charter Communications Operating Capital <sup>(a)</sup> | Charter Communications Operating LLC/Charter Communications Operating Capital <sup>(a)</sup> | Charter Communications Operating LLC/Charter Communications Operating Capital <sup>(a)</sup> | Charter Communications Operating LLC/Charter Communications Operating Capital <sup>(a)</sup> |
|  | 170000 | 3.750 | 02/15/28 |  | 167013 |
|  CSC Holdings LLC <sup>(a)(b)</sup> | CSC Holdings LLC <sup>(a)(b)</sup> | CSC Holdings LLC <sup>(a)(b)</sup> | CSC Holdings LLC <sup>(a)(b)</sup> |  |  |
|  | 200000 | 5.750 | 01/15/30 |  | 75142 |
|  | 210000 | 3.375 | 02/15/31 |  | 123318 |
|  Directv Financing LLC <sup>(a)(b)</sup> | Directv Financing LLC <sup>(a)(b)</sup> | Directv Financing LLC <sup>(a)(b)</sup> | Directv Financing LLC <sup>(a)(b)</sup> |  |  |
|  | 120000 | 8.875 | 02/01/30 |  | 119755 |
|  Directv Financing LLC/Directv Financing Co-Obligor, Inc. <sup>(a)(b)</sup> | Directv Financing LLC/Directv Financing Co-Obligor, Inc. <sup>(a)(b)</sup> | Directv Financing LLC/Directv Financing Co-Obligor, Inc. <sup>(a)(b)</sup> | Directv Financing LLC/Directv Financing Co-Obligor, Inc. <sup>(a)(b)</sup> | Directv Financing LLC/Directv Financing Co-Obligor, Inc. <sup>(a)(b)</sup> | Directv Financing LLC/Directv Financing Co-Obligor, Inc. <sup>(a)(b)</sup> |
|  | 193000 | 5.875 | 08/15/27 |  | 192419 |
|  DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |  |  |  |
|  | 110000 | 5.250 <sup>(a)(b)</sup> | 12/01/26 |  | 109000 |
|  | 14000 | 5.750 <sup>(a)(b)</sup> | 12/01/28 |  | 13558 |
|  | 7000 | 5.125 | 06/01/29 |  | 6256 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **104** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |  |  |
| Media – (continued) | Media – (continued) |  |  |  |
| DISH Network Corp. <sup>(a)(b)</sup> | DISH Network Corp. <sup>(a)(b)</sup> | DISH Network Corp. <sup>(a)(b)</sup> |  |  |
| 170000 | 11.750% | 11/15/27 | $| 175137 |
| GCI LLC <sup>(a)(b)</sup> | GCI LLC <sup>(a)(b)</sup> |  |  |  |
| 440000 | 4.750 | 10/15/28 |  | 425902 |
| Gray Media, Inc. <sup>(a)(b)</sup> | Gray Media, Inc. <sup>(a)(b)</sup> |  |  |  |
| 91000 | 4.750 | 10/15/30 |  | 70322 |
| 82000 | 7.250 | 08/15/33 |  | 82599 |
| iHeartCommunications, Inc. <sup>(a)(b)</sup> | iHeartCommunications, Inc. <sup>(a)(b)</sup> | iHeartCommunications, Inc. <sup>(a)(b)</sup> |  |  |
| 232000 | 10.875 | 05/01/30 |  | 148791 |
| Nexstar Media, Inc. <sup>(a)(b)</sup> | Nexstar Media, Inc. <sup>(a)(b)</sup> | Nexstar Media, Inc. <sup>(a)(b)</sup> |  |  |
| 455000 | 6.500 | 09/15/33 |  | 458522 |
| 275000 | 7.250 | 04/15/34 |  | 275600 |
| Sinclair Television Group, Inc. <sup>(a)(b)</sup> | Sinclair Television Group, Inc. <sup>(a)(b)</sup> | Sinclair Television Group, Inc. <sup>(a)(b)</sup> |  |  |
| 430000 | 8.125 | 02/15/33 |  | 438243 |
| Sirius XM Radio LLC <sup>(a)(b)</sup> | Sirius XM Radio LLC <sup>(a)(b)</sup> | Sirius XM Radio LLC <sup>(a)(b)</sup> |  |  |
| 635000 | 3.875 | 09/01/31 |  | 577291 |
| Univision Communications, Inc. <sup>(a)(b)</sup> | Univision Communications, Inc. <sup>(a)(b)</sup> | Univision Communications, Inc. <sup>(a)(b)</sup> |  |  |
| 175000 | 9.375 | 08/01/32 |  | 180462 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4737684 |
| Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.0% | Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.0% | Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.0% | Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.0% | Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.0% |
| Advanced Drainage Systems, Inc. | Advanced Drainage Systems, Inc. | Advanced Drainage Systems, Inc. |  |  |
| 85000 | 5.375 | 03/01/34 |  | 82900 |
| Miscellaneous Manufacturing – 0.2% | Miscellaneous Manufacturing – 0.2% | Miscellaneous Manufacturing – 0.2% | Miscellaneous Manufacturing – 0.2% | Miscellaneous Manufacturing – 0.2% |
| Amsted Industries, Inc. <sup>(a)(b)</sup> | Amsted Industries, Inc. <sup>(a)(b)</sup> | Amsted Industries, Inc. <sup>(a)(b)</sup> |  |  |
| 50000 | 6.375 | 03/15/33 |  | 50300 |
| Axon Enterprise, Inc. <sup>(a)(b)</sup> | Axon Enterprise, Inc. <sup>(a)(b)</sup> | Axon Enterprise, Inc. <sup>(a)(b)</sup> |  |  |
| 80000 | 6.125 | 03/15/30 |  | 81642 |
| 80000 | 6.250 | 03/15/33 |  | 81653 |
| General Electric Co. | General Electric Co. |  |  |  |
| 95000 | 5.875 | 01/14/38 |  | 101133 |
|  |  |  |  | 314728 |
| Oil Field Services – 5.4% | Oil Field Services – 5.4% | Oil Field Services – 5.4% | Oil Field Services – 5.4% | Oil Field Services – 5.4% |
| Aethon United BR LP/Aethon United Finance Corp. <sup>(a)(b)</sup> | Aethon United BR LP/Aethon United Finance Corp. <sup>(a)(b)</sup> | Aethon United BR LP/Aethon United Finance Corp. <sup>(a)(b)</sup> | Aethon United BR LP/Aethon United Finance Corp. <sup>(a)(b)</sup> | Aethon United BR LP/Aethon United Finance Corp. <sup>(a)(b)</sup> |
| 76000 | 7.500 | 10/01/29 |  | 79371 |
| Archrock Partners LP/Archrock Partners Finance Corp. <sup>(a)(b)</sup> | Archrock Partners LP/Archrock Partners Finance Corp. <sup>(a)(b)</sup> | Archrock Partners LP/Archrock Partners Finance Corp. <sup>(a)(b)</sup> | Archrock Partners LP/Archrock Partners Finance Corp. <sup>(a)(b)</sup> | Archrock Partners LP/Archrock Partners Finance Corp. <sup>(a)(b)</sup> |
| 170000 | 6.625 | 09/01/32 |  | 173351 |
| Archrock Services LP/Archrock Partners Finance Corp. <sup>(a)(b)</sup> | Archrock Services LP/Archrock Partners Finance Corp. <sup>(a)(b)</sup> | Archrock Services LP/Archrock Partners Finance Corp. <sup>(a)(b)</sup> | Archrock Services LP/Archrock Partners Finance Corp. <sup>(a)(b)</sup> | Archrock Services LP/Archrock Partners Finance Corp. <sup>(a)(b)</sup> |
| 205000 | 6.000 | 02/01/34 |  | 203061 |
| BKV Upstream Midstream LLC <sup>(a)(b)</sup> | BKV Upstream Midstream LLC <sup>(a)(b)</sup> | BKV Upstream Midstream LLC <sup>(a)(b)</sup> |  |  |
| 135000 | 7.500 | 10/15/30 |  | 136548 |
| California Resources Corp. <sup>(a)(b)</sup> | California Resources Corp. <sup>(a)(b)</sup> | California Resources Corp. <sup>(a)(b)</sup> |  |  |
| 115000 | 7.000 | 01/15/34 |  | 115696 |
| Cenovus Energy, Inc. | Cenovus Energy, Inc. |  |  |  |
| 11000 | 6.750 | 11/15/39 |  | 11986 |
| Chord Energy Corp. <sup>(a)(b)</sup> | Chord Energy Corp. <sup>(a)(b)</sup> | Chord Energy Corp. <sup>(a)(b)</sup> |  |  |
| 185000 | 6.000 | 10/01/30 |  | 186965 |
| 195000 | 6.750 | 03/15/33 |  | 201377 |
| CNX Resources Corp. <sup>(a)(b)</sup> | CNX Resources Corp. <sup>(a)(b)</sup> | CNX Resources Corp. <sup>(a)(b)</sup> |  |  |
| 175000 | 7.250 | 03/01/32 |  | 179825 |
| Crescent Energy Finance LLC <sup>(a)(b)</sup> | Crescent Energy Finance LLC <sup>(a)(b)</sup> | Crescent Energy Finance LLC <sup>(a)(b)</sup> |  |  |
| 50000 | 7.625 | 04/01/32 |  | 50704 |
| 485000 | 7.375 | 01/15/33 |  | 485121 |
| DBR Land Holdings LLC <sup>(a)(b)</sup> | DBR Land Holdings LLC <sup>(a)(b)</sup> | DBR Land Holdings LLC <sup>(a)(b)</sup> |  |  |
| 230000 | 6.250 | 12/01/30 |  | 232999 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) |  |
| Ecopetrol SA <sup>(a)</sup> | Ecopetrol SA <sup>(a)</sup> |  |  |
| 240000 | 6.875% | 04/29/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240144 |
| Expand Energy Corp. <sup>(a)</sup> | Expand Energy Corp. <sup>(a)</sup> | Expand Energy Corp. <sup>(a)</sup> |  |
| 180000 | 4.750 | 02/01/32 | 175396 |
| Kodiak Gas Services LLC <sup>(a)(b)</sup> | Kodiak Gas Services LLC <sup>(a)(b)</sup> | Kodiak Gas Services LLC <sup>(a)(b)</sup> |  |
| 148000 | 7.250 | 02/15/29 | 153364 |
| 105000 | 5.875 | 04/01/31 | 105443 |
| 150000 | 6.500 | 10/01/33 | 151283 |
| 100000 | 6.750 | 10/01/35 | 101572 |
| Kraken Oil & Gas Partners LLC <sup>(a)(b)</sup> | Kraken Oil & Gas Partners LLC <sup>(a)(b)</sup> | Kraken Oil & Gas Partners LLC <sup>(a)(b)</sup> |  |
| 35000 | 7.625 | 08/15/29 | 35563 |
| Marathon Petroleum Corp. <sup>(a)</sup> | Marathon Petroleum Corp. <sup>(a)</sup> | Marathon Petroleum Corp. <sup>(a)</sup> |  |
| 50000 | 3.800 | 04/01/28 | 49383 |
| Matador Resources Co. <sup>(a)(b)</sup> | Matador Resources Co. <sup>(a)(b)</sup> | Matador Resources Co. <sup>(a)(b)</sup> |  |
| 110000 | 6.500 | 04/15/32 | 111170 |
| 191000 | 6.250 | 04/15/33 | 191057 |
| 592000 | 6.000 | 04/15/34 | 587915 |
| Murphy Oil Corp. <sup>(a)</sup> | Murphy Oil Corp. <sup>(a)</sup> |  |  |
| 142000 | 6.000 | 10/01/32 | 141050 |
| Noble Finance II LLC <sup>(a)(b)</sup> | Noble Finance II LLC <sup>(a)(b)</sup> | Noble Finance II LLC <sup>(a)(b)</sup> |  |
| 350000 | 8.000 | 04/15/30 | 361217 |
| Northern Oil & Gas, Inc. <sup>(a)(b)</sup> | Northern Oil & Gas, Inc. <sup>(a)(b)</sup> | Northern Oil & Gas, Inc. <sup>(a)(b)</sup> |  |
| 355000 | 8.750 | 06/15/31 | 369367 |
| 30000 | 7.875 | 10/15/33 | 31062 |
| Permian Resources Operating LLC <sup>(a)(b)</sup> | Permian Resources Operating LLC <sup>(a)(b)</sup> | Permian Resources Operating LLC <sup>(a)(b)</sup> |  |
| 83000 | 5.875 | 07/01/29 | 83111 |
| 79000 | 7.000 | 01/15/32 | 81977 |
| 115000 | 6.250 | 02/01/33 | 117106 |
| Petroleos Mexicanos <sup>(a)</sup> | Petroleos Mexicanos <sup>(a)</sup> | Petroleos Mexicanos <sup>(a)</sup> |  |
| 340000 | 6.840 | 01/23/30 | 341156 |
| 170000 | 5.950 | 01/28/31 | 162597 |
| 30000 | 6.700 | 02/16/32 | 29363 |
| SESI LLC <sup>(a)(b)</sup> | SESI LLC <sup>(a)(b)</sup> |  |  |
| 25000 | 7.875 | 09/30/30 | 25492 |
| SM Energy Co. <sup>(a)(b)</sup> | SM Energy Co. <sup>(a)(b)</sup> |  |  |
| 90000 | 6.750 | 08/01/29 | 91419 |
| 140000 | 7.000 | 08/01/32 | 142933 |
| 100000 | 9.625 | 06/15/33 | 110663 |
| Sunoco LP <sup>(a)(b)</sup> | Sunoco LP <sup>(a)(b)</sup> |  |  |
| 190000 | 7.000 | 05/01/29 | 194902 |
| 145000 | 7.250 | 05/01/32 | 150156 |
| 35000 | 6.250 | 07/01/33 | 35209 |
| (5 yr. CMT + 4.230%) | (5 yr. CMT + 4.230%) |  |  |
| 350000 | 7.875 (d) | 09/18/30 | 356674 |
| Tidewater, Inc. <sup>(a)(b)</sup> | Tidewater, Inc. <sup>(a)(b)</sup> |  |  |
| 265000 | 9.125 | 07/15/30 | 282906 |
| Transocean International Ltd. <sup>(a)(b)</sup> | Transocean International Ltd. <sup>(a)(b)</sup> | Transocean International Ltd. <sup>(a)(b)</sup> |  |
| 100000 | 8.250 | 05/15/29 | 103283 |
| 21700 | 8.750 | 02/15/30 | 22610 |
| 105000 | 8.500 | 05/15/31 | 110308 |
| 75000 | 7.875 | 10/15/32 | 79706 |
| USA Compression Partners LP/USA Compression Finance Corp. <sup>(a)(b)</sup> | USA Compression Partners LP/USA Compression Finance Corp. <sup>(a)(b)</sup> | USA Compression Partners LP/USA Compression Finance Corp. <sup>(a)(b)</sup> | USA Compression Partners LP/USA Compression Finance Corp. <sup>(a)(b)</sup> |
| 165000 | 7.125 | 03/15/29 | 168854 |
| 105000 | 6.250 | 10/01/33 | 104652 |
| WBI Operating LLC <sup>(a)(b)</sup> | WBI Operating LLC <sup>(a)(b)</sup> | WBI Operating LLC <sup>(a)(b)</sup> |  |
| 285000 | 6.250 | 10/15/30 | 286089 |
| 250000 | 6.500 | 10/15/33 | 248167 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **105** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |  |
| Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) |
| Weatherford International Ltd. <sup>(a)(b)</sup> | Weatherford International Ltd. <sup>(a)(b)</sup> | Weatherford International Ltd. <sup>(a)(b)</sup> |  |
| 145000 | 6.750% | 10/15/33 | 147759 |
| Western Midstream Operating LP <sup>(a)(b)</sup> | Western Midstream Operating LP <sup>(a)(b)</sup> | Western Midstream Operating LP <sup>(a)(b)</sup> |  |
| 160000 | 7.250 | 04/01/30 | 168346 |
| Wildfire Intermediate Holdings LLC <sup>(a)(b)</sup> | Wildfire Intermediate Holdings LLC <sup>(a)(b)</sup> | Wildfire Intermediate Holdings LLC <sup>(a)(b)</sup> |  |
| 95000 | 7.500 | 10/15/29 | 96076 |
|  |  |  | 8603504 |
| Packaging<sup>(a)(b)(e)</sup> – 0.0% | Packaging<sup>(a)(b)(e)</sup> – 0.0% | Packaging<sup>(a)(b)(e)</sup> – 0.0% | Packaging<sup>(a)(b)(e)</sup> – 0.0% |
| ARD Finance SA (PIK 7.250%, Cash 6.500%) | ARD Finance SA (PIK 7.250%, Cash 6.500%) | ARD Finance SA (PIK 7.250%, Cash 6.500%) | ARD Finance SA (PIK 7.250%, Cash 6.500%) |
| 434894 | 6.500 | 06/30/27 | 4879 |
| Pharmaceuticals<sup>(a)</sup> – 0.9% | Pharmaceuticals<sup>(a)</sup> – 0.9% | Pharmaceuticals<sup>(a)</sup> – 0.9% | Pharmaceuticals<sup>(a)</sup> – 0.9% |
| 1261229 BC Ltd. <sup>(b)</sup> | 1261229 BC Ltd. <sup>(b)</sup> |  |  |
| 200000 | 10.000 | 04/15/32 | 203566 |
| AdaptHealth LLC <sup>(b)</sup> | AdaptHealth LLC <sup>(b)</sup> |  |  |
| 220000 | 6.125 | 08/01/28 | 219657 |
| 95000 | 4.625 | 08/01/29 | 90618 |
| 65000 | 5.125 | 03/01/30 | 62317 |
| Amneal Pharmaceuticals LLC <sup>(b)</sup> | Amneal Pharmaceuticals LLC <sup>(b)</sup> | Amneal Pharmaceuticals LLC <sup>(b)</sup> |  |
| 58000 | 6.875 | 08/01/32 | 59724 |
| Bausch Health Cos., Inc. <sup>(b)</sup> | Bausch Health Cos., Inc. <sup>(b)</sup> | Bausch Health Cos., Inc. <sup>(b)</sup> |  |
| 60000 | 5.000 | 01/30/28 | 50798 |
| Opal Bidco SAS <sup>(b)</sup> | Opal Bidco SAS <sup>(b)</sup> |  |  |
| 485000 | 6.500 | 03/31/32 | 485325 |
| Teva Pharmaceutical Finance Netherlands IV BV | Teva Pharmaceutical Finance Netherlands IV BV | Teva Pharmaceutical Finance Netherlands IV BV | Teva Pharmaceutical Finance Netherlands IV BV |
| 200000 | 5.750 | 12/01/30 | 202550 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374555 |
| Pipelines<sup>(a)</sup> – 6.0% | Pipelines<sup>(a)</sup> – 6.0% | Pipelines<sup>(a)</sup> – 6.0% | Pipelines<sup>(a)</sup> – 6.0% |
| Antero Midstream Partners LP/Antero Midstream Finance Corp. <sup>(b)</sup> | Antero Midstream Partners LP/Antero Midstream Finance Corp. <sup>(b)</sup> | Antero Midstream Partners LP/Antero Midstream Finance Corp. <sup>(b)</sup> | Antero Midstream Partners LP/Antero Midstream Finance Corp. <sup>(b)</sup> |
| 155000 | 6.625 | 02/01/32 | 158646 |
| 130000 | 5.750 | 10/15/33 | 128660 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp. <sup>(b)</sup> | Blue Racer Midstream LLC/Blue Racer Finance Corp. <sup>(b)</sup> | Blue Racer Midstream LLC/Blue Racer Finance Corp. <sup>(b)</sup> | Blue Racer Midstream LLC/Blue Racer Finance Corp. <sup>(b)</sup> |
| 55000 | 7.000 | 07/15/29 | 56755 |
| 55000 | 7.250 | 07/15/32 | 57162 |
| Buckeye Partners LP <sup>(b)</sup> | Buckeye Partners LP <sup>(b)</sup> | Buckeye Partners LP <sup>(b)</sup> |  |
| 185000 | 6.875 | 07/01/29 | 190261 |
| 85000 | 6.750 | 02/01/30 | 87642 |
| Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |  |
| 40000 | 5.950 | 06/30/33 | 41954 |
| CNX Midstream Partners LP <sup>(b)</sup> | CNX Midstream Partners LP <sup>(b)</sup> | CNX Midstream Partners LP <sup>(b)</sup> |  |
| 145000 | 4.750 | 04/15/30 | 138179 |
| Columbia Pipelines Operating Co. LLC <sup>(b)</sup> | Columbia Pipelines Operating Co. LLC <sup>(b)</sup> | Columbia Pipelines Operating Co. LLC <sup>(b)</sup> |  |
| 345000 | 6.036 | 11/15/33 | 363689 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC <sup>(b)</sup> | CQP Holdco LP/BIP-V Chinook Holdco LLC <sup>(b)</sup> | CQP Holdco LP/BIP-V Chinook Holdco LLC <sup>(b)</sup> | CQP Holdco LP/BIP-V Chinook Holdco LLC <sup>(b)</sup> |
| 685000 | 5.500 | 06/15/31 | 668396 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp. <sup>(b)</sup> | Delek Logistics Partners LP/Delek Logistics Finance Corp. <sup>(b)</sup> | Delek Logistics Partners LP/Delek Logistics Finance Corp. <sup>(b)</sup> | Delek Logistics Partners LP/Delek Logistics Finance Corp. <sup>(b)</sup> |
| 140000 | 8.625 | 03/15/29 | 144901 |
| 255000 | 7.375 | 06/30/33 | 256951 |
| Energy Transfer LP | Energy Transfer LP |  |  |
| 385000 | 5.250 | 04/15/29 | 392273 |
| Excelerate Energy LP <sup>(b)</sup> | Excelerate Energy LP <sup>(b)</sup> | Excelerate Energy LP <sup>(b)</sup> |  |
| 208000 | 8.000 | 05/15/30 | 217799 |
| Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. |
| 220000 | 7.875 | 05/15/32 | 226538 |
| 455000 | 6.750 | 03/15/34 | 453075 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |  |
| Pipelines<sup>(a)</sup> – (continued) | Pipelines<sup>(a)</sup> – (continued) | Pipelines<sup>(a)</sup> – (continued) |  |
| Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. |  |
| 440000 | 6.875% | 01/15/29 | 441210 |
| Howard Midstream Energy Partners LLC <sup>(b)</sup> | Howard Midstream Energy Partners LLC <sup>(b)</sup> | Howard Midstream Energy Partners LLC <sup>(b)</sup> | Howard Midstream Energy Partners LLC <sup>(b)</sup> |
| 115000 | 7.375 | 07/15/32 | 118955 |
| 190000 | 6.625 | 01/15/34 | 190380 |
| Kinetik Holdings LP <sup>(b)</sup> | Kinetik Holdings LP <sup>(b)</sup> | Kinetik Holdings LP <sup>(b)</sup> |  |
| 70000 | 6.625 | 12/15/28 | 71166 |
| 265000 | 5.875 | 06/15/30 | 265861 |
| MPLX LP | MPLX LP |  |  |
| 105000 | 4.000 | 03/15/28 | 104174 |
| 365000 | 2.650 | 08/15/30 | 336296 |
| NuStar Logistics LP | NuStar Logistics LP |  |  |
| 285000 | 6.375 | 10/01/30 | 294710 |
| ONEOK, Inc. | ONEOK, Inc. |  |  |
| 275000 | 6.350 | 01/15/31 | 292339 |
| Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. |
| 400000 | 3.800 | 09/15/30 | 385276 |
| Prairie Acquiror LP <sup>(b)</sup> | Prairie Acquiror LP <sup>(b)</sup> |  |  |
| 255000 | 9.000 | 08/01/29 | 263665 |
| Rockies Express Pipeline LLC <sup>(b)</sup> | Rockies Express Pipeline LLC <sup>(b)</sup> | Rockies Express Pipeline LLC <sup>(b)</sup> |  |
| 150000 | 6.750 | 03/15/33 | 154323 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. <sup>(b)</sup> | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. <sup>(b)</sup> | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. <sup>(b)</sup> | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. <sup>(b)</sup> |
| 140000 | 7.375 | 02/15/29 | 143895 |
| 75000 | 6.000 | 12/31/30 | 74505 |
| 160000 | 6.750 | 03/15/34 | 160656 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | Targa Resources Partners LP/Targa Resources Partners Finance Corp. | Targa Resources Partners LP/Targa Resources Partners Finance Corp. | Targa Resources Partners LP/Targa Resources Partners Finance Corp. |
| 395000 | 4.875 | 02/01/31 | 394510 |
| 197000 | 4.000 | 01/15/32 | 186807 |
| TransMontaigne Partners LLC <sup>(b)</sup> | TransMontaigne Partners LLC <sup>(b)</sup> | TransMontaigne Partners LLC <sup>(b)</sup> |  |
| 460000 | 8.500 | 06/15/30 | 466357 |
| Venture Global Calcasieu Pass LLC <sup>(b)</sup> | Venture Global Calcasieu Pass LLC <sup>(b)</sup> | Venture Global Calcasieu Pass LLC <sup>(b)</sup> |  |
| 310000 | 4.125 | 08/15/31 | 288319 |
| 282000 | 3.875 | 11/01/33 | 249985 |
| Venture Global LNG, Inc. <sup>(b)</sup> | Venture Global LNG, Inc. <sup>(b)</sup> | Venture Global LNG, Inc. <sup>(b)</sup> |  |
| 278000 | 8.125 | 06/01/28 | 284653 |
| 30000 | 9.500 | 02/01/29 | 32450 |
| 150000 | 7.000 | 01/15/30 | 153429 |
| Venture Global Plaquemines LNG LLC <sup>(b)</sup> | Venture Global Plaquemines LNG LLC <sup>(b)</sup> | Venture Global Plaquemines LNG LLC <sup>(b)</sup> |  |
| 130000 | 6.125 | 12/15/30 | 133728 |
| 145000 | 6.500 | 01/15/34 | 151174 |
| 135000 | 6.500 | 06/15/34 | 140469 |
| 145000 | 6.750 | 01/15/36 | 153426 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9515599 |
| Real Estate<sup>(a)(b)</sup> – 0.1% | Real Estate<sup>(a)(b)</sup> – 0.1% | Real Estate<sup>(a)(b)</sup> – 0.1% | Real Estate<sup>(a)(b)</sup> – 0.1% |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. | Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. | Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. | Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. |
| 160000 | 5.750 | 01/15/29 | 154179 |
| Real Estate Investment Trust<sup>(a)</sup> – 2.7% | Real Estate Investment Trust<sup>(a)</sup> – 2.7% | Real Estate Investment Trust<sup>(a)</sup> – 2.7% | Real Estate Investment Trust<sup>(a)</sup> – 2.7% |
| Agree LP | Agree LP |  |  |
| 25000 | 2.900 | 10/01/30 | 23103 |
| 475000 | 5.600 | 06/15/35 | 487492 |
| Cousins Properties LP | Cousins Properties LP |  |  |
| 480000 | 5.875 | 10/01/34 | 486830 |
| Iron Mountain Information Management Services, Inc. <sup>(b)</sup> | Iron Mountain Information Management Services, Inc. <sup>(b)</sup> | Iron Mountain Information Management Services, Inc. <sup>(b)</sup> | Iron Mountain Information Management Services, Inc. <sup>(b)</sup> |
| 318000 | 5.000 | 07/15/32 | 299915 |
| MPT Operating Partnership LP/MPT Finance Corp. <sup>(b)</sup> | MPT Operating Partnership LP/MPT Finance Corp. <sup>(b)</sup> | MPT Operating Partnership LP/MPT Finance Corp. <sup>(b)</sup> | MPT Operating Partnership LP/MPT Finance Corp. <sup>(b)</sup> |
| 10000 | 8.500 | 02/15/32 | 10151 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **106** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Real Estate Investment Trust<sup>(a)</sup> – (continued) | Real Estate Investment Trust<sup>(a)</sup> – (continued) | Real Estate Investment Trust<sup>(a)</sup> – (continued) |  |  |
| Prologis LP | Prologis LP |  |  |  |
| 25000 | 1.750% | 07/01/30 | $| 22314 |
| Realty Income Corp. | Realty Income Corp. |  |  |  |
| 60000 | 4.000 | 07/15/29 |  | 59235 |
| 355000 | 2.850 | 12/15/32 |  | 314711 |
| 490000 | 5.125 | 04/15/35 |  | 490191 |
| Regency Centers LP | Regency Centers LP |  |  |  |
| 60000 | 2.950 | 09/15/29 |  | 57140 |
| 490000 | 5.100 | 01/15/35 |  | 488011 |
| RHP Hotel Properties LP/RHP Finance Corp. <sup>(b)</sup> | RHP Hotel Properties LP/RHP Finance Corp. <sup>(b)</sup> | RHP Hotel Properties LP/RHP Finance Corp. <sup>(b)</sup> | RHP Hotel Properties LP/RHP Finance Corp. <sup>(b)</sup> | RHP Hotel Properties LP/RHP Finance Corp. <sup>(b)</sup> |
| 45000 | 6.500 | 06/15/33 |  | 45789 |
| Service Properties Trust <sup>(b)(f)</sup> | Service Properties Trust <sup>(b)(f)</sup> | Service Properties Trust <sup>(b)(f)</sup> |  |  |
| 20000 | 0.000 | 09/30/28 |  | 18235 |
| Starwood Property Trust, Inc. <sup>(b)</sup> | Starwood Property Trust, Inc. <sup>(b)</sup> | Starwood Property Trust, Inc. <sup>(b)</sup> |  |  |
| 330000 | 5.250 | 10/15/28 |  | 327218 |
| 215000 | 6.500 | 07/01/30 |  | 218305 |
| 65000 | 5.750 | 01/15/31 |  | 64217 |
| Trust 2401 <sup>(b)</sup> | Trust 2401 <sup>(b)</sup> |  |  |  |
| 200000 | 4.869 | 01/15/30 |  | 191698 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC <sup>(b)</sup> | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC <sup>(b)</sup> | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC <sup>(b)</sup> | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC <sup>(b)</sup> | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC <sup>(b)</sup> |
| 200000 | 4.750 | 04/15/28 |  | 198962 |
| 100000 | 8.625 | 06/15/32 |  | 101706 |
| WP Carey, Inc. | WP Carey, Inc. |  |  |  |
| 60000 | 3.850 | 07/15/29 |  | 58580 |
| 25000 | 2.400 | 02/01/31 |  | 22365 |
| XHR LP <sup>(b)</sup> | XHR LP <sup>(b)</sup> |  |  |  |
| 277000 | 4.875 | 06/01/29 |  | 268405 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4254573 |
| Retailing<sup>(a)</sup> – 1.7% | Retailing<sup>(a)</sup> – 1.7% | Retailing<sup>(a)</sup> – 1.7% | Retailing<sup>(a)</sup> – 1.7% | Retailing<sup>(a)</sup> – 1.7% |
| Asbury Automotive Group, Inc. <sup>(b)</sup> | Asbury Automotive Group, Inc. <sup>(b)</sup> | Asbury Automotive Group, Inc. <sup>(b)</sup> |  |  |
| 220000 | 4.625 | 11/15/29 |  | 212538 |
| 55000 | 5.000 | 02/15/32 |  | 52126 |
| Cougar JV Subsidiary LLC <sup>(b)</sup> | Cougar JV Subsidiary LLC <sup>(b)</sup> | Cougar JV Subsidiary LLC <sup>(b)</sup> |  |  |
| 90000 | 8.000 | 05/15/32 |  | 93216 |
| Group 1 Automotive, Inc. <sup>(b)</sup> | Group 1 Automotive, Inc. <sup>(b)</sup> | Group 1 Automotive, Inc. <sup>(b)</sup> |  |  |
| 110000 | 4.000 | 08/15/28 |  | 106332 |
| 45000 | 6.375 | 01/15/30 |  | 45399 |
| Ken Garff Automotive LLC <sup>(b)</sup> | Ken Garff Automotive LLC <sup>(b)</sup> | Ken Garff Automotive LLC <sup>(b)</sup> |  |  |
| 290000 | 4.875 | 09/15/28 |  | 285229 |
| LCM Investments Holdings II LLC <sup>(b)</sup> | LCM Investments Holdings II LLC <sup>(b)</sup> | LCM Investments Holdings II LLC <sup>(b)</sup> |  |  |
| 410000 | 4.875 | 05/01/29 |  | 399516 |
| Michaels Cos., Inc. <sup>(b)</sup> | Michaels Cos., Inc. <sup>(b)</sup> |  |  |  |
| 370000 | 8.500 | 03/15/33 |  | 360302 |
| 218000 | 11.000 | 03/15/34 |  | 203348 |
| Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | Penske Automotive Group, Inc. |  |  |
| 290000 | 3.750 | 06/15/29 |  | 275926 |
| QXO Building Products, Inc. <sup>(b)</sup> | QXO Building Products, Inc. <sup>(b)</sup> | QXO Building Products, Inc. <sup>(b)</sup> |  |  |
| 125000 | 6.750 | 04/30/32 |  | 127519 |
| Sonic Automotive, Inc. <sup>(b)</sup> | Sonic Automotive, Inc. <sup>(b)</sup> | Sonic Automotive, Inc. <sup>(b)</sup> |  |  |
| 185000 | 4.625 | 11/15/29 |  | 179309 |
| 75000 | 4.875 | 11/15/31 |  | 71077 |
| Staples, Inc. <sup>(b)</sup> | Staples, Inc. <sup>(b)</sup> |  |  |  |
| 50000 | 10.750 | 09/01/29 |  | 46438 |
| 10000 | 12.750 | 01/15/30 |  | 6747 |
| Tractor Supply Co. | Tractor Supply Co. |  |  |  |
| 75000 | 1.750 | 11/01/30 |  | 66152 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Retailing<sup>(a)</sup> – (continued) | Retailing<sup>(a)</sup> – (continued) | Retailing<sup>(a)</sup> – (continued) |  |  |
| Yum! Brands, Inc. <sup>(b)</sup> | Yum! Brands, Inc. <sup>(b)</sup> | Yum! Brands, Inc. <sup>(b)</sup> |  |  |
| $135000 | 4.750% | 01/15/30 | $| 132912 |
|  |  |  |  | 2664086 |
| Semiconductors<sup>(a)</sup> – 1.1% | Semiconductors<sup>(a)</sup> – 1.1% | Semiconductors<sup>(a)</sup> – 1.1% | Semiconductors<sup>(a)</sup> – 1.1% | Semiconductors<sup>(a)</sup> – 1.1% |
| Broadcom, Inc. | Broadcom, Inc. |  |  |  |
| 372000 | 3.469 | 04/15/34 |  | 335250 |
| 594000 | 3.137 (b) | 11/15/35 |  | 504692 |
| 645000 | 3.187 (b) | 11/15/36 |  | 539078 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
| 360000 | 3.400 | 05/01/30 |  | 343131 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1722151 |
| Software<sup>(a)</sup> – 5.4% | Software<sup>(a)</sup> – 5.4% | Software<sup>(a)</sup> – 5.4% | Software<sup>(a)</sup> – 5.4% | Software<sup>(a)</sup> – 5.4% |
| AthenaHealth Group, Inc. <sup>(b)</sup> | AthenaHealth Group, Inc. <sup>(b)</sup> | AthenaHealth Group, Inc. <sup>(b)</sup> |  |  |
| 376000 | 6.500 | 02/15/30 |  | 351225 |
| Clarivate Science Holdings Corp. <sup>(b)</sup> | Clarivate Science Holdings Corp. <sup>(b)</sup> | Clarivate Science Holdings Corp. <sup>(b)</sup> |  |  |
| 240000 | 3.875 | 07/01/28 |  | 226582 |
| Cloud Software Group, Inc. <sup>(b)</sup> | Cloud Software Group, Inc. <sup>(b)</sup> | Cloud Software Group, Inc. <sup>(b)</sup> |  |  |
| 323000 | 9.000 | 09/30/29 |  | 311621 |
| CoreWeave, Inc. <sup>(b)</sup> | CoreWeave, Inc. <sup>(b)</sup> | CoreWeave, Inc. <sup>(b)</sup> |  |  |
| 898000 | 9.250 | 06/01/30 |  | 873377 |
| 357000 | 9.000 | 02/01/31 |  | 339536 |
| Elastic NV <sup>(b)</sup> | Elastic NV <sup>(b)</sup> |  |  |  |
| 245000 | 4.125 | 07/15/29 |  | 229874 |
| Fair Isaac Corp. <sup>(b)</sup> | Fair Isaac Corp. <sup>(b)</sup> | Fair Isaac Corp. <sup>(b)</sup> |  |  |
| 849000 | 6.000 | 05/15/33 |  | 832996 |
| 80000 | 6.250 | 09/15/34 |  | 78617 |
| MSCI, Inc. | MSCI, Inc. |  |  |  |
| 748000 | 3.875 <sup>(b)</sup> | 02/15/31 |  | 708034 |
| 490000 | 5.250 | 09/01/35 |  | 480033 |
| OAK-Eagle Acquireco, Inc. <sup>(b)</sup> | OAK-Eagle Acquireco, Inc. <sup>(b)</sup> | OAK-Eagle Acquireco, Inc. <sup>(b)</sup> |  |  |
| 90000 | 7.250 | 07/01/33 |  | 93210 |
| 40000 | 8.750 | 07/01/34 |  | 41831 |
| Oracle Corp. | Oracle Corp. |  |  |  |
| 850000 | 2.950 | 04/01/30 |  | 775438 |
| 415000 | 2.875 | 03/25/31 |  | 368790 |
| 580000 | 6.250 | 11/09/32 |  | 595126 |
| 240000 | 5.350 | 05/04/33 |  | 233513 |
| 220000 | 5.700 | 02/04/36 |  | 211512 |
| Salesforce, Inc. | Salesforce, Inc. |  |  |  |
| 705000 | 4.900 | 09/15/31 |  | 704041 |
| 636000 | 5.550 | 03/15/36 |  | 634073 |
| TeamSystem SpA <sup>(b)</sup> | TeamSystem SpA <sup>(b)</sup> | TeamSystem SpA <sup>(b)</sup> |  |  |
| 435000 | 3.500 | 02/15/28 |  | 491779 |
|  |  |  |  | 8581208 |
| Telecommunication Services – 4.3% | Telecommunication Services – 4.3% | Telecommunication Services – 4.3% | Telecommunication Services – 4.3% | Telecommunication Services – 4.3% |
| APLD ComputeCo LLC <sup>(a)(b)</sup> | APLD ComputeCo LLC <sup>(a)(b)</sup> | APLD ComputeCo LLC <sup>(a)(b)</sup> |  |  |
| $525000 | 9.250 | 12/15/30 |  | 540960 |
| AT&T, Inc. <sup>(a)</sup> | AT&T, Inc. <sup>(a)</sup> |  |  |  |
| 365000 | 2.750 | 06/01/31 |  | 333610 |
| 482000 | 2.550 | 12/01/33 |  | 407782 |
| 135000 | 4.900 | 08/15/37 |  | 129545 |
| 315000 | 5.150 | 11/15/46 |  | 280904 |
| 395000 | 3.650 | 06/01/51 |  | 270769 |
| 420000 | 3.500 | 09/15/53 |  | 275108 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **107** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Telecommunication Services – (continued) | Telecommunication Services – (continued) | Telecommunication Services – (continued) |  |
| Black Pearl Compute LLC <sup>(a)(b)</sup> | Black Pearl Compute LLC <sup>(a)(b)</sup> | Black Pearl Compute LLC <sup>(a)(b)</sup> |  |
| $705000 | 6.125% | 02/15/31 | $717909 |
| EchoStar Corp. <sup>(a)</sup> | EchoStar Corp. <sup>(a)</sup> |  |  |
| 220000 | 10.750 | 11/30/29 | 237600 |
| (PIK 6.750%, Cash 6.750%) | (PIK 6.750%, Cash 6.750%) | (PIK 6.750%, Cash 6.750%) |  |
| 468526 | 6.750 <sup>(c)</sup> | 11/30/30 | 473656 |
| Frontier Communications Holdings LLC <sup>(a)(b)</sup> | Frontier Communications Holdings LLC <sup>(a)(b)</sup> | Frontier Communications Holdings LLC <sup>(a)(b)</sup> | Frontier Communications Holdings LLC <sup>(a)(b)</sup> |
| 125000 | 5.000 | 05/01/28 | 125016 |
| Level 3 Financing, Inc. <sup>(a)(b)</sup> | Level 3 Financing, Inc. <sup>(a)(b)</sup> | Level 3 Financing, Inc. <sup>(a)(b)</sup> |  |
| 220000 | 6.875 | 06/30/33 | 224019 |
| 275000 | 7.000 | 03/31/34 | 281562 |
| 455000 | 8.500 | 01/15/36 | 474642 |
| Sprint Capital Corp. | Sprint Capital Corp. |  |  |
| 325000 | 8.750 | 03/15/32 | 386734 |
| SV RNO Property Owner 1 LLC <sup>(a)(b)</sup> | SV RNO Property Owner 1 LLC <sup>(a)(b)</sup> | SV RNO Property Owner 1 LLC <sup>(a)(b)</sup> |  |
| 365000 | 5.875 | 03/01/31 | 361704 |
| T-Mobile USA, Inc. <sup>(a)</sup> | T-Mobile USA, Inc. <sup>(a)</sup> | T-Mobile USA, Inc. <sup>(a)</sup> |  |
| 402000 | 3.875 | 04/15/30 | 391359 |
| 500000 | 4.950 | 11/15/35 | 490685 |
| Uniti Services LLC <sup>(a)(b)</sup> | Uniti Services LLC <sup>(a)(b)</sup> | Uniti Services LLC <sup>(a)(b)</sup> |  |
| 285000 | 7.500 | 10/15/33 | 296206 |
| Windstream Services LLC/Windstream Escrow Finance Corp. <sup>(a)(b)</sup> | Windstream Services LLC/Windstream Escrow Finance Corp. <sup>(a)(b)</sup> | Windstream Services LLC/Windstream Escrow Finance Corp. <sup>(a)(b)</sup> | Windstream Services LLC/Windstream Escrow Finance Corp. <sup>(a)(b)</sup> |
| 90000 | 8.250 | 10/01/31 | 94270 |
|  |  |  | 6794040 |
| **Transportation – 0.6%** | **Transportation – 0.6%** | **Transportation – 0.6%** | **Transportation – 0.6%** |
| Beacon Mobility Corp. <sup>(a)(b)</sup> | Beacon Mobility Corp. <sup>(a)(b)</sup> | Beacon Mobility Corp. <sup>(a)(b)</sup> |  |
| 135000 | 7.250 | 08/01/30 | 139358 |
| MV24 Capital BV | MV24 Capital BV |  |  |
| 416418 | 6.748 | 06/01/34 | 415897 |
| Rand Parent LLC <sup>(a)(b)</sup> | Rand Parent LLC <sup>(a)(b)</sup> |  |  |
| 240000 | 8.500 | 02/15/30 | 246929 |
| XPO, Inc. <sup>(a)(b)</sup> | XPO, Inc. <sup>(a)(b)</sup> |  |  |
| 110000 | 7.125 | 02/01/32 | 113501 |
|  |  |  | 915685 |
| TOTAL CORPORATE OBLIGATIONS<br>(Cost $128,141,091) | TOTAL CORPORATE OBLIGATIONS<br>(Cost $128,141,091) | TOTAL CORPORATE OBLIGATIONS<br>(Cost $128,141,091) | $128908282 |
| Mortgage-Backed Obligations – 9.3% | Mortgage-Backed Obligations – 9.3% | Mortgage-Backed Obligations – 9.3% | Mortgage-Backed Obligations – 9.3% |
| Collateralized Mortgage Obligations<sup>(a)</sup> – 0.5% | Collateralized Mortgage Obligations<sup>(a)</sup> – 0.5% | Collateralized Mortgage Obligations<sup>(a)</sup> – 0.5% | Collateralized Mortgage Obligations<sup>(a)</sup> – 0.5% |
| Interest Only – 0.1% | Interest Only – 0.1% | Interest Only – 0.1% | Interest Only – 0.1% |
| Government National Mortgage Association REMICS Series 2018- 124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018- 124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018- 124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018- 124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) |
| $108046 | 2.411 %<sup>(d)(g)</sup> | 09/20/48 | $12579 |
| Government National Mortgage Association REMICS Series 2020-7, Class GI | Government National Mortgage Association REMICS Series 2020-7, Class GI | Government National Mortgage Association REMICS Series 2020-7, Class GI | Government National Mortgage Association REMICS Series 2020-7, Class GI |
| 47768 | 4.000 <sup>(h)</sup> | 01/20/50 | 9371 |
| Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) |
| 141071 | 2.261 <sup>(d)(g)</sup> | 02/20/50 | 16106 |
| Government National Mortgage Association REMICS Series 2019- 153, Class EI | Government National Mortgage Association REMICS Series 2019- 153, Class EI | Government National Mortgage Association REMICS Series 2019- 153, Class EI | Government National Mortgage Association REMICS Series 2019- 153, Class EI |
| 275889 | 4.000 <sup>(h)</sup> | 12/20/49 | 58627 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Interest Only – (continued) | Interest Only – (continued) | Interest Only – (continued) |  |
| Government National Mortgage Association REMICS Series 2020-61, Class GI | Government National Mortgage Association REMICS Series 2020-61, Class GI | Government National Mortgage Association REMICS Series 2020-61, Class GI | Government National Mortgage Association REMICS Series 2020-61, Class GI |
| $108621 | 5.000 %(h) | 05/20/50 | $25465 |
|  |  |  | 122148 |
| Sequential Fixed Rate<sup>(b)(i)</sup> – 0.1% | Sequential Fixed Rate<sup>(b)(i)</sup> – 0.1% | Sequential Fixed Rate<sup>(b)(i)</sup> – 0.1% | Sequential Fixed Rate<sup>(b)(i)</sup> – 0.1% |
| OBX Trust Series 2024-NQM8, Class A1 | OBX Trust Series 2024-NQM8, Class A1 | OBX Trust Series 2024-NQM8, Class A1 | OBX Trust Series 2024-NQM8, Class A1 |
| 193718 | 6.233 | 05/25/64 | 195209 |
| Sequential Floating Rate<sup>(b)(d)</sup> – 0.3% | Sequential Floating Rate<sup>(b)(d)</sup> – 0.3% | Sequential Floating Rate<sup>(b)(d)</sup> – 0.3% | Sequential Floating Rate<sup>(b)(d)</sup> – 0.3% |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA2, Class M1B (1 mo. USD Term SOFR + 4.000%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA2, Class M1B (1 mo. USD Term SOFR + 4.000%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA2, Class M1B (1 mo. USD Term SOFR + 4.000%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA2, Class M1B (1 mo. USD Term SOFR + 4.000%) |
| 100000 | 7.662 | 07/25/42 | 103063 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2, Class M1 (1 mo. USD Term SOFR + 1.200%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2, Class M1 (1 mo. USD Term SOFR + 1.200%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2, Class M1 (1 mo. USD Term SOFR + 1.200%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2, Class M1 (1 mo. USD Term SOFR + 1.200%) |
| 150906 | 4.862 | 05/25/44 | 150832 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R08, Class 1M2 (1 mo. USD Term SOFR + 3.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R08, Class 1M2 (1 mo. USD Term SOFR + 3.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R08, Class 1M2 (1 mo. USD Term SOFR + 3.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R08, Class 1M2 (1 mo. USD Term SOFR + 3.600%) |
| 30000 | 7.262 | 07/25/42 | 30484 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) |
| 85000 | 6.662 | 04/25/42 | 86060 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) |
| 100000 | 5.312 | 05/25/44 | 99922 |
|  |  |  | 470361 |
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | 787718 |
| Commercial Mortgage-Backed Securities – 3.3% | Commercial Mortgage-Backed Securities – 3.3% | Commercial Mortgage-Backed Securities – 3.3% | Commercial Mortgage-Backed Securities – 3.3% |
| Regular Floater<sup>(b)(d)</sup> – 0.2% | Regular Floater<sup>(b)(d)</sup> – 0.2% | Regular Floater<sup>(b)(d)</sup> – 0.2% | Regular Floater<sup>(b)(d)</sup> – 0.2% |
| TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) |
| $200000 | 5.805% | 11/15/29 | $199574 |
| TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) |
| 100000 | 6.603 | 11/15/29 | 100106 |
|  |  |  | 299680 |
| Sequential Fixed Rate – 0.8% | Sequential Fixed Rate – 0.8% | Sequential Fixed Rate – 0.8% | Sequential Fixed Rate – 0.8% |
| Morgan Stanley Capital I Trust Series 2017-HR2, Class A4 | Morgan Stanley Capital I Trust Series 2017-HR2, Class A4 | Morgan Stanley Capital I Trust Series 2017-HR2, Class A4 | Morgan Stanley Capital I Trust Series 2017-HR2, Class A4 |
| 275000 | 3.587 <sup>(a)</sup> | 12/15/50 | 270654 |
| ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A |
| 250000 | 5.388 <sup>(b)</sup> | 11/13/41 | 254217 |
| ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D |
| 300000 | 7.109 <sup>(b)</sup> | 11/13/41 | 311880 |
| SLG Office Trust Series 2021-OVA, Class A | SLG Office Trust Series 2021-OVA, Class A | SLG Office Trust Series 2021-OVA, Class A | SLG Office Trust Series 2021-OVA, Class A |
| 500000 | 2.585 <sup>(b)</sup> | 07/15/41 | 444856 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281607 |
| Sequential Floating Rate – 2.3% | Sequential Floating Rate – 2.3% | Sequential Floating Rate – 2.3% | Sequential Floating Rate – 2.3% |
| Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 |
| 210000 | 2.618 <sup>(a)(d)</sup> | 11/15/64 | 186954 |
| Bank Series 2022-BNK42, Class A5 | Bank Series 2022-BNK42, Class A5 | Bank Series 2022-BNK42, Class A5 | Bank Series 2022-BNK42, Class A5 |
| 400000 | 4.493 <sup>(a)(d)</sup> | 06/15/55 | 390219 |

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|:---|:---|
| **108** | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS INCOME FUND

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) |
| Bank Series 2018-BN13, Class A5 | Bank Series 2018-BN13, Class A5 | Bank Series 2018-BN13, Class A5 | Bank Series 2018-BN13, Class A5 |
| $375000 | 4.217 %<sup>(a)(d)</sup> | 08/15/61 | $372083 |
| Bank Series 2021-BN33, Class AS | Bank Series 2021-BN33, Class AS | Bank Series 2021-BN33, Class AS | Bank Series 2021-BN33, Class AS |
| 500000 | 2.792 <sup>(a)</sup> | 05/15/64 | 436255 |
| BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) |
| 550000 | 4.592 <sup>(b)(d)</sup> | 03/15/37 | 521498 |
| BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) |
| 400000 | 5.315 <sup>(b)(d)</sup> | 02/15/41 | 398521 |
| Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A |
| 300000 | 4.802 <sup>(b)(d)</sup> | 08/10/42 | 302491 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D |
| 150000 | 6.340 <sup>(b)(d)</sup> | 01/13/40 | 154011 |
| IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A |
| 350000 | 5.295 <sup>(a)(b)(d)</sup> | 03/14/47 | 352948 |
| IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D |
| 100000 | 6.166 <sup>(a)(b)(d)</sup> | 03/14/47 | 100155 |
| LEX Mortgage Trust Series 2024-BBG, Class A | LEX Mortgage Trust Series 2024-BBG, Class A | LEX Mortgage Trust Series 2024-BBG, Class A | LEX Mortgage Trust Series 2024-BBG, Class A |
| 250000 | 4.874 <sup>(a)(b)(d)</sup> | 10/13/33 | 249212 |
| NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) |
| 250000 | 5.365 <sup>(b)(d)</sup> | 02/15/42 | 248725 |
|  |  |  | 3713072 |
| TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES | TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES | TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES | $5294359 |
| Federal Agencies<sup>(j)</sup> – 5.5% | Federal Agencies<sup>(j)</sup> – 5.5% | Federal Agencies<sup>(j)</sup> – 5.5% | Federal Agencies<sup>(j)</sup> – 5.5% |
| Government National Mortgage Association – 3.1% | Government National Mortgage Association – 3.1% | Government National Mortgage Association – 3.1% | Government National Mortgage Association – 3.1% |
| $1000000 | 4.500% | TBA-30yr | $964466 |
| 2000000 | 5.500 | TBA-30yr | 2011060 |
| 2000000 | 6.000 | TBA-30yr | 2032969 |
|  |  |  | 5008495 |
| Uniform Mortgage-Backed Security – 2.4% | Uniform Mortgage-Backed Security – 2.4% | Uniform Mortgage-Backed Security – 2.4% | Uniform Mortgage-Backed Security – 2.4% |
| 1000000 | 2.500 | TBA-30yr | 840625 |
| 1000000 | 4.000 | TBA-30yr | 942383 |
| 2000000 | 5.500 | TBA-30yr | 2008359 |
|  |  |  | 3791367 |
| TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8799862 |
| TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $14,830,811) | TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $14,830,811) | TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $14,830,811) | $14881939 |
| Asset-Backed Securities<sup>(a)(b)</sup> – 5.9% | Asset-Backed Securities<sup>(a)(b)</sup> – 5.9% | Asset-Backed Securities<sup>(a)(b)</sup> – 5.9% | Asset-Backed Securities<sup>(a)(b)</sup> – 5.9% |
| Collateralized Loan Obligations – 5.9% | Collateralized Loan Obligations – 5.9% | Collateralized Loan Obligations – 5.9% | Collateralized Loan Obligations – 5.9% |
| 1988 CLO 3 Ltd. Series 2023-3A, Class A1R<sup>(d)</sup> (3 mo. USD Term SOFR + 1.250%) | 1988 CLO 3 Ltd. Series 2023-3A, Class A1R<sup>(d)</sup> (3 mo. USD Term SOFR + 1.250%) | 1988 CLO 3 Ltd. Series 2023-3A, Class A1R<sup>(d)</sup> (3 mo. USD Term SOFR + 1.250%) | 1988 CLO 3 Ltd. Series 2023-3A, Class A1R<sup>(d)</sup> (3 mo. USD Term SOFR + 1.250%) |
| $500000 | 4.922% | 10/15/38 | $497258 |
| 1988 CLO 5 Ltd. Series 2024-5A, Class A1<sup>(d)</sup> (3 mo. USD Term SOFR + 1.540%) | 1988 CLO 5 Ltd. Series 2024-5A, Class A1<sup>(d)</sup> (3 mo. USD Term SOFR + 1.540%) | 1988 CLO 5 Ltd. Series 2024-5A, Class A1<sup>(d)</sup> (3 mo. USD Term SOFR + 1.540%) | 1988 CLO 5 Ltd. Series 2024-5A, Class A1<sup>(d)</sup> (3 mo. USD Term SOFR + 1.540%) |
| 500000 | 5.212 | 07/15/37 | 500311 |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** |  | **Maturity**<br> **Date** | **Value** |
| Asset-Backed Securities<sup>(a)(b)</sup> – (continued) | Asset-Backed Securities<sup>(a)(b)</sup> – (continued) | Asset-Backed Securities<sup>(a)(b)</sup> – (continued) | Asset-Backed Securities<sup>(a)(b)</sup> – (continued) | Asset-Backed Securities<sup>(a)(b)</sup> – (continued) |
| Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) |
| Bain Capital Credit CLO Ltd. Series 2024-3A, Class A1(d) (3 mo. USD Term SOFR + 1.480%) | Bain Capital Credit CLO Ltd. Series 2024-3A, Class A1(d) (3 mo. USD Term SOFR + 1.480%) | Bain Capital Credit CLO Ltd. Series 2024-3A, Class A1(d) (3 mo. USD Term SOFR + 1.480%) | Bain Capital Credit CLO Ltd. Series 2024-3A, Class A1(d) (3 mo. USD Term SOFR + 1.480%) | Bain Capital Credit CLO Ltd. Series 2024-3A, Class A1(d) (3 mo. USD Term SOFR + 1.480%) |
| $725000 | 5.151 | % | 07/16/37 | $725239 |
| CBAMR Ltd. Series 2020-12A, Class A1R2(d) (3 mo. USD Term SOFR + 1.250%) | CBAMR Ltd. Series 2020-12A, Class A1R2(d) (3 mo. USD Term SOFR + 1.250%) | CBAMR Ltd. Series 2020-12A, Class A1R2(d) (3 mo. USD Term SOFR + 1.250%) | CBAMR Ltd. Series 2020-12A, Class A1R2(d) (3 mo. USD Term SOFR + 1.250%) | CBAMR Ltd. Series 2020-12A, Class A1R2(d) (3 mo. USD Term SOFR + 1.250%) |
| 500000 | 4.920 |  | 01/20/39 | 501465 |
| CIFC Funding Ltd. Series 2022-6A, Class BR(d) (3 mo. USD Term SOFR + 1.750%) | CIFC Funding Ltd. Series 2022-6A, Class BR(d) (3 mo. USD Term SOFR + 1.750%) | CIFC Funding Ltd. Series 2022-6A, Class BR(d) (3 mo. USD Term SOFR + 1.750%) | CIFC Funding Ltd. Series 2022-6A, Class BR(d) (3 mo. USD Term SOFR + 1.750%) | CIFC Funding Ltd. Series 2022-6A, Class BR(d) (3 mo. USD Term SOFR + 1.750%) |
| 600000 | 5.421 |  | 10/16/38 | 601459 |
| Diameter Capital CLO 4 Ltd. Series 2022-4A, Class ARR(d) (3 mo. USD Term SOFR + 1.230%) | Diameter Capital CLO 4 Ltd. Series 2022-4A, Class ARR(d) (3 mo. USD Term SOFR + 1.230%) | Diameter Capital CLO 4 Ltd. Series 2022-4A, Class ARR(d) (3 mo. USD Term SOFR + 1.230%) | Diameter Capital CLO 4 Ltd. Series 2022-4A, Class ARR(d) (3 mo. USD Term SOFR + 1.230%) | Diameter Capital CLO 4 Ltd. Series 2022-4A, Class ARR(d) (3 mo. USD Term SOFR + 1.230%) |
| 1425000 | 4.898 |  | 01/15/39 | 1422577 |
| GoldenTree Loan Management U.S. CLO Ltd. Series 2026-29A, Class A (-1X 3 mo. USD Term SOFR + 1.230%) | GoldenTree Loan Management U.S. CLO Ltd. Series 2026-29A, Class A (-1X 3 mo. USD Term SOFR + 1.230%) | GoldenTree Loan Management U.S. CLO Ltd. Series 2026-29A, Class A (-1X 3 mo. USD Term SOFR + 1.230%) | GoldenTree Loan Management U.S. CLO Ltd. Series 2026-29A, Class A (-1X 3 mo. USD Term SOFR + 1.230%) | GoldenTree Loan Management U.S. CLO Ltd. Series 2026-29A, Class A (-1X 3 mo. USD Term SOFR + 1.230%) |
| 400000 | 1.000 |  | 04/20/39 | 400000 |
| Golub Capital Partners CLO 74 B Ltd. Series 2024-74A, Class A(d) (3 mo. USD Term SOFR + 1.500%) | Golub Capital Partners CLO 74 B Ltd. Series 2024-74A, Class A(d) (3 mo. USD Term SOFR + 1.500%) | Golub Capital Partners CLO 74 B Ltd. Series 2024-74A, Class A(d) (3 mo. USD Term SOFR + 1.500%) | Golub Capital Partners CLO 74 B Ltd. Series 2024-74A, Class A(d) (3 mo. USD Term SOFR + 1.500%) | Golub Capital Partners CLO 74 B Ltd. Series 2024-74A, Class A(d) (3 mo. USD Term SOFR + 1.500%) |
| 725000 | 5.168 |  | 07/25/37 | 724663 |
| Mountain View CLO XV Ltd. Series 2019-2A, Class A1R(d) (3 mo. USD Term SOFR + 1.670%) | Mountain View CLO XV Ltd. Series 2019-2A, Class A1R(d) (3 mo. USD Term SOFR + 1.670%) | Mountain View CLO XV Ltd. Series 2019-2A, Class A1R(d) (3 mo. USD Term SOFR + 1.670%) | Mountain View CLO XV Ltd. Series 2019-2A, Class A1R(d) (3 mo. USD Term SOFR + 1.670%) | Mountain View CLO XV Ltd. Series 2019-2A, Class A1R(d) (3 mo. USD Term SOFR + 1.670%) |
| 400000 | 5.342 |  | 07/15/37 | 400191 |
| Oaktree CLO Ltd. Series 2019-4A, Class ARR(d) (3 mo. USD Term SOFR + 1.510%) | Oaktree CLO Ltd. Series 2019-4A, Class ARR(d) (3 mo. USD Term SOFR + 1.510%) | Oaktree CLO Ltd. Series 2019-4A, Class ARR(d) (3 mo. USD Term SOFR + 1.510%) | Oaktree CLO Ltd. Series 2019-4A, Class ARR(d) (3 mo. USD Term SOFR + 1.510%) | Oaktree CLO Ltd. Series 2019-4A, Class ARR(d) (3 mo. USD Term SOFR + 1.510%) |
| 250000 | 5.178 |  | 07/20/37 | 250250 |
| OHA Credit Funding 13 Ltd. Series 2022-13A, Class AR(d) (3 mo. USD Term SOFR + 1.350%) | OHA Credit Funding 13 Ltd. Series 2022-13A, Class AR(d) (3 mo. USD Term SOFR + 1.350%) | OHA Credit Funding 13 Ltd. Series 2022-13A, Class AR(d) (3 mo. USD Term SOFR + 1.350%) | OHA Credit Funding 13 Ltd. Series 2022-13A, Class AR(d) (3 mo. USD Term SOFR + 1.350%) | OHA Credit Funding 13 Ltd. Series 2022-13A, Class AR(d) (3 mo. USD Term SOFR + 1.350%) |
| 575000 | 5.018 |  | 07/20/37 | 575271 |
| Park Blue CLO Ltd. Series 2024-6A, Class A1(d) (3 mo. USD Term SOFR + 1.340%) | Park Blue CLO Ltd. Series 2024-6A, Class A1(d) (3 mo. USD Term SOFR + 1.340%) | Park Blue CLO Ltd. Series 2024-6A, Class A1(d) (3 mo. USD Term SOFR + 1.340%) | Park Blue CLO Ltd. Series 2024-6A, Class A1(d) (3 mo. USD Term SOFR + 1.340%) | Park Blue CLO Ltd. Series 2024-6A, Class A1(d) (3 mo. USD Term SOFR + 1.340%) |
| 750000 | 5.008 |  | 01/25/38 | 749621 |
| Sixth Street CLO XVI Ltd. Series 2020-16A, Class A1R2(d) (3 mo. USD Term SOFR + 1.170%) | Sixth Street CLO XVI Ltd. Series 2020-16A, Class A1R2(d) (3 mo. USD Term SOFR + 1.170%) | Sixth Street CLO XVI Ltd. Series 2020-16A, Class A1R2(d) (3 mo. USD Term SOFR + 1.170%) | Sixth Street CLO XVI Ltd. Series 2020-16A, Class A1R2(d) (3 mo. USD Term SOFR + 1.170%) | Sixth Street CLO XVI Ltd. Series 2020-16A, Class A1R2(d) (3 mo. USD Term SOFR + 1.170%) |
| 1125000 | 4.832 |  | 01/21/39 | 1121983 |
| Warwick Capital CLO 1 Ltd. Series 2023-1A, Class AR(d) (3 mo. USD Term SOFR + 1.280%) | Warwick Capital CLO 1 Ltd. Series 2023-1A, Class AR(d) (3 mo. USD Term SOFR + 1.280%) | Warwick Capital CLO 1 Ltd. Series 2023-1A, Class AR(d) (3 mo. USD Term SOFR + 1.280%) | Warwick Capital CLO 1 Ltd. Series 2023-1A, Class AR(d) (3 mo. USD Term SOFR + 1.280%) | Warwick Capital CLO 1 Ltd. Series 2023-1A, Class AR(d) (3 mo. USD Term SOFR + 1.280%) |
| 900000 | 4.948 |  | 10/20/38 | 898213 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9368501 |
| TOTAL ASSET-BACKED SECURITIES<br>(Cost $9,383,235) | TOTAL ASSET-BACKED SECURITIES<br>(Cost $9,383,235) | TOTAL ASSET-BACKED SECURITIES<br>(Cost $9,383,235) | TOTAL ASSET-BACKED SECURITIES<br>(Cost $9,383,235) | $9368501 |
| Bank Loans<sup>(k)</sup> – 4.1% | Bank Loans<sup>(k)</sup> – 4.1% | Bank Loans<sup>(k)</sup> – 4.1% | Bank Loans<sup>(k)</sup> – 4.1% | Bank Loans<sup>(k)</sup> – 4.1% |
| Aerospace & Defense–0.6% | Aerospace & Defense–0.6% | Aerospace & Defense–0.6% | Aerospace & Defense–0.6% | Aerospace & Defense–0.6% |
| Bleriot U.S. Bidco, Inc. | Bleriot U.S. Bidco, Inc. | Bleriot U.S. Bidco, Inc. | Bleriot U.S. Bidco, Inc. | Bleriot U.S. Bidco, Inc. |
| (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) |
| $98254 | 6.200 | % | 10/31/30 | $98323 |
| Dynasty Acquisition Co., Inc. | Dynasty Acquisition Co., Inc. | Dynasty Acquisition Co., Inc. | Dynasty Acquisition Co., Inc. | Dynasty Acquisition Co., Inc. |
| (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) |
| 444375 | 5.668 |  | 10/31/31 | 444175 |
| Kaman Corp. | Kaman Corp. | Kaman Corp. | Kaman Corp. |  |
| (1 mo. USD Term SOFR + 2.500%)–(3 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%)–(3 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%)–(3 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%)–(3 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%)–(3 mo. USD Term SOFR + 2.500%) |
| 362775 | 6.168 |  |  |  |
|  | 6.200 |  | 02/26/32 | 362707 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **109** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) |
| Aerospace & Defense–(continued) | Aerospace & Defense–(continued) | Aerospace & Defense–(continued) |  |
| (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) |
| $6725 | 6.200% | 02/26/32 | $6642 |
|  |  |  | 911847 |
| Automotive–0.0% | Automotive–0.0% | Automotive–0.0% | Automotive–0.0% |
| First Brands Group LLC | First Brands Group LLC | First Brands Group LLC | First Brands Group LLC |
| (3 mo. USD Term SOFR + 7.000%) | (3 mo. USD Term SOFR + 7.000%) | (3 mo. USD Term SOFR + 7.000%) | (3 mo. USD Term SOFR + 7.000%) |
| 6149 | 10.676 | 06/29/26 | 10 |
| Building & Construction–0.2% | Building & Construction–0.2% | Building & Construction–0.2% | Building & Construction–0.2% |
| AAL Delaware Holdco, Inc. | AAL Delaware Holdco, Inc. | AAL Delaware Holdco, Inc. | AAL Delaware Holdco, Inc. |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 394013 | 6.418 | 07/30/31 | 393149 |
| Building Materials–0.3% | Building Materials–0.3% | Building Materials–0.3% | Building Materials–0.3% |
| Chamberlain Group, Inc. | Chamberlain Group, Inc. | Chamberlain Group, Inc. | Chamberlain Group, Inc. |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 484840 | 6.418 | 09/08/32 | 479817 |
| Capital Goods - Others–0.2% | Capital Goods - Others–0.2% | Capital Goods - Others–0.2% | Capital Goods - Others–0.2% |
| Engineered Machinery Holdings, Inc. | Engineered Machinery Holdings, Inc. | Engineered Machinery Holdings, Inc. | Engineered Machinery Holdings, Inc. |
| (3 mo. EUR EURIBOR + 3.500%) | (3 mo. EUR EURIBOR + 3.500%) | (3 mo. EUR EURIBOR + 3.500%) | (3 mo. EUR EURIBOR + 3.500%) |
| 72000 | 5.627 | 11/26/32 | 82892 |
| (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) |
| $181074 | 6.950 | 11/26/32 | 181572 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264464 |
| Commercial Services–0.3% | Commercial Services–0.3% | Commercial Services–0.3% | Commercial Services–0.3% |
| Ankura Consulting Group LLC | Ankura Consulting Group LLC | Ankura Consulting Group LLC | Ankura Consulting Group LLC |
| (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) |
| 496443 | 7.171 | 12/29/31 | 472862 |
| Diversified Financial Services–0.4% | Diversified Financial Services–0.4% | Diversified Financial Services–0.4% | Diversified Financial Services–0.4% |
| Deep Blue Operating I LLC | Deep Blue Operating I LLC | Deep Blue Operating I LLC | Deep Blue Operating I LLC |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 350000 | 6.421 | 10/01/32 | 350875 |
| DRW Holdings LLC | DRW Holdings LLC | DRW Holdings LLC | DRW Holdings LLC |
| (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) |
| 135113 | 7.168 | 06/26/31 | 132410 |
| GEN II Fund Services LLC | GEN II Fund Services LLC | GEN II Fund Services LLC | GEN II Fund Services LLC |
| (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) |
| 227700 | 6.450 | 11/26/31 | 224665 |
|  |  |  | 707950 |
| Electrical–0.1% | Electrical–0.1% | Electrical–0.1% | Electrical–0.1% |
| Kohler Energy Co. LLC | Kohler Energy Co. LLC | Kohler Energy Co. LLC | Kohler Energy Co. LLC |
| (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) |
| 91824 | 6.700 | 05/01/31 | 91595 |
| Entertainment–0.3% | Entertainment–0.3% | Entertainment–0.3% | Entertainment–0.3% |
| Arcis Golf LLC | Arcis Golf LLC | Arcis Golf LLC | Arcis Golf LLC |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 169056 | 6.418 | 11/24/28 | 168916 |
| Crown Finance U.S., Inc. | Crown Finance U.S., Inc. | Crown Finance U.S., Inc. | Crown Finance U.S., Inc. |
| (1 mo. USD Term SOFR + 4.500%) | (1 mo. USD Term SOFR + 4.500%) | (1 mo. USD Term SOFR + 4.500%) | (1 mo. USD Term SOFR + 4.500%) |
| 246884 | 8.171 | 12/02/31 | 244067 |
|  |  |  | 412983 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) |
| Food & Beverages–0.1% | Food & Beverages–0.1% | Food & Beverages–0.1% |  |
| Sazerac Co., Inc. | Sazerac Co., Inc. | Sazerac Co., Inc. | Sazerac Co., Inc. |
| (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) |
| $224438 | 5.670% | 07/09/32 | $224125 |
| Insurance–0.2% | Insurance–0.2% | Insurance–0.2% | Insurance–0.2% |
| Broadstreet Partners, Inc. | Broadstreet Partners, Inc. | Broadstreet Partners, Inc. | Broadstreet Partners, Inc. |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |  |
| 274048 | 6.168 | 06/13/31 | 266958 |
| Internet–0.1% | Internet–0.1% | Internet–0.1% | Internet–0.1% |
| Plano HoldCo, Inc. | Plano HoldCo, Inc. | Plano HoldCo, Inc. | Plano HoldCo, Inc. |
| (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) |
| 176511 | 7.200 | 10/02/31 | 141209 |
| Machinery - Construction & Mining–0.0% | Machinery - Construction & Mining–0.0% | Machinery - Construction & Mining–0.0% | Machinery - Construction & Mining–0.0% |
| Clark Equipment Co. | Clark Equipment Co. | Clark Equipment Co. | Clark Equipment Co. |
| (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) |
| 21120 | 5.700 | 04/20/29 | 21081 |
| Midstream–0.3% | Midstream–0.3% | Midstream–0.3% | Midstream–0.3% |
| AL GCX Holdings LLC | AL GCX Holdings LLC | AL GCX Holdings LLC | AL GCX Holdings LLC |
| (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) |
| 75000 | 5.923 | 12/17/32 | 74930 |
| Prairie ECI Acquiror LP | Prairie ECI Acquiror LP | Prairie ECI Acquiror LP | Prairie ECI Acquiror LP |
| (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) |
| 320147 | 6.918 | 08/01/29 | 320387 |
|  |  |  | 395317 |
| Retailers–0.2% | Retailers–0.2% | Retailers–0.2% | Retailers–0.2% |
| Harbor Freight Tools USA, Inc. | Harbor Freight Tools USA, Inc. | Harbor Freight Tools USA, Inc. | Harbor Freight Tools USA, Inc. |
| (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) |
| 148679 | 5.918 | 06/11/31 | 146967 |
| TruGreen LP | TruGreen LP | TruGreen LP | TruGreen LP |
| (3 mo. USD Term SOFR + 8.500%) | (3 mo. USD Term SOFR + 8.500%) | (3 mo. USD Term SOFR + 8.500%) | (3 mo. USD Term SOFR + 8.500%) |
| 210000 | 12.429 | 11/02/28 | 194250 |
|  |  |  | 341217 |
| Technology–0.7% | Technology–0.7% | Technology–0.7% | Technology–0.7% |
| Go Daddy Operating Co. LLC | Go Daddy Operating Co. LLC | Go Daddy Operating Co. LLC | Go Daddy Operating Co. LLC |
| (1 mo. USD Term SOFR + 1.750%) | (1 mo. USD Term SOFR + 1.750%) | (1 mo. USD Term SOFR + 1.750%) | (1 mo. USD Term SOFR + 1.750%) |
| 448861 | 5.418 | 11/09/29 | 441755 |
| LSF12 Crown U.S. Commercial Bidco LLC | LSF12 Crown U.S. Commercial Bidco LLC | LSF12 Crown U.S. Commercial Bidco LLC | LSF12 Crown U.S. Commercial Bidco LLC |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 188974 | 6.668 | 12/02/31 | 188974 |
| McAfee LLC | McAfee LLC | McAfee LLC | McAfee LLC |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 199495 | 6.668 | 03/01/29 | 177551 |
| Pitney Bowes, Inc. | Pitney Bowes, Inc. | Pitney Bowes, Inc. | Pitney Bowes, Inc. |
| (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) |
| 346435 | 7.450 | 03/19/32 | 343549 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151829 |
| Technology - Hardware–0.1% | Technology - Hardware–0.1% | Technology - Hardware–0.1% | Technology - Hardware–0.1% |
| Grinding Media, Inc. | Grinding Media, Inc. | Grinding Media, Inc. | Grinding Media, Inc. |
| (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) |
| 191090 | 7.173 | 10/12/28 | 191090 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **110** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(k)</sup>–(continued) | Bank Loans<sup>(k)</sup>–(continued) | Bank Loans<sup>(k)</sup>–(continued) | Bank Loans<sup>(k)</sup>–(continued) |
| Technology - Software–0.0% | Technology - Software–0.0% | Technology - Software–0.0% |  |
| Virtusa Corp. | Virtusa Corp. |  |  |
| (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) |  |
| $29812 | 6.918% | 02/15/29 | $26719 |
| TOTAL BANK LOANS<br>(Cost $6,587,153) | TOTAL BANK LOANS<br>(Cost $6,587,153) | TOTAL BANK LOANS<br>(Cost $6,587,153) | $6494222 |
| Sovereign Debt Obligations – 3.3% | Sovereign Debt Obligations – 3.3% | Sovereign Debt Obligations – 3.3% | Sovereign Debt Obligations – 3.3% |
| Euro – 0.7% | Euro – 0.7% | Euro – 0.7% | Euro – 0.7% |
| Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds |  |
| 200000 | 4.750% | 04/16/26 | $231008 |
| Indonesia Government International Bonds | Indonesia Government International Bonds | Indonesia Government International Bonds |  |
| 100000 | 1.100 | 03/12/33 | 92877 |
| Ivory Coast Government International Bonds <sup>(b)</sup> | Ivory Coast Government International Bonds <sup>(b)</sup> | Ivory Coast Government International Bonds <sup>(b)</sup> | Ivory Coast Government International Bonds <sup>(b)</sup> |
| 500000 | 4.875 | 01/30/32 | 537037 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |  |
| 290000 | 2.875 | 03/11/29 | 321445 |
| 30000 | 2.625 <sup>(b)</sup> | 12/02/40 | 21655 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204022 |
| United States Dollar – 2.6% | United States Dollar – 2.6% | United States Dollar – 2.6% | United States Dollar – 2.6% |
| Abu Dhabi Government International Bonds <sup>(b)</sup> | Abu Dhabi Government International Bonds <sup>(b)</sup> | Abu Dhabi Government International Bonds <sup>(b)</sup> | Abu Dhabi Government International Bonds <sup>(b)</sup> |
| $200000 | 3.875 | 04/16/50 | 149800 |
| Argentina Republic Government International Bonds <sup>(a)(i)</sup> | Argentina Republic Government International Bonds <sup>(a)(i)</sup> | Argentina Republic Government International Bonds <sup>(a)(i)</sup> | Argentina Republic Government International Bonds <sup>(a)(i)</sup> |
| 328248 | 0.750 | 07/09/30 | 275072 |
| Benin Government International Bonds | Benin Government International Bonds | Benin Government International Bonds |  |
| 200000 | 7.960 | 02/13/38 | 195665 |
| Benin Sukuk SA <sup>(b)</sup> | Benin Sukuk SA <sup>(b)</sup> | Benin Sukuk SA <sup>(b)</sup> |  |
| 200000 | 6.200 | 01/29/33 | 185654 |
| Dominican Republic International Bonds <sup>(b)</sup> | Dominican Republic International Bonds <sup>(b)</sup> | Dominican Republic International Bonds <sup>(b)</sup> | Dominican Republic International Bonds <sup>(b)</sup> |
| 240000 | 4.875 | 09/23/32 | 221220 |
| Ecuador Government International Bonds <sup>(b)</sup> | Ecuador Government International Bonds <sup>(b)</sup> | Ecuador Government International Bonds <sup>(b)</sup> | Ecuador Government International Bonds <sup>(b)</sup> |
| 30632 | 0.000 <sup>(f)</sup> | 07/31/30 | 25609 |
| 200000 | 8.750 | 01/29/34 | 196350 |
| 46400 | 5.000 <sup>(i)</sup> | 07/31/40 | 36146 |
| Egypt Government International Bonds <sup>(b)</sup> | Egypt Government International Bonds <sup>(b)</sup> | Egypt Government International Bonds <sup>(b)</sup> |  |
| 200000 | 8.875 | 05/29/50 | 176131 |
| Mexico Government International Bonds <sup>(a)</sup> | Mexico Government International Bonds <sup>(a)</sup> | Mexico Government International Bonds <sup>(a)</sup> | Mexico Government International Bonds <sup>(a)</sup> |
| 603000 | 3.500 | 02/12/34 | 513376 |
| Morocco Government International Bonds <sup>(b)</sup> | Morocco Government International Bonds <sup>(b)</sup> | Morocco Government International Bonds <sup>(b)</sup> | Morocco Government International Bonds <sup>(b)</sup> |
| 310000 | 3.000 | 12/15/32 | 265825 |
| Republic of Uzbekistan International Bonds <sup>(b)</sup> | Republic of Uzbekistan International Bonds <sup>(b)</sup> | Republic of Uzbekistan International Bonds <sup>(b)</sup> | Republic of Uzbekistan International Bonds <sup>(b)</sup> |
| 200000 | 3.700 | 11/25/30 | 181482 |
| Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds |  |
| 200000 | 6.125 | 10/24/28 | 200600 |
| 200000 | 7.625 | 04/26/29 | 206660 |
| 250000 | 7.125 | 07/17/32 | 248790 |
| 200000 | 6.500 | 09/20/33 | 190280 |
| Ukraine Government International Bonds <sup>(b)(i)</sup> | Ukraine Government International Bonds <sup>(b)(i)</sup> | Ukraine Government International Bonds <sup>(b)(i)</sup> | Ukraine Government International Bonds <sup>(b)(i)</sup> |
| 54803 | 4.500 | 02/01/29 | 38362 |
| 10241 | 0.000 | 02/01/30 | 5981 |
| 38270 | 0.000 | 02/01/34 | 16303 |
| 79801 | 4.500 | 02/01/34 | 42374 |
| 32341 | 0.000 | 02/01/35 | 14812 |
| 33651 | 4.500 | 02/01/35 | 17532 |
| 26951 | 0.000 | 02/01/36 | 12317 |
| 19229 | 4.500 | 02/01/36 | 9826 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) |
| United States Dollar – (continued) | United States Dollar – (continued) | United States Dollar – (continued) | United States Dollar – (continued) |
| Venezuela Government International Bonds <sup>(e)</sup> | Venezuela Government International Bonds <sup>(e)</sup> | Venezuela Government International Bonds <sup>(e)</sup> | Venezuela Government International Bonds <sup>(e)</sup> |
| $1570000 | 7.650% | 04/21/25 | $651550 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4077717 |
| TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $5,575,247) | TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $5,575,247) | TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $5,575,247) | $5281739 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks<sup>(e)</sup> – 0.2% | Common Stocks<sup>(e)</sup> – 0.2% | Common Stocks<sup>(e)</sup> – 0.2% |
| Containers & Packaging<sup>(l)</sup> –0.0% | Containers & Packaging<sup>(l)</sup> –0.0% | Containers & Packaging<sup>(l)</sup> –0.0% |
| 7945 | Ardagh Holdings SA | $55615 |
| Interactive Media & Services – 0.1% | Interactive Media & Services – 0.1% | Interactive Media & Services – 0.1% |
| 10247 | Angi, Inc. | 70192 |
| Media – 0.1% | Media – 0.1% | Media – 0.1% |
| 222 | Audacy Capital Corp. Class B | 777 |
| 2022 | Audacy Capital LLC Class A | 5560 |
| 45301 | iHeartMedia, Inc. Class A | 132279 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138616 |
| TOTAL COMMON STOCKS<br>(Cost $436,922) | TOTAL COMMON STOCKS<br>(Cost $436,922) | $264423 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend** <br> **Rate**  | **Value** |
| Preferred Stocks<sup>(e)</sup> –0.1% | Preferred Stocks<sup>(e)</sup> –0.1% | Preferred Stocks<sup>(e)</sup> –0.1% |
| Software – 0.1% | Software – 0.1% | Software – 0.1% |
| Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 3449 | 6.500% | $155239 |
| (Cost $169,922) | (Cost $169,922) | (Cost $169,922) |
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Value** |
| Contingent Value Rights<sup>(e)</sup> –0.0% | Contingent Value Rights<sup>(e)</sup> –0.0% | Contingent Value Rights<sup>(e)</sup> –0.0% |
| Communications – 0.0% | Communications – 0.0% | Communications – 0.0% |
| SES SA | SES SA | SES SA |
| $4216 | 0.000% | $61309 |
| TOTAL CONTINGENT VALUE RIGHTS<br>(Cost $—) | TOTAL CONTINGENT VALUE RIGHTS<br>(Cost $—) | $61309 |
| **Units** | **Expiration**<br> **Date** | **Value** |
| Rights<sup>(e)</sup> –0.0% | Rights<sup>(e)</sup> –0.0% | Rights<sup>(e)</sup> –0.0% |
| Cineworld Group PLC | Cineworld Group PLC | Cineworld Group PLC |
| 2800 | 12/31/99 | $49199 |
| (Cost $71,148) | (Cost $71,148) | (Cost $71,148) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **111** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(m)</sup> – 0.0% | Investment Company<sup>(m)</sup> – 0.0% | Investment Company<sup>(m)</sup> – 0.0% |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 2172 | 3.553% | $2172 |
| (Cost $2,172) | (Cost $2,172) |  |
| **TOTAL INVESTMENTS – 103.9%**<br> **(Cost $165,197,701)** | **TOTAL INVESTMENTS – 103.9%**<br> **(Cost $165,197,701)** | $165467025 |
| LIABILITIES IN EXCESS OF OTHER<br> ASSETS – (3.9)% | LIABILITIES IN EXCESS OF OTHER<br> ASSETS – (3.9)% | (6245771) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $159221254 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Pay-in-kind securities.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2026.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(g) Interest Only Inverse Floaters.

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

&nbsp;&nbsp;&nbsp;&nbsp;(i) Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(j) 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 $8,799,862 which represents approximately 5.5% of net assets as of March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on March 31, 2026. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the Secured Overnight Financing Rate ("SOFR"), and secondarily the prime rate offered by one or more major United States banks (the "Prime Rate") and the certificate of deposit ("CD") rate or other base lending rates used by commercial lenders.

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

&nbsp;&nbsp;&nbsp;&nbsp;(m) Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At March 31, 2026, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Principal<br>Amount** | **Current<br>Value** | **Unrealized<br>Gain (Loss)** |
|  Kaman Corp. (NR/B2), due 02/26/32 | $27724 | $27801 | $(5) |

---

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2026, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency** <br> **Sold** | **Currency** <br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  JPMorgan Securities, Inc. | USD | 3549014 | EUR | 3002745 | 05/22/26 | $69671 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **112** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (c o n t i n u e d)

FORWARD SALES CONTRACTS — At March 31, 2026, the Fund had the following forward sales contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity Date<sup>(a)</sup>** | **Settlement<br>Date** | **Principal<br>Amount** | **Value** |
|  Uniform Mortgage-Backed Security | 5.000% | TBA - 30yr | 04/14/26 | $(1000000) | $(985664) |
|  Uniform Mortgage-Backed Security | 2.000 | TBA - 30yr | 04/13/26 | (1000000) | (803711) |
|  Uniform Mortgage-Backed Security | 4.500 | TBA - 30yr | 05/13/26 | (1000000) | (963320) |
| (PROCEEDS RECEIVED: $(2790898)) |  |  |  |  | $(2752695) |

---

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

FUTURES CONTRACTS — At March 31, 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration Date** | **Notional Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  2 Year U.S. Treasury Notes | 136 | 06/30/26 | $28212563 | $(208726) |
|  20 Year U.S. Treasury Bonds | 12 | 06/18/26 | 1366500 | (9481) |
|  5 Year U.S. Treasury Notes | 436 | 06/30/26 | 47166344 | (500739) |
| Total |  |  |  | $(718946) |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | (10) | 06/18/26 | (1110469) | 1511 |
|  Ultra 10-Year U.S. Treasury Notes | (56) | 06/18/26 | (6356875) | 133602 |
|  Ultra Long U.S. Treasury Bonds | (32) | 06/18/26 | (3730000) | 124869 |
| Total |  |  |  | $259982 |
| TOTAL FUTURES CONTRACTS |  |  |  | $(458964) |

---

SWAP CONTRACTS — At March 31, 2026, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Payments<br>Received<br>by Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)<sup>(a)</sup>** | **Notional<br>Amount<br>(000s)<sup>(a)</sup>** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  2.500%<sup>(b)</sup> | 12M CDOR<sup>(b)</sup> | 06/17/28 | CAD | 110 | $471 | $55 | $416 |
| 2.250<sup>(c)</sup> | 6M EURO<sup>(b)</sup> | 06/17/29 | EUR | 360 | 7480 | 483 | 6997 |
| 2.500<sup>(c)</sup> | 6M EURO<sup>(b)</sup> | 06/17/31 | EUR | 640 | 14068 | (2256) | 16324 |
| 2.500<sup>(c)</sup> | 6M EURO<sup>(b)</sup> | 06/17/33 | EUR | 570 | 19751 | 3019 | 16732 |
| 2.750<sup>(c)</sup> | 6M EURO<sup>(b)</sup> | 06/17/36 | EUR | 370 | 12423 | (23) | 12446 |
| TOTAL |  |  |  |  | $54193 | $1278 | $52915 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made semi-annually.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Payments made annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **113** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>March 31,<br>2026<sup>(b)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Sold:** |  |  |  |  |  |  |  |
|  CDX.NA.HY Ind 45 | 5.000% | 3.648% | 12/20/30 | $4331 | $235578 | $333783 | $(98205) |
|  CDX.NA.IG Ind 45 | 1.000 | 0.588 | 12/20/30 | 2961 | 53384 | 65021 | (11637) |
| TOTAL |  |  |  |  | $288962 | $398804 | $(109842) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;(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: | Currency Abbreviations: |
| CAD | —Canadian Dollar |
| EUR | —Euro |
| USD | —U.S. Dollar |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| CLO | —Collateralized Loan Obligation |
| CMT | —Constant Maturity Treasury Indexes |
| EURIBOR | —Euro Interbank Offered Rate |
| ICE | —Inter-Continental Exchange |
| LLC | —Limited Liability Company |
| LP | —Limited Partnership |
| MSCI | —Morgan Stanley Capital International |
| PIK | —Payment in kind |
| PLC | —Public Limited Company |
| REMICS | —Real Estate Mortgage Investment Conduits |
| SOFR | —Secured Overnight Financing Rate |
| STACR | —Structured Agency Credit Risk |

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| CDOR | —Canadian Dollar Offered Rate |
| CDX.NA.HY Ind 45 | —CDX North America High Yield Index 45 |
| CDX.NA.IG Ind 45 | —CDX North America Investment Grade Index 45 |
| EURO | —Euro Offered Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **114** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Bond Fund** | **Core Fixed**<br> **Income Fund** | **Dynamic**<br> **Bond Fund** |
| Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $400,494,477, $2,837,286,618 and $2,105,825,180, respectively) | $395042054 | $2768289362 | $2093046352 |
|  Investments in affiliated issuers, at value (cost $2,208,805, $13,205,950 and $11,043,036, respectively) | 2202486 | 13161200 | 11043036 |
|  Purchased options, at value (premium paid $2,294,266, $700,028 and $31,116,998, respectively) | 2428084 | 406674 | 33036625 |
|  Cash | 3156996 | 36399708 | 2202770 |
|  Foreign currencies, at value (cost $102,035, $0 and $206,329, respectively) | 120829 | 69468 | 190968 |
|  Unrealized gain on swap contracts |  |  | 4667741 |
|  Unrealized gain on forward foreign currency exchange contracts | 3169857 | 396156 | 36120508 |
|  Variation margin on futures contracts | 191298 | 672139 | 1129255 |
|  Variation margin on swaps contracts | 72002 | 196959 | 2317411 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold on an extended-settlement basis | 84415938 | 417596875 | 620507676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(a)</sup> | 3372325 | 16733040 | 63883627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 2860116 | 19950518 | 13189632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from broker | 2454950 | 2973095 | 24029612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 367956 | 7004640 | 4777808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 273605 | 3744071 | 1986122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from broker - upfront payment | 155153 | 556462 | 2289587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 8745 |  | 7597 |
|  Other assets | 49861 | 75342 | 100939 |
|  **Total assets** | 500342255 | 3288225709 | 2914527266 |
| Liabilities: |  |  |  |
|  Forward sale contracts, at value (proceeds received $34,046,465, $171,199,434 and $369,940,508, respectively) | 33526819 | 168736228 | 367833548 |
|  Unrealized loss on forward foreign currency exchange contracts | 3012308 |  | 35518728 |
|  Written option contracts, at value (premium received $2,251,113, $1,025,721 and $30,820,589, respectively) | 2430510 | 967207 | 33218186 |
|  Unrealized loss on swap contracts | 3520 | 16622 | 89495 |
|  Unrealized loss on unfunded loan commitment |  |  | 32 |
|  Payables: |  |  |  |
|  Investments purchased on an extended-settlement basis | 98200345 | 569938810 | 780442365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 169998 | 3417089 | 1651895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 131577 | 563059 | 10582464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 64515 | 403391 | 420739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 27243 | 73367 | 64832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upfront payments received on swap contracts | 22436 | 105946 | 805246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income distributions | 6175 | 47923 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to broker |  | 890000 | 7540000 |
| Accrued expenses | 359320 | 349125 | 406238 |
|  **Total liabilities** | 137954766 | 745508767 | 1238573768 |
|  Net Assets: |  |  |  |
| Paid-in capital | 419235467 | 2799694880 | 3631270258 |
| Total distributable loss | (56847978) | (256977938) | (1955316760) |
| **NET ASSETS** | $362387489 | $2542716942 | $1675953498 |
| Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $37471907 | $137784479 | $98921577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 2240259 | 7185944 | 14767079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 77027111 | 622813901 | 915944198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 85256 | 1077150 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 13603351 | 325931656 | 416835443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 82574316 | 268171738 | 58537635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 2495256 | 3085793 | 3120657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 146890033 | 1176666281 | 167826909 |
| Total Net Assets | $362387489 | $2542716942 | $1675953498 |
| Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 4221590 | 14986188 | 10432176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 252648 | 777429 | 1562414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 8679644 | 67462063 | 96480353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 9609 | 116602 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 1537737 | 35419700 | 43932384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 9308513 | 29012691 | 6170175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 281401 | 335401 | 329911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 16559996 | 127235580 | 17720465 |
| Net asset value, offering and redemption price per share:<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 8.88 | 9.19 | 9.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 8.87 | 9.24 | 9.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 8.87 | 9.23 | 9.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 8.87 | 9.24 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 8.85 | 9.20 | 9.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 8.87 | 9.24 | 9.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 8.87 | 9.20 | 9.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 8.87 | 9.25 | 9.47 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Segregated for initial margin and/or collateral as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Futures** | **Swaps** | **TBA** |
|  Bond Fund | $— | $3102325 | $270000 |
|  Core Fixed Income Fund |  | 15203040 | 1530000 |
|  Dynamic Bond Fund | 69292 | 63654335 | 160000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) Maximum public offering price per share for Class A Shares of the Bond, Core Fixed Income and Dynamic Bond Funds is $9.23, $9.55 and $9.85, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **115** |

---

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Global Core Fixed<br>Income Fund** | **Income<br>Fund** |
| Assets: |  |  |
|  Investments in unaffiliated issuers, at value (cost $848,531,840 and $165,195,529, respectively) | $830843858 | $165464853 |
|  Investments in affiliated issuers, at value (cost $8,664,462 and $2,172, respectively) | 8664462 | 2172 |
|  Purchased options, at value (premium paid $447,390 and $0, respectively) | 249984 |  |
|  Cash | 12334313 | 1144470 |
|  Foreign currencies, at value (cost $816,779 and $58,124, respectively) | 433884 | 57100 |
|  Unrealized gain on swap contracts | 41597 |  |
|  Unrealized gain on forward foreign currency exchange contracts | 10165005 | 69671 |
|  Variation margin on futures contracts | 785690 | 80648 |
|  Variation margin on swaps contracts | 263806 | 44881 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold on an extended-settlement basis | 17985781 | 3754297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(a)</sup> | 14616987 | 1050220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 5487086 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 5045064 | 2131481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from broker - upfront payment | 340734 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 118619 | 36596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upfront payments made on swap contracts | 2508 |  |
|  Other assets | 76946 | 53037 |
|  **Total assets** | 907456324 | 173889426 |
| Liabilities: |  |  |
|  Forward sale contracts, at value (proceeds received $16,948,516 and $2,790,898, respectively) | 16725082 | 2752695 |
|  Unrealized loss on forward foreign currency exchange contracts | 2578425 |  |
|  Written option contracts, at value (premium received $638,771 and $0, respectively) | 589460 |  |
|  Unrealized loss on swap contracts | 18246 |  |
|  Unrealized loss on unfunded loan commitment |  | 5 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased on an extended-settlement basis | 59032592 | 10623848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 25493501 | 328691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 804608 | 735975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 187760 | 43195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upfront payments received on swap contracts | 78951 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income distributions | 24821 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 16797 | 4618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to broker | 12006 |  |
| Accrued expenses | 333953 | 179145 |
| **Total liabilities** | 105896202 | 14668172 |
|  Net Assets: |  |  |
| Paid-in capital | 852488076 | 169020789 |
| Total distributable loss | (50927954) | (9799535) |
| **NET ASSETS** | $801560122 | $159221254 |
| Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $21713560 | $1752277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 419605 | 2353108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 250465371 | 17100600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 762704 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 34051939 | 26472292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 488306024 | 101499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 5840919 | 111441478 |
| Total Net Assets | $801560122 | $159221254 |
| Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 1915927 | 194204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 37401 | 260908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 22139954 | 1895945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 67862 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 3015842 | 2931199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 43147091 | 11248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 515343 | 12351743 |
| Net asset value, offering and redemption price per share:<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 11.33 | 9.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 11.22 | 9.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 11.31 | 9.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 11.24 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 11.29 | 9.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 11.32 | 9.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 11.33 | 9.02 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Segregated for initial margin and/or collateral as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Futures** | **Swaps** | **TBA** |
|  Global Core Fixed Income Fund | $5444414 | $8492573 | $680000 |
|  Income Fund | 594520 | 455700 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) Maximum public offering price per share for Class A Shares of the Global Core Fixed Income and Income Funds is $11.77 and $9.37, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **116** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Fiscal Year Ended March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Bond Fund** | **Core Fixed**<br> **Income Fund** | **Dynamic**<br> **Bond Fund** |
| Investment Income: |  |  |  |
|  Interest | $16169125 | $101620340 | $60482796 |
|  Dividends — affiliated issuers | 394603 | 3116011 | 4935637 |
|  **Total investment income** | 16563728 | 104736351 | 65418433 |
| Expenses: |  |  |  |
|  Management fees | 1449584 | 8954787 | 7459500 |
|  Custody, accounting and administrative services | 514599 | 340841 | 615521 |
|  Transfer Agency fees<sup>(a)</sup> | 174648 | 1206930 | 763332 |
|  Professional fees | 170990 | 165445 | 188869 |
|  Distribution and Service (12b-1) fees<sup>(a)</sup> | 135582 | 404738 | 351042 |
|  Registration fees | 116207 | 180270 | 255823 |
|  Prime broker fees | 75352 |  | 523737 |
|  Trustee fees | 27835 | 31854 | 29622 |
|  Printing and mailing costs | 22212 | 94906 | 65082 |
|  Service fees — Class C | 5845 | 19235 | 30333 |
|  Shareholder Administration fees —Service Class | 259 | 2334 |  |
|  Other | 32367 | 86273 | 55101 |
|  **Total expenses** | 2725480 | 11487613 | 10337962 |
|  Less — expense reductions | (885777) | (1728997) | (1099764) |
|  **Net expenses** | 1839703 | 9758616 | 9238198 |
| **NET INVESTMENT INCOME** | 14724025 | 94977735 | 56180235 |
| Realized and unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 979667 | 2753893 | 2163587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (9993509) | (126122) | (82491006) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (105040) | (1850509) | 930925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 12158832 | 2824213 | 101934119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 476656 | 2817510 | 2395886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (3330860) | (894960) | (29279019) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 1826159 | 29947 | 15558438 |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | (6319) | (44750) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 1649219 | 9462037 | (7839850) |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitments |  |  | (32) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | 1044051 | (155997) | 6569503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (2386350) | (11817988) | (7880542) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | (1028582) | (401881) | (7336038) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 1111347 | 4214927 | 18530880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (197993) | 546974 | (1332810) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | 48041 | 170197 | 44511 |
|  **Net realized and unrealized gain** | 2245319 | 7527491 | 11968552 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $16969344 | $102505226 | $68148787 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Distribution and/or Service (12b-1) Fees | Distribution and/or Service (12b-1) Fees | Distribution and/or Service (12b-1) Fees | Distribution and/or Service (12b-1) Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees |
| **Fund** | Class A | Class C | Service | Class R | Class A | Class C | Institutional | Service | Investor | Class R6 | **Class R** | **Class P** |
|  Bond Fund | $103696 | $17536 | $259 | $14091 | $49774 | $2806 | $32804 | $42 | $24531 | $22349 | $3382 | $38960 |
|  Core Fixed Income Fund | 328861 | 57705 | 2334 | 15838 | 157853 | 9233 | 225762 | 373 | 403589 | 75918 | 3801 | 330401 |
|  Dynamic Bond Fund | 244145 | 90999 |  | 15898 | 117190 | 14560 | 283185 |  | 279208 | 17332 | 3815 | 48042 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **117** |

---

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations (continued) *For the Fiscal Year Ended March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Global Core Fixed<br>Income Fund** | **Income<br>Fund** |
| Investment Income: |  |  |
|  Interest (net of foreign withholding taxes of $19,677 and $0, respectively) | $30052638 | $9306897 |
|  Dividends — affiliated issuers | 621703 | 187282 |
|  Dividends — unaffiliated issuers | 14652 |  |
|  **Total investment income** | 30688993 | 9494179 |
| Expenses: |  |  |
|  Management fees | 5324430 | 836849 |
|  Transfer Agency fees<sup>(a)</sup> | 326222 | 72828 |
|  Custody, accounting and administrative services | 281757 | 121140 |
|  Professional fees | 167620 | 158215 |
|  Registration fees | 146177 | 106674 |
|  Distribution and Service (12b-1) fees<sup>(a)</sup> | 63159 | 21450 |
|  Printing and mailing costs | 30211 | 24260 |
|  Prime broker fees | 29905 | 168 |
|  Trustee fees | 28781 | 27444 |
|  Service fees — Class C | 1302 | 5691 |
|  Shareholder Administration fees —Service Class | 118 |  |
|  Other | 38700 | 27000 |
|  **Total expenses** | 6438382 | 1401719 |
|  Less — expense reductions | (1952962) | (527261) |
|  **Net expenses** | 4485420 | 874458 |
|  **NET INVESTMENT INCOME** | 26203573 | 8619721 |
| Realized and unrealized gain (loss): |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (328293) | (785669) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (120706) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1232162) | 562245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 2150904 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 1369552 | 81134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (11985907) | (441490) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 1724266 | 54334 |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (including the effects of foreign capital gains tax of $(572) and $0, respectively) | 1073912 | 635421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitments |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (103027) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (4285291) | (650907) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | (265365) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 1281399 | (47311) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 14234469 | 236337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | (344647) | (1331) |
|  **Net realized and unrealized gain (loss)** | 3169104 | (357242) |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $29372677 | $8262479 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Service** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class P** |
| Global Core Fixed Income Fund | $59136 | $3905 | $118 | $28385 | $625 | $94904 | $18 | $46656 | $152693 | $2941 |
| Income Fund | 4376 | 17074 |  | 2100 | 2732 | 9053 |  | 28393 | 26 | 30524 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **118** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Bond Fund** | **Bond Fund** | **Core Fixed Income Fund** | **Core Fixed Income Fund** |
|  | **For the Fiscal<br>Year Ended<br>March 31, 2026** | **For the Fiscal<br>Year Ended<br>March 31, 2025** | **For the Fiscal<br>Year Ended<br>March 31, 2026** | **For the Fiscal<br>Year Ended<br>March 31, 2025** |
|  From operations: |  |  |  |  |
|  Net investment income | $14724025 | $15579345 | $94977735 | $90018812 |
|  Net realized gain (loss) | 2011905 | (1537228) | 5553972 | (5231579) |
|  Net change in unrealized gain | 233414 | 3434793 | 1973519 | 24021095 |
|  **Net increase in net assets resulting from operations** | 16969344 | 17476910 | 102505226 | 108808328 |
|  Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (1787529) | (2039854) | (4972392) | (4730877) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (83431) | (80795) | (233460) | (254174) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (3815561) | (4360939) | (23187174) | (23829918) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (4195) | (5575) | (33643) | (30656) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (911780) | (1251220) | (13571113) | (17702228) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (3493197) | (3220571) | (10419299) | (8084657) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (115544) | (96529) | (111944) | (114999) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (6105116) | (4887250) | (45354291) | (38230603) |
|  Return of capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares |  |  | (8164) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares |  |  | (383) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (38073) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares |  |  | (55) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  |  | (22283) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares |  |  | (17108) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares |  |  | (184) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares |  |  | (74470) |  |
|  **Total distributions to shareholders** | (16316353) | (15942733) | (98044036) | (92978112) |
|  From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 91510816 | 93355576 | 760960623 | 773136520 |
|  Reinvestment of distributions | 16218548 | 15801796 | 97112198 | 91711985 |
|  Cost of shares redeemed | (93560848) | (101404848) | (668661740) | (551613592) |
|  **Net increase in net assets resulting from share transactions** | 14168516 | 7752524 | 189411081 | 313234913 |
|  **TOTAL INCREASE** | 14821507 | 9286701 | 193872271 | 329065129 |
|  Net assets: |  |  |  |  |
|  Beginning of year | 347565982 | 338279281 | 2348844671 | 2019779542 |
|  End of year | $362387489 | $347565982 | $2542716942 | $2348844671 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **119** |

---

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Dynamic Bond Fund** | **Dynamic Bond Fund** | **Global Core Fixed Income Fund** | **Global Core Fixed Income Fund** |
|  | **For the Fiscal<br>Year Ended<br>March 31, 2026** | **For the Fiscal<br>Year Ended<br>March 31, 2025** | **For the Fiscal<br>Year Ended<br>March 31, 2026** | **For the Fiscal<br>Year Ended<br>March 31, 2025** |
|  From operations: |  |  |  |  |
|  Net investment income | $56180235 | $40262624 | $26203573 | $22557103 |
|  Net realized gain (loss) | 11212930 | (18304397) | (8422346) | 6853610 |
|  Net change in unrealized gain (loss) | 755622 | 29527315 | 11591450 | (36578) |
|  **Net increase in net assets resulting from operations** | 68148787 | 51485542 | 29372677 | 29374135 |
|  Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (4833461) | (6107106) | (705633) | (1320502) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (503105) | (392710) | (11635) | (28850) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (36838885) | (25979087) | (7853835) | (11818547) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares |  |  | (1343) | (16866) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (11679326) | (3521455) | (1255254) | (1480509) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (3041512) | (3364918) | (16877979) | (19127301) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (150023) | (176575) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (8570961) | (10032530) | (325755) | (502362) |
|  **Total distributions to shareholders** | (65617273) | (49574381) | (27031434) | (34294937) |
|  From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 1083379176 | 368566196 | 253927785 | 130020334 |
|  Reinvestment of distributions | 59265983 | 43581261 | 26699452 | 33674495 |
|  Cost of shares redeemed | (362370278) | (201696553) | (184282628) | (112439775) |
|  **Net increase in net assets resulting from share transactions** | 780274881 | 210450904 | 96344609 | 51255054 |
|  **TOTAL INCREASE** | 782806395 | 212362065 | 98685852 | 46334252 |
|  Net assets: |  |  |  |  |
|  Beginning of year | 893147103 | 680785038 | 702874270 | 656540018 |
|  End of year | $1675953498 | $893147103 | $801560122 | $702874270 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **120** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Income Fund** | **Income Fund** |
|  | **For the Fiscal<br>Year Ended<br>March 31, 2026** | **For the Fiscal<br>Year Ended<br>March 31, 2025** |
|  From operations: |  |  |
|  Net investment income | $8619721 | $6890883 |
|  Net realized loss | (529446) | (496040) |
|  Net change in unrealized gain | 172204 | 1011856 |
|  **Net increase in net assets resulting from operations** | 8262479 | 7406699 |
|  Distributions to shareholders: |  |  |
|  From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (84880) | (79603) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (93354) | (52750) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (1168341) | (1404907) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (1251592) | (628892) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (4388) | (3278) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (5284632) | (4513163) |
|  Return of capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares |  | (428) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares |  | (284) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  | (7552) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | (3381) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares |  | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares |  | (24261) |
|  **Total distributions to shareholders** | (7887187) | (6718517) |
|  From share transactions: |  |  |
|  Proceeds from sales of shares | 57496925 | 58395101 |
|  Reinvestment of distributions | 7885416 | 6718466 |
|  Cost of shares redeemed | (44857689) | (24606261) |
|  **Net increase in net assets resulting from share transactions** | 20524652 | 40507306 |
|  **TOTAL INCREASE** | 20899944 | 41195488 |
|  Net assets: |  |  |
|  Beginning of year | 138321310 | 97125822 |
|  End of year | $159221254 | $138321310 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **121** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  |
|  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.86 | $8.81 | $8.93 | $9.83 | $10.54 |
|  Net investment income<sup>(a)</sup> | 0.35 | 0.37 | 0.33 | 0.26 | 0.15 |
|  Net realized and unrealized gain (loss) | 0.06 | 0.06 | (0.11) | (0.87) | (0.66) |
|  Total from investment operations | 0.41 | 0.43 | 0.22 | (0.61) | (0.51) |
|  Distributions to shareholders from net investment income | (0.39) | (0.38) | (0.34) | (0.21) | (0.11) |
|  Distributions to shareholders from return of capital |  |  |  | (0.08) | (0.09) |
|  Total distributions | (0.39) | (0.38) | (0.34) | (0.29) | (0.20) |
|  Net asset value, end of year | $8.88 | $8.86 | $8.81 | $8.93 | $9.83 |
|  **Total return<sup>(b)</sup>** | 4.53% | 5.12% | 2.44% | (6.08)% | (4.92)% |
|  Net assets, end of year (in 000s) | $37472 | $46776 | $47886 | $50814 | $58088 |
|  Ratio of net expenses to average net assets | 0.80% | 0.80% | 0.80% | 0.79% | 0.78% |
|  Ratio of total expenses to average net assets | 1.05% | 1.04% | 1.05% | 1.02% | 0.96% |
|  Ratio of net investment income to average net assets | 3.89% | 4.22% | 3.75% | 2.89% | 1.41% |
|  Portfolio turnover rate<sup>(c)</sup> | 978% | 1200% | 1287% | 1007% | 627% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **122** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  |
|  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.85 | $8.80 | $8.93 | $9.82 | $10.53 |
|  Net investment income<sup>(a)</sup> | 0.28 | 0.31 | 0.26 | 0.19 | 0.07 |
|  Net realized and unrealized gain (loss) | 0.06 | 0.05 | (0.12) | (0.86) | (0.66) |
|  Total from investment operations | 0.34 | 0.36 | 0.14 | (0.67) | (0.59) |
|  Distributions to shareholders from net investment income | (0.32) | (0.31) | (0.27) | (0.16) | (0.07) |
|  Distributions to shareholders from return of capital |  |  |  | (0.06) | (0.05) |
|  Total distributions | (0.32) | (0.31) | (0.27) | (0.22) | (0.12) |
|  Net asset value, end of year | $8.87 | $8.85 | $8.80 | $8.93 | $9.82 |
|  **Total return<sup>(b)</sup>** | 3.75% | 4.34% | 1.68% | (6.79)% | (5.55)% |
|  Net assets, end of year (in 000s) | $2240 | $2411 | $2325 | $3649 | $5928 |
|  Ratio of net expenses to average net assets | 1.55% | 1.55% | 1.55% | 1.54% | 1.53% |
|  Ratio of total expenses to average net assets | 1.80% | 1.79% | 1.80% | 1.77% | 1.70% |
|  Ratio of net investment income to average net assets | 3.14% | 3.47% | 2.98% | 2.09% | 0.65% |
|  Portfolio turnover rate<sup>(c)</sup> | 978% | 1200% | 1287% | 1007% | 627% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **123** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  |
|  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.86 | $8.81 | $8.93 | $9.83 | $10.53 |
|  Net investment income<sup>(a)</sup> | 0.38 | 0.40 | 0.36 | 0.29 | 0.18 |
|  Net realized and unrealized gain (loss) | 0.05 | 0.06 | (0.11) | (0.87) | (0.64) |
|  Total from investment operations | 0.43 | 0.46 | 0.25 | (0.58) | (0.46) |
|  Distributions to shareholders from net investment income | (0.42) | (0.41) | (0.37) | (0.23) | (0.14) |
|  Distributions to shareholders from return of capital |  |  |  | (0.09) | (0.10) |
|  Total distributions | (0.42) | (0.41) | (0.37) | (0.32) | (0.24) |
|  Net asset value, end of year | $8.87 | $8.86 | $8.81 | $8.93 | $9.83 |
|  **Total return<sup>(b)</sup>** | 4.87% | 5.35% | 2.78% | (5.68)% | (4.61)% |
|  Net assets, end of year (in 000s) | $77027 | $85702 | $93070 | $106676 | $116520 |
|  Ratio of net expenses to average net assets | 0.47% | 0.47% | 0.47% | 0.46% | 0.45% |
|  Ratio of total expenses to average net assets | 0.72% | 0.71% | 0.72% | 0.69% | 0.63% |
|  Ratio of net investment income to average net assets | 4.22% | 4.55% | 4.08% | 3.23% | 1.75% |
|  Portfolio turnover rate<sup>(c)</sup> | 978% | 1200% | 1287% | 1007% | 627% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **124** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  |
|  | **Service Shares**  | **Service Shares**  | **Service Shares**  | **Service Shares**  | **Service Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.86 | $8.81 | $8.94 | $9.83 | $10.54 |
|  Net investment income<sup>(a)</sup> | 0.33 | 0.36 | 0.31 | 0.25 | 0.14 |
|  Net realized and unrealized gain (loss) | 0.05 | 0.06 | (0.11) | (0.87) | (0.66) |
|  Total from investment operations | 0.38 | 0.42 | 0.20 | (0.62) | (0.52) |
|  Distributions to shareholders from net investment income | (0.37) | (0.37) | (0.33) | (0.19) | (0.11) |
|  Distributions to shareholders from return of capital |  |  |  | (0.08) | (0.08) |
|  Total distributions | (0.37) | (0.37) | (0.33) | (0.27) | (0.19) |
|  Net asset value, end of year | $8.87 | $8.86 | $8.81 | $8.94 | $9.83 |
|  **Total return<sup>(b)</sup>** | 4.35% | 4.82% | 2.31% | (6.24)% | (5.08)% |
|  Net assets, end of year (in 000s) | $85 | $145 | $123 | $130 | $94 |
|  Ratio of net expenses to average net assets | 0.97% | 0.97% | 0.96% | 0.95% | 0.95% |
|  Ratio of total expenses to average net assets | 1.22% | 1.21% | 1.22% | 1.18% | 1.13% |
|  Ratio of net investment income to average net assets | 3.74% | 4.04% | 3.59% | 2.77% | 1.31% |
|  Portfolio turnover rate<sup>(c)</sup> | 978% | 1200% | 1287% | 1007% | 627% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **125** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  |
|  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.83 | $8.78 | $8.90 | $9.79 | $10.50 |
|  Net investment income<sup>(a)</sup> | 0.37 | 0.39 | 0.34 | 0.28 | 0.18 |
|  Net realized and unrealized gain (loss) | 0.06 | 0.06 | (0.10) | (0.86) | (0.66) |
|  Total from investment operations | 0.43 | 0.45 | 0.24 | (0.58) | (0.48) |
|  Distributions to shareholders from net investment income | (0.41) | (0.40) | (0.36) | (0.22) | (0.13) |
|  Distributions to shareholders from return of capital |  |  |  | (0.09) | (0.10) |
|  Total distributions | (0.41) | (0.40) | (0.36) | (0.31) | (0.23) |
|  Net asset value, end of year | $8.85 | $8.83 | $8.78 | $8.90 | $9.79 |
|  **Total return<sup>(b)</sup>** | 4.79% | 5.38% | 2.69% | (5.78)% | (4.71)% |
|  Net assets, end of year (in 000s) | $13603 | $23734 | $28542 | $46802 | $64096 |
|  Ratio of net expenses to average net assets | 0.55% | 0.55% | 0.55% | 0.54% | 0.53% |
|  Ratio of total expenses to average net assets | 0.81% | 0.78% | 0.80% | 0.77% | 0.71% |
|  Ratio of net investment income to average net assets | 4.14% | 4.47% | 3.96% | 3.10% | 1.70% |
|  Portfolio turnover rate<sup>(c)</sup> | 978% | 1200% | 1287% | 1007% | 627% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **126** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  |
|  | **Class R6 Shares**  | **Class R6 Shares**  | **Class R6 Shares**  | **Class R6 Shares**  | **Class R6 Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.85 | $8.81 | $8.93 | $9.82 | $10.53 |
|  Net investment income<sup>(a)</sup> | 0.38 | 0.40 | 0.36 | 0.29 | 0.19 |
|  Net realized and unrealized gain (loss) | 0.06 | 0.05 | (0.11) | (0.86) | (0.66) |
|  Total from investment operations | 0.44 | 0.45 | 0.25 | (0.57) | (0.47) |
|  Distributions to shareholders from net investment income | (0.42) | (0.41) | (0.37) | (0.23) | (0.14) |
|  Distributions to shareholders from return of capital |  |  |  | (0.09) | (0.10) |
|  Total distributions | (0.42) | (0.41) | (0.37) | (0.32) | (0.24) |
|  Net asset value, end of year | $8.87 | $8.85 | $8.81 | $8.93 | $9.82 |
|  **Total return<sup>(b)</sup>** | 4.89% | 5.47% | 2.79% | (5.77)% | (4.60)% |
|  Net assets, end of year (in 000s) | $82574 | $71208 | $67704 | $66642 | $71588 |
|  Ratio of net expenses to average net assets | 0.46% | 0.46% | 0.46% | 0.45% | 0.44% |
|  Ratio of total expenses to average net assets | 0.71% | 0.70% | 0.71% | 0.68% | 0.62% |
|  Ratio of net investment income to average net assets | 4.22% | 4.56% | 4.09% | 3.23% | 1.80% |
|  Portfolio turnover rate<sup>(c)</sup> | 978% | 1200% | 1287% | 1007% | 627% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **127** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  |
|  | **Class R Shares**  | **Class R Shares**  | **Class R Shares**  | **Class R Shares**  | **Class R Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.85 | $8.80 | $8.93 | $9.82 | $10.53 |
|  Net investment income<sup>(a)</sup> | 0.32 | 0.35 | 0.30 | 0.24 | 0.12 |
|  Net realized and unrealized gain (loss) | 0.06 | 0.06 | (0.11) | (0.86) | (0.65) |
|  Total from investment operations | 0.38 | 0.41 | 0.19 | (0.62) | (0.53) |
|  Distributions to shareholders from net investment income | (0.36) | (0.36) | (0.32) | (0.19) | (0.11) |
|  Distributions to shareholders from return of capital |  |  |  | (0.08) | (0.07) |
|  Total distributions | (0.36) | (0.36) | (0.32) | (0.27) | (0.18) |
|  Net asset value, end of year | $8.87 | $8.85 | $8.80 | $8.93 | $9.82 |
|  **Total return<sup>(b)</sup>** | 4.27% | 4.86% | 2.19% | (6.33)% | (5.16)% |
|  Net assets, end of year (in 000s) | $2495 | $2756 | $2575 | $2537 | $3008 |
|  Ratio of net expenses to average net assets | 1.05% | 1.05% | 1.05% | 1.04% | 1.03% |
|  Ratio of total expenses to average net assets | 1.30% | 1.29% | 1.30% | 1.27% | 1.21% |
|  Ratio of net investment income to average net assets | 3.63% | 3.97% | 3.50% | 2.65% | 1.14% |
|  Portfolio turnover rate<sup>(c)</sup> | 978% | 1200% | 1287% | 1007% | 627% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **128** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  | **Bond Fund**  |
|  | **Class P Shares**  | **Class P Shares**  | **Class P Shares**  | **Class P Shares**  | **Class P Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.85 | $8.81 | $8.93 | $9.82 | $10.53 |
|  Net investment income<sup>(a)</sup> | 0.38 | 0.40 | 0.36 | 0.29 | 0.19 |
|  Net realized and unrealized gain (loss) | 0.06 | 0.05 | (0.11) | (0.86) | (0.66) |
|  Total from investment operations | 0.44 | 0.45 | 0.25 | (0.57) | (0.47) |
|  Distributions to shareholders from net investment income | (0.42) | (0.41) | (0.37) | (0.23) | (0.14) |
|  Distributions to shareholders from return of capital |  |  |  | (0.09) | (0.10) |
|  Total distributions | (0.42) | (0.41) | (0.37) | (0.32) | (0.24) |
|  Net asset value, end of year | $8.87 | $8.85 | $8.81 | $8.93 | $9.82 |
|  **Total return<sup>(b)</sup>** | 4.88% | 5.47% | 2.79% | (5.77)% | (4.60)% |
|  Net assets, end of year (in 000s) | $146890 | $114834 | $96055 | $85915 | $87773 |
|  Ratio of net expenses to average net assets | 0.46% | 0.46% | 0.46% | 0.45% | 0.44% |
|  Ratio of total expenses to average net assets | 0.71% | 0.70% | 0.71% | 0.68% | 0.62% |
|  Ratio of net investment income to average net assets | 4.22% | 4.55% | 4.09% | 3.24% | 1.79% |
|  Portfolio turnover rate<sup>(c)</sup> | 978% | 1200% | 1287% | 1007% | 627% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **129** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  |
|  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.16 | $9.10 | $9.29 | $10.11 | $10.76 |
|  Net investment income<sup>(a)</sup> | 0.34 | 0.34 | 0.32 | 0.24 | 0.12 |
|  Net realized and unrealized gain (loss) | 0.04 | 0.08 | (0.18) | (0.80) | (0.60) |
|  Total from investment operations | 0.38 | 0.42 | 0.14 | (0.56) | (0.48) |
|  Distributions to shareholders from net investment income | (0.35) | (0.36) | (0.33) | (0.22) | (0.14) |
|  Distributions to shareholders from return of capital | —<sup>(b)</sup> |  | —<sup>(b)</sup> | (0.04) | (0.03) |
|  Total distributions | (0.35) | (0.36) | (0.33) | (0.26) | (0.17) |
|  Net asset value, end of year | $9.19 | $9.16 | $9.10 | $9.29 | $10.11 |
|  **Total return<sup>(c)</sup>** | 4.07% | 4.76% | 1.61% | (5.49)% | (4.52)% |
|  Net assets, end of year (in 000s) | $137784 | $127543 | $119292 | $119479 | $150857 |
|  Ratio of net expenses to average net assets | 0.71% | 0.71% | 0.71% | 0.71% | 0.71% |
|  Ratio of total expenses to average net assets | 0.78% | 0.79% | 0.80% | 0.81% | 0.80% |
|  Ratio of net investment income to average net assets | 3.66% | 3.76% | 3.51% | 2.53% | 1.13% |
|  Portfolio turnover rate<sup>(d)</sup> | 788% | 935% | 1,127% | 884% | 489% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **130** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  |
|  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.21 | $9.15 | $9.34 | $10.16 | $10.82 |
|  Net investment income<sup>(a)</sup> | 0.27 | 0.28 | 0.25 | 0.17 | 0.04 |
|  Net realized and unrealized gain (loss) | 0.04 | 0.07 | (0.17) | (0.80) | (0.61) |
|  Total from investment operations | 0.31 | 0.35 | 0.08 | (0.63) | (0.57) |
|  Distributions to shareholders from net investment income | (0.28) | (0.29) | (0.27) | (0.16) | (0.07) |
|  Distributions to shareholders from return of capital | — <sup>(b)</sup> |  | — <sup>(b)</sup> | (0.03) | (0.02) |
|  Total distributions | (0.28) | (0.29) | (0.27) | (0.19) | (0.09) |
|  Net asset value, end of year | $9.24 | $9.21 | $9.15 | $9.34 | $10.16 |
|  **Total return<sup>(c)</sup>** | 3.30% | 3.98% | 0.86% | (6.15)% | (5.20)% |
|  Net assets, end of year (in 000s) | $7186 | $7865 | $8037 | $6982 | $9529 |
|  Ratio of net expenses to average net assets | 1.46% | 1.46% | 1.46% | 1.46% | 1.46% |
|  Ratio of total expenses to average net assets | 1.53% | 1.54% | 1.55% | 1.56% | 1.55% |
|  Ratio of net investment income to average net assets | 2.91% | 3.01% | 2.76% | 1.78% | 0.37% |
|  Portfolio turnover rate<sup>(d)</sup> | 788% | 935% | 1127% | 884% | 489% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **131** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  |
|  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.20 | $9.14 | $9.33 | $10.15 | $10.81 |
|  Net investment income<sup>(a)</sup> | 0.37 | 0.37 | 0.35 | 0.27 | 0.16 |
|  Net realized and unrealized gain (loss) | 0.04 | 0.08 | (0.18) | (0.80) | (0.61) |
|  Total from investment operations | 0.41 | 0.45 | 0.17 | (0.53) | (0.45) |
|  Distributions to shareholders from net investment income | (0.38) | (0.39) | (0.36) | (0.24) | (0.17) |
|  Distributions to shareholders from return of capital | — <sup>(b)</sup> |  | — <sup>(b)</sup> | (0.05) | (0.04) |
|  Total distributions | (0.38) | (0.39) | (0.36) | (0.29) | (0.21) |
|  Net asset value, end of year | $9.23 | $9.20 | $9.14 | $9.33 | $10.15 |
|  **Total return<sup>(c)</sup>** | 4.41% | 5.11% | 1.95% | (5.14)% | (4.18)% |
|  Net assets, end of year (in 000s) | $622814 | $580120 | $539220 | $401838 | $410606 |
|  Ratio of net expenses to average net assets | 0.38% | 0.38% | 0.38% | 0.38% | 0.38% |
|  Ratio of total expenses to average net assets | 0.45% | 0.46% | 0.47% | 0.48% | 0.47% |
|  Ratio of net investment income to average net assets | 3.99% | 4.09% | 3.85% | 2.89% | 1.45% |
|  Portfolio turnover rate<sup>(d)</sup> | 788% | 935% | 1127% | 884% | 489% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **132** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  |
|  | **Service Shares**  | **Service Shares**  | **Service Shares**  | **Service Shares**  | **Service Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.21 | $9.14 | $9.33 | $10.15 | $10.81 |
|  Net investment income<sup>(a)</sup> | 0.32 | 0.33 | 0.30 | 0.22 | 0.10 |
|  Net realized and unrealized gain (loss) | 0.05 | 0.08 | (0.17) | (0.79) | (0.60) |
|  Total from investment operations | 0.37 | 0.41 | 0.13 | (0.57) | (0.50) |
|  Distributions to shareholders from net investment income | (0.34) | (0.34) | (0.32) | (0.21) | (0.13) |
|  Distributions to shareholders from return of capital | — <sup>(b)</sup> |  | — <sup>(b)</sup> | (0.04) | (0.03) |
|  Total distributions | (0.34) | (0.34) | (0.32) | (0.25) | (0.16) |
|  Net asset value, end of year | $9.24 | $9.21 | $9.14 | $9.33 | $10.15 |
|  **Total return<sup>(c)</sup>** | 4.01% | 4.58% | 1.44% | (5.61)% | (4.74)% |
|  Net assets, end of year (in 000s) | $1077 | $882 | $845 | $955 | $1115 |
|  Ratio of net expenses to average net assets | 0.88% | 0.88% | 0.88% | 0.88% | 0.88% |
|  Ratio of total expenses to average net assets | 0.95% | 0.96% | 0.97% | 0.98% | 0.97% |
|  Ratio of net investment income to average net assets | 3.48% | 3.59% | 3.33% | 2.38% | 0.97% |
|  Portfolio turnover rate<sup>(d)</sup> | 788% | 935% | 1127% | 884% | 489% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **133** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  |
|  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.17 | $9.11 | $9.30 | $10.11 | $10.77 |
|  Net investment income<sup>(a)</sup> | 0.36 | 0.37 | 0.34 | 0.26 | 0.15 |
|  Net realized and unrealized gain (loss) | 0.04 | 0.07 | (0.18) | (0.78) | (0.61) |
|  Total from investment operations | 0.40 | 0.44 | 0.16 | (0.52) | (0.46) |
|  Distributions to shareholders from net investment income | (0.37) | (0.38) | (0.35) | (0.24) | (0.17) |
|  Distributions to shareholders from return of capital | — <sup>(b)</sup> |  | — <sup>(b)</sup> | (0.05) | (0.03) |
|  Total distributions | (0.37) | (0.38) | (0.35) | (0.29) | (0.20) |
|  Net asset value, end of year | $9.20 | $9.17 | $9.11 | $9.30 | $10.11 |
|  **Total return<sup>(c)</sup>** | 4.33% | 5.02% | 1.86% | (5.15)% | (4.37)% |
|  Net assets, end of year (in 000s) | $325932 | $411014 | $396138 | $195489 | $269988 |
|  Ratio of net expenses to average net assets | 0.46% | 0.46% | 0.46% | 0.46% | 0.46% |
|  Ratio of total expenses to average net assets | 0.53% | 0.54% | 0.55% | 0.56% | 0.55% |
|  Ratio of net investment income to average net assets | 3.92% | 4.01% | 3.78% | 2.76% | 1.37% |
|  Portfolio turnover rate<sup>(d)</sup> | 788% | 935% | 1127% | 884% | 489% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **134** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  |
|  | **Class R6 Shares**  | **Class R6 Shares**  | **Class R6 Shares**  | **Class R6 Shares**  | **Class R6 Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.21 | $9.15 | $9.34 | $10.16 | $10.82 |
|  Net investment income<sup>(a)</sup> | 0.37 | 0.38 | 0.35 | 0.28 | 0.17 |
|  Net realized and unrealized gain (loss) | 0.04 | 0.07 | (0.18) | (0.81) | (0.62) |
|  Total from investment operations | 0.41 | 0.45 | 0.17 | (0.53) | (0.45) |
|  Distributions to shareholders from net investment income | (0.38) | (0.39) | (0.36) | (0.24) | (0.17) |
|  Distributions to shareholders from return of capital | —<sup>(b)</sup> |  | —<sup>(b)</sup> | (0.05) | (0.04) |
|  Total distributions | (0.38) | (0.39) | (0.36) | (0.29) | (0.21) |
|  Net asset value, end of year | $9.24 | $9.21 | $9.15 | $9.34 | $10.16 |
|  **Total return<sup>(c)</sup>** | 4.42% | 5.12% | 1.96% | (5.12)% | (4.16)% |
|  Net assets, end of year (in 000s) | $268172 | $202252 | $164210 | $276178 | $187649 |
|  Ratio of net expenses to average net assets | 0.37% | 0.37% | 0.37% | 0.37% | 0.37% |
|  Ratio of total expenses to average net assets | 0.44% | 0.45% | 0.46% | 0.47% | 0.46% |
|  Ratio of net investment income to average net assets | 4.00% | 4.10% | 3.82% | 2.97% | 1.56% |
|  Portfolio turnover rate<sup>(d)</sup> | 788% | 935% | 1127% | 884% | 489% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **135** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  |
|  | **Class R Shares**  | **Class R Shares**  | **Class R Shares**  | **Class R Shares**  | **Class R Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.17 | $9.11 | $9.29 | $10.11 | $10.77 |
|  Net investment income<sup>(a)</sup> | 0.31 | 0.32 | 0.29 | 0.22 | 0.09 |
|  Net realized and unrealized gain (loss) | 0.05 | 0.07 | (0.16) | (0.80) | (0.60) |
|  Total from investment operations | 0.36 | 0.39 | 0.13 | (0.58) | (0.51) |
|  Distributions to shareholders from net investment income | (0.33) | (0.33) | (0.31) | (0.20) | (0.13) |
|  Distributions to shareholders from return of capital | —<sup>(b)</sup> |  | —<sup>(b)</sup> | (0.04) | (0.02) |
|  Total distributions | (0.33) | (0.33) | (0.31) | (0.24) | (0.15) |
|  Net asset value, end of year | $9.20 | $9.17 | $9.11 | $9.29 | $10.11 |
|  **Total return<sup>(c)</sup>** | 3.81% | 4.50% | 1.36% | (5.62)% | (4.75)% |
|  Net assets, end of year (in 000s) | $3086 | $3197 | $3762 | $3782 | $4181 |
|  Ratio of net expenses to average net assets | 0.96% | 0.96% | 0.96% | 0.96% | 0.96% |
|  Ratio of total expenses to average net assets | 1.03% | 1.04% | 1.05% | 1.06% | 1.05% |
|  Ratio of net investment income to average net assets | 3.41% | 3.52% | 3.26% | 2.31% | 0.88% |
|  Portfolio turnover rate<sup>(d)</sup> | 788% | 935% | 1127% | 884% | 489% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **136** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  | **Core Fixed Income Fund**  |
|  | **Class P Shares**  | **Class P Shares**  | **Class P Shares**  | **Class P Shares**  | **Class P Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.22 | $9.15 | $9.34 | $10.16 | $10.82 |
|  Net investment income<sup>(a)</sup> | 0.37 | 0.38 | 0.35 | 0.27 | 0.16 |
|  Net realized and unrealized gain (loss) | 0.04 | 0.08 | (0.18) | (0.80) | (0.61) |
|  Total from investment operations | 0.41 | 0.46 | 0.17 | (0.53) | (0.45) |
|  Distributions to shareholders from net investment income | (0.38) | (0.39) | (0.36) | (0.24) | (0.17) |
|  Distributions to shareholders from return of capital | —<sup>(b)</sup> |  | —<sup>(b)</sup> | (0.05) | (0.04) |
|  Total distributions | (0.38) | (0.39) | (0.36) | (0.29) | (0.21) |
|  Net asset value, end of year | $9.25 | $9.22 | $9.15 | $9.34 | $10.16 |
|  **Total return<sup>(c)</sup>** | 4.54% | 5.11% | 1.96% | (5.12)% | (4.25)% |
|  Net assets, end of year (in 000s) | $1176666 | $1015972 | $788276 | $648289 | $690242 |
|  Ratio of net expenses to average net assets | 0.37% | 0.37% | 0.37% | 0.37% | 0.37% |
|  Ratio of total expenses to average net assets | 0.44% | 0.45% | 0.46% | 0.47% | 0.46% |
|  Ratio of net investment income to average net assets | 4.00% | 4.10% | 3.85% | 2.90% | 1.47% |
|  Portfolio turnover rate<sup>(d)</sup> | 788% | 935% | 1127% | 884% | 489% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **137** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  |
|  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.39 | $9.36 | $9.00 | $9.14 | $9.41 |
|  Net investment income<sup>(a)</sup> | 0.40 | 0.47 | 0.36 | 0.24 | 0.09 |
|  Net realized and unrealized gain (loss) | 0.16 | 0.15 | 0.36 | (0.09) | (0.20) |
|  Total from investment operations | 0.56 | 0.62 | 0.72 | 0.15 | (0.11) |
|  Distributions to shareholders from net investment income | (0.47) | (0.59) | (0.36) |  |  |
|  Distributions to shareholders from return of capital |  |  |  | (0.29) | (0.16) |
|  Total distributions | (0.47) | (0.59) | (0.36) | (0.29) | (0.16) |
|  Net asset value, end of year | $9.48 | $9.39 | $9.36 | $9.00 | $9.14 |
|  **Total return<sup>(b)</sup>** | 6.11% | 6.97% | 8.30% | 1.64% | (1.12)% |
|  Net assets, end of year (in 000s) | $98922 | $94366 | $103331 | $121804 | $127793 |
|  Ratio of net expenses to average net assets | 1.01% | 1.06% | 1.04% | 1.03% | 1.01% |
|  Ratio of total expenses to average net assets | 1.10% | 1.14% | 1.15% | 1.12% | 1.07% |
|  Ratio of net investment income to average net assets | 4.17% | 5.04% | 3.94% | 2.75% | 0.94% |
|  Portfolio turnover rate<sup>(c)</sup> | 1898% | 2379% | 2353% | 1026% | 416% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **138** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  |
|  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.36 | $9.34 | $8.98 | $9.11 | $9.39 |
|  Net investment income<sup>(a)</sup> | 0.32 | 0.40 | 0.29 | 0.15 | 0.02 |
|  Net realized and unrealized gain (loss) | 0.17 | 0.15 | 0.36 | (0.06) | (0.21) |
|  Total from investment operations | 0.49 | 0.55 | 0.65 | 0.09 | (0.19) |
|  Distributions to shareholders from net investment income | (0.40) | (0.53) | (0.29) |  |  |
|  Distributions to shareholders from return of capital |  |  |  | (0.22) | (0.09) |
|  Total distributions | (0.40) | (0.53) | (0.29) | (0.22) | (0.09) |
|  Net asset value, end of year | $9.45 | $9.36 | $9.34 | $8.98 | $9.11 |
|  **Total return<sup>(b)</sup>** | 5.35% | 6.11% | 7.50% | 0.81% | (1.82)% |
|  Net assets, end of year (in 000s) | $14767 | $9393 | $5855 | $7470 | $22237 |
|  Ratio of net expenses to average net assets | 1.76% | 1.81% | 1.79% | 1.78% | 1.76% |
|  Ratio of total expenses to average net assets | 1.84% | 1.89% | 1.90% | 1.87% | 1.81% |
|  Ratio of net investment income to average net assets | 3.40% | 4.26% | 3.20% | 1.68% | 0.18% |
|  Portfolio turnover rate<sup>(c)</sup> | 1898% | 2379% | 2353% | 1026% | 416% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **139** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  |
|  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.40 | $9.37 | $9.01 | $9.15 | $9.42 |
|  Net investment income<sup>(a)</sup> | 0.43 | 0.50 | 0.39 | 0.27 | 0.12 |
|  Net realized and unrealized gain (loss) | 0.17 | 0.15 | 0.36 | (0.09) | (0.20) |
|  Total from investment operations | 0.60 | 0.65 | 0.75 | 0.18 | (0.08) |
|  Distributions to shareholders from net investment income | (0.51) | (0.62) | (0.39) |  |  |
|  Distributions to shareholders from return of capital |  |  |  | (0.32) | (0.19) |
|  Total distributions | (0.51) | (0.62) | (0.39) | (0.32) | (0.19) |
|  Net asset value, end of year | $9.49 | $9.40 | $9.37 | $9.01 | $9.15 |
|  **Total return<sup>(b)</sup>** | 6.45% | 7.31% | 8.65% | 1.97% | (0.83)% |
|  Net assets, end of year (in 000s) | $915944 | $490690 | $343876 | $310847 | $376645 |
|  Ratio of net expenses to average net assets | 0.68% | 0.73% | 0.71% | 0.70% | 0.68% |
|  Ratio of total expenses to average net assets | 0.76% | 0.81% | 0.82% | 0.79% | 0.74% |
|  Ratio of net investment income to average net assets | 4.47% | 5.35% | 4.29% | 3.04% | 1.28% |
|  Portfolio turnover rate<sup>(c)</sup> | 1898% | 2379% | 2353% | 1026% | 416% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **140** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  |
|  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.40 | $9.37 | $9.01 | $9.14 | $9.42 |
|  Net investment income<sup>(a)</sup> | 0.42 | 0.49 | 0.39 | 0.26 | 0.11 |
|  Net realized and unrealized gain (loss) | 0.17 | 0.16 | 0.36 | (0.08) | (0.21) |
|  Total from investment operations | 0.59 | 0.65 | 0.75 | 0.18 | (0.10) |
|  Distributions to shareholders from net investment income | (0.50) | (0.62) | (0.39) |  |  |
|  Distributions to shareholders from return of capital |  |  |  | (0.31) | (0.18) |
|  Total distributions | (0.50) | (0.62) | (0.39) | (0.31) | (0.18) |
|  Net asset value, end of year | $9.49 | $9.40 | $9.37 | $9.01 | $9.14 |
|  **Total return<sup>(b)</sup>** | 6.38% | 7.12% | 8.68% | 1.78% | (0.90)% |
|  Net assets, end of year (in 000s) | $416835 | $92431 | $23492 | $17221 | $18592 |
|  Ratio of net expenses to average net assets | 0.75% | 0.81% | 0.79% | 0.78% | 0.76% |
|  Ratio of total expenses to average net assets | 0.84% | 0.90% | 0.90% | 0.87% | 0.82% |
|  Ratio of net investment income to average net assets | 4.35% | 5.23% | 4.25% | 2.95% | 1.19% |
|  Portfolio turnover rate<sup>(c)</sup> | 1898% | 2379% | 2353% | 1026% | 416% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **141** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  |
|  | **Class R6 Shares**  | **Class R6 Shares**  | **Class R6 Shares**  | **Class R6 Shares**  | **Class R6 Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.40 | $9.37 | $9.00 | $9.14 | $9.41 |
|  Net investment income<sup>(a)</sup> | 0.43 | 0.51 | 0.39 | 0.27 | 0.14 |
|  Net realized and unrealized gain (loss) | 0.17 | 0.14 | 0.37 | (0.09) | (0.22) |
|  Total from investment operations | 0.60 | 0.65 | 0.76 | 0.18 | (0.08) |
|  Distributions to shareholders from net investment income | (0.51) | (0.62) | (0.39) |  |  |
|  Distributions to shareholders from return of capital |  |  |  | (0.32) | (0.19) |
|  Total distributions | (0.51) | (0.62) | (0.39) | (0.32) | (0.19) |
|  Net asset value, end of year | $9.49 | $9.40 | $9.37 | $9.00 | $9.14 |
|  **Total return<sup>(b)</sup>** | 6.47% | 7.33% | 8.67% | 1.87% | (0.71)% |
|  Net assets, end of year (in 000s) | $58538 | $51010 | $50711 | $17985 | $19883 |
|  Ratio of net expenses to average net assets | 0.67% | 0.72% | 0.70% | 0.69% | 0.67% |
|  Ratio of total expenses to average net assets | 0.76% | 0.80% | 0.81% | 0.78% | 0.73% |
|  Ratio of net investment income to average net assets | 4.50% | 5.38% | 4.30% | 3.06% | 1.47% |
|  Portfolio turnover rate<sup>(c)</sup> | 1898% | 2379% | 2353% | 1026% | 416% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **142** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  |
|  | **Class R Shares**  | **Class R Shares**  | **Class R Shares**  | **Class R Shares**  | **Class R Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.37 | $9.34 | $8.98 | $9.12 | $9.40 |
|  Net investment income<sup>(a)</sup> | 0.37 | 0.45 | 0.34 | 0.22 | 0.07 |
|  Net realized and unrealized gain (loss) | 0.17 | 0.15 | 0.36 | (0.09) | (0.21) |
|  Total from investment operations | 0.54 | 0.60 | 0.70 | 0.13 | (0.14) |
|  Distributions to shareholders from net investment income | (0.45) | (0.57) | (0.34) |  |  |
|  Distributions to shareholders from return of capital |  |  |  | (0.27) | (0.14) |
|  Total distributions | (0.45) | (0.57) | (0.34) | (0.27) | (0.14) |
|  Net asset value, end of year | $9.46 | $9.37 | $9.34 | $8.98 | $9.12 |
|  **Total return<sup>(b)</sup>** | 5.86% | 6.61% | 8.05% | 1.28% | (1.35)% |
|  Net assets, end of year (in 000s) | $3121 | $2935 | $3044 | $2886 | $2520 |
|  Ratio of net expenses to average net assets | 1.26% | 1.31% | 1.29% | 1.28% | 1.26% |
|  Ratio of total expenses to average net assets | 1.35% | 1.39% | 1.40% | 1.37% | 1.32% |
|  Ratio of net investment income to average net assets | 3.91% | 4.79% | 3.70% | 2.51% | 0.70% |
|  Portfolio turnover rate<sup>(c)</sup> | 1898% | 2379% | 2353% | 1026% | 416% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **143** |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  | **Dynamic Bond Fund**  |
|  | **Class P Shares**  | **Class P Shares**  | **Class P Shares**  | **Class P Shares**  | **Class P Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.38 | $9.35 | $8.99 | $9.13 | $9.40 |
|  Net investment income<sup>(a)</sup> | 0.43 | 0.50 | 0.39 | 0.27 | 0.12 |
|  Net realized and unrealized gain (loss) | 0.17 | 0.15 | 0.36 | (0.09) | (0.20) |
|  Total from investment operations | 0.60 | 0.65 | 0.75 | 0.18 | (0.08) |
|  Distributions to shareholders from net investment income | (0.51) | (0.62) | (0.39) |  |  |
|  Distributions to shareholders from return of capital |  |  |  | (0.32) | (0.19) |
|  Total distributions | (0.51) | (0.62) | (0.39) | (0.32) | (0.19) |
|  Net asset value, end of year | $9.47 | $9.38 | $9.35 | $8.99 | $9.13 |
|  **Total return<sup>(b)</sup>** | 6.37% | 7.34% | 8.68% | 1.87% | (0.71)% |
|  Net assets, end of year (in 000s) | $167827 | $152323 | $150478 | $158372 | $221056 |
|  Ratio of net expenses to average net assets | 0.67% | 0.72% | 0.70% | 0.69% | 0.67% |
|  Ratio of total expenses to average net assets | 0.76% | 0.80% | 0.81% | 0.78% | 0.73% |
|  Ratio of net investment income to average net assets | 4.51% | 5.38% | 4.29% | 2.99% | 1.27% |
|  Portfolio turnover rate<sup>(c)</sup> | 1898% | 2379% | 2353% | 1026% | 416% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **144** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  |
|  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $11.30 | $11.38 | $11.20 | $12.00 | $12.73 |
|  Net investment income<sup>(a)</sup> | 0.33 | 0.35 | 0.27 | 0.18 | 0.07 |
|  Net realized and unrealized gain (loss) | 0.04 | 0.12 | 0.19 | (0.75) | (0.65) |
|  Total from investment operations | 0.37 | 0.47 | 0.46 | (0.57) | (0.58) |
|  Distributions to shareholders from net investment income | (0.34) | (0.55) | (0.28) | (0.23) | (0.11) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.04) |
|  Total distributions | (0.34) | (0.55) | (0.28) | (0.23) | (0.15) |
|  Net asset value, end of year | $11.33 | $11.30 | $11.38 | $11.20 | $12.00 |
|  **Total return<sup>(b)</sup>** | 3.20% | 4.37% | 4.15% | (4.72)% | (4.53)% |
|  Net assets, end of year (in 000s) | $21714 | $25402 | $28643 | $36563 | $45557 |
|  Ratio of net expenses to average net assets | 0.87% | 0.91% | 0.92% | 0.91% | 0.94% |
|  Ratio of total expenses to average net assets | 1.11% | 1.12% | 1.12% | 1.19% | 1.16% |
|  Ratio of net investment income to average net assets | 2.88% | 3.07% | 2.43% | 1.56% | 0.56% |
|  Portfolio turnover rate<sup>(c)</sup> | 488% | 540% | 566% | 689% | 461% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **145** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  |
|  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $11.19 | $11.27 | $11.09 | $11.88 | $12.62 |
|  Net investment income (loss)<sup>(a)</sup> | 0.24 | 0.26 | 0.18 | 0.09 | (0.03) |
|  Net realized and unrealized gain (loss) | 0.04 | 0.12 | 0.19 | (0.74) | (0.64) |
|  Total from investment operations | 0.28 | 0.38 | 0.37 | (0.65) | (0.67) |
|  Distributions to shareholders from net investment income | (0.25) | (0.46) | (0.19) | (0.14) | (0.03) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.04) |
|  Total distributions | (0.25) | (0.46) | (0.19) | (0.14) | (0.07) |
|  Net asset value, end of year | $11.22 | $11.19 | $11.27 | $11.09 | $11.88 |
|  **Total return<sup>(b)</sup>** | 2.34% | 3.60% | 3.30% | (5.33)% | (5.28)% |
|  Net assets, end of year (in 000s) | $420 | $590 | $1027 | $1728 | $2938 |
|  Ratio of net expenses to average net assets | 1.62% | 1.66% | 1.67% | 1.66% | 1.70% |
|  Ratio of total expenses to average net assets | 1.86% | 1.87% | 1.87% | 1.94% | 1.91% |
|  Ratio of net investment income (loss) to average net assets | 2.13% | 2.32% | 1.67% | 0.78% | (0.22)% |
|  Portfolio turnover rate<sup>(c)</sup> | 488% | 540% | 566% | 689% | 461% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **146** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  |
|  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $11.28 | $11.36 | $11.18 | $11.97 | $12.70 |
|  Net investment income<sup>(a)</sup> | 0.37 | 0.39 | 0.31 | 0.21 | 0.11 |
|  Net realized and unrealized gain (loss) | 0.04 | 0.11 | 0.18 | (0.74) | (0.65) |
|  Total from investment operations | 0.41 | 0.50 | 0.49 | (0.53) | (0.54) |
|  Distributions to shareholders from net investment income | (0.38) | (0.58) | (0.31) | (0.26) | (0.15) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.04) |
|  Total distributions | (0.38) | (0.58) | (0.31) | (0.26) | (0.19) |
|  Net asset value, end of year | $11.31 | $11.28 | $11.36 | $11.18 | $11.97 |
|  **Total return<sup>(b)</sup>** | 3.54% | 4.71% | 4.48% | (4.43)% | (4.24)% |
|  Net assets, end of year (in 000s) | $250465 | $238055 | $218637 | $206613 | $251099 |
|  Ratio of net expenses to average net assets | 0.54% | 0.58% | 0.61% | 0.60% | 0.63% |
|  Ratio of total expenses to average net assets | 0.78% | 0.79% | 0.79% | 0.86% | 0.83% |
|  Ratio of net investment income to average net assets | 3.21% | 3.40% | 2.76% | 1.87% | 0.87% |
|  Portfolio turnover rate<sup>(c)</sup> | 488% | 540% | 566% | 689% | 461% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **147** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  |
|  | **Service Shares**  | **Service Shares**  | **Service Shares**  | **Service Shares**  | **Service Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $11.22 | $11.30 | $11.12 | $11.91 | $12.63 |
|  Net investment income<sup>(a)</sup> | 0.31 | 0.33 | 0.25 | 0.15 | 0.05 |
|  Net realized and unrealized gain (loss) | 0.03 | 0.12 | 0.18 | (0.73) | (0.65) |
|  Total from investment operations | 0.34 | 0.45 | 0.43 | (0.58) | (0.60) |
|  Distributions to shareholders from net investment income | (0.32) | (0.53) | (0.25) | (0.21) | (0.08) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.04) |
|  Total distributions | (0.32) | (0.53) | (0.25) | (0.21) | (0.12) |
|  Net asset value, end of year | $11.24 | $11.22 | $11.30 | $11.12 | $11.91 |
|  **Total return<sup>(b)</sup>** | 2.97% | 4.20% | 3.88% | (4.87)% | (4.74)% |
|  Net assets, end of year (in 000s) | $763 | $36 | $427 | $491 | $567 |
|  Ratio of net expenses to average net assets | 1.03% | 1.08% | 1.11% | 1.10% | 1.13% |
|  Ratio of total expenses to average net assets | 1.21% | 1.29% | 1.29% | 1.36% | 1.33% |
|  Ratio of net investment income to average net assets | 2.71% | 2.89% | 2.24% | 1.38% | 0.37% |
|  Portfolio turnover rate<sup>(c)</sup> | 488% | 540% | 566% | 689% | 461% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **148** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  |
|  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $11.26 | $11.34 | $11.16 | $11.95 | $12.68 |
|  Net investment income<sup>(a)</sup> | 0.36 | 0.38 | 0.30 | 0.20 | 0.10 |
|  Net realized and unrealized gain (loss) | 0.04 | 0.12 | 0.18 | (0.73) | (0.65) |
|  Total from investment operations | 0.40 | 0.50 | 0.48 | (0.53) | (0.55) |
|  Distributions to shareholders from net investment income | (0.37) | (0.58) | (0.30) | (0.26) | (0.14) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.04) |
|  Total distributions | (0.37) | (0.58) | (0.30) | (0.26) | (0.18) |
|  Net asset value, end of year | $11.29 | $11.26 | $11.34 | $11.16 | $11.95 |
|  **Total return<sup>(b)</sup>** | 3.37% | 4.63% | 4.42% | (4.42)% | (4.31)% |
|  Net assets, end of year (in 000s) | $34052 | $37730 | $35349 | $49849 | $60048 |
|  Ratio of net expenses to average net assets | 0.62% | 0.66% | 0.67% | 0.66% | 0.69% |
|  Ratio of total expenses to average net assets | 0.86% | 0.87% | 0.87% | 0.94% | 0.91% |
|  Ratio of net investment income to average net assets | 3.13% | 3.32% | 2.68% | 1.80% | 0.82% |
|  Portfolio turnover rate<sup>(c)</sup> | 488% | 540% | 566% | 689% | 461% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **149** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  |
|  | **Class R6 Shares**  | **Class R6 Shares**  | **Class R6 Shares**  | **Class R6 Shares**  | **Class R6 Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $11.30 | $11.37 | $11.18 | $11.98 | $12.71 |
|  Net investment income<sup>(a)</sup> | 0.37 | 0.39 | 0.31 | 0.21 | 0.11 |
|  Net realized and unrealized gain (loss) | 0.03 | 0.13 | 0.19 | (0.74) | (0.65) |
|  Total from investment operations | 0.40 | 0.52 | 0.50 | (0.53) | (0.54) |
|  Distributions to shareholders from net investment income | (0.38) | (0.59) | (0.31) | (0.27) | (0.15) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.04) |
|  Total distributions | (0.38) | (0.59) | (0.31) | (0.27) | (0.19) |
|  Net asset value, end of year | $11.32 | $11.30 | $11.37 | $11.18 | $11.98 |
|  **Total return<sup>(b)</sup>** | 3.55% | 4.72% | 4.39% | (4.34)% | (4.23)% |
|  Net assets, end of year (in 000s) | $488306 | $390767 | $363947 | $294104 | $272464 |
|  Ratio of net expenses to average net assets | 0.53% | 0.57% | 0.60% | 0.59% | 0.62% |
|  Ratio of total expenses to average net assets | 0.77% | 0.77% | 0.78% | 0.85% | 0.82% |
|  Ratio of net investment income to average net assets | 3.22% | 3.41% | 2.78% | 1.91% | 0.89% |
|  Portfolio turnover rate<sup>(c)</sup> | 488% | 540% | 566% | 689% | 461% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **150** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  | **Global Core Fixed Income Fund**  |
|  | **Class P Shares**  | **Class P Shares**  | **Class P Shares**  | **Class P Shares**  | **Class P Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $11.30 | $11.38 | $11.19 | $11.99 | $12.72 |
|  Net investment income<sup>(a)</sup> | 0.37 | 0.39 | 0.31 | 0.21 | 0.11 |
|  Net realized and unrealized gain (loss) | 0.04 | 0.12 | 0.19 | (0.74) | (0.65) |
|  Total from investment operations | 0.41 | 0.51 | 0.50 | (0.53) | (0.54) |
|  Distributions to shareholders from net investment income | (0.38) | (0.59) | (0.31) | (0.27) | (0.15) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.04) |
|  Total distributions | (0.38) | (0.59) | (0.31) | (0.27) | (0.19) |
|  Net asset value, end of year | $11.33 | $11.30 | $11.38 | $11.19 | $11.99 |
|  **Total return<sup>(b)</sup>** | 3.55% | 4.72% | 4.48% | (4.33)% | (4.23)% |
|  Net assets, end of year (in 000s) | $5841 | $10293 | $8510 | $7323 | $8160 |
|  Ratio of net expenses to average net assets | 0.53% | 0.57% | 0.60% | 0.59% | 0.62% |
|  Ratio of total expenses to average net assets | 0.77% | 0.77% | 0.78% | 0.85% | 0.82% |
|  Ratio of net investment income to average net assets | 3.22% | 3.41% | 2.78% | 1.89% | 0.88% |
|  Portfolio turnover rate<sup>(c)</sup> | 488% | 540% | 566% | 689% | 461% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **151** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Income Fund**  | **Income Fund**  | **Income Fund**  | **Income Fund**  | **Income Fund**  |
|  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  | **Class A Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.96 | $8.90 | $8.54 | $9.55 | $10.25 |
|  Net investment income<sup>(a)</sup> | 0.49 | 0.49 | 0.48 | 0.42 | 0.32 |
|  Net realized and unrealized gain (loss) | 0.01 | 0.05 | 0.37 | (0.80) | (0.59) |
|  Total from investment operations | 0.50 | 0.54 | 0.85 | (0.38) | (0.27) |
|  Distributions to shareholders from net investment income | (0.44) | (0.48) | (0.44) | (0.62) | (0.34) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.09) |
|  Distributions to shareholders from return of capital |  | — <sup>(b)</sup> | (0.05) | (0.01) |  |
|  Total distributions | (0.44) | (0.48) | (0.49) | (0.63) | (0.43) |
|  Net asset value, end of year | $9.02 | $8.96 | $8.90 | $8.54 | $9.55 |
|  **Total return<sup>(c)</sup>** | 5.62% | 6.16% | 10.29% | (3.85)% | (2.86)% |
|  Net assets, end of year (in 000s) | $1752 | $1508 | $1305 | $598 | $501 |
|  Ratio of net expenses to average net assets | 0.88% | 0.95% | 0.98% | 0.97% | 0.97% |
|  Ratio of total expenses to average net assets | 1.23% | 1.33% | 1.46% | 1.42% | 1.30% |
|  Ratio of net investment income to average net assets | 5.36% | 5.43% | 5.60% | 4.76% | 3.12% |
|  Portfolio turnover rate<sup>(d)</sup> | 427% | 761% | 641% | 469% | 139% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **152** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Income Fund**  | **Income Fund**  | **Income Fund**  | **Income Fund**  | **Income Fund**  |
|  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  | **Class C Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.95 | $8.89 | $8.54 | $9.55 | $10.25 |
|  Net investment income<sup>(a)</sup> | 0.42 | 0.42 | 0.41 | 0.36 | 0.25 |
|  Net realized and unrealized gain (loss) | 0.02 | 0.05 | 0.37 | (0.81) | (0.60) |
|  Total from investment operations | 0.44 | 0.47 | 0.78 | (0.45) | (0.35) |
|  Distributions to shareholders from net investment income | (0.37) | (0.41) | (0.38) | (0.55) | (0.26) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.09) |
|  Distributions to shareholders from return of capital |  | — <sup>(b)</sup> | (0.05) | (0.01) |  |
|  Total distributions | (0.37) | (0.41) | (0.43) | (0.56) | (0.35) |
|  Net asset value, end of year | $9.02 | $8.95 | $8.89 | $8.54 | $9.55 |
|  **Total return<sup>(c)</sup>** | 4.95% | 5.38% | 9.35% | (4.57)% | (3.59)% |
|  Net assets, end of year (in 000s) | $2353 | $1943 | $597 | $328 | $197 |
|  Ratio of net expenses to average net assets | 1.63% | 1.70% | 1.73% | 1.72% | 1.72% |
|  Ratio of total expenses to average net assets | 1.98% | 2.10% | 2.23% | 2.18% | 2.07% |
|  Ratio of net investment income to average net assets | 4.61% | 4.65% | 4.79% | 4.09% | 2.52% |
|  Portfolio turnover rate<sup>(d)</sup> | 427% | 761% | 641% | 469% | 139% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **153** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Income Fund**  | **Income Fund**  | **Income Fund**  | **Income Fund**  | **Income Fund**  |
|  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.95 | $8.89 | $8.54 | $9.55 | $10.25 |
|  Net investment income<sup>(a)</sup> | 0.52 | 0.51 | 0.51 | 0.43 | 0.36 |
|  Net realized and unrealized gain (loss) | 0.02 | 0.06 | 0.36 | (0.78) | (0.60) |
|  Total from investment operations | 0.54 | 0.57 | 0.87 | (0.35) | (0.24) |
|  Distributions to shareholders from net investment income | (0.47) | (0.51) | (0.47) | (0.65) | (0.37) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.09) |
|  Distributions to shareholders from return of capital |  | — <sup>(b)</sup> | (0.05) | (0.01) |  |
|  Total distributions | (0.47) | (0.51) | (0.52) | (0.66) | (0.46) |
|  Net asset value, end of year | $9.02 | $8.95 | $8.89 | $8.54 | $9.55 |
|  **Total return<sup>(c)</sup>** | 6.09% | 6.52% | 10.53% | (3.53)% | (2.54)% |
|  Net assets, end of year (in 000s) | $17101 | $26116 | $14364 | $13094 | $25483 |
|  Ratio of net expenses to average net assets | 0.55% | 0.62% | 0.65% | 0.64% | 0.64% |
|  Ratio of total expenses to average net assets | 0.91% | 1.00% | 1.15% | 1.06% | 0.98% |
|  Ratio of net investment income to average net assets | 5.72% | 5.73% | 5.89% | 4.96% | 3.47% |
|  Portfolio turnover rate<sup>(d)</sup> | 427% | 761% | 641% | 469% | 139% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **154** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Income Fund**  | **Income Fund**  | **Income Fund**  | **Income Fund**  | **Income Fund**  |
|  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.97 | $8.90 | $8.54 | $9.55 | $10.25 |
|  Net investment income<sup>(a)</sup> | 0.51 | 0.51 | 0.51 | 0.44 | 0.35 |
|  Net realized and unrealized gain (loss) | 0.01 | 0.06 | 0.36 | (0.80) | (0.60) |
|  Total from investment operations | 0.52 | 0.57 | 0.87 | (0.36) | (0.25) |
|  Distributions to shareholders from net investment income | (0.46) | (0.50) | (0.46) | (0.64) | (0.36) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.09) |
|  Distributions to shareholders from return of capital |  | — <sup>(b)</sup> | (0.05) | (0.01) |  |
|  Total distributions | (0.46) | (0.50) | (0.51) | (0.65) | (0.45) |
|  Net asset value, end of year | $9.03 | $8.97 | $8.90 | $8.54 | $9.55 |
|  **Total return<sup>(c)</sup>** | 5.87% | 6.55% | 10.56% | (3.61)% | (2.62)% |
|  Net assets, end of year (in 000s) | $26472 | $15161 | $7253 | $268 | $118 |
|  Ratio of net expenses to average net assets | 0.63% | 0.70% | 0.74% | 0.72% | 0.72% |
|  Ratio of total expenses to average net assets | 0.96% | 1.09% | 1.20% | 1.18% | 1.05% |
|  Ratio of net investment income to average net assets | 5.58% | 5.66% | 5.86% | 5.12% | 3.46% |
|  Portfolio turnover rate<sup>(d)</sup> | 427% | 761% | 641% | 469% | 139% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **155** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Income Fund**  | **Income Fund**  | **Income Fund**  | **Income Fund**  | **Income Fund**  |
|  | **Class R6 Shares**  | **Class R6 Shares**  | **Class R6 Shares**  | **Class R6 Shares**  | **Class R6 Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.96 | $8.89 | $8.54 | $9.55 | $10.25 |
|  Net investment income<sup>(a)</sup> | 0.52 | 0.52 | 0.51 | 0.44 | 0.36 |
|  Net realized and unrealized gain (loss) | 0.01 | 0.06 | 0.36 | (0.79) | (0.60) |
|  Total from investment operations | 0.53 | 0.58 | 0.87 | (0.35) | (0.24) |
|  Distributions to shareholders from net investment income | (0.47) | (0.51) | (0.47) | (0.65) | (0.37) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.09) |
|  Distributions to shareholders from return of capital |  | — <sup>(b)</sup> | (0.05) | (0.01) |  |
|  Total distributions | (0.47) | (0.51) | (0.52) | (0.66) | (0.46) |
|  Net asset value, end of year | $9.02 | $8.96 | $8.89 | $8.54 | $9.55 |
|  **Total return<sup>(c)</sup>** | 5.98% | 6.64% | 10.54% | (3.52)% | (2.53)% |
|  Net assets, end of year (in 000s) | $101 | $60 | $56 | $51 | $53 |
|  Ratio of net expenses to average net assets | 0.54% | 0.61% | 0.64% | 0.63% | 0.63% |
|  Ratio of total expenses to average net assets | 0.87% | 0.99% | 1.13% | 1.07% | 0.97% |
|  Ratio of net investment income to average net assets | 5.68% | 5.78% | 5.90% | 5.07% | 3.48% |
|  Portfolio turnover rate<sup>(d)</sup> | 427% | 761% | 641% | 469% | 139% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **156** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Income Fund**  | **Income Fund**  | **Income Fund**  | **Income Fund**  | **Income Fund**  |
|  | **Class P Shares**  | **Class P Shares**  | **Class P Shares**  | **Class P Shares**  | **Class P Shares**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.96 | $8.89 | $8.54 | $9.55 | $10.25 |
|  Net investment income<sup>(a)</sup> | 0.52 | 0.52 | 0.51 | 0.44 | 0.36 |
|  Net realized and unrealized gain (loss) | 0.01 | 0.06 | 0.36 | (0.79) | (0.60) |
|  Total from investment operations | 0.53 | 0.58 | 0.87 | (0.35) | (0.24) |
|  Distributions to shareholders from net investment income | (0.47) | (0.51) | (0.47) | (0.65) | (0.37) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.09) |
|  Distributions to shareholders from return of capital |  | — <sup>(b)</sup> | (0.05) | (0.01) |  |
|  Total distributions | (0.47) | (0.51) | (0.52) | (0.66) | (0.46) |
|  Net asset value, end of year | $9.02 | $8.96 | $8.89 | $8.54 | $9.55 |
|  **Total return<sup>(c)</sup>** | 5.98% | 6.65% | 10.54% | (3.52)% | (2.53)% |
|  Net assets, end of year (in 000s) | $111441 | $93534 | $73551 | $50736 | $73188 |
|  Ratio of net expenses to average net assets | 0.54% | 0.61% | 0.64% | 0.63% | 0.63% |
|  Ratio of total expenses to average net assets | 0.89% | 0.99% | 1.11% | 1.06% | 0.97% |
|  Ratio of net investment income to average net assets | 5.70% | 5.78% | 5.95% | 5.02% | 3.48% |
|  Portfolio turnover rate<sup>(d)</sup> | 427% | 761% | 641% | 469% | 139% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **157** |

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------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1. ORGANIZATION

Goldman Sachs Trust (the "Trust") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund"), along with their corresponding share classes and respective diversification status under the Act:

---

| | | |
|:---|:---|:---|
| **Fund** | **Share Classes Offered** | **Diversified/<br>Non-diversified** |
|  Goldman Sachs Bond Fund and Goldman Sachs Core Fixed Income Fund | A, C, Institutional, Service, Investor, R6, R and P | Diversified |
|  Goldman Sachs Dynamic Bond Fund | A, C, Institutional, Investor, R6, R and P | Diversified |
|  Goldman Sachs Global Core Fixed Income Fund | A, C, Institutional, Service, Investor, R6 and P | Diversified |
|  Goldman Sachs Income Fund | A, C, Institutional, Investor, R6 and P | Diversified |

---

Class A Shares are sold with a front-end sales charge of up to 3.75%. Class C Shares are sold with a contingent deferred sales charge ("CDSC") of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to each of the Bond, Core Fixed Income, Dynamic Bond and Income Funds pursuant to management agreements with the Trust. Goldman Sachs Asset Management International ("GSAMI"), an affiliate of GSAM and Goldman Sachs, serves as investment adviser to the Global Core Fixed Income Fund pursuant to a management agreement with the Trust (the management agreements with GSAM and GSAMI are collectively referred to herein as the "Agreements").

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract's term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. For treasury inflation protected securities ("TIPS"), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**158**

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

&nbsp;&nbsp;&nbsp;&nbsp;C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | **Income Distributions**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**Declared/Paid** | **Capital Gains Distributions**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** <br>**Declared/Paid** |
|  Bond Fund | Daily/Monthly | Annually |
|  Core Fixed Income Fund | Daily/Monthly | Annually |
|  Dynamic Bond Fund | Monthly/Monthly | Annually |
|  Global Core Fixed Income Fund | Daily/Monthly | Annually |
|  Income Fund | Daily/Monthly | Annually |

---

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;F. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the portfolio management team within the Funds' Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment is consistent with that presented within the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**159**

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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 ("Valuation Procedures"), including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated GSAM and GSAMI as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee"). GSAM and GSAMI have day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM and GSAMI regularly perform price verification procedures and issue challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

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

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

Underlying Funds (including Money Market Funds) — Underlying funds ("Underlying Funds") include exchange-traded funds ("ETFs") and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**160**

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds' shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund's accounting policies and investment holdings, please see the Underlying Fund's financial statements at SEC.gov.

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.

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

The Dynamic Bond and 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**161**

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Treasury Inflation Protected Securities — TIPS are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**162**

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**163**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

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

A total return swap is an agreement that gives a Fund the right to receive or pay 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.

&nbsp;&nbsp;&nbsp;&nbsp;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM or GSAMI believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures. GSAM 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.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of March 31, 2026:

#### BOND FUND

---

| | | | |
|:---|:---|:---|:---|
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations | $— | $192338789 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 118251793 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 42871043 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 31506532 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 5393325 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 3445791 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 1234781 |  |
|  Exchange Traded Funds | 534459 |  |  |
|  Investment Company | 1668027 |  |  |
|  **Total** | $33709018 | $363535522 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**164**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| BOND FUND (continued) |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $(33526819) | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $3169857 | $— |
|  Futures Contracts<sup>(a)</sup> | 217378 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | 2781580 |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | 69219 |  |
|  Purchased Option Contracts |  | 2428084 |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217378 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8448740 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $(3012308) | $— |
|  Futures Contracts<sup>(a)</sup> | (2211040) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | (1471861) |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | (34852) |  |
|  Written Option Contracts |  | (2430510) |  |
|  **Total** | $(2211040) | $(6949531) | $— |

---

---

| | | | |
|:---|:---|:---|:---|
|  **CORE FIXED INCOME FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations | $— | $1056157808 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 696997040 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 651944640 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 267792375 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agency Debentures |  | 23544268 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 21734615 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 11254216 |  |
|  Exchange Traded Funds | 3771061 |  |  |
|  Investment Company | 9390139 |  |  |
|  Short-term Investments |  | 38864400 |  |
|  **Total** | $665105840 | $2116344722 | $— |
|  **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $(168736228) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**165**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| CORE FIXED INCOME FUND (continued) | CORE FIXED INCOME FUND (continued) | CORE FIXED INCOME FUND (continued) | CORE FIXED INCOME FUND (continued) |
| Derivative Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $396156 | $— |
|  Futures Contracts<sup>(a)</sup> | 421688 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | 9775199 |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | 334285 |  |
|  Purchased Option Contracts |  | 406674 |  |
|  **Total** | $421688 | $10912314 | $— |
|  **Liabilities** |  |  |  |
|  Futures Contracts<sup>(a)</sup> | $(10316123) | $— | $— |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | (4787656) |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | (156743) |  |
|  Written Option Contracts |  | (967207) |  |
|  **Total** | $(10316123) | $(5911606) | $— |
|  **DYNAMIC BOND FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations | $— | $843245402 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 329074743 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 328081761 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 284605647 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 75866796 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 57283094 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 7236814 |  |
|  Common Stock and/or Other Equity Investments<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe |  |  | 72219 |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 707268 |  |  |
|  Rights |  | 295193 |  |
|  Investment Company | 11043036 |  |  |
|  Short-term Investments |  | 166577415 |  |
|  **Total** | $296355951 | $1807661218 | $72219 |
|  **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded Loan Committment<sup>(a)</sup> | $— | $(32) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts |  | (367833548) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**166**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| DYNAMIC BOND FUND (continued) | DYNAMIC BOND FUND (continued) | DYNAMIC BOND FUND (continued) | DYNAMIC BOND FUND (continued) |
| Derivative Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $36120508 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Futures Contracts<sup>(a)</sup> | 773181 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | 38126198 |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | 136628 |  |
|  Total Return Swap Contracts<sup>(a)</sup> |  | 4667741 |  |
|  Purchased Option Contracts |  | 33036625 |  |
|  **Total** | $773181 | $112087700 | $— |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $(35518728) | $— |
|  Futures Contracts<sup>(a)</sup> | (7712765) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | (20207907) |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | (3401229) |  |
|  Written Option Contracts |  | (33218186) |  |
|  **Total** | $(7712765) | $(92346050) | $— |
|  **GLOBAL CORE FIXED INCOME FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations | $— | $275089991 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations | 200640894 | 69078869 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 188903610 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 83649599 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 13170169 |  |  |
|  Exchange Traded Funds | 310726 |  |  |
|  Investment Company | 8664462 |  |  |
|  **Total** | $222786251 | $616722069 | $— |
|  **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $(16725082) | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $10165005 | $— |
|  Futures Contracts<sup>(a)</sup> | 47527 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | 6153061 |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | 32519 |  |
|  Purchased Option Contracts |  | 249984 |  |
|  **Total** | $47527 | $16600569 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**167**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| GLOBAL CORE FIXED INCOME FUND (continued) | GLOBAL CORE FIXED INCOME FUND (continued) | GLOBAL CORE FIXED INCOME FUND (continued) | GLOBAL CORE FIXED INCOME FUND (continued) |
| Derivative Type | **Level 1** | **Level 2** | **Level 3** |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $(2578425) | $— |
|  Futures Contracts<sup>(a)</sup> | (5043491) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | (3794257) |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | (320276) |  |
|  Written Option Contracts |  | (589460) |  |
|  **Total** | $(5043491) | $(7282418) | $— |
|  **INCOME FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $128908282 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations |  | 14881939 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 9368501 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 6494222 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 5281739 |  |
|  Common Stock and/or Other Equity Investments<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe |  |  | 55615 |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 202471 | 6337 |  |
|  Preferred Stocks |  | 155239 |  |
|  Contingent Value Rights |  | 61309 |  |
|  Rights |  | 49199 |  |
|  Investment Company | 2172 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204643 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165206767 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55615 |
|  **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded Loan Committment<sup>(a)</sup> | $— | $(5) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts |  | (2752695) |  |
| Derivative Type |  |  |  |
|  **Assets<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $69671 | $— |
|  Futures Contracts | 259982 |  |  |
|  Interest Rate Swap Contracts |  | 52915 |  |
|  **Total** | $259982 | $122586 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**168**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| INCOME FUND (continued) |  |  |  |
| Derivative Type | **Level 1** | **Level 2** | **Level 3** |
|  **Liabilities<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $(718946) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Credit Default Swap Contracts |  | (109842) |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(718946) | $(109842) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount shown represents unrealized gain (loss) at period end.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Fund utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of March 31, 2026. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Bond Fund <br> Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Credit | Variation margin on swap contracts | $69219 <sup>(a)</sup> | Payable for unrealized loss on swap contracts; Variation margin on swap contracts | $(34852)<sup>(a)(b)</sup> |
| Currency | Receivable for unrealized gain on forward foreign currency exchange contracts; Purchased options, at value | 5485819 | Payable for unrealized loss on forward foreign currency exchange contracts; Written options, at value | (5177460) |
| Interest rate | Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value | 3111080 <sup>(a)</sup> | Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value | (3948259)<sup>(a)</sup> |
|  **Total** |  | $8666118 |  | $(9160571) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**169**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
|  Credit | Variation margin on swap contracts | $334285 <sup>(a)</sup> | Payable for unrealized loss on swap contracts; Variation margin on swap contracts; | $(156743)<sup>(a)(b)</sup> |
|  Currency | Receivable for unrealized gain on forward foreign currency exchange contracts | 396156 |  |  |
|  Interest rate | Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value | 10603561 <sup>(a)</sup> | Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value | (16070986)<sup>(a)</sup> |
|  **Total** |  | $11334002 |  | $(16227729) |
| Dynamic Bond Fund | Dynamic Bond Fund |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
|  Credit | Variation margin on swap contracts | $136628 <sup>(a)</sup> | Payable for unrealized loss on swap contracts; Variation margin on swap contracts | $(3401229)<sup>(a)(b)</sup> |
|  Currency | Receivable for unrealized gain on forward foreign currency exchange contracts; Purchased options, at value | 67612846 | Payable for unrealized loss on forward foreign currency contracts; Written options, at value | (64885666) |
|  Equity | Receivable for unrealized gain on swap contracts | 4667741 |  |  |
|  Interest rate | Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value | 40443666 <sup>(a)</sup> | Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value | (31771920)<sup>(a)</sup> |
|  **Total** |  | $112860881 |  | $(100058815) |
| Global Core Fixed Income Fund | Global Core Fixed Income Fund |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
|  Credit | Variation margin on swap contracts | $32519 <sup>(a)</sup> | Payable for unrealized loss on swap contracts, Variation margin on swap contracts | $(320276)<sup>(a)(b)</sup> |
|  Currency | Receivable for unrealized gain on forward foreign currency exchange contracts | 10165005 | Payable for unrealized loss on forward foreign currency exchange contracts | (2578425) |
|  Interest rate | Receivable for unrealized gain on swap contracts, Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value | 6450572 <sup>(a)</sup> | Payable for unrealized loss on swap contracts, Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value | (9427208)<sup>(a)(b)</sup> |
|  **Total** |  | $16648096 |  | $(12325909) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**170**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> 4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Income Fund | Income Fund |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
|  Credit |  | $— | Variation margin on swap contracts | $(109842)<sup>(a)</sup> |
|  Currency | Receivable for unrealized gain on forward foreign currency exchange contracts | 69671 |  |  |
|  Interest rate | Variation margin on futures contracts; Variation margin on swap contracts | 312897 <sup>(a)</sup> | Variation margin on futures contracts | (718946)<sup>(a)</sup> |
|  **Total** |  | $382568 |  | $(828788) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes unrealized gain (loss) on futures contracts and centrally cleared swaps described in the Additional Investment Information sections of the Schedules of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Aggregate of amounts include $3,520, $16,622, $89,495 and $18,246 for the Bond, Core Fixed Income, Dynamic Bond and Global Core Fixed Income Funds, respectively, which represents the payments to be made pursuant to bilateral agreements should counterparties exercise their "right to terminate" provisions based on, among others, a Fund's performance, its failure to pay on its obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which a Fund is entitled to a full return.

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended March 31, 2026. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

---

| | | | |
|:---|:---|:---|:---|
| Bond Fund | Bond Fund |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
|  Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $63794 | $95518 |
|  Currency | Net realized gain (loss) from forward foreign currency exchange contracts, purchased options contracts and written options contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts, purchased options contracts and written options contracts | (2060414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11165) |
|  Interest rate | Net realized gain (loss) from futures contracts, swap contracts, purchased options contracts and written options contracts/Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased options contracts and written options contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202699 | (1541880) |
|  **Total** |  | $(793921) | $(1457527) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**171**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> 4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
|  Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $2426154 | $392239 |
|  Currency | Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts | (894960) | 546974 |
|  Interest rate | Net realized gain (loss) from futures contracts, swap contracts, purchased options contracts and written options contracts/Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased options contracts and written options contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238938 | (8553178) |
|  **Total** |  | $2770132 | $(7613965) |
| Dynamic Bond Fund | Dynamic Bond Fund |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
|  Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $5376480 | $(2543108) |
|  Currency | Net realized gain (loss) from forward foreign currency exchange contracts; purchased options contracts and written options contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts; purchased options contracts and written options contracts | (18773712) | (416883) |
|  Equity | Net change in unrealized gain (loss) on swap contracts |  | 5303992 |
|  Interest rate | Net realized gain (loss) from futures contracts, swap contracts, purchased options contracts and written options contracts/Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased options contracts and written options contracts | 6888137 | 6206992 |
|  **Total** |  | $(6509095) | $8550993 |
| Global Core Fixed Income Fund | Global Core Fixed Income Fund |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
|  Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $1039480 | $(177532) |
|  Currency | Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts | (11985907) | 14234469 |
|  Interest rate | Net realized gain (loss) from futures contracts, swap contracts, purchased options contracts and written options contracts/Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased options contracts and written options contracts | 1128108 | (3194752) |
|  **Total** |  | $(9818319) | $10862185 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**172**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> 4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | |
|:---|:---|:---|:---|
| Income Fund | Income Fund |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
|  Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $135545 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112980) |
|  Currency | Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts | (441490) | 236337 |
|  Interest rate | Net realized gain (loss) from futures contracts, and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts | 507834 | (585238) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201889 | $(461881) |

---

For the fiscal year ended March 31, 2026, the relevant values for each derivative type were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** |
|  | **Futures** | **Forward** | **Swap** | **Purchased** | **Purchased** | **Written** | **Written** |
| **Fund** | **Contracts** | **Contracts** | **Agreements** | **Options** | **Swaptions** | **Options** | **Swaptions** |
|  Bond Fund | 1502 | $582762889 | $965096080 | 225517205 | $43525906 | 253372819 | $49344846 |
|  Core Fixed Income Fund | 5873 | 17047456 | 3370512200 |  | 143814826 |  | 162375846 |
|  Dynamic Bond Fund | 10053 | 4937987686 | 11444303035 | 2225271403 | 487414116 | 2462573031 | 564399584 |
|  Global Core Fixed Income Fund | 3132 | 856009889 | 2336986130 |  | 99698295 |  | 114626037 |
|  Income Fund | 549 | 4674883 | 19114843 |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent weighted average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, purchased and written swaptions, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that each Fund held such derivatives during the fiscal year ended March 31, 2026.

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivatives counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives (including forward foreign currency exchange contracts, and certain options and swaps), and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

Collateral and margin requirements differ between exchange traded derivatives and OTC derivatives. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (financial futures contracts, options and centrally cleared swaps) pursuant to governing agreements for those instrument types. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract-specific for OTC derivatives. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Additionally, a Fund may be required to post initial margin to the counterparty, the terms of which would be outlined in the confirmation of the OTC transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**173**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4. INVESTMENTS IN DERIVATIVES (continued)

Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. A Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that GSAM or GSAMI believes to be of good standing and by monitoring the financial stability of those counterparties.

Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractual netting/set-off provisions in the ISDA Master Agreement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of setoff that may be imposed in accordance with a particular jurisdiction's bankruptcy or insolvency laws.

The following tables set forth the Funds' net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of March 31, 2026:

#### Bond Fund

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivative Assets<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** |  | | |
|  | | **Forward** | | | **Forward** | | | **Net Derivative** | **Collateral** | |
|  | **Options** | **Currency** | | | **Currency** | **Options** | | **Asset** | **(Received)** | **Net** |
| **Counterparty** | **Purchased** | **Contracts** | **Total** | **Swaps** | **Contracts** | **Written** | **Total** | **(Liabilities)** | **Pledged<sup>(1)</sup>** | **Amount<sup>(2)</sup>** |
|  Barclays Bank PLC | $19868 | $— | $19868 | $— | $— | $(127863) | $(127863) | $(107995) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(107995) |
|  BNP Paribas SA | 588083 |  | 588083 |  |  | (453786) | (453786) | 134297 |  | 134297 |
|  BofA Securities LLC | 166856 |  | 166856 |  |  | (390490) | (390490) | (223634) |  | (223634) |
|  Citibank NA | 359697 |  | 359697 |  |  | (222328) | (222328) | &nbsp;&nbsp;&nbsp;&nbsp;137369 |  | 137369 |
|  Deutsche Bank AG (London) | 405193 |  | 405193 |  |  | (403120) | (403120) | &nbsp;&nbsp;&nbsp;&nbsp;2073 |  | 2073 |
|  HSBC Bank PLC | 2130 |  | 2130 |  |  | (17129) | (17129) | &nbsp;&nbsp;&nbsp;&nbsp;(14999) |  | (14999) |
|  JPMorgan Securities, Inc. | 368188 | 3169857 | 3538045 |  | (3012308) | (137579) | (3149887) | 388158 |  | 388158 |
|  MS & Co. Int. PLC | 258653 |  | 258653 | (3520) |  | (235671) | (239191) | 19462 | (19462) |  |
|  Royal Bank of Canada (UK) | 56858 |  | 56858 |  |  | (298803) | (298803) | (241945) |  | (241945) |
|  Standard Chartered Bank | 96143 |  | 96143 |  |  | (113377) | (113377) | &nbsp;&nbsp;&nbsp;&nbsp;(17234) |  | (17234) |
|  UBS AG (London) | 106415 |  | 106415 |  |  | (30364) | (30364) | 76051 |  | 76051 |
|  **Total** | $2428084 | $3169857 | $5597941 | $(3520) | $(3012308) | $(2430510) | $(5446338) | $151603 | $(19462) | $132141 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Gross amounts available for offset but not netted in the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts.

#### Dynamic Bond Fund

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivative Assets<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | | | |
|  | | | **Forward** | | | **Forward** | | | **Net Derivative** | **Collateral** | |
|  | **Options** | | **Currency** | | | **Currency** | **Options** | | **Asset** | **(Received)** | **Net** |
| **Counterparty** | **Purchased** | **Swaps** | **Contracts** | **Total** | **Swaps** | **Contracts** | **Written** | **Total** | **(Liabilities)** | **Pledged<sup>(1)</sup>** | **Amount<sup>(2)</sup>** |
|  Barclays Bank PLC | $310028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $310028 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(1854563) | $(1854563) | $(1544535) | $1540000 | $(4535) |
|  BNP Paribas SA | 7948509 |  |  | 7948509 |  |  | (6103720) | (6103720) | 1844789 |  | 1844789 |
|  BofA Securities LLC | 2305337 |  |  | 2305337 |  |  | (5404881) | (5404881) | (3099544) | 890000 | (2209544) |
|  Citibank NA | 6025160 |  |  | 6025160 |  |  | (2956351) | (2956351) | 3068809 | (670000) | 2398809 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**174**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivative Assets<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | | | |
|  | | | **Forward** | | | **Forward** | | | **Net Derivative** | **Collateral** | |
|  | **Options** | | **Currency** | | | **Currency** | **Options** | | **Asset** | **(Received)** | **Net** |
| **Counterparty** | **Purchased** | **Swaps** | **Contracts** | **Total** | **Swaps** | **Contracts** | **Written** | **Total** | **(Liabilities)** | **Pledged<sup>(1)</sup>** | **Amount<sup>(2)</sup>** |
|  Citigroup Global Markets, Inc. | $— | $— | $— | $— | $(18602) | $— | $— | $(18602) | $(18602) | $— | $(18602) |
|  Deutsche Bank AG (London) | 4975365 |  |  | 4975365 |  |  | (5382065) | (5382065) | (406700) | 406700 |  |
|  HSBC Bank PLC | 27947 |  |  | 27947 |  |  | (239488) | (239488) | (211541) |  | (211541) |
|  JPMorgan Securities, Inc. | 5108708 | 4667741 | 36120508 | 45896957 |  | (35518728) | (1919340) | (37438068) | 8458889 | (5620000) | 2838889 |
|  MS & Co. Int. PLC | 2710087 |  |  | 2710087 | (70893) |  | (3316689) | (3387582) | (677495) | 677495 |  |
|  Royal Bank of Canada (UK) | 787137 |  |  | 787137 |  |  | (4027348) | (4027348) | (3240211) |  | (3240211) |
|  Standard Chartered Bank | 1340841 |  |  | 1340841 |  |  | (1571101) | (1571101) | (230260) |  | (230260) |
|  UBS AG (London) | 1497506 |  |  | 1497506 |  |  | (442640) | (442640) | 1054866 |  | 1054866 |
|  **Total** | $33036625 | $4667741 | $36120508 | $73824874 | $(89495) | $(35518728) | $(33218186) | $(68826409) | $4998465 | $(2775805) | $2222660 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Gross amounts available for offset but not netted in the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts.

#### Global Core Fixed Income Fund

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivative Assets<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | | | |
|  | | | **Forward** | | | **Forward** | | | **Net Derivative** | **Collateral** | |
|  | **Options** | | **Currency** | | | **Currency** | **Options** | | **Asset** | **(Received)** | **Net** |
| **Counterparty** | **Purchased** | **Swaps** | **Contracts** | **Total** | **Swaps** | **Contracts** | **Written** | **Total** | **(Liabilities)** | **Pledged<sup>(1)</sup>** | **Amount<sup>(2)</sup>** |
|  Barclays Bank PLC | $47191 | $— | $— | $47191 | $— | $— | $(284281) | $(284281) | $(237090) | $237090 | $— |
|  BNP Paribas SA | 7999 |  |  | 7999 |  |  | (3973) | (3973) | 4026 |  | 4026 |
|  BofA Securities LLC |  |  |  |  |  |  | (84598) | (84598) | (84598) |  | (84598) |
|  Citibank NA | 194794 | 38754 |  | 233548 |  |  |  |  | 233548 |  | 233548 |
|  Deutsche Bank AG (London) |  |  |  |  |  |  | (57781) | (57781) | (57781) |  | (57781) |
|  JPMorgan Securities, Inc. |  |  | 10165005 | 10165005 | (10815) | (2578425) |  | (2589240) | 7575765 |  | 7575765 |
|  MS & Co. Int. PLC |  | 2843 |  | 2843 | (7431) |  | (91875) | (99306) | (96463) | 96463 |  |
|  UBS AG (London) |  |  |  |  |  |  | (66952) | (66952) | (66952) |  | (66952) |
|  **Total** | $249984 | $41597 | $10165005 | $10456586 | $(18246) | $(2578425) | $(589460) | $(3186131) | $7270455 | $333553 | $7604008 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Gross amounts available for offset but not netted in the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**175**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreements, GSAM and GSAMI manage the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM and GSAMI are entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

For the fiscal year ended March 31, 2026, contractual and effective net management fees with GSAM and GSAMI were at the following rates:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | | |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund** | **First<br>$1 billion** | **Next<br>$1 billion** | **Next<br>$3 billion** | **Next<br>$3 billion** | **Over<br>$8 billion** | **Effective Rate** | **Effective Net<br>Management<br>Rate^** |
|  Bond Fund | 0.41% | 0.37% | 0.35% | 0.34% | 0.34% | 0.41% | 0.41% |
|  Core Fixed Income Fund | 0.40 | 0.36 | 0.34 | 0.33 | 0.32 | 0.37 | 0.33<sup>(a)</sup> |
|  Dynamic Bond Fund | 0.60 | 0.54 | 0.51 | 0.50 | 0.49 | 0.59 | 0.57 |
|  Global Core Fixed Income Fund | 0.65 | 0.59 | 0.56 | 0.55 | 0.54 | 0.65 | 0.49<sup>(b)</sup> |
|  Income Fund | 0.55 | 0.50 | 0.47 | 0.46 | 0.45 | 0.55 | 0.50<sup>(c)</sup> |

---

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any.

&nbsp;&nbsp;&nbsp;&nbsp;(a) GSAM agreed to waive a portion of the Management Fee so that the net management fee will not exceed 0.33% as an annual percentage rate of the Fund's average net assets. This management fee waiver arrangement will remain in effect through at least July 29, 2026, and prior to such date, GSAM may not terminate the arrangement without the approval of the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to July 29, 2025, GSAMI agreed to waive a portion of the Management Fee in order to achieve an effective net management fee rate of 0.53% as an annual percentage rate of the average daily net assets of the Fund. Effective July 29, 2025, GSAMI agreed to waive a portion of the Management Fee in order to achieve an effective net management fee rate of 0.48% as an annual percentage rate of the average daily net assets of the Fund. This management fee waiver arrangement will remain in effect through at least July 29, 2026, and prior to such date, GSAMI may not terminate the arrangement without the approval of the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;(c) GSAM agreed to waive a portion of the Management Fee in order to achieve an effective net management fee rate of 0.50% as an annual percentage of the average daily net assets of the Fund. This management fee waiver arrangement will remain in effect through at least July 29, 2026, and prior to such date, GSAM may not terminate the arrangement without the approval of the Board of Trustees.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund (the "Government Money Market Fund"). The Goldman Sachs Bond and Goldman Sachs Core Fixed Income Funds invest in Institutional Shares of the Goldman Sachs Corporate Bond ETF (the "Corporate Bond ETF"). GSAM and GSAMI have agreed to waive a portion of their management fee payable by the Funds in an amount equal to the management fee they earn as investment advisers to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds' investment of cash collateral received in connection with securities lending transactions in the Government Money Market Fund. For the fiscal year ended March 31, 2026, GSAM waived $15,074, $122,154, $194,124 and $7,635 of the management fee for the Bond, Core Fixed Income, Dynamic Bond and Income Funds, respectively. For the fiscal year ended March 31, 2026, GSAMI waived $25,852 of the management fee for the Global Core Fixed Income Fund.

&nbsp;&nbsp;&nbsp;&nbsp;B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the "Distributor"), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**176**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service Plan Rates** | **Distribution and/or Service Plan Rates** | **Distribution and/or Service Plan Rates** | **Distribution and/or Service Plan Rates** |
|  | **Class A\*** | **Class C** | **Service** | **Class R\*** |
|  Distribution and/or Service Plan | 0.25% | 0.75% | 0.25% | 0.50% |

---

\* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on "service fees" imposed by the Financial Industry Regulatory Authority. 

&nbsp;&nbsp;&nbsp;&nbsp;C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares' front end sales charge and Class C Shares' CDSC. During the fiscal year ended March 31, 2026, Goldman Sachs retained the following amounts:

---

| | | |
|:---|:---|:---|
|  | **Front End<br>Sales Charge** | **Contingent Deferred<br>Sales Charge** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | **Class A** | **Class C** |
|  Bond Fund | $2018 | $— |
|  Core Fixed Income Fund | 4393 | 211 |
|  Dynamic Bond Fund | 9517 |  |
|  Global Core Fixed Income Fund | 711 |  |
|  Income Fund | 553 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;D. Service and Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.12% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Expense Agreements and Affiliated Transactions — GSAM and GSAMI have agreed to reduce or limit certain "Other Expenses" of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**177**

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM and GSAMI for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Bond, Core Fixed Income, Dynamic Bond, Global Core Fixed Income and Income Funds are 0.004%, 0.014%, 0.014%, 0.004% and 0.014%, respectively. Prior to July 29, 2025, the Other Expense limitations as an annual percentage rate of average daily net assets for Dynamic Bond Fund was 0.054%. These Other Expense limitations will remain in place through at least July 29, 2026, and prior to such date GSAM and GSAMI may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds' expenses and are received irrespective of the application of the "Other Expense" limitations described above.

Goldman Sachs may voluntarily waive a portion of any payments under a Fund's Distribution and Service Plan, Service Plan and Transfer Agency Agreement, and these waivers are in addition to what is stipulated in any contractual fee waiver arrangements (as applicable). These temporary waivers may be modified or terminated at any time at the option of Goldman Sachs without shareholder approval.

For the fiscal year ended March 31, 2026, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Management<br>Fee Waiver** | **Transfer Agency<br>Waivers/Credits** | **Other**<br> **Expense<br>Reimbursements** | **Total<br>Expense<br>Reductions** |
|  Bond Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15074 | $637 | $870066 | $885777 |
|  Core Fixed Income Fund | 1162001 | 3193 | 563803 | 1728997 |
|  Dynamic Bond Fund | 194124 | 1329 | 904311 | 1099764 |
|  Global Core Fixed Income Fund | 1292094 | 387 | 660481 | 1952962 |
|  Income Fund | 83712 | 117 | 443432 | 527261 |

---

&nbsp;&nbsp;&nbsp;&nbsp;G. Line of Credit Facility — As of March 31, 2026, the Funds participated in a $1,300,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended March 31, 2026, the Funds did not have any borrowings under the facility. Prior to April 14, 2025, the facility was $1,150,000,000. The facility was changed to $1,550,000,000 on April 10, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates — For the fiscal year ended March 31, 2026, Goldman Sachs earned $62,384, $246,198, $587,397 and $28 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Bond, Core Fixed Income, Dynamic Bond and Income Funds, respectively.

As of March 31, 2026, the following Funds were the beneficial owners of 5% or more of total outstanding shares of the following Funds:

---

| | | |
|:---|:---|:---|
| **Fund** | **Goldman Sachs Conservative<br>Allocation Fund** | **Goldman Sachs<br>Moderate Allocation Fund** |
|  Global Core Fixed Income Fund | 28% | 26% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**178**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The following table provides information about the Funds' investments in the Goldman Sachs Corporate Bond ETF and the Goldman Sachs Financial Square Government Fund as of and for the fiscal year ended March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Underlying Fund** | **Beginning Value as of**<br> **March 31,**<br> **2025** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change In<br>Unrealized<br>Gain (Loss)** | **Ending Value as of<br>March 31,<br>2026** | **Shares as of<br>March 31,<br>2026** | **Dividend<br>Income** |
|  Bond Fund | Goldman Sachs<br>Corporate Bond ETF | $— | $540778 | $— | $(6319) | $534459 | 10636 | $583 |
|  | Goldman Sachs<br>Financial Square<br>Government Fund<br>— Institutional<br>Shares | 11551292 | 246239654 | (256122919) |  | 1668027 | 1668027 | 394020 |
|  Core Fixed Income Fund | Goldman Sachs<br>Corporate Bond ETF |  | 3815811 |  | (44750) | 3771061 | 75046 | 4133 |
|  | Goldman Sachs<br>Financial Square<br>Government Fund<br>— Institutional<br>Shares | 78901571 | 1790611108 | (1860122540) |  | 9390139 | 9390139 | 3111878 |
|  Dynamic Bond Fund | Goldman Sachs<br>Financial Square<br>Government Fund<br>— Institutional<br>Shares | 64025049 | 2174900128 | (2227882141) |  | 11043036 | 11043036 | 4935637 |
|  Global Core Fixed Income Fund | Goldman Sachs<br>Financial Square<br>Government Fund<br>— Institutional<br>Shares | 13507177 | 651626051 | (656468766) |  | 8664462 | 8664462 | 621703 |
|  Income Fund | Goldman Sachs<br>Financial Square<br>Government Fund<br>— Institutional<br>Shares | 2582388 | 84216011 | (86796227) |  | 2172 | 2172 | 187282 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**179**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchases of<br>U.S. Government and<br>Agency Obligations** | **Purchases (Excluding<br>U.S. Government and<br>Agency Obligations)** | **Sales and**<br> **Maturities of**<br> **U.S. Government and<br>Agency Obligations** | **Sales and<br>Maturities of (Excluding<br>U.S. Government and<br>Agency Obligations)** |
|  Bond Fund | $3431651398 | $154754856 | $3430470135 | $143400965 |
|  Core Fixed Income Fund | 18153288427 | 919629685 | 18040239340 | 740802761 |
|  Dynamic Bond Fund | 22220519405 | 935968711 | 22038062028 | 446909129 |
|  Global Core Fixed Income Fund | 3170736521 | 336886510 | 3181795355 | 255734295 |
|  Income Fund | 611902471 | 60229440 | 615158309 | 34271325 |

---

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended March 31, 2026 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Bond** | **Core Fixed<br>Income** | **Dynamic Bond** | **Global Core<br>Fixed Income** | **Income** |
|  Distributions paid from: |  |  |  |  |  |
|  Ordinary income | $16316353 | $97883316 | $65617273 | $27031434 | $7887187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $16316353 | $97883316 | $65617273 | $27031434 | $7887187 |
|  Tax return of capital | $— | $160720 | $— | $— | $— |

---

The tax character of distributions paid during the fiscal year ended March 31, 2025 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Bond** | **Core Fixed<br>Income** | **Dynamic Bond** | **Global Core<br>Fixed Income** | **Income** |
|  Distributions paid from: |  |  |  |  |  |
|  Ordinary income | $15942733 | $92978112 | $49574381 | $34294937 | $6682593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $15942733 | $92978112 | $49574381 | $34294937 | $6682593 |
|  Tax return of capital | $— | $— | $— | $— | $35924 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**180**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

7. TAX INFORMATION (continued)

As of March 31, 2026, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Bond** | **Core Fixed<br>Income** | **Dynamic Bond** | **Global Core<br>Fixed Income** | **Income** |
|  Undistributed ordinary income — net | $1513301 | $— | $12629055 | $16912969 | $547433 |
|  Capital loss carryforwards<sup>(1)</sup> : |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | (18805007) | (75624009) | (1176564604) | (25828708) | (592603) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term | (32882431) | (111857087) | (776402410) | (20925067) | (8908102) |
|  Total capital loss carryforwards | (51687438) | (187481096) | (1952967014) | (46753775) | (9500705) |
|  Timing differences (Post October Capital Loss |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferral/Qualified Late Year Ordinary Loss |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferral/Dividends Payable and Straddle Loss Deferrals) | $(3281211) | $(9562693) | $(22285344) | $(4843583) | $(1082713) |
|  Unrealized gains (loss) — net | (3392630) | (59934149) | 7306543 | (16243565) | 236450 |
|  Total accumulated earnings (loss) net | $(56847978) | $(256977938) | $(1955316760) | $(50927954) | $(9799535) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Dynamic Bond, Global Core Fixed Income and Income Funds utilized $2,201,447, $1,616,378 and $260,102, respectively, of capital losses in the current fiscal year.

As of March 31, 2026, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Bond** | **Core Fixed<br>Income** | **Dynamic Bond** | **Global Core<br>Fixed Income** | **Income** |
|  Tax Cost | $402883284 | $2840112933 | $2140267902 | $860485948 | $164812959 |
|  Gross unrealized gain | 3588217 | 18376115 | 30685458 | 9021974 | 3089124 |
|  Gross unrealized loss | (6980847) | (78310264) | (23378915) | (25265539) | (2852674) |
|  Net unrealized gain (loss) | $(3392630) | $(59934149) | $7306543 | $(16243565) | $236450 |

---

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, net mark to market gains/(losses) on foreign currency contracts, and differences in the tax treatment of material modification of debt securities, swap transactions, and market discount accretion and premium amortization.

GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior three years, as applicable) and have concluded that no provision for income tax is required in the Funds' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

8. OTHER RISKS

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

Collateralized Loan Obligations Risk — The Funds may invest in collateralized loan obligations ("CLOs") and other similarly structured investments. A CLO is an asset-backed security whose underlying collateral is a pool of loans, which may include, among others, floating rate and fixed rate senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. In addition to the normal risks associated with loan-and credit-related securities discussed elsewhere in the Prospectus (e.g., loan-related investments risk, interest rate risk and 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**181**

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8. OTHER RISKS (continued)

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.

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

Derivatives Risk — The Funds' use of derivatives and other similar instruments (collectively referred to in this paragraph as "derivatives") may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**182**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8. OTHER RISKS (continued)

increase in interest rates may cause volatility in the market and may decrease the liquidity of a Fund's investments, which would make it harder for the Fund to sell its investments at an advantageous time.

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

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

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 or deteriorating market conditions may cause an increase in loan obligation defaults. With respect to loan participations, a Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if a Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender or counterparty (rather than the borrower), subjecting a Fund to the creditworthiness of that lender as well. Investors in loans, such as a Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, a Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet a Fund's redemption obligations for a period after the sale of the loans, and, as a result, a Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations.

Senior Loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral and have a claim on the assets of the borrower that is senior to that held by subordinated debt holders and stockholders of the borrower. Nevertheless, senior loans may become subordinated to other debt holders and creditors. Senior loans are 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**183**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8. OTHER RISKS (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, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a Fund has unsettled or open transactions defaults.

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 Funds may purchase the securities of issuers that are in default.

Portfolio Turnover Rate Risk — A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Funds and their shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

Short Position Risk — A Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that a Fund may purchase for investment. Taking short positions involves leverage of a Fund's assets and presents various risks, including counterparty risk. If the value of the underlying instrument or market in which a Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested, and may be unlimited. To the extent that a Fund uses the proceeds it receives from a short position to take additional long positions, the risks associated with the short position, including leverage risks, may be heightened, because doing so increases the exposure of a Fund to the markets and therefore could magnify changes to a Fund's NAV.

U.S. Government Securities Risk — The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by the Federal National Mortgage Association ("Fannie Mae"), Federal Home Loan Mortgage Corporation ("Freddie Mac") and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by the Funds may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**184**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

9. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM and GSAMI believe the risk of loss under these arrangements to be remote.

10. OTHER MATTERS

Reorganization – At a meeting held on April 21-22, 2026, the Board of Trustees of Goldman Sachs Trust approved the reorganizations (each, a "Reorganization") of Goldman Sachs Bond Fund and Goldman Sachs Income Fund (each, an "Acquired Fund," and together, the "Acquired Funds") with and into Goldman Sachs Core Plus Bond ETF and Goldman Sachs Income ETF, respectively, each a newly created shell series of Goldman Sachs ETF Trust (each, an "Acquiring Fund"). Accordingly, effective on or about August 7, 2026, shareholders of the Acquired Funds will become shareholders of the corresponding Acquiring Fund; except that (i) Acquired Fund shareholders who do not hold Acquired Fund shares through a brokerage account that can accept Acquiring Fund shares will receive a distribution of cash equal to the net asset value ("NAV") of their Acquired Fund shares; and (ii) Acquired Fund shareholders whose Acquired Fund shares are held through a fund direct individual retirement account will have their shares exchanged for the equivalent share class of Goldman Sachs Financial Square Government Fund equal in value to the NAV of such Acquired Fund shares. Each Reorganization is intended to be a tax-free reorganization for federal income tax purposes.

11. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date of issuance, and GSAM and GSAMI have concluded that there is no impact requiring adjustment or disclosure in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**185**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12. SUMMARY OF SHARE TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Bond Fund** | **Bond Fund** | **Bond Fund** | **Bond Fund** |
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 598582 | $5360966 | 758385 | $6711069 |
|  Reinvestment of distributions | 193433 | 1732109 | 221829 | 1958550 |
|  Shares redeemed | (1851268) | (16573402) | (1134220) | (9969617) |
|  | (1059253) | (9480327) | (154006) | (1299998) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 45443 | 408879 | 95419 | 847698 |
|  Reinvestment of distributions | 8828 | 79023 | 8566 | 75546 |
|  Shares redeemed | (74139) | (664400) | (95569) | (840694) |
|  | (19868) | (176498) | 8416 | 82550 |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 1981900 | 17711395 | 3059716 | 27102136 |
|  Reinvestment of distributions | 424436 | 3801000 | 492362 | 4345796 |
|  Shares redeemed | (3404187) | (30518060) | (4439433) | (39249894) |
|  | (997851) | (9005665) | (887355) | (7801962) |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 2595 | 23288 | 1767 | 15586 |
|  Reinvestment of distributions | 468 | 4177 | 631 | 5575 |
|  Shares redeemed | (9813) | (87791) | (30) | (262) |
|  | (6750) | (60326) | 2368 | 20899 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 574184 | 5076376 | 1029688 | 9099471 |
|  Reinvestment of distributions | 102183 | 911472 | 141381 | 1244245 |
|  Shares redeemed | (1827350) | (16324416) | (1732832) | (15153736) |
|  | (1150983) | (10336568) | (561763) | (4810020) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 2597521 | 23274600 | 2480544 | 21830937 |
|  Reinvestment of distributions | 387660 | 3472444 | 361636 | 3192136 |
|  Shares redeemed | (1720833) | (15305325) | (2486617) | (21899808) |
|  | 1264348 | 11441719 | 355563 | 3123265 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 32479 | 291509 | 76159 | 671066 |
|  Reinvestment of distributions | 12665 | 113408 | 10509 | 92698 |
|  Shares redeemed | (75147) | (675815) | (67746) | (589367) |
|  | (30003) | (270898) | 18922 | 174397 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 4404155 | 39363803 | 3067280 | 27077613 |
|  Reinvestment of distributions | 681355 | 6104915 | 553615 | 4887250 |
|  Shares redeemed | (1498247) | (13411639) | (1556837) | (13701470) |
|  | 3587263 | 32057079 | 2064058 | 18263393 |
|  **NET INCREASE** | 1586903 | $14168516 | 846203 | $7752524 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**186**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Core Fixed Income Fund** | **Core Fixed Income Fund** | **Core Fixed Income Fund** | **Core Fixed Income Fund** |
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 3047077 | $28149695 | 3073603 | $27977324 |
|  Reinvestment of distributions | 526955 | 4871699 | 506110 | 4615609 |
|  Shares redeemed | (2504430) | (23108429) | (2770181) | (25274400) |
|  | 1069602 | 9912965 | 809532 | 7318533 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 144681 | 1338114 | 164969 | 1512267 |
|  Reinvestment of distributions | 23386 | 217293 | 25167 | 230753 |
|  Shares redeemed | (244253) | (2263376) | (214897) | (1968459) |
|  | (76186) | (707969) | (24761) | (225439) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 30799105 | 285998804 | 24926612 | 228647657 |
|  Reinvestment of distributions | 2422150 | 22486449 | 2486251 | 22776643 |
|  Shares redeemed | (28793676) | (265891888) | (23378602) | (214182873) |
|  | 4427579 | 42593365 | 4034261 | 37241427 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 32076 | 302431 | 12233 | 112635 |
|  Reinvestment of distributions | 1189 | 11075 | 582 | 5336 |
|  Shares redeemed | (12504) | (113990) | (9341) | (87574) |
|  | 20761 | 199516 | 3474 | 30397 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 10296032 | 95288718 | 15817037 | 144190160 |
|  Reinvestment of distributions | 1470459 | 13592390 | 1938772 | 17702080 |
|  Shares redeemed | (21155044) | (194005535) | (16435743) | (149608304) |
|  | (9388553) | (85124427) | 1320066 | 12283936 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 12843070 | 117884515 | 7382765 | 67064760 |
|  Reinvestment of distributions | 1119553 | 10410320 | 876093 | 8036123 |
|  Shares redeemed | (6899651) | (63661190) | (4254696) | (39131095) |
|  | 7062972 | 64633645 | 4004162 | 35969788 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 51692 | 477099 | 58495 | 533029 |
|  Reinvestment of distributions | 12129 | 112126 | 12603 | 114970 |
|  Shares redeemed | (77007) | (713737) | (135537) | (1222348) |
|  | (13186) | (124512) | (64439) | (574349) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 24927993 | 231521247 | 33044777 | 303098688 |
|  Reinvestment of distributions | 4883010 | 45410846 | 4165310 | 38230471 |
|  Shares redeemed | (12784235) | (118903595) | (13108687) | (120138539) |
|  | 17026768 | 158028498 | 24101400 | 221190620 |
|  **NET INCREASE** | 20129757 | $189411081 | 34183695 | $313234913 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**187**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Dynamic Bond Fund** | **Dynamic Bond Fund** | **Dynamic Bond Fund** | **Dynamic Bond Fund** |
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 1818191 | $17296038 | 1285320 | $12083844 |
|  Reinvestment of distributions | 462316 | 4386903 | 581942 | 5445118 |
|  Shares redeemed | (1895338) | (18035910) | (2855154) | (26798288) |
|  | 385169 | 3647031 | (987892) | (9269326) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 762611 | 7253506 | 564604 | 5291393 |
|  Reinvestment of distributions | 43501 | 412029 | 32882 | 307022 |
|  Shares redeemed | (246695) | (2347468) | (221320) | (2078030) |
|  | 559417 | 5318067 | 376166 | 3520385 |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 65001330 | 620745055 | 26294179 | 247646648 |
|  Reinvestment of distributions | 3494919 | 33293066 | 2465063 | 23105644 |
|  Shares redeemed | (24199184) | (231414186) | (13262604) | (124814029) |
|  | 44297065 | 422623935 | 15496638 | 145938263 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 38106266 | 365116431 | 8643962 | 81270808 |
|  Reinvestment of distributions | 1222051 | 11671676 | 375555 | 3521455 |
|  Shares redeemed | (5230203) | (50174532) | (1692455) | (15933862) |
|  | 34098114 | 326613575 | 7327062 | 68858401 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 1982787 | 18811176 | 1433060 | 13459888 |
|  Reinvestment of distributions | 82284 | 781325 | 106067 | 993064 |
|  Shares redeemed | (1323262) | (12621694) | (1524077) | (14320911) |
|  | 741809 | 6970807 | 15050 | 132041 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 77082 | 732007 | 52632 | 493611 |
|  Reinvestment of distributions | 15845 | 150023 | 18903 | 176429 |
|  Shares redeemed | (76236) | (725990) | (84057) | (785232) |
|  | 16691 | 156040 | (12522) | (115192) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 5540697 | 53424963 | 883765 | 8320004 |
|  Reinvestment of distributions | 903788 | 8570961 | 1073151 | 10032529 |
|  Shares redeemed | (4958614) | (47050498) | (1808726) | (16966201) |
|  | 1485871 | 14945426 | 148190 | 1386332 |
|  **NET INCREASE** | 81584136 | $780274881 | 22362692 | $210450904 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**188**

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global Core Fixed Income Fund** | **Global Core Fixed Income Fund** | **Global Core Fixed Income Fund** | **Global Core Fixed Income Fund** |
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 260413 | $2974815 | 389620 | $4452378 |
|  Reinvestment of distributions | 53961 | 617400 | 93357 | 1060593 |
|  Shares redeemed | (645585) | (7374896) | (751816) | (8593490) |
|  | (331211) | (3782681) | (268839) | (3080519) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 12319 | 139778 | 19978 | 230866 |
|  Reinvestment of distributions | 1025 | 11595 | 2503 | 28127 |
|  Shares redeemed | (28682) | (325251) | (60859) | (689967) |
|  | (15338) | (173878) | (38378) | (430974) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 4993167 | 57004201 | 5028153 | 57299433 |
|  Reinvestment of distributions | 675503 | 7715729 | 1023565 | 11609979 |
|  Shares redeemed | (4626461) | (52619724) | (4192268) | (47713978) |
|  | 1042209 | 12100206 | 1859450 | 21195434 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 66651 | 750485 | 3780 | 43089 |
|  Reinvestment of distributions | 115 | 1294 | 1496 | 16866 |
|  Shares redeemed | (2096) | (23732) | (39871) | (447432) |
|  | 64670 | 728047 | (34595) | (387477) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 712639 | 8097959 | 1469082 | 16625041 |
|  Reinvestment of distributions | 110132 | 1255171 | 129780 | 1469076 |
|  Shares redeemed | (1157129) | (13219044) | (1364871) | (15477340) |
|  | (334358) | (3865914) | 233991 | 2616777 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 16332648 | 184592236 | 4301514 | 49040637 |
|  Reinvestment of distributions | 1467719 | 16772526 | 1673832 | 18987492 |
|  Shares redeemed | (9222114) | (105518000) | (3417582) | (38563193) |
|  | 8578253 | 95846762 | 2557764 | 29464936 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 31894 | 368311 | 203153 | 2328890 |
|  Reinvestment of distributions | 28469 | 325737 | 44218 | 502362 |
|  Shares redeemed | (455582) | (5201981) | (84490) | (954375) |
|  | (395219) | (4507933) | 162881 | 1876877 |
|  **NET INCREASE** | 8609006 | $96344609 | 4472274 | $51255054 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**189**

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** |
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 98061 | $898947 | 84737 | $761656 |
|  Reinvestment of distributions | 9261 | 84880 | 8919 | 80006 |
|  Shares redeemed | (81419) | (742643) | (72096) | (643952) |
|  | 25903 | 241184 | 21560 | 197710 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 50978 | 463885 | 165357 | 1478911 |
|  Reinvestment of distributions | 10186 | 93338 | 5911 | 53033 |
|  Shares redeemed | (17256) | (157072) | (21381) | (190247) |
|  | 43908 | 400151 | 149887 | 1341697 |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 698077 | 6338638 | 1928644 | 17210994 |
|  Reinvestment of distributions | 127407 | 1166709 | 157302 | 1412459 |
|  Shares redeemed | (1846608) | (16791485) | (783835) | (7042699) |
|  | (1021124) | (9286138) | 1302111 | 11580754 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 2689814 | 24649285 | 1689918 | 15207597 |
|  Reinvestment of distributions | 136318 | 1251592 | 70413 | 632248 |
|  Shares redeemed | (1586075) | (14456689) | (883805) | (7925456) |
|  | 1240057 | 11444188 | 876526 | 7914389 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 12861 | 118536 | 1 | 10 |
|  Reinvestment of distributions | 476 | 4364 | 368 | 3296 |
|  Shares redeemed | (8789) | (80723) |  |  |
|  | 4548 | 42177 | 369 | 3306 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 2726681 | 25027634 | 2649304 | 23735933 |
|  Reinvestment of distributions | 576677 | 5284533 | 506271 | 4537424 |
|  Shares redeemed | (1396060) | (12629077) | (981083) | (8803907) |
|  | 1907298 | 17683090 | 2174492 | 19469450 |
|  **NET INCREASE** | 2200590 | $20524652 | 4524945 | $40507306 |

---

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**190**

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## Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Bond Fund, Goldman Sachs Core Fixed Income Fund, Goldman Sachs Dynamic Bond Fund, Goldman Sachs Global Core Fixed Income Fund and Goldman Sachs Income Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Bond Fund, Goldman Sachs Core Fixed Income Fund, Goldman Sachs Dynamic Bond Fund, Goldman Sachs Global Core Fixed Income Fund and Goldman Sachs Income Fund (five of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the "Funds") as of March 31, 2026, the related statements of operations for the year ended March 31, 2026, the statements of changes in net assets for each of the two years in the period ended March 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2026, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2026 and each of the financial highlights for each of the five years in the period ended March 31, 2026 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian, transfer agent, agent banks and brokers; when replies were not received from agent banks or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

May 22, 2026

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

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**191**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Multi Sector Fixed Income Funds Tax Information (Unaudited)
For the fiscal year ended March 31, 2026, the Bond Fund, Core Fixed Income Fund, Dynamic Bond Fund, Global Core Fixed Income Fund, and Income Fund designate 91.99%, 98.12%, 88.16%, 98.89%, and 100%, respectively, of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends.

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**192**

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![LOGO](g35612g95g95.jpg)

TRUSTEES OFFICERS Gregory G. Weaver, Chair James A. McNamara, President and Principal Executive Cheryl K. Beebe Officer Dwight L. Bush Joseph F. DiMaria, Principal Financial Officer, Principal Kathryn A. Cassidy Accounting Officer and Treasurer John G. Chou Robert Griffith, Secretary Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener Brian J. Wildman\* \*Effective April 1, 2026. GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282© 2026 Goldman Sachs. All rights reserved. MSFIAR-26

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Goldman Sachs Funds Annual Financial Statements March 31, 2026 Short Duration and Government Fixed Income Funds Goldman Sachs Enhanced Income Fund Goldman Sachs Inflation Protected Securities Fund Goldman Sachs Short Duration Bond Fund Goldman Sachs Short Duration Government Fund Goldman Sachs Short-Term Conservative Income Fund Goldman Sachs U.S. Mortgages Fund ![LOGO](g152978g01g01.jpg)

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## Short Duration and Government Fixed Income Funds

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  **[Schedules of Investments](#sdgfi152978_1)** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Enhanced Income Fund](#sdgfi152978_2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Inflation Protected Securities Fund](#sdgfi152978_3) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Short Duration Bond Fund](#sdgfi152978_4) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Short Duration Government Fund](#sdgfi152978_5) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Short-Term Conservative Income Fund](#sdgfi152978_6) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs U.S. Mortgages Fund](#sdgfi152978_7) | 39 |
|  **[Financial Statements](#sdgfi152978_8)** | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#sdgfi152978_9) | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#sdgfi152978_10) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#sdgfi152978_11) | 54 |
|  **[Financial Highlights](#sdgfi152978_12)** | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Enhanced Income Fund](#sdgfi152978_13) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Inflation Protected Securities Fund](#sdgfi152978_14) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Short Duration Bond Fund](#sdgfi152978_15) | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Short Duration Government Fund](#sdgfi152978_16) | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Short-Term Conservative Income Fund](#sdgfi152978_17) | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs U.S. Mortgages Fund](#sdgfi152978_18) | 90 |
|  **[Notes to Financial Statements](#sdgfi152978_19)** | 98 |
|  **[Report of Independent Registered Public Accounting Firm](#sdgfi152978_20)** | 128 |
|  **[Other Information](#sdgfi152978_21)** | 129 |

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GOLDMAN SACHS ENHANCED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – 59.5% | Corporate Obligations – 59.5% | Corporate Obligations – 59.5% | Corporate Obligations – 59.5% |
| Agriculture<sup>(a)</sup> – 0.3% | Agriculture<sup>(a)</sup> – 0.3% | Agriculture<sup>(a)</sup> – 0.3% | Agriculture<sup>(a)</sup> – 0.3% |
| Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
| $1322000 | 4.875% | 02/04/28 | $1333541 |
| Automotive – 3.5% | Automotive – 3.5% | Automotive – 3.5% | Automotive – 3.5% |
| American Honda Finance Corp. <sup>(b)</sup> (Secured Overnight Financing Rate + 0.650%) | American Honda Finance Corp. <sup>(b)</sup> (Secured Overnight Financing Rate + 0.650%) | American Honda Finance Corp. <sup>(b)</sup> (Secured Overnight Financing Rate + 0.650%) | American Honda Finance Corp. <sup>(b)</sup> (Secured Overnight Financing Rate + 0.650%) |
| 4873000 | 4.308 | 11/19/27 | 4853508 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 2491000 | 4.000 <sup>(a)</sup> | 10/06/26 | 2485819 |
| (Secured Overnight Financing Rate + 1.050%) | (Secured Overnight Financing Rate + 1.050%) | (Secured Overnight Financing Rate + 1.050%) | (Secured Overnight Financing Rate + 1.050%) |
| 736000 | 4.718 <sup>(b)</sup> | 07/15/27 | 736493 |
| (Secured Overnight Financing Rate + 1.170%) | (Secured Overnight Financing Rate + 1.170%) | (Secured Overnight Financing Rate + 1.170%) | (Secured Overnight Financing Rate + 1.170%) |
| 3514000 | 4.848 <sup>(b)</sup> | 04/04/28 | 3527740 |
| Hyundai Capital America <sup>(c)</sup> | Hyundai Capital America <sup>(c)</sup> | Hyundai Capital America <sup>(c)</sup> | Hyundai Capital America <sup>(c)</sup> |
| 1228000 | 4.875 | 06/23/27 | 1232887 |
| 2175000 | 4.250 | 01/08/29 | 2151684 |
| (Secured Overnight Financing Rate + 1.040%) | (Secured Overnight Financing Rate + 1.040%) | (Secured Overnight Financing Rate + 1.040%) | (Secured Overnight Financing Rate + 1.040%) |
| 450000 | 4.686 <sup>(b)</sup> | 03/19/27 | 451454 |
| Volkswagen Group of America Finance LLC <sup>(c)</sup> | Volkswagen Group of America Finance LLC <sup>(c)</sup> | Volkswagen Group of America Finance LLC <sup>(c)</sup> | Volkswagen Group of America Finance LLC <sup>(c)</sup> |
| 1469000 | 5.300 | 03/22/27 | 1481119 |
|  |  |  | 16920704 |
| Banks – 22.4% | Banks – 22.4% | Banks – 22.4% | Banks – 22.4% |
| Banco Santander SA <sup>(a)(b)</sup> (1 yr. CMT + 0.900%) | Banco Santander SA <sup>(a)(b)</sup> (1 yr. CMT + 0.900%) | Banco Santander SA <sup>(a)(b)</sup> (1 yr. CMT + 0.900%) | Banco Santander SA <sup>(a)(b)</sup> (1 yr. CMT + 0.900%) |
| 2400000 | 1.722 | 09/14/27 | 2369064 |
| Bank of America Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.830%) | Bank of America Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.830%) | Bank of America Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.830%) | Bank of America Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.830%) |
| 4713000 | 4.979 | 01/24/29 | 4754522 |
| Bank of Montreal <sup>(a)</sup> | Bank of Montreal <sup>(a)</sup> | Bank of Montreal <sup>(a)</sup> | Bank of Montreal <sup>(a)</sup> |
| 4440000 | 4.700 | 09/14/27 | 4463976 |
| Bank of New York Mellon Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.026%) | Bank of New York Mellon Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.026%) | Bank of New York Mellon Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.026%) | Bank of New York Mellon Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.026%) |
| 1910000 | 4.947 | 04/26/27 | 1910630 |
| Bank of Nova Scotia <sup>(b)</sup><br> (Secured Overnight Financing Rate + 0.800%) | Bank of Nova Scotia <sup>(b)</sup><br> (Secured Overnight Financing Rate + 0.800%) | Bank of Nova Scotia <sup>(b)</sup><br> (Secured Overnight Financing Rate + 0.800%) | Bank of Nova Scotia <sup>(b)</sup><br> (Secured Overnight Financing Rate + 0.800%) |
| 622000 | 4.460 | 08/15/27 | 621776 |
| (Secured Overnight Financing Rate + 0.890%) | (Secured Overnight Financing Rate + 0.890%) | (Secured Overnight Financing Rate + 0.890%) | (Secured Overnight Financing Rate + 0.890%) |
| 4565000 | 4.932 <sup>(a)</sup> | 02/14/29 | 4603848 |
| Barclays PLC <sup>(a)(b)</sup><br> (Secured Overnight Financing Rate + 0.930%) | Barclays PLC <sup>(a)(b)</sup><br> (Secured Overnight Financing Rate + 0.930%) | Barclays PLC <sup>(a)(b)</sup><br> (Secured Overnight Financing Rate + 0.930%) | Barclays PLC <sup>(a)(b)</sup><br> (Secured Overnight Financing Rate + 0.930%) |
| 1295000 | 4.219 | 05/24/30 | 1275692 |
| (Secured Overnight Financing Rate + 1.340%) | (Secured Overnight Financing Rate + 1.340%) | (Secured Overnight Financing Rate + 1.340%) | (Secured Overnight Financing Rate + 1.340%) |
| 1380000 | 4.837 | 09/10/28 | 1384940 |
| BNP Paribas SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.228%) | BNP Paribas SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.228%) | BNP Paribas SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.228%) | BNP Paribas SA <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.228%) |
| 4345000 | 2.591 | 01/20/28 | 4278130 |
| BPCE SA | BPCE SA | BPCE SA | BPCE SA |
| 1055000 | 3.250 <sup>(c)</sup> | 01/11/28 | 1033773 |
| (Secured Overnight Financing Rate + 1.087%) | (Secured Overnight Financing Rate + 1.087%) | (Secured Overnight Financing Rate + 1.087%) | (Secured Overnight Financing Rate + 1.087%) |
| 1000000 | 2.045 <sup>(a)(b)</sup> | 10/19/27 | 986120 |
| Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
| 2980000 | 5.615 | 07/17/26 | 2991145 |
| (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) |
| 1265000 | 4.508 <sup>(a)(b)</sup> | 09/11/27 | 1265468 |
| 800000 | 4.579 <sup>(a)(b)</sup> | 09/11/27 | 800688 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| (Secured Overnight Financing Rate + 0.940%) | (Secured Overnight Financing Rate + 0.940%) | (Secured Overnight Financing Rate + 0.940%) | (Secured Overnight Financing Rate + 0.940%) |
| $2456000 | 4.587 %<sup>(b)</sup> | 06/28/27 | $2469115 |
| Citibank NA <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.712%) | Citibank NA <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.712%) | Citibank NA <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.712%) | Citibank NA <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.712%) |
| 2178000 | 4.876 | 11/19/27 | &nbsp;&nbsp;&nbsp;&nbsp;2184904 |
| Citigroup, Inc. <sup>(a)(b)</sup><br> (3 mo. USD Term SOFR + 1.413%) | Citigroup, Inc. <sup>(a)(b)</sup><br> (3 mo. USD Term SOFR + 1.413%) | Citigroup, Inc. <sup>(a)(b)</sup><br> (3 mo. USD Term SOFR + 1.413%) | Citigroup, Inc. <sup>(a)(b)</sup><br> (3 mo. USD Term SOFR + 1.413%) |
| 614000 | 3.520 | 10/27/28 | 604858 |
| (3 mo. USD Term SOFR + 1.652%) | (3 mo. USD Term SOFR + 1.652%) | (3 mo. USD Term SOFR + 1.652%) | (3 mo. USD Term SOFR + 1.652%) |
| 744000 | 3.668 | 07/24/28 | 736262 |
| (Secured Overnight Financing Rate + 0.770%) | (Secured Overnight Financing Rate + 0.770%) | (Secured Overnight Financing Rate + 0.770%) | (Secured Overnight Financing Rate + 0.770%) |
| 4460000 | 1.462 | 06/09/27 | 4433731 |
| Citizens Bank NA <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.700%) | Citizens Bank NA <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.700%) | Citizens Bank NA <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.700%) | Citizens Bank NA <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.700%) |
| 1245000 | 4.192 | 01/29/29 | 1237144 |
| Deutsche Bank AG <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.219%) | Deutsche Bank AG <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.219%) | Deutsche Bank AG <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.219%) | Deutsche Bank AG <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.219%) |
| 2164000 | 2.311 | 11/16/27 | 2134310 |
| Huntington National Bank <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.720%) | Huntington National Bank <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.720%) | Huntington National Bank <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.720%) | Huntington National Bank <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.720%) |
| 817000 | 4.388 | 04/12/28 | 816673 |
| JPMorgan Chase & Co. <sup>(a)(b)</sup><br> (Secured Overnight Financing Rate + 0.800%) | JPMorgan Chase & Co. <sup>(a)(b)</sup><br> (Secured Overnight Financing Rate + 0.800%) | JPMorgan Chase & Co. <sup>(a)(b)</sup><br> (Secured Overnight Financing Rate + 0.800%) | JPMorgan Chase & Co. <sup>(a)(b)</sup><br> (Secured Overnight Financing Rate + 0.800%) |
| 1388000 | 4.915 | 01/24/29 | 1400686 |
| (Secured Overnight Financing Rate + 1.190%) | (Secured Overnight Financing Rate + 1.190%) | (Secured Overnight Financing Rate + 1.190%) | (Secured Overnight Financing Rate + 1.190%) |
| 4303000 | 5.040 | 01/23/28 | 4323870 |
| Macquarie Bank Ltd. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.920%) | Macquarie Bank Ltd. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.920%) | Macquarie Bank Ltd. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.920%) | Macquarie Bank Ltd. <sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.920%) |
| 985000 | 4.600 | 07/02/27 | 990014 |
| Mitsubishi UFJ Financial Group, Inc. <sup>(a)(b)</sup> (1 yr. CMT + 0.750%) | Mitsubishi UFJ Financial Group, Inc. <sup>(a)(b)</sup> (1 yr. CMT + 0.750%) | Mitsubishi UFJ Financial Group, Inc. <sup>(a)(b)</sup> (1 yr. CMT + 0.750%) | Mitsubishi UFJ Financial Group, Inc. <sup>(a)(b)</sup> (1 yr. CMT + 0.750%) |
| 1435000 | 1.538 | 07/20/27 | 1422200 |
| Morgan Stanley <sup>(a)(b)</sup><br> (Secured Overnight Financing Rate + 0.800%) | Morgan Stanley <sup>(a)(b)</sup><br> (Secured Overnight Financing Rate + 0.800%) | Morgan Stanley <sup>(a)(b)</sup><br> (Secured Overnight Financing Rate + 0.800%) | Morgan Stanley <sup>(a)(b)</sup><br> (Secured Overnight Financing Rate + 0.800%) |
| 2890000 | 4.238 | 01/09/30 | 2859944 |
| (Secured Overnight Financing Rate + 0.879%) | (Secured Overnight Financing Rate + 0.879%) | (Secured Overnight Financing Rate + 0.879%) | (Secured Overnight Financing Rate + 0.879%) |
| 2536000 | 1.593 | 05/04/27 | 2529001 |
| (Secured Overnight Financing Rate + 1.000%) | (Secured Overnight Financing Rate + 1.000%) | (Secured Overnight Financing Rate + 1.000%) | (Secured Overnight Financing Rate + 1.000%) |
| 1365000 | 2.475 | 01/21/28 | 1343406 |
| (Secured Overnight Financing Rate + 1.380%) | (Secured Overnight Financing Rate + 1.380%) | (Secured Overnight Financing Rate + 1.380%) | (Secured Overnight Financing Rate + 1.380%) |
| 2820000 | 4.994 | 04/12/29 | 2845690 |
| NatWest Markets PLC <sup>(c)</sup> | NatWest Markets PLC <sup>(c)</sup> | NatWest Markets PLC <sup>(c)</sup> | NatWest Markets PLC <sup>(c)</sup> |
| 571000 | 5.416 | 05/17/27 | 578109 |
| PNC Bank NA <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.630%) | PNC Bank NA <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.630%) | PNC Bank NA <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.630%) | PNC Bank NA <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.630%) |
| 510000 | 4.543 | 05/13/27 | 510005 |
| PNC Financial Services Group, Inc. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.610%) | PNC Financial Services Group, Inc. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.610%) | PNC Financial Services Group, Inc. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.610%) | PNC Financial Services Group, Inc. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.610%) |
| 2150000 | 4.075 | 01/26/29 | 2138175 |
| Royal Bank of Canada <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.790%) | Royal Bank of Canada <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.790%) | Royal Bank of Canada <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.790%) | Royal Bank of Canada <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.790%) |
| 543000 | 5.069 | 07/23/27 | 544015 |
| Santander U.K. Group Holdings PLC <sup>(a)(b)</sup><br> (Secured Overnight Financing Rate + 0.989%) | Santander U.K. Group Holdings PLC <sup>(a)(b)</sup><br> (Secured Overnight Financing Rate + 0.989%) | Santander U.K. Group Holdings PLC <sup>(a)(b)</sup><br> (Secured Overnight Financing Rate + 0.989%) | Santander U.K. Group Holdings PLC <sup>(a)(b)</sup><br> (Secured Overnight Financing Rate + 0.989%) |
| 1127000 | 1.673 | 06/14/27 | 1119967 |
| (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) |
| 2000000 | 2.469 | 01/11/28 | 1966760 |
| Societe Generale SA <sup>(c)</sup> | Societe Generale SA <sup>(c)</sup> | Societe Generale SA <sup>(c)</sup> | Societe Generale SA <sup>(c)</sup> |
| 3611000 | 5.250 | 02/19/27 | 3632883 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>1</sub>

------

GOLDMAN SACHS ENHANCED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| (Secured Overnight Financing Rate + 1.100%) | (Secured Overnight Financing Rate + 1.100%) | (Secured Overnight Financing Rate + 1.100%) | (Secured Overnight Financing Rate + 1.100%) |
| $3367000 | 4.758 %<sup>(b)</sup> | 02/19/27 | $3377438 |
| Standard Chartered Bank <sup>(b)</sup> (Secured Overnight Financing Rate + 0.650%) | Standard Chartered Bank <sup>(b)</sup> (Secured Overnight Financing Rate + 0.650%) | Standard Chartered Bank <sup>(b)</sup> (Secured Overnight Financing Rate + 0.650%) | Standard Chartered Bank <sup>(b)</sup> (Secured Overnight Financing Rate + 0.650%) |
| 2157000 | 4.319 | 10/08/26 | 2159028 |
| Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
| 2255000 | 4.108 | 01/15/29 | 2231954 |
| Sumitomo Mitsui Trust Bank Ltd. <sup>(c)</sup> | Sumitomo Mitsui Trust Bank Ltd. <sup>(c)</sup> | Sumitomo Mitsui Trust Bank Ltd. <sup>(c)</sup> | Sumitomo Mitsui Trust Bank Ltd. <sup>(c)</sup> |
| 2680000 | 5.200 | 03/07/27 | 2701922 |
| 1440000 | 3.950 | 03/05/29 | 1421914 |
| (Secured Overnight Financing Rate + 0.980%) | (Secured Overnight Financing Rate + 0.980%) | (Secured Overnight Financing Rate + 0.980%) | (Secured Overnight Financing Rate + 0.980%) |
| 2594000 | 4.631 <sup>(b)</sup> | 09/10/27 | 2609538 |
| Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
| 1810000 | 4.693 | 09/15/27 | 1820027 |
| 2231000 | 4.861 | 01/31/28 | 2249250 |
| Truist Bank <sup>(a)(b)</sup><br>(Secured Overnight Financing Rate + 0.590%) | Truist Bank <sup>(a)(b)</sup><br>(Secured Overnight Financing Rate + 0.590%) | Truist Bank <sup>(a)(b)</sup><br>(Secured Overnight Financing Rate + 0.590%) | Truist Bank <sup>(a)(b)</sup><br>(Secured Overnight Financing Rate + 0.590%) |
| 3397000 | 4.671 | 05/20/27 | 3396728 |
| (Secured Overnight Financing Rate + 0.662%) | (Secured Overnight Financing Rate + 0.662%) | (Secured Overnight Financing Rate + 0.662%) | (Secured Overnight Financing Rate + 0.662%) |
| 1400000 | 4.144 | 01/27/29 | 1392930 |
| Truist Financial Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.435%) | Truist Financial Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.435%) | Truist Financial Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.435%) | Truist Financial Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.435%) |
| 1380000 | 4.873 | 01/26/29 | 1389108 |
| UBS Group AG <sup>(a)(c)</sup> | UBS Group AG <sup>(a)(c)</sup> | UBS Group AG <sup>(a)(c)</sup> | UBS Group AG <sup>(a)(c)</sup> |
| 1441000 | 4.282 | 01/09/28 | 1435438 |
| (1 yr. CMT + 0.850%) | (1 yr. CMT + 0.850%) | (1 yr. CMT + 0.850%) | (1 yr. CMT + 0.850%) |
| 2500000 | 1.494 <sup>(b)</sup> | 08/10/27 | 2473025 |
| UniCredit SpA <sup>(c)</sup> | UniCredit SpA <sup>(c)</sup> | UniCredit SpA <sup>(c)</sup> | UniCredit SpA <sup>(c)</sup> |
| 3500000 | 4.625 | 04/12/27 | 3504130 |
| Westpac New Zealand Ltd. <sup>(c)</sup> | Westpac New Zealand Ltd. <sup>(c)</sup> | Westpac New Zealand Ltd. <sup>(c)</sup> | Westpac New Zealand Ltd. <sup>(c)</sup> |
| 1175000 | 4.902 | 02/15/28 | 1186797 |
|  |  |  | 108910721 |
| Building Materials<sup>(a)(c)</sup> – 0.1% | Building Materials<sup>(a)(c)</sup> – 0.1% | Building Materials<sup>(a)(c)</sup> – 0.1% | Building Materials<sup>(a)(c)</sup> – 0.1% |
| Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
| 805000 | 4.750 | 01/15/28 | 796805 |
| Commercial Services<sup>(a)</sup> – 1.0% | Commercial Services<sup>(a)</sup> – 1.0% | Commercial Services<sup>(a)</sup> – 1.0% | Commercial Services<sup>(a)</sup> – 1.0% |
| Brink's Co. <sup>(c)</sup> | Brink's Co. <sup>(c)</sup> | Brink's Co. <sup>(c)</sup> | Brink's Co. <sup>(c)</sup> |
| 385000 | 6.500 | 06/15/29 | 390517 |
| Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. |
| 4414000 | 4.750 | 08/09/27 | 4438100 |
|  |  |  | 4828617 |
| Diversified Financial Services – 4.0% | Diversified Financial Services – 4.0% | Diversified Financial Services – 4.0% | Diversified Financial Services – 4.0% |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(a)</sup> | AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(a)</sup> | AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(a)</sup> | AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(a)</sup> |
| 2220000 | 2.450 | 10/29/26 | 2194292 |
| 2329000 | 6.100 | 01/15/27 | 2354759 |
| 2504000 | 3.650 | 07/21/27 | 2478084 |
| 384000 | 4.625 | 10/15/27 | 384518 |
| 1206000 | 5.100 | 01/19/29 | 1221714 |
| 2445000 | 4.125 | 02/28/29 | 2411919 |
| Equitable America Global Funding <sup>(c)</sup> | Equitable America Global Funding <sup>(c)</sup> | Equitable America Global Funding <sup>(c)</sup> | Equitable America Global Funding <sup>(c)</sup> |
| 2289000 | 4.300 | 12/15/28 | 2271123 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) |
| Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. |
| 1655000 | 4.850% | 01/15/27 | 1655596 |
| 3500000 | 4.300 <sup>(a)</sup> | 02/11/27 | 3496885 |
| Macquarie Airfinance Holdings Ltd. <sup>(a)(c)</sup> | Macquarie Airfinance Holdings Ltd. <sup>(a)(c)</sup> | Macquarie Airfinance Holdings Ltd. <sup>(a)(c)</sup> | Macquarie Airfinance Holdings Ltd. <sup>(a)(c)</sup> |
| 110000 | 6.400 | 03/26/29 | 114024 |
| OneMain Finance Corp. <sup>(a)</sup> | OneMain Finance Corp. <sup>(a)</sup> | OneMain Finance Corp. <sup>(a)</sup> | OneMain Finance Corp. <sup>(a)</sup> |
| 760000 | 6.125 | 05/15/30 | 742710 |
|  |  |  | 19325624 |
| Electrical – 5.0% | Electrical – 5.0% | Electrical – 5.0% | Electrical – 5.0% |
| CMS Energy Corp. <sup>(a)</sup> | CMS Energy Corp. <sup>(a)</sup> | CMS Energy Corp. <sup>(a)</sup> | CMS Energy Corp. <sup>(a)</sup> |
| 1477000 | 3.000 | 05/15/26 | 1474135 |
| Dominion Energy, Inc. <sup>(a)</sup> | Dominion Energy, Inc. <sup>(a)</sup> | Dominion Energy, Inc. <sup>(a)</sup> | Dominion Energy, Inc. <sup>(a)</sup> |
| 2025000 | 1.450 | 04/15/26 | 2021861 |
| ENEL Finance International NV <sup>(a)(c)</sup> | ENEL Finance International NV <sup>(a)(c)</sup> | ENEL Finance International NV <sup>(a)(c)</sup> | ENEL Finance International NV <sup>(a)(c)</sup> |
| 2575000 | 1.625 | 07/12/26 | 2552906 |
| ITC Holdings Corp. <sup>(a)</sup> | ITC Holdings Corp. <sup>(a)</sup> | ITC Holdings Corp. <sup>(a)</sup> | ITC Holdings Corp. <sup>(a)</sup> |
| 1086000 | 3.250 | 06/30/26 | 1082872 |
| 2315000 | 4.950 <sup>(c)</sup> | 09/22/27 | 2326205 |
| Monongahela Power Co. <sup>(a)(c)</sup> | Monongahela Power Co. <sup>(a)(c)</sup> | Monongahela Power Co. <sup>(a)(c)</sup> | Monongahela Power Co. <sup>(a)(c)</sup> |
| 1907000 | 3.550 | 05/15/27 | 1888674 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| 2630000 | 4.625 <sup>(a)</sup> | 07/15/27 | 2639599 |
| 7103000 | 4.685 | 09/01/27 | 7138160 |
| Xcel Energy, Inc. <sup>(a)</sup> | Xcel Energy, Inc. <sup>(a)</sup> | Xcel Energy, Inc. <sup>(a)</sup> | Xcel Energy, Inc. <sup>(a)</sup> |
| 3325000 | 1.750 | 03/15/27 | 3241875 |
|  |  |  | 24366287 |
| Electrical Components & Equipment<sup>(a)(c)</sup> – 0.1% | Electrical Components & Equipment<sup>(a)(c)</sup> – 0.1% | Electrical Components & Equipment<sup>(a)(c)</sup> – 0.1% | Electrical Components & Equipment<sup>(a)(c)</sup> – 0.1% |
| WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. |
| 620000 | 6.375 | 03/15/29 | 631086 |
| Electronics<sup>(a)</sup> – 0.1% | Electronics<sup>(a)</sup> – 0.1% | Electronics<sup>(a)</sup> – 0.1% | Electronics<sup>(a)</sup> – 0.1% |
| Amphenol Corp. | Amphenol Corp. | Amphenol Corp. | Amphenol Corp. |
| 750000 | 3.900 | 11/15/28 | 744090 |
| Environmental<sup>(a)</sup> – 1.1% | Environmental<sup>(a)</sup> – 1.1% | Environmental<sup>(a)</sup> – 1.1% | Environmental<sup>(a)</sup> – 1.1% |
| Veralto Corp. | Veralto Corp. | Veralto Corp. | Veralto Corp. |
| 1273000 | 5.500 | 09/18/26 | 1278321 |
| Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. |
| 4050000 | 4.500 | 03/15/28 | 4075232 |
|  |  |  | 5353553 |
| Food & Drug Retailing – 2.3% | Food & Drug Retailing – 2.3% | Food & Drug Retailing – 2.3% | Food & Drug Retailing – 2.3% |
| Campbell's Co. | Campbell's Co. | Campbell's Co. | Campbell's Co. |
| 1580000 | 5.200 | 03/19/27 | 1587584 |
| General Mills, Inc. <sup>(a)</sup> | General Mills, Inc. <sup>(a)</sup> | General Mills, Inc. <sup>(a)</sup> | General Mills, Inc. <sup>(a)</sup> |
| 2550000 | 4.700 | 01/30/27 | 2552856 |
| J.M. Smucker Co. <sup>(a)</sup> | J.M. Smucker Co. <sup>(a)</sup> | J.M. Smucker Co. <sup>(a)</sup> | J.M. Smucker Co. <sup>(a)</sup> |
| 813000 | 5.900 | 11/15/28 | 840886 |
| Mars, Inc. <sup>(a)(c)</sup> | Mars, Inc. <sup>(a)(c)</sup> | Mars, Inc. <sup>(a)(c)</sup> | Mars, Inc. <sup>(a)(c)</sup> |
| 6164000 | 4.600 | 03/01/28 | 6199751 |
|  |  |  | 11181077 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **2** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Gas<sup>(a)</sup> –0.3% | Gas<sup>(a)</sup> –0.3% | Gas<sup>(a)</sup> –0.3% | Gas<sup>(a)</sup> –0.3% |
| Entergy New Orleans LLC | Entergy New Orleans LLC | Entergy New Orleans LLC | Entergy New Orleans LLC |
| $1435000 | 4.000% | 06/01/26 | $1431212 |
| Healthcare Providers & Services<sup>(a)</sup> – 0.9% | Healthcare Providers & Services<sup>(a)</sup> – 0.9% | Healthcare Providers & Services<sup>(a)</sup> – 0.9% | Healthcare Providers & Services<sup>(a)</sup> – 0.9% |
| Augusta SpinCo Corp. | Augusta SpinCo Corp. | Augusta SpinCo Corp. | Augusta SpinCo Corp. |
| 715000 | 4.398 | 03/23/29 | 712969 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 2036000 | 5.250 | 06/15/26 | 2036957 |
| 1500000 | 5.625 | 09/01/28 | 1530390 |
|  |  |  | 4280316 |
| Home Builders<sup>(a)</sup> – 0.3% | Home Builders<sup>(a)</sup> – 0.3% | Home Builders<sup>(a)</sup> – 0.3% | Home Builders<sup>(a)</sup> – 0.3% |
| Lennar Corp. | Lennar Corp. | Lennar Corp. | Lennar Corp. |
| 1308000 | 5.250 | 06/01/26 | 1306143 |
| Insurance – 2.2% | Insurance – 2.2% | Insurance – 2.2% | Insurance – 2.2% |
| Corebridge Financial, Inc. <sup>(a)</sup> | Corebridge Financial, Inc. <sup>(a)</sup> | Corebridge Financial, Inc. <sup>(a)</sup> | Corebridge Financial, Inc. <sup>(a)</sup> |
| 2837000 | 3.650 | 04/05/27 | 2811694 |
| Corebridge Global Funding <sup>(c)</sup> | Corebridge Global Funding <sup>(c)</sup> | Corebridge Global Funding <sup>(c)</sup> | Corebridge Global Funding <sup>(c)</sup> |
| 1385000 | 4.900 | 12/03/29 | 1388740 |
| (Secured Overnight Financing Rate + 1.300%) | (Secured Overnight Financing Rate + 1.300%) | (Secured Overnight Financing Rate + 1.300%) | (Secured Overnight Financing Rate + 1.300%) |
| 2621000 | 4.947 <sup>(b)</sup> | 09/25/26 | 2629492 |
| Jackson National Life Global Funding <sup>(c)</sup> | Jackson National Life Global Funding <sup>(c)</sup> | Jackson National Life Global Funding <sup>(c)</sup> | Jackson National Life Global Funding <sup>(c)</sup> |
| 1239000 | 5.550 | 07/02/27 | 1251080 |
| Met Tower Global Funding <sup>(c)</sup> | Met Tower Global Funding <sup>(c)</sup> | Met Tower Global Funding <sup>(c)</sup> | Met Tower Global Funding <sup>(c)</sup> |
| 2490000 | 4.000 | 01/14/29 | 2461116 |
|  |  |  | 10542122 |
| Internet<sup>(a)</sup> – 1.2% | Internet<sup>(a)</sup> – 1.2% | Internet<sup>(a)</sup> – 1.2% | Internet<sup>(a)</sup> – 1.2% |
| Airbnb, Inc. | Airbnb, Inc. | Airbnb, Inc. | Airbnb, Inc. |
| 705000 | 4.400 | 03/16/29 | 704020 |
| Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. |
| 1275000 | 3.875 | 11/15/28 | 1270996 |
| eBay, Inc. | eBay, Inc. | eBay, Inc. | eBay, Inc. |
| 1550000 | 1.400 | 05/10/26 | 1544885 |
| Prosus NV <sup>(c)</sup> | Prosus NV <sup>(c)</sup> | Prosus NV <sup>(c)</sup> | Prosus NV <sup>(c)</sup> |
| 2260000 | 3.257 | 01/19/27 | 2226100 |
|  |  |  | 5746001 |
| Lodging<sup>(a)</sup> – 0.3% | Lodging<sup>(a)</sup> – 0.3% | Lodging<sup>(a)</sup> – 0.3% | Lodging<sup>(a)</sup> – 0.3% |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
| 1530000 | 5.450 | 09/15/26 | 1535615 |
| Machinery-Diversified<sup>(a)</sup> – 1.1% | Machinery-Diversified<sup>(a)</sup> – 1.1% | Machinery-Diversified<sup>(a)</sup> – 1.1% | Machinery-Diversified<sup>(a)</sup> – 1.1% |
| Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. |
| 5220000 | 5.197 | 06/15/27 | 5266353 |
| Miscellaneous Manufacturing<sup>(a)(c)</sup> – 0.1% | Miscellaneous Manufacturing<sup>(a)(c)</sup> – 0.1% | Miscellaneous Manufacturing<sup>(a)(c)</sup> – 0.1% | Miscellaneous Manufacturing<sup>(a)(c)</sup> – 0.1% |
| Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
| 355000 | 6.125 | 03/15/30 | 362285 |
| Oil Field Services<sup>(a)</sup> – 1.5% | Oil Field Services<sup>(a)</sup> – 1.5% | Oil Field Services<sup>(a)</sup> – 1.5% | Oil Field Services<sup>(a)</sup> – 1.5% |
| Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. | Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. | Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. | Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. |
| 715000 | 4.050 | 03/11/29 | 710817 |
| QatarEnergy <sup>(c)</sup> | QatarEnergy <sup>(c)</sup> | QatarEnergy <sup>(c)</sup> | QatarEnergy <sup>(c)</sup> |
| 2520000 | 1.375 | 09/12/26 | 2481469 |
| SA Global Sukuk Ltd. | SA Global Sukuk Ltd. | SA Global Sukuk Ltd. | SA Global Sukuk Ltd. |
| 2520000 | 1.602 | 06/17/26 | 2503463 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Oil Field Services<sup>(a)</sup> – (continued) | Oil Field Services<sup>(a)</sup> – (continued) | Oil Field Services<sup>(a)</sup> – (continued) | Oil Field Services<sup>(a)</sup> – (continued) |
| Sunoco LP <sup>(c)</sup> | Sunoco LP <sup>(c)</sup> | Sunoco LP <sup>(c)</sup> | Sunoco LP <sup>(c)</sup> |
| 750000 | 7.000% | 05/01/29 | 769350 |
| Sunoco LP/Sunoco Finance Corp. <sup>(c)</sup> | Sunoco LP/Sunoco Finance Corp. <sup>(c)</sup> | Sunoco LP/Sunoco Finance Corp. <sup>(c)</sup> | Sunoco LP/Sunoco Finance Corp. <sup>(c)</sup> |
| 760000 | 7.000 | 09/15/28 | 775390 |
|  |  |  | 7240489 |
| Pharmaceuticals – 1.3% | Pharmaceuticals – 1.3% | Pharmaceuticals – 1.3% | Pharmaceuticals – 1.3% |
| Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. |
| 4792000 | 4.700 | 11/15/26 | 4796313 |
| PRA Health Sciences, Inc. <sup>(a)(c)</sup> | PRA Health Sciences, Inc. <sup>(a)(c)</sup> | PRA Health Sciences, Inc. <sup>(a)(c)</sup> | PRA Health Sciences, Inc. <sup>(a)(c)</sup> |
| 1435000 | 2.875 | 07/15/26 | 1423118 |
|  |  |  | 6219431 |
| Pipelines<sup>(a)</sup> – 1.5% | Pipelines<sup>(a)</sup> – 1.5% | Pipelines<sup>(a)</sup> – 1.5% | Pipelines<sup>(a)</sup> – 1.5% |
| Hess Midstream Operations LP <sup>(c)</sup> | Hess Midstream Operations LP <sup>(c)</sup> | Hess Midstream Operations LP <sup>(c)</sup> | Hess Midstream Operations LP <sup>(c)</sup> |
| 795000 | 5.875 | 03/01/28 | 801233 |
| 300000 | 6.500 | 06/01/29 | 306561 |
| Kinetik Holdings LP <sup>(c)</sup> | Kinetik Holdings LP <sup>(c)</sup> | Kinetik Holdings LP <sup>(c)</sup> | Kinetik Holdings LP <sup>(c)</sup> |
| 705000 | 6.625 | 12/15/28 | 716745 |
| ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
| 2645000 | 4.250 | 09/24/27 | 2638467 |
| Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. |
| 3090000 | 5.300 | 08/15/28 | 3153376 |
|  |  |  | 7616382 |
| Real Estate Investment Trust<sup>(a)</sup> – 0.3% | Real Estate Investment Trust<sup>(a)</sup> – 0.3% | Real Estate Investment Trust<sup>(a)</sup> – 0.3% | Real Estate Investment Trust<sup>(a)</sup> – 0.3% |
| American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
| 1388000 | 2.750 | 01/15/27 | 1370789 |
| Retailing<sup>(a)</sup> – 0.9% | Retailing<sup>(a)</sup> – 0.9% | Retailing<sup>(a)</sup> – 0.9% | Retailing<sup>(a)</sup> – 0.9% |
| 1011778 BC ULC/New Red Finance, Inc. <sup>(c)</sup> | 1011778 BC ULC/New Red Finance, Inc. <sup>(c)</sup> | 1011778 BC ULC/New Red Finance, Inc. <sup>(c)</sup> | 1011778 BC ULC/New Red Finance, Inc. <sup>(c)</sup> |
| 1130000 | 6.125 | 06/15/29 | 1149470 |
| Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. |
| 1535000 | 5.625 | 05/01/27 | 1533342 |
| O'Reilly Automotive, Inc. | O'Reilly Automotive, Inc. | O'Reilly Automotive, Inc. | O'Reilly Automotive, Inc. |
| 1965000 | 5.750 | 11/20/26 | 1979875 |
|  |  |  | 4662687 |
| Semiconductors<sup>(a)</sup> – 1.1% | Semiconductors<sup>(a)</sup> – 1.1% | Semiconductors<sup>(a)</sup> – 1.1% | Semiconductors<sup>(a)</sup> – 1.1% |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 2055000 | 5.050 | 07/12/27 | 2076701 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 2300000 | 4.875 | 02/10/28 | 2315548 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
| 1097000 | 4.400 | 06/01/27 | 1096802 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;5489051 |
| Software – 5.0% | Software – 5.0% | Software – 5.0% | Software – 5.0% |
| Cadence Design Systems, Inc. | Cadence Design Systems, Inc. | Cadence Design Systems, Inc. | Cadence Design Systems, Inc. |
| 520000 | 4.200 | 09/10/27 | 519376 |
| Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. |
| 1977000 | 4.450 | 03/10/28 | 1971227 |
| 1430000 | 4.550 <sup>(a)</sup> | 03/10/29 | 1422993 |
| Oracle Corp. <sup>(a)</sup> | Oracle Corp. <sup>(a)</sup> | Oracle Corp. <sup>(a)</sup> | Oracle Corp. <sup>(a)</sup> |
| 1209000 | 4.800 | 08/03/28 | 1209460 |
| 7515000 | 4.550 | 02/04/29 | 7418432 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>3</sub>

------

GOLDMAN SACHS ENHANCED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Software – (continued) | Software – (continued) | Software – (continued) | Software – (continued) |
| Salesforce, Inc. <sup>(a)</sup> | Salesforce, Inc. <sup>(a)</sup> | Salesforce, Inc. <sup>(a)</sup> | Salesforce, Inc. <sup>(a)</sup> |
| $4062000 | 4.500% | 03/15/28 | $4063178 |
| 6070000 | 4.650 | 03/15/29 | 6081351 |
| Synopsys, Inc. <sup>(a)</sup> | Synopsys, Inc. <sup>(a)</sup> | Synopsys, Inc. <sup>(a)</sup> | Synopsys, Inc. <sup>(a)</sup> |
| 1873000 | 4.650 | 04/01/28 | 1880773 |
|  |  |  | 24566790 |
| Telecommunication Services<sup>(a)</sup> – 0.9% | Telecommunication Services<sup>(a)</sup> – 0.9% | Telecommunication Services<sup>(a)</sup> – 0.9% | Telecommunication Services<sup>(a)</sup> – 0.9% |
| Deutsche Telekom International Finance BV <sup>(c)</sup> | Deutsche Telekom International Finance BV <sup>(c)</sup> | Deutsche Telekom International Finance BV <sup>(c)</sup> | Deutsche Telekom International Finance BV <sup>(c)</sup> |
| 1404000 | 3.600 | 01/19/27 | 1396517 |
| Orange SA <sup>(c)</sup> | Orange SA <sup>(c)</sup> | Orange SA <sup>(c)</sup> | Orange SA <sup>(c)</sup> |
| 1505000 | 4.000 | 01/13/29 | 1489438 |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| 1550000 | 3.750 | 04/15/27 | 1540622 |
|  |  |  | 4426577 |
| Trucking & Leasing<sup>(a)(c)</sup> – 0.7% | Trucking & Leasing<sup>(a)(c)</sup> – 0.7% | Trucking & Leasing<sup>(a)(c)</sup> – 0.7% | Trucking & Leasing<sup>(a)(c)</sup> – 0.7% |
| Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. |
| 2142000 | 5.750 | 05/24/26 | 2143842 |
| 418000 | 1.700 | 06/15/26 | 415446 |
| 705000 | 5.350 | 01/12/27 | 708666 |
|  |  |  | 3267954 |
| **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $289,273,619)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $289,273,619)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $289,273,619)** | $289722302 |
| Asset-Backed Securities<sup>(a)</sup> – 19.3% | Asset-Backed Securities<sup>(a)</sup> – 19.3% | Asset-Backed Securities<sup>(a)</sup> – 19.3% | Asset-Backed Securities<sup>(a)</sup> – 19.3% |
| Automotive – 6.6% | Automotive – 6.6% | Automotive – 6.6% | Automotive – 6.6% |
| Ford Credit Auto Lease Trust Series 2026-A, Class A3 | Ford Credit Auto Lease Trust Series 2026-A, Class A3 | Ford Credit Auto Lease Trust Series 2026-A, Class A3 | Ford Credit Auto Lease Trust Series 2026-A, Class A3 |
| $2675000 | 4.000% | 07/15/29 | $2667621 |
| Ford Credit Auto Owner Trust Series 2025-B, Class A3 | Ford Credit Auto Owner Trust Series 2025-B, Class A3 | Ford Credit Auto Owner Trust Series 2025-B, Class A3 | Ford Credit Auto Owner Trust Series 2025-B, Class A3 |
| 2825000 | 3.910 | 04/15/30 | 2814839 |
| GM Financial Automobile Leasing Trust Series 2026-1, Class A3 | GM Financial Automobile Leasing Trust Series 2026-1, Class A3 | GM Financial Automobile Leasing Trust Series 2026-1, Class A3 | GM Financial Automobile Leasing Trust Series 2026-1, Class A3 |
| 2025000 | 3.880 | 01/22/29 | 2014348 |
| GM Financial Consumer Automobile Receivables Trust Series 2026-1, Class A3 | GM Financial Consumer Automobile Receivables Trust Series 2026-1, Class A3 | GM Financial Consumer Automobile Receivables Trust Series 2026-1, Class A3 | GM Financial Consumer Automobile Receivables Trust Series 2026-1, Class A3 |
| 3000000 | 3.840 | 05/16/31 | 2978166 |
| Hyundai Auto Lease Securitization Trust Series 2024-B, Class A3<sup>(c)</sup> | Hyundai Auto Lease Securitization Trust Series 2024-B, Class A3<sup>(c)</sup> | Hyundai Auto Lease Securitization Trust Series 2024-B, Class A3<sup>(c)</sup> | Hyundai Auto Lease Securitization Trust Series 2024-B, Class A3<sup>(c)</sup> |
| 1296060 | 5.410 | 05/17/27 | 1299054 |
| Hyundai Auto Receivables Trust Series 2022-C, Class A3 | Hyundai Auto Receivables Trust Series 2022-C, Class A3 | Hyundai Auto Receivables Trust Series 2022-C, Class A3 | Hyundai Auto Receivables Trust Series 2022-C, Class A3 |
| 104925 | 5.390 | 06/15/27 | 104974 |
| Hyundai Auto Receivables Trust Series 2024-B, Class A3 | Hyundai Auto Receivables Trust Series 2024-B, Class A3 | Hyundai Auto Receivables Trust Series 2024-B, Class A3 | Hyundai Auto Receivables Trust Series 2024-B, Class A3 |
| 325000 | 4.840 | 03/15/29 | 326968 |
| Mercedes-Benz Auto Lease Trust Series 2026-A, Class A3 | Mercedes-Benz Auto Lease Trust Series 2026-A, Class A3 | Mercedes-Benz Auto Lease Trust Series 2026-A, Class A3 | Mercedes-Benz Auto Lease Trust Series 2026-A, Class A3 |
| 3650000 | 3.930 | 01/15/30 | 3631119 |
| SFS Auto Receivables Securitization Trust Series 2025-3A, Class A3<sup>(c)</sup> | SFS Auto Receivables Securitization Trust Series 2025-3A, Class A3<sup>(c)</sup> | SFS Auto Receivables Securitization Trust Series 2025-3A, Class A3<sup>(c)</sup> | SFS Auto Receivables Securitization Trust Series 2025-3A, Class A3<sup>(c)</sup> |
| 3100000 | 4.120 | 04/21/31 | 3092367 |
| SFS Auto Receivables Securitization Trust Series 2026-1A, Class A3<sup>(c)</sup> | SFS Auto Receivables Securitization Trust Series 2026-1A, Class A3<sup>(c)</sup> | SFS Auto Receivables Securitization Trust Series 2026-1A, Class A3<sup>(c)</sup> | SFS Auto Receivables Securitization Trust Series 2026-1A, Class A3<sup>(c)</sup> |
| 3025000 | 3.960 | 07/21/31 | 3000158 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) |
| Automotive – (continued) | Automotive – (continued) | Automotive – (continued) | Automotive – (continued) |
| Tesla Lease Electric Vehicle Securitization LLC Series 2025-A, Class A2<sup>(c)</sup> | Tesla Lease Electric Vehicle Securitization LLC Series 2025-A, Class A2<sup>(c)</sup> | Tesla Lease Electric Vehicle Securitization LLC Series 2025-A, Class A2<sup>(c)</sup> | Tesla Lease Electric Vehicle Securitization LLC Series 2025-A, Class A2<sup>(c)</sup> |
| $1111060 | 4.140% | 06/20/28 | 1110845 |
| Toyota Auto Receivables Owner Trust Series 2022-D, Class A3 | Toyota Auto Receivables Owner Trust Series 2022-D, Class A3 | Toyota Auto Receivables Owner Trust Series 2022-D, Class A3 | Toyota Auto Receivables Owner Trust Series 2022-D, Class A3 |
| 441069 | 5.300 | 09/15/27 | 442345 |
| Toyota Lease Owner Trust Series 2025-B, Class A3<sup>(c)</sup> | Toyota Lease Owner Trust Series 2025-B, Class A3<sup>(c)</sup> | Toyota Lease Owner Trust Series 2025-B, Class A3<sup>(c)</sup> | Toyota Lease Owner Trust Series 2025-B, Class A3<sup>(c)</sup> |
| 3975000 | 3.960 | 11/20/28 | 3956622 |
| Toyota Lease Owner Trust Series 2026-A, Class A3<sup>(c)</sup> | Toyota Lease Owner Trust Series 2026-A, Class A3<sup>(c)</sup> | Toyota Lease Owner Trust Series 2026-A, Class A3<sup>(c)</sup> | Toyota Lease Owner Trust Series 2026-A, Class A3<sup>(c)</sup> |
| 3725000 | 3.820 | 02/20/29 | 3700758 |
| Volkswagen Auto Loan Enhanced Trust Series 2024-1, Class A2A | Volkswagen Auto Loan Enhanced Trust Series 2024-1, Class A2A | Volkswagen Auto Loan Enhanced Trust Series 2024-1, Class A2A | Volkswagen Auto Loan Enhanced Trust Series 2024-1, Class A2A |
| 860911 | 4.650 | 11/22/27 | 861978 |
|  |  |  | 32002162 |
| Collateralized Loan Obligations<sup>(b)</sup> – 10.7% | Collateralized Loan Obligations<sup>(b)</sup> – 10.7% | Collateralized Loan Obligations<sup>(b)</sup> – 10.7% | Collateralized Loan Obligations<sup>(b)</sup> – 10.7% |
| Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class A1R2<sup>(c)</sup> (3mo. USD Term SOFR + 1.410%) | Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class A1R2<sup>(c)</sup> (3mo. USD Term SOFR + 1.410%) | Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class A1R2<sup>(c)</sup> (3mo. USD Term SOFR + 1.410%) | Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class A1R2<sup>(c)</sup> (3mo. USD Term SOFR + 1.410%) |
| 1300000 | 5.078 | 07/20/38 | 1301082 |
| Anchorage Capital CLO 18 Ltd. Series 2021-18A, Class A1<sup>(c)</sup> (3 mo. USD Term SOFR + 1.412%) | Anchorage Capital CLO 18 Ltd. Series 2021-18A, Class A1<sup>(c)</sup> (3 mo. USD Term SOFR + 1.412%) | Anchorage Capital CLO 18 Ltd. Series 2021-18A, Class A1<sup>(c)</sup> (3 mo. USD Term SOFR + 1.412%) | Anchorage Capital CLO 18 Ltd. Series 2021-18A, Class A1<sup>(c)</sup> (3 mo. USD Term SOFR + 1.412%) |
| 4000000 | 5.084 | 04/15/34 | 3998128 |
| Apidos CLO XXIII Series 2015-23A, Class ARR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.050%) | Apidos CLO XXIII Series 2015-23A, Class ARR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.050%) | Apidos CLO XXIII Series 2015-23A, Class ARR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.050%) | Apidos CLO XXIII Series 2015-23A, Class ARR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.050%) |
| 2181208 | 4.722 | 04/15/33 | 2180200 |
| Bain Capital Credit CLO Ltd. Series 2021-7A, Class A1R<sup>(c)</sup> (3 mo. USD Term SOFR + 0.980%) | Bain Capital Credit CLO Ltd. Series 2021-7A, Class A1R<sup>(c)</sup> (3 mo. USD Term SOFR + 0.980%) | Bain Capital Credit CLO Ltd. Series 2021-7A, Class A1R<sup>(c)</sup> (3 mo. USD Term SOFR + 0.980%) | Bain Capital Credit CLO Ltd. Series 2021-7A, Class A1R<sup>(c)</sup> (3 mo. USD Term SOFR + 0.980%) |
| 5000000 | 4.649 | 01/22/35 | 4988420 |
| Bain Capital Credit CLO Ltd. Series 2020-4A, Class A1RR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.150%) | Bain Capital Credit CLO Ltd. Series 2020-4A, Class A1RR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.150%) | Bain Capital Credit CLO Ltd. Series 2020-4A, Class A1RR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.150%) | Bain Capital Credit CLO Ltd. Series 2020-4A, Class A1RR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.150%) |
| 3000000 | 4.818 | 10/20/36 | 2992233 |
| CarVal CLO XI C Ltd. Series 2024-3A, Class A1<sup>(c)</sup> (3 mo. USD Term SOFR + 1.390%) | CarVal CLO XI C Ltd. Series 2024-3A, Class A1<sup>(c)</sup> (3 mo. USD Term SOFR + 1.390%) | CarVal CLO XI C Ltd. Series 2024-3A, Class A1<sup>(c)</sup> (3 mo. USD Term SOFR + 1.390%) | CarVal CLO XI C Ltd. Series 2024-3A, Class A1<sup>(c)</sup> (3 mo. USD Term SOFR + 1.390%) |
| 1500000 | 5.058 | 10/20/37 | 1500798 |
| CBAM Ltd. Series 2017-2A, Class AR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.452%) | CBAM Ltd. Series 2017-2A, Class AR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.452%) | CBAM Ltd. Series 2017-2A, Class AR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.452%) | CBAM Ltd. Series 2017-2A, Class AR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.452%) |
| 5000000 | 5.119 | 07/17/34 | 5001685 |
| Dunedin Park CLO DAC Series 1X, Class AR (3 mo. EUR EURIBOR + 0.980%) | Dunedin Park CLO DAC Series 1X, Class AR (3 mo. EUR EURIBOR + 0.980%) | Dunedin Park CLO DAC Series 1X, Class AR (3 mo. EUR EURIBOR + 0.980%) | Dunedin Park CLO DAC Series 1X, Class AR (3 mo. EUR EURIBOR + 0.980%) |
| 1900000 | 2.986 | 11/20/34 | 2191767 |
| Fort Greene Park CLO LLC Series 2025-2A, Class AR<sup>(c)</sup> (3 mo. USD Term SOFR + 0.950%) | Fort Greene Park CLO LLC Series 2025-2A, Class AR<sup>(c)</sup> (3 mo. USD Term SOFR + 0.950%) | Fort Greene Park CLO LLC Series 2025-2A, Class AR<sup>(c)</sup> (3 mo. USD Term SOFR + 0.950%) | Fort Greene Park CLO LLC Series 2025-2A, Class AR<sup>(c)</sup> (3 mo. USD Term SOFR + 0.950%) |
| $2100000 | 4.619 | 04/22/34 | 2093731 |
| LCM 36 Ltd. Series 36A, Class A1R<sup>(c)</sup> (3 mo. USD Term SOFR + 1.070%) | LCM 36 Ltd. Series 36A, Class A1R<sup>(c)</sup> (3 mo. USD Term SOFR + 1.070%) | LCM 36 Ltd. Series 36A, Class A1R<sup>(c)</sup> (3 mo. USD Term SOFR + 1.070%) | LCM 36 Ltd. Series 36A, Class A1R<sup>(c)</sup> (3 mo. USD Term SOFR + 1.070%) |
| 4580000 | 4.742 | 01/15/34 | 4568188 |
| Madison Park Funding XXX Ltd. Series 2018-30A, Class A1R<sup>(c)</sup> (3mo. USD Term SOFR + 1.360%) | Madison Park Funding XXX Ltd. Series 2018-30A, Class A1R<sup>(c)</sup> (3mo. USD Term SOFR + 1.360%) | Madison Park Funding XXX Ltd. Series 2018-30A, Class A1R<sup>(c)</sup> (3mo. USD Term SOFR + 1.360%) | Madison Park Funding XXX Ltd. Series 2018-30A, Class A1R<sup>(c)</sup> (3mo. USD Term SOFR + 1.360%) |
| 2750000 | 5.031 | 07/16/37 | 2751727 |
| Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(c)</sup> (3 mo. USD Term SOFR + 1.530%) | Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(c)</sup> (3 mo. USD Term SOFR + 1.530%) | Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(c)</sup> (3 mo. USD Term SOFR + 1.530%) | Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(c)</sup> (3 mo. USD Term SOFR + 1.530%) |
| 1000000 | 5.202 | 04/15/37 | 999149 |
| Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.362%) | Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.362%) | Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.362%) | Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.362%) |
| 2979193 | 5.017 | 05/20/32 | 2977719 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **4** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) |
| Collateralized Loan Obligations<sup>(b)</sup> – (continued) | Collateralized Loan Obligations<sup>(b)</sup> – (continued) | Collateralized Loan Obligations<sup>(b)</sup> – (continued) | Collateralized Loan Obligations<sup>(b)</sup> – (continued) |
| Octagon 54 Ltd. Series 2021-1A, Class A1<sup>(c)</sup> (3 mo. USD Term SOFR + 1.382%) | Octagon 54 Ltd. Series 2021-1A, Class A1<sup>(c)</sup> (3 mo. USD Term SOFR + 1.382%) | Octagon 54 Ltd. Series 2021-1A, Class A1<sup>(c)</sup> (3 mo. USD Term SOFR + 1.382%) | Octagon 54 Ltd. Series 2021-1A, Class A1<sup>(c)</sup> (3 mo. USD Term SOFR + 1.382%) |
| $1000000 | 5.054% | 07/15/34 | $998888 |
| OHA Credit Funding 3 Ltd. Series 2019-3A, Class AR2<sup>(c)</sup> (3 mo. USD Term SOFR + 1.320%) | OHA Credit Funding 3 Ltd. Series 2019-3A, Class AR2<sup>(c)</sup> (3 mo. USD Term SOFR + 1.320%) | OHA Credit Funding 3 Ltd. Series 2019-3A, Class AR2<sup>(c)</sup> (3 mo. USD Term SOFR + 1.320%) | OHA Credit Funding 3 Ltd. Series 2019-3A, Class AR2<sup>(c)</sup> (3 mo. USD Term SOFR + 1.320%) |
| 1500000 | 4.988 | 01/20/38 | 1501049 |
| Pikes Peak CLO 2 Series 2018-2A, Class ARR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.220%) | Pikes Peak CLO 2 Series 2018-2A, Class ARR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.220%) | Pikes Peak CLO 2 Series 2018-2A, Class ARR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.220%) | Pikes Peak CLO 2 Series 2018-2A, Class ARR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.220%) |
| 6700000 | 4.888 | 10/11/34 | 6692838 |
| Wellfleet CLO Ltd. Series 2021-3A, Class AR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.200%) | Wellfleet CLO Ltd. Series 2021-3A, Class AR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.200%) | Wellfleet CLO Ltd. Series 2021-3A, Class AR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.200%) | Wellfleet CLO Ltd. Series 2021-3A, Class AR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.200%) |
| 5000000 | 4.872 | 01/15/35 | 4990980 |
| Zais CLO 15 Ltd. Series 2020-15A, Class A1RR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.490%) | Zais CLO 15 Ltd. Series 2020-15A, Class A1RR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.490%) | Zais CLO 15 Ltd. Series 2020-15A, Class A1RR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.490%) | Zais CLO 15 Ltd. Series 2020-15A, Class A1RR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.490%) |
| 475000 | 5.161 | 07/28/37 | 473357 |
|  |  |  | 52201939 |
| Credit Card – 0.2% | Credit Card – 0.2% | Credit Card – 0.2% | Credit Card – 0.2% |
| Barclays Dryrock Issuance Trust Series 2025-1, Class A | Barclays Dryrock Issuance Trust Series 2025-1, Class A | Barclays Dryrock Issuance Trust Series 2025-1, Class A | Barclays Dryrock Issuance Trust Series 2025-1, Class A |
| 1200000 | 3.970 | 07/15/31 | 1195678 |
| Student Loan<sup>(b)</sup> – 1.8% | Student Loan<sup>(b)</sup> – 1.8% | Student Loan<sup>(b)</sup> – 1.8% | Student Loan<sup>(b)</sup> – 1.8% |
| Access Group, Inc. Series 2013-1, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 0.614%) | Access Group, Inc. Series 2013-1, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 0.614%) | Access Group, Inc. Series 2013-1, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 0.614%) | Access Group, Inc. Series 2013-1, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 0.614%) |
| 149561 | 4.276 | 02/25/36 | 148349 |
| ECMC Group Student Loan Trust Series 2017-1A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 1.314%) | ECMC Group Student Loan Trust Series 2017-1A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 1.314%) | ECMC Group Student Loan Trust Series 2017-1A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 1.314%) | ECMC Group Student Loan Trust Series 2017-1A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 1.314%) |
| 939461 | 4.976 | 12/27/66 | 951159 |
| Elmwood CLO 27 Ltd. Series 2024-3A, Class A<sup>(c)</sup> (3 mo. USD Term SOFR + 1.520%) | Elmwood CLO 27 Ltd. Series 2024-3A, Class A<sup>(c)</sup> (3 mo. USD Term SOFR + 1.520%) | Elmwood CLO 27 Ltd. Series 2024-3A, Class A<sup>(c)</sup> (3 mo. USD Term SOFR + 1.520%) | Elmwood CLO 27 Ltd. Series 2024-3A, Class A<sup>(c)</sup> (3 mo. USD Term SOFR + 1.520%) |
| 1875000 | 5.188 | 04/18/37 | 1875186 |
| Illinois Student Assistance Commission Series 2010-1, Class A3 (3mo. USD Term SOFR + 1.162%) | Illinois Student Assistance Commission Series 2010-1, Class A3 (3mo. USD Term SOFR + 1.162%) | Illinois Student Assistance Commission Series 2010-1, Class A3 (3mo. USD Term SOFR + 1.162%) | Illinois Student Assistance Commission Series 2010-1, Class A3 (3mo. USD Term SOFR + 1.162%) |
| 191657 | 5.049 | 07/25/45 | 191308 |
| Kentucky Higher Education Student Loan Corp. Series 2021-1, Class A1B (1 mo. USD Term SOFR + 0.894%) | Kentucky Higher Education Student Loan Corp. Series 2021-1, Class A1B (1 mo. USD Term SOFR + 0.894%) | Kentucky Higher Education Student Loan Corp. Series 2021-1, Class A1B (1 mo. USD Term SOFR + 0.894%) | Kentucky Higher Education Student Loan Corp. Series 2021-1, Class A1B (1 mo. USD Term SOFR + 0.894%) |
| 451210 | 4.573 | 03/25/51 | 442872 |
| Massachusetts Educational Financing Authority Series 2008-1, Class A1 (3 mo. USD Term SOFR + 1.212%) | Massachusetts Educational Financing Authority Series 2008-1, Class A1 (3 mo. USD Term SOFR + 1.212%) | Massachusetts Educational Financing Authority Series 2008-1, Class A1 (3 mo. USD Term SOFR + 1.212%) | Massachusetts Educational Financing Authority Series 2008-1, Class A1 (3 mo. USD Term SOFR + 1.212%) |
| 59939 | 5.099 | 04/25/38 | 59118 |
| Navient Student Loan Trust Series 2017-2A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 1.164%) | Navient Student Loan Trust Series 2017-2A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 1.164%) | Navient Student Loan Trust Series 2017-2A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 1.164%) | Navient Student Loan Trust Series 2017-2A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 1.164%) |
| 1371604 | 4.826 | 12/27/66 | 1376753 |
| Nelnet Student Loan Trust Series 2012-3A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 0.814%) | Nelnet Student Loan Trust Series 2012-3A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 0.814%) | Nelnet Student Loan Trust Series 2012-3A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 0.814%) | Nelnet Student Loan Trust Series 2012-3A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 0.814%) |
| 904071 | 4.476 | 03/26/40 | 901711 |
| Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R<sup>(c)</sup> (3 mo. USD Term SOFR + 1.530%) | Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R<sup>(c)</sup> (3 mo. USD Term SOFR + 1.530%) | Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R<sup>(c)</sup> (3 mo. USD Term SOFR + 1.530%) | Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R<sup>(c)</sup> (3 mo. USD Term SOFR + 1.530%) |
| 1500000 | 5.198 | 04/20/38 | 1500093 |
| PHEAA Student Loan Trust Series 2014-3A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 0.704%) | PHEAA Student Loan Trust Series 2014-3A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 0.704%) | PHEAA Student Loan Trust Series 2014-3A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 0.704%) | PHEAA Student Loan Trust Series 2014-3A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 0.704%) |
| 1254784 | 4.366 | 08/25/40 | 1242223 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) |
| Student Loan<sup>(b)</sup> – (continued) | Student Loan<sup>(b)</sup> – (continued) | Student Loan<sup>(b)</sup> – (continued) | Student Loan<sup>(b)</sup> – (continued) |
| Rhode Island Student Loan Authority Series 2012-1, Class A1 (1 mo. USD Term SOFR + 1.014%) | Rhode Island Student Loan Authority Series 2012-1, Class A1 (1 mo. USD Term SOFR + 1.014%) | Rhode Island Student Loan Authority Series 2012-1, Class A1 (1 mo. USD Term SOFR + 1.014%) | Rhode Island Student Loan Authority Series 2012-1, Class A1 (1 mo. USD Term SOFR + 1.014%) |
| 155140 | 4.668% | 07/01/31 | $155055 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;8843827 |
| **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $94,293,695)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $94,293,695)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $94,293,695)** | $94243606 |
| Mortgage-Backed Obligations – 5.1% | Mortgage-Backed Obligations – 5.1% | Mortgage-Backed Obligations – 5.1% | Mortgage-Backed Obligations – 5.1% |
| Collateralized Mortgage Obligations – 0.3% | Collateralized Mortgage Obligations – 0.3% | Collateralized Mortgage Obligations – 0.3% | Collateralized Mortgage Obligations – 0.3% |
| Regular Floater<sup>(b)</sup> – 0.2% | Regular Floater<sup>(b)</sup> – 0.2% | Regular Floater<sup>(b)</sup> – 0.2% | Regular Floater<sup>(b)</sup> – 0.2% |
| Federal Home Loan Mortgage Corp. REMICS Series 3371, Class FA (1 mo. USD Term SOFR + 0.714%) | Federal Home Loan Mortgage Corp. REMICS Series 3371, Class FA (1 mo. USD Term SOFR + 0.714%) | Federal Home Loan Mortgage Corp. REMICS Series 3371, Class FA (1 mo. USD Term SOFR + 0.714%) | Federal Home Loan Mortgage Corp. REMICS Series 3371, Class FA (1 mo. USD Term SOFR + 0.714%) |
| $185902 | 4.387 %<sup>(a)</sup> | 09/15/37$| 186053 |
| Federal Home Loan Mortgage Corp. REMICS Series 3545, Class FA (1 mo. USD Term SOFR + 0.964%) | Federal Home Loan Mortgage Corp. REMICS Series 3545, Class FA (1 mo. USD Term SOFR + 0.964%) | Federal Home Loan Mortgage Corp. REMICS Series 3545, Class FA (1 mo. USD Term SOFR + 0.964%) | Federal Home Loan Mortgage Corp. REMICS Series 3545, Class FA (1 mo. USD Term SOFR + 0.964%) |
| 22959 | 4.637 | 06/15/39 | 23130 |
| Federal Home Loan Mortgage Corp. REMICS Series 3374, Class FT (1 mo. USD Term SOFR + 0.414%) | Federal Home Loan Mortgage Corp. REMICS Series 3374, Class FT (1 mo. USD Term SOFR + 0.414%) | Federal Home Loan Mortgage Corp. REMICS Series 3374, Class FT (1 mo. USD Term SOFR + 0.414%) | Federal Home Loan Mortgage Corp. REMICS Series 3374, Class FT (1 mo. USD Term SOFR + 0.414%) |
| 28336 | 4.087 | 04/15/37 | 27650 |
| Federal Home Loan Mortgage Corp. STRIPS Series 237, Class F23 (1 mo. USD Term SOFR + 0.514%) | Federal Home Loan Mortgage Corp. STRIPS Series 237, Class F23 (1 mo. USD Term SOFR + 0.514%) | Federal Home Loan Mortgage Corp. STRIPS Series 237, Class F23 (1 mo. USD Term SOFR + 0.514%) | Federal Home Loan Mortgage Corp. STRIPS Series 237, Class F23 (1 mo. USD Term SOFR + 0.514%) |
| 60444 | 4.187 | 05/15/36 | 60062 |
| Federal National Mortgage Association REMICS Series 2013-96, Class FW (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2013-96, Class FW (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2013-96, Class FW (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2013-96, Class FW (1 mo. USD Term SOFR + 0.514%) |
| 30638 | 4.176 | 09/25/43 | 30456 |
| Federal National Mortgage Association REMICS Series 2006-72, Class XF (1 mo. USD Term SOFR + 0.614%) | Federal National Mortgage Association REMICS Series 2006-72, Class XF (1 mo. USD Term SOFR + 0.614%) | Federal National Mortgage Association REMICS Series 2006-72, Class XF (1 mo. USD Term SOFR + 0.614%) | Federal National Mortgage Association REMICS Series 2006-72, Class XF (1 mo. USD Term SOFR + 0.614%) |
| 103713 | 4.276 | 08/25/36 | 103558 |
| Federal National Mortgage Association REMICS Series 2009-75, Class MF (1 mo. USD Term SOFR + 1.264%) | Federal National Mortgage Association REMICS Series 2009-75, Class MF (1 mo. USD Term SOFR + 1.264%) | Federal National Mortgage Association REMICS Series 2009-75, Class MF (1 mo. USD Term SOFR + 1.264%) | Federal National Mortgage Association REMICS Series 2009-75, Class MF (1 mo. USD Term SOFR + 1.264%) |
| 166411 | 4.926 | 09/25/39 | 169542 |
| Federal National Mortgage Association REMICS Series 2008-22, Class FD (1 mo. USD Term SOFR + 0.954%) | Federal National Mortgage Association REMICS Series 2008-22, Class FD (1 mo. USD Term SOFR + 0.954%) | Federal National Mortgage Association REMICS Series 2008-22, Class FD (1 mo. USD Term SOFR + 0.954%) | Federal National Mortgage Association REMICS Series 2008-22, Class FD (1 mo. USD Term SOFR + 0.954%) |
| 119846 | 4.616 | 04/25/48 | 120593 |
|  |  |  | 721044 |
| Sequential Fixed Rate – 0.0% | Sequential Fixed Rate – 0.0% | Sequential Fixed Rate – 0.0% | Sequential Fixed Rate – 0.0% |
| Federal Home Loan Mortgage Corp. REMICS Series 4248, Class LM | Federal Home Loan Mortgage Corp. REMICS Series 4248, Class LM | Federal Home Loan Mortgage Corp. REMICS Series 4248, Class LM | Federal Home Loan Mortgage Corp. REMICS Series 4248, Class LM |
| 127174 | 6.500 | 05/15/41 | 132770 |
| Sequential Floating Rate<sup>(a)(b)(c)</sup> – 0.1% | Sequential Floating Rate<sup>(a)(b)(c)</sup> – 0.1% | Sequential Floating Rate<sup>(a)(b)(c)</sup> – 0.1% | Sequential Floating Rate<sup>(a)(b)(c)</sup> – 0.1% |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) |
| 437586 | 5.312 | 12/25/41 | 437989 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) |
| 28363 | 5.562 | 04/25/42 | 28391 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>5</sub>

------

GOLDMAN SACHS ENHANCED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate<sup>(a)(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(a)(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(a)(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(a)(b)(c)</sup> – (continued) |
| Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 |
| $141912 | 2.824% | 11/25/66 | $129263 |
|  |  |  | 595643 |
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | 1449457 |
| Commercial Mortgage-Backed Securities – 4.0% | Commercial Mortgage-Backed Securities – 4.0% | Commercial Mortgage-Backed Securities – 4.0% | Commercial Mortgage-Backed Securities – 4.0% |
| Sequential Fixed Rate<sup>(a)</sup> – 2.0% | Sequential Fixed Rate<sup>(a)</sup> – 2.0% | Sequential Fixed Rate<sup>(a)</sup> – 2.0% | Sequential Fixed Rate<sup>(a)</sup> – 2.0% |
| Bank Series 2019-BN17, Class A4 | Bank Series 2019-BN17, Class A4 | Bank Series 2019-BN17, Class A4 | Bank Series 2019-BN17, Class A4 |
| $1450000 | 3.714% | 04/15/52 | $1418015 |
| Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 |
| 1000000 | 5.893 | 11/15/57 | 1038470 |
| Bank5 Series 2025-5YR17, Class A3 | Bank5 Series 2025-5YR17, Class A3 | Bank5 Series 2025-5YR17, Class A3 | Bank5 Series 2025-5YR17, Class A3 |
| 1750000 | 5.225 | 11/15/58 | 1784889 |
| Bank5 Series 2025-5YR19, Class A3 | Bank5 Series 2025-5YR19, Class A3 | Bank5 Series 2025-5YR19, Class A3 | Bank5 Series 2025-5YR19, Class A3 |
| 1200000 | 5.270 | 12/15/58 | 1225454 |
| Benchmark Mortgage Trust Series 2024-V5, Class A3 | Benchmark Mortgage Trust Series 2024-V5, Class A3 | Benchmark Mortgage Trust Series 2024-V5, Class A3 | Benchmark Mortgage Trust Series 2024-V5, Class A3 |
| 2050000 | 5.805 | 01/10/57 | 2109678 |
| BMO Mortgage Trust Series 2024-5C3, Class A3 | BMO Mortgage Trust Series 2024-5C3, Class A3 | BMO Mortgage Trust Series 2024-5C3, Class A3 | BMO Mortgage Trust Series 2024-5C3, Class A3 |
| 950000 | 5.739 | 02/15/57 | 974048 |
| Wells Fargo Commercial Mortgage Trust Series 2025-5C4, Class A3 | Wells Fargo Commercial Mortgage Trust Series 2025-5C4, Class A3 | Wells Fargo Commercial Mortgage Trust Series 2025-5C4, Class A3 | Wells Fargo Commercial Mortgage Trust Series 2025-5C4, Class A3 |
| 1450000 | 5.673 | 05/15/58 | 1498240 |
|  |  |  | 10048794 |
| Sequential Floating Rate<sup>(b)</sup> – 2.0% | Sequential Floating Rate<sup>(b)</sup> – 2.0% | Sequential Floating Rate<sup>(b)</sup> – 2.0% | Sequential Floating Rate<sup>(b)</sup> – 2.0% |
| Bank5 Series 2024-5YR12, Class A3 | Bank5 Series 2024-5YR12, Class A3 | Bank5 Series 2024-5YR12, Class A3 | Bank5 Series 2024-5YR12, Class A3 |
| 1100000 | 5.902 <sup>(a)</sup> | 12/15/57 | 1142817 |
| BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) | BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) | BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) | BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) |
| 1478489 | 5.115 <sup>(c)</sup> | 02/15/39 | 1478862 |
| BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) |
| 1451803 | 5.064 <sup>(c)</sup> | 03/15/41 | 1451881 |
| BX Trust Series 2021-BXMF, Class A (1 mo. USD Term SOFR + 0.750%) | BX Trust Series 2021-BXMF, Class A (1 mo. USD Term SOFR + 0.750%) | BX Trust Series 2021-BXMF, Class A (1 mo. USD Term SOFR + 0.750%) | BX Trust Series 2021-BXMF, Class A (1 mo. USD Term SOFR + 0.750%) |
| 501358 | 4.423 <sup>(c)</sup> | 10/15/26 | 500435 |
| BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) |
| 1200000 | 5.315 <sup>(c)</sup> | 02/15/41 | 1195563 |
| Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A |
| 1300000 | 4.802 <sup>(c)</sup> | 08/10/42 | 1310794 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A |
| 1075000 | 5.467 <sup>(c)</sup> | 01/13/40 | 1100853 |
| NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) |
| 1400000 | 5.416 <sup>(c)</sup> | 10/15/40 | 1400120 |
|  |  |  | 9581325 |
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | $19630119 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Federal Agencies – 0.8% | Federal Agencies – 0.8% | Federal Agencies – 0.8% | Federal Agencies – 0.8% |
| Uniform Mortgage-Backed Security – 0.8% | Uniform Mortgage-Backed Security – 0.8% | Uniform Mortgage-Backed Security – 0.8% | Uniform Mortgage-Backed Security – 0.8% |
| $3657261 | 6.500% | 06/01/54 | $&nbsp;&nbsp;&nbsp;&nbsp;3803861 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $24,791,836)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $24,791,836)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $24,791,836)** | $24883437 |
| Agency Debentures<sup>(b)</sup> – 2.7% | Agency Debentures<sup>(b)</sup> – 2.7% | Agency Debentures<sup>(b)</sup> – 2.7% | Agency Debentures<sup>(b)</sup> – 2.7% |
| United States Dollar – 2.7% | United States Dollar – 2.7% | United States Dollar – 2.7% | United States Dollar – 2.7% |
| Uniform Mortgage-Backed Security (Secured Overnight Financing Rate + 0.140%) | Uniform Mortgage-Backed Security (Secured Overnight Financing Rate + 0.140%) | Uniform Mortgage-Backed Security (Secured Overnight Financing Rate + 0.140%) | Uniform Mortgage-Backed Security (Secured Overnight Financing Rate + 0.140%) |
| $9931000 | 3.770% | 10/06/27 | $&nbsp;&nbsp;&nbsp;&nbsp;9941229 |
| Uniform Mortgage-Backed Security (Secured Overnight Financing Rate + 0.140%) | Uniform Mortgage-Backed Security (Secured Overnight Financing Rate + 0.140%) | Uniform Mortgage-Backed Security (Secured Overnight Financing Rate + 0.140%) | Uniform Mortgage-Backed Security (Secured Overnight Financing Rate + 0.140%) |
| 3192000 | 3.770 | 10/14/27 | 3196054 |
| **TOTAL AGENCY DEBENTURES**<br> **(Cost $13,123,000)** | **TOTAL AGENCY DEBENTURES**<br> **(Cost $13,123,000)** | **TOTAL AGENCY DEBENTURES**<br> **(Cost $13,123,000)** | $13137283 |
| Sovereign Debt Obligations – 0.5% | Sovereign Debt Obligations – 0.5% | Sovereign Debt Obligations – 0.5% | Sovereign Debt Obligations – 0.5% |
| United States Dollar – 0.5% | United States Dollar – 0.5% | United States Dollar – 0.5% | United States Dollar – 0.5% |
| Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
| $2320000 | 3.250% | 10/26/26 | $&nbsp;&nbsp;&nbsp;&nbsp;2302090 |
| (Cost $2,339,828) | (Cost $2,339,828) | (Cost $2,339,828) |  |
| U.S. Treasury Obligations – 7.3% | U.S. Treasury Obligations – 7.3% | U.S. Treasury Obligations – 7.3% | U.S. Treasury Obligations – 7.3% |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| $18870000 | 2.625 %<sup>(d)</sup> | 05/31/27 | $18614960 |
| 16950000 | 3.500 | 09/30/27 | 16867899 |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $35,524,227)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $35,524,227)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $35,524,227)** | $35482859 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| Investment Company<sup>(e)</sup> – 0.0% | Investment Company<sup>(e)</sup> – 0.0% | Investment Company<sup>(e)</sup> – 0.0% |
| Goldman Sachs Financial Square Government Fund —<br>Institutional Shares | Goldman Sachs Financial Square Government Fund —<br>Institutional Shares | Goldman Sachs Financial Square Government Fund —<br>Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | 3.553% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 |
| (Cost $121) | (Cost $121) | (Cost $121) |
| **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 91.7%**<br> **(Cost $446,223,326)** | **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 91.7%**<br> **(Cost $446,223,326)** | $446634415 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **6** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity<br>Date** | **Value** |
| Short-term Investments – 4.1% | Short-term Investments – 4.1% | Short-term Investments – 4.1% | Short-term Investments – 4.1% |
| Certificates of Deposit – 2.4% | Certificates of Deposit – 2.4% | Certificates of Deposit – 2.4% | Certificates of Deposit – 2.4% |
| National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait |
| 2000000 | 4.420% | 08/19/26 | $2001197 |
| (Secured Overnight Financing Rate + 0.600%) | (Secured Overnight Financing Rate + 0.600%) | (Secured Overnight Financing Rate + 0.600%) | (Secured Overnight Financing Rate + 0.600%) |
| 3497000 | 4.250 <sup>(a)(b)</sup> | 12/11/26 | 3500087 |
| 5889000 | 4.230 <sup>(a)(b)</sup> | 01/14/27 | 5893111 |
|  |  |  | 11394395 |
| Commercial Paper<sup>(c)(f)</sup> – 1.7% | Commercial Paper<sup>(c)(f)</sup> – 1.7% | Commercial Paper<sup>(c)(f)</sup> – 1.7% | Commercial Paper<sup>(c)(f)</sup> – 1.7% |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| 2000000 | 0.000 | 04/02/26 | 1999540 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 2000000 | 0.000 | 04/01/26 | 1999778 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 4489000 | 0.000 | 10/02/26 | 4386245 |
|  |  |  | 8385563 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $19,776,529)** | **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $19,776,529)** | **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $19,776,529)** | $19779958 |
| **TOTAL INVESTMENTS – 98.5%**<br> **(Cost $479,122,855)** | **TOTAL INVESTMENTS – 98.5%**<br> **(Cost $479,122,855)** | **TOTAL INVESTMENTS – 98.5%**<br> **(Cost $479,122,855)** | $479551656 |
| **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 1.5%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 1.5%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 1.5%** | 7391349 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $486943005 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2026.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents an affiliated issuer.

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

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2026, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  BNP Paribas SA | USD 2,230,483 | EUR 1,884,859 | 05/22/26 | $46458 |

---

FUTURES CONTRACTS — At March 31, 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  2 Year U.S. Treasury Notes | 245 | 06/30/26 | $50824102 | $(372840) |
|  **Short position contracts:** |  |  |  |  |
|  5 Year U.S. Treasury Notes | (120) | 06/30/26 | (12981563) | 106661 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $(266179) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>7</sub>

------

GOLDMAN SACHS ENHANCED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2026, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)<sup>(a)</sup>** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  12M SOFR<sup>(b)</sup><br> 3.000%<sup>(b)</sup> | 06/17/27 | $172970 | $(1154090) | $(505225) | $(648865) |
|  3.175%<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 03/15/28 | 15530 | 107362 | 4450 | 102912 |
| 3.000<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 06/17/28 | 63950 | 723626 | 231864 | 491762 |
| 3.250<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 06/17/29 | 31850 | 281532 | (55685) | 337217 |
| TOTAL |  |  | $(41570) | $(324596) | $283026 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Payments made annually.

Currency Abbreviations:

---

| | |
|:---|:---|
| EUR | —Euro |
| USD | —U.S. Dollar |

---

Investment Abbreviations:

---

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

---

---

| | |
|:---|:---|
| Abbreviation: | Abbreviation: |
| SOFR | —Secured Overnight Financing Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **8** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| U.S. Treasury Obligations – 92.7% | U.S. Treasury Obligations – 92.7% | U.S. Treasury Obligations – 92.7% | U.S. Treasury Obligations – 92.7% | U.S. Treasury Obligations – 92.7% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  $ | 910000 | 4.750% | 08/15/55 | $886539 |
|  U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds |
|  | 27371903 | 2.125 | 02/15/54 | 24096898 |
|  U.S. Treasury Inflation-Indexed Notes | U.S. Treasury Inflation-Indexed Notes | U.S. Treasury Inflation-Indexed Notes | U.S. Treasury Inflation-Indexed Notes | U.S. Treasury Inflation-Indexed Notes |
|  | 5498520 | 0.500 | 01/15/28 | 5455778 |
|  | 19903381 | 2.125 <sup>(a)</sup> | 04/15/29 | 20432842 |
|  | 15958012 | 1.625 | 10/15/29 | 16207356 |
|  | 7079896 | 1.625 | 04/15/30 | 7150971 |
|  | 60122098 | 1.125 | 10/15/30 | 59579590 |
|  | 51825486 | 1.875 | 07/15/35 | 51582554 |
|  | 22299990 | 1.875 | 01/15/36 | 22033436 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  | 1460000 | 3.875 | 03/31/31 | 1455323 |
|  | 1820000 | 4.250 | 03/31/33 | 1832512 |
| TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $211,521,221) | TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $211,521,221) | TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $211,521,221) | TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $211,521,221) | $210713799 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| Investment Company<sup>(b)</sup> – 4.9% | Investment Company<sup>(b)</sup> – 4.9% | Investment Company<sup>(b)</sup> – 4.9% |
| Goldman Sachs Financial Square Government Fund —<br>Institutional Shares | Goldman Sachs Financial Square Government Fund —<br>Institutional Shares | Goldman Sachs Financial Square Government Fund —<br>Institutional Shares |
| 11124785 | 3.553% | $11124785 |
| (Cost $11,124,785) | (Cost $11,124,785) | (Cost $11,124,785) |
| TOTAL INVESTMENTS – 97.6%<br>(Cost $222,646,006) | TOTAL INVESTMENTS – 97.6%<br>(Cost $222,646,006) | $221838584 |
| **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 2.4%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 2.4%** | 5550513 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $227389097 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | 106 | 06/18/26 | $11770969 | $(104578) |
|  2 Year U.S. Treasury Notes | 236 | 06/30/26 | 48957093 | (227632) |
|  20 Year U.S. Treasury Bonds | 211 | 06/18/26 | 24027625 | (595627) |
| Total |  |  |  | $(927837) |
|  **Short position contracts:** |  |  |  |  |
|  5 Year U.S. Treasury Notes | (15) | 06/30/26 | (1622695) | 723 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>9</sub>

------

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Short position contracts:** |  |  |  |  |
|  Ultra 10-Year U.S. Treasury Notes | (210) | 06/18/26 | $(23838281) | $498771 |
|  Ultra Long U.S. Treasury Bonds | (109) | 06/18/26 | (12705313) | 357941 |
| Total |  |  |  | $857435 |
| TOTAL FUTURES CONTRACTS |  |  |  | $(70402) |

---

SWAP CONTRACTS — At March 31, 2026, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Payments<br>Received<br>by Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  12M SOFR<sup>(a)</sup> | 3.490%<sup>(a)</sup> | 05/31/27 | $10 | $(70) | $(9) | $(61) |
|  3.062%<sup>(b)</sup> | 12M SOFR<sup>(b)</sup> | 08/31/27 | 6210 <sup>(c)</sup> | 36011 | 2896 | 33115 |
| 3.174<sup>(b)</sup> | 12M SOFR<sup>(b)</sup> | 08/31/27 | 2060 <sup>(c)</sup> | 9727 | (235) | 9962 |
| 3.175<sup>(a)</sup> | 12M SOFR<sup>(a)</sup> | 03/15/28 | 17030 <sup>(c)</sup> | 117732 | 7110 | 110622 |
|  12M CPI-U<sup>(b)</sup> | 2.103<sup>(b)</sup> | 02/07/29 | 6300 | (918936) | 27 | (918963) |
| 3.298<sup>(a)</sup> | 12M SOFR<sup>(a)</sup> | 08/31/30 | 13570 <sup>(c)</sup> | 153593 | 72823 | 80770 |
|  12M SOFR<sup>(a)</sup> | 3.379<sup>(a)</sup> | 08/31/31 | 8870 <sup>(c)</sup> | (100731) | (22435) | (78296) |
|  12M SOFR<sup>(a)</sup> | 3.469<sup>(a)</sup> | 08/31/31 | 3130 <sup>(c)</sup> | (22933) | (6519) | (16414) |
| 3.407<sup>(a)</sup> | 12M SOFR<sup>(a)</sup> | 01/31/33 | 11370 <sup>(c)</sup> | 199089 | 1599 | 197490 |
| 3.805<sup>(a)</sup> | 12M SOFR<sup>(a)</sup> | 08/31/36 | 4920 <sup>(c)</sup> | 35752 | (57719) | 93471 |
| 3.829<sup>(a)</sup> | 12M SOFR<sup>(a)</sup> | 08/31/36 | 1840 <sup>(c)</sup> | 9877 | 3 | 9874 |
| TOTAL |  |  |  | $(480889) | $(2459) | $(478430) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made annually.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2026.

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| CPI U | —Consumer Price Index For All Urban Consumers |
| SOFR | —Secured Overnight Financing Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **10** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – 44.6% | Corporate Obligations – 44.6% | Corporate Obligations – 44.6% | Corporate Obligations – 44.6% |
| Aerospace & Defense<sup>(a)</sup> – 1.2% | Aerospace & Defense<sup>(a)</sup> – 1.2% | Aerospace & Defense<sup>(a)</sup> – 1.2% | Aerospace & Defense<sup>(a)</sup> – 1.2% |
| Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
| 8071000 | 2.700% | 02/01/27 | $7955827 |
| 7420000 | 5.150 | 05/01/30 | 7533377 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;15489204 |
| Agriculture<sup>(a)</sup> – 0.2% | Agriculture<sup>(a)</sup> – 0.2% | Agriculture<sup>(a)</sup> – 0.2% | Agriculture<sup>(a)</sup> – 0.2% |
| Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
| 2833000 | 4.875 | 02/04/28 | 2857732 |
| Automotive – 1.0% | Automotive – 1.0% | Automotive – 1.0% | Automotive – 1.0% |
| General Motors Financial Co., Inc. <sup>(a)</sup> | General Motors Financial Co., Inc. <sup>(a)</sup> | General Motors Financial Co., Inc. <sup>(a)</sup> | General Motors Financial Co., Inc. <sup>(a)</sup> |
| 8800000 | 1.500 | 06/10/26 | 8745352 |
| Hyundai Capital America <sup>(b)</sup> | Hyundai Capital America <sup>(b)</sup> | Hyundai Capital America <sup>(b)</sup> | Hyundai Capital America <sup>(b)</sup> |
| 5285000 | 4.250 | 01/08/29 | 5228345 |
|  |  |  | 13973697 |
| Banks – 12.9% | Banks – 12.9% | Banks – 12.9% | Banks – 12.9% |
| Bank of America Corp. <sup>(a)(c)</sup> | Bank of America Corp. <sup>(a)(c)</sup> | Bank of America Corp. <sup>(a)(c)</sup> | Bank of America Corp. <sup>(a)(c)</sup> |
| (5 yr. CMT + 2.760%) | (5 yr. CMT + 2.760%) | (5 yr. CMT + 2.760%) | (5 yr. CMT + 2.760%) |
| 1690000 | 4.375 | 01/27/27 | 1662554 |
| (5 yr. CMT + 3.231%) | (5 yr. CMT + 3.231%) | (5 yr. CMT + 3.231%) | (5 yr. CMT + 3.231%) |
| 1595000 | 6.125 | 04/27/27 | 1597520 |
| (Secured Overnight Financing Rate + 0.830%) | (Secured Overnight Financing Rate + 0.830%) | (Secured Overnight Financing Rate + 0.830%) | (Secured Overnight Financing Rate + 0.830%) |
| 12843000 | 4.979 | 01/24/29 | 12956147 |
| (Secured Overnight Financing Rate + 2.040%) | (Secured Overnight Financing Rate + 2.040%) | (Secured Overnight Financing Rate + 2.040%) | (Secured Overnight Financing Rate + 2.040%) |
| 7000000 | 4.948 | 07/22/28 | 7043960 |
| Bank of New York Mellon Corp. <sup>(a)(c)</sup> (5 yr. CMT + 3.352%) | Bank of New York Mellon Corp. <sup>(a)(c)</sup> (5 yr. CMT + 3.352%) | Bank of New York Mellon Corp. <sup>(a)(c)</sup> (5 yr. CMT + 3.352%) | Bank of New York Mellon Corp. <sup>(a)(c)</sup> (5 yr. CMT + 3.352%) |
| 1680000 | 7.166 | 06/20/26 | 1684452 |
| Bank of Nova Scotia <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.890%) | Bank of Nova Scotia <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.890%) | Bank of Nova Scotia <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.890%) | Bank of Nova Scotia <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.890%) |
| 6955000 | 4.932 | 02/14/29 | 7014187 |
| Barclays PLC <sup>(a)(c)</sup> | Barclays PLC <sup>(a)(c)</sup> | Barclays PLC <sup>(a)(c)</sup> | Barclays PLC <sup>(a)(c)</sup> |
| (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) |
| 3200000 | 4.219 | 05/24/30 | 3152288 |
| (Secured Overnight Financing Rate + 1.340%) | (Secured Overnight Financing Rate + 1.340%) | (Secured Overnight Financing Rate + 1.340%) | (Secured Overnight Financing Rate + 1.340%) |
| 3390000 | 4.837 | 09/10/28 | 3402136 |
| (Secured Overnight Financing Rate + 1.490%) | (Secured Overnight Financing Rate + 1.490%) | (Secured Overnight Financing Rate + 1.490%) | (Secured Overnight Financing Rate + 1.490%) |
| 3115000 | 5.674 | 03/12/28 | 3144406 |
| (Secured Overnight Financing Rate + 2.210%) | (Secured Overnight Financing Rate + 2.210%) | (Secured Overnight Financing Rate + 2.210%) | (Secured Overnight Financing Rate + 2.210%) |
| 2445000 | 5.829 | 05/09/27 | 2447909 |
| BPCE SA <sup>(b)</sup> | BPCE SA <sup>(b)</sup> | BPCE SA <sup>(b)</sup> | BPCE SA <sup>(b)</sup> |
| 2435000 | 3.250 | 01/11/28 | 2386008 |
| Citigroup, Inc. <sup>(a)(c)</sup> | Citigroup, Inc. <sup>(a)(c)</sup> | Citigroup, Inc. <sup>(a)(c)</sup> | Citigroup, Inc. <sup>(a)(c)</sup> |
| (3 mo. USD Term SOFR + 4.779%) | (3 mo. USD Term SOFR + 4.779%) | (3 mo. USD Term SOFR + 4.779%) | (3 mo. USD Term SOFR + 4.779%) |
| 1610000 | 6.250 | 08/15/26 | 1610596 |
| (5 yr. CMT + 3.209%) | (5 yr. CMT + 3.209%) | (5 yr. CMT + 3.209%) | (5 yr. CMT + 3.209%) |
| 1555000 | 7.375 | 05/15/28 | 1598447 |
| (Secured Overnight Financing Rate + 1.280%) | (Secured Overnight Financing Rate + 1.280%) | (Secured Overnight Financing Rate + 1.280%) | (Secured Overnight Financing Rate + 1.280%) |
| 7000000 | 3.070 | 02/24/28 | 6915160 |
| (Secured Overnight Financing Rate + 1.887%) | (Secured Overnight Financing Rate + 1.887%) | (Secured Overnight Financing Rate + 1.887%) | (Secured Overnight Financing Rate + 1.887%) |
| 7000000 | 4.658 | 05/24/28 | 7013370 |
| Deutsche Bank AG <sup>(a)(c)</sup> | Deutsche Bank AG <sup>(a)(c)</sup> | Deutsche Bank AG <sup>(a)(c)</sup> | Deutsche Bank AG <sup>(a)(c)</sup> |
| (Secured Overnight Financing Rate + 1.210%) | (Secured Overnight Financing Rate + 1.210%) | (Secured Overnight Financing Rate + 1.210%) | (Secured Overnight Financing Rate + 1.210%) |
| 4417000 | 5.373 | 01/10/29 | 4468502 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| (Secured Overnight Financing Rate + 1.594%) | (Secured Overnight Financing Rate + 1.594%) | (Secured Overnight Financing Rate + 1.594%) | (Secured Overnight Financing Rate + 1.594%) |
| 3135000 | 5.706% | 02/08/28 | $3161773 |
| HSBC Holdings PLC <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 3.350%) | HSBC Holdings PLC <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 3.350%) | HSBC Holdings PLC <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 3.350%) | HSBC Holdings PLC <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 3.350%) |
| 2945000 | 7.390 | 11/03/28 | 3070074 |
| Huntington National Bank <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.720%) | Huntington National Bank <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.720%) | Huntington National Bank <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.720%) | Huntington National Bank <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.720%) |
| 1569000 | 4.388 | 04/12/28 | 1568372 |
| JPMorgan Chase & Co. <sup>(a)(c)</sup> | JPMorgan Chase & Co. <sup>(a)(c)</sup> | JPMorgan Chase & Co. <sup>(a)(c)</sup> | JPMorgan Chase & Co. <sup>(a)(c)</sup> |
| (5 yr. CMT + 2.850%) | (5 yr. CMT + 2.850%) | (5 yr. CMT + 2.850%) | (5 yr. CMT + 2.850%) |
| 1690000 | 3.650 | 06/01/26 | 1682463 |
| (Secured Overnight Financing Rate + 0.800%) | (Secured Overnight Financing Rate + 0.800%) | (Secured Overnight Financing Rate + 0.800%) | (Secured Overnight Financing Rate + 0.800%) |
| 3037000 | 4.915 | 01/24/29 | 3064758 |
| M&T Bank Corp. <sup>(a)(c)</sup> (5 yr. CMT + 2.679%) | M&T Bank Corp. <sup>(a)(c)</sup> (5 yr. CMT + 2.679%) | M&T Bank Corp. <sup>(a)(c)</sup> (5 yr. CMT + 2.679%) | M&T Bank Corp. <sup>(a)(c)</sup> (5 yr. CMT + 2.679%) |
| 3599000 | 3.500 | 09/01/26 | 3485020 |
| Morgan Stanley <sup>(a)(c)</sup> | Morgan Stanley <sup>(a)(c)</sup> | Morgan Stanley <sup>(a)(c)</sup> | Morgan Stanley <sup>(a)(c)</sup> |
| (3 mo. USD Term SOFR + 1.402%) | (3 mo. USD Term SOFR + 1.402%) | (3 mo. USD Term SOFR + 1.402%) | (3 mo. USD Term SOFR + 1.402%) |
| 3490000 | 3.772 | 01/24/29 | 3445468 |
| (Secured Overnight Financing Rate + 0.800%) | (Secured Overnight Financing Rate + 0.800%) | (Secured Overnight Financing Rate + 0.800%) | (Secured Overnight Financing Rate + 0.800%) |
| 7085000 | 4.238 | 01/09/30 | 7011316 |
| (Secured Overnight Financing Rate + 1.215%) | (Secured Overnight Financing Rate + 1.215%) | (Secured Overnight Financing Rate + 1.215%) | (Secured Overnight Financing Rate + 1.215%) |
| 5000000 | 5.042 | 07/19/30 | 5058450 |
| (Secured Overnight Financing Rate + 1.380%) | (Secured Overnight Financing Rate + 1.380%) | (Secured Overnight Financing Rate + 1.380%) | (Secured Overnight Financing Rate + 1.380%) |
| 5964000 | 4.994 | 04/12/29 | 6018332 |
| Morgan Stanley Private Bank NA <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.762%) | Morgan Stanley Private Bank NA <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.762%) | Morgan Stanley Private Bank NA <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.762%) | Morgan Stanley Private Bank NA <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.762%) |
| 9070000 | 4.213 | 02/08/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8975672 |
| NatWest Markets PLC <sup>(b)</sup> | NatWest Markets PLC <sup>(b)</sup> | NatWest Markets PLC <sup>(b)</sup> | NatWest Markets PLC <sup>(b)</sup> |
| 2245000 | 4.654 | 03/27/29 | 2250478 |
| PNC Financial Services Group, Inc. <sup>(a)(c)</sup> | PNC Financial Services Group, Inc. <sup>(a)(c)</sup> | PNC Financial Services Group, Inc. <sup>(a)(c)</sup> | PNC Financial Services Group, Inc. <sup>(a)(c)</sup> |
| (5 yr. CMT + 3.238%) | (5 yr. CMT + 3.238%) | (5 yr. CMT + 3.238%) | (5 yr. CMT + 3.238%) |
| 1610000 | 6.200 | 09/15/27 | 1614524 |
| (Secured Overnight Financing Rate + 0.610%) | (Secured Overnight Financing Rate + 0.610%) | (Secured Overnight Financing Rate + 0.610%) | (Secured Overnight Financing Rate + 0.610%) |
| 5250000 | 4.075 | 01/26/29 | 5221125 |
| Societe Generale SA <sup>(a)(b)(c)</sup> (1 yr. CMT + 1.500%) | Societe Generale SA <sup>(a)(b)(c)</sup> (1 yr. CMT + 1.500%) | Societe Generale SA <sup>(a)(b)(c)</sup> (1 yr. CMT + 1.500%) | Societe Generale SA <sup>(a)(b)(c)</sup> (1 yr. CMT + 1.500%) |
| 3155000 | 5.519 | 01/19/28 | 3176296 |
| Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
| 5440000 | 4.108 | 01/15/29 | 5384403 |
| Sumitomo Mitsui Trust Bank Ltd. <sup>(b)</sup> | Sumitomo Mitsui Trust Bank Ltd. <sup>(b)</sup> | Sumitomo Mitsui Trust Bank Ltd. <sup>(b)</sup> | Sumitomo Mitsui Trust Bank Ltd. <sup>(b)</sup> |
| 10294000 | 4.500 | 03/13/28 | 10322617 |
| 3540000 | 3.950 | 03/05/29 | 3495538 |
| Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
| 4754000 | 4.861 | 01/31/28 | 4792888 |
| Truist Financial Corp. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.435%) | Truist Financial Corp. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.435%) | Truist Financial Corp. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.435%) | Truist Financial Corp. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.435%) |
| 3390000 | 4.873 | 01/26/29 | 3412374 |
| Wells Fargo & Co. <sup>(a)(c)</sup> | Wells Fargo & Co. <sup>(a)(c)</sup> | Wells Fargo & Co. <sup>(a)(c)</sup> | Wells Fargo & Co. <sup>(a)(c)</sup> |
| (5 yr. CMT + 3.606%) | (5 yr. CMT + 3.606%) | (5 yr. CMT + 3.606%) | (5 yr. CMT + 3.606%) |
| 1515000 | 7.625 | 09/15/28 | 1594007 |
| (Secured Overnight Financing Rate + 1.510%) | (Secured Overnight Financing Rate + 1.510%) | (Secured Overnight Financing Rate + 1.510%) | (Secured Overnight Financing Rate + 1.510%) |
| 7000000 | 3.526 | 03/24/28 | 6942740 |
| (Secured Overnight Financing Rate + 1.980%) | (Secured Overnight Financing Rate + 1.980%) | (Secured Overnight Financing Rate + 1.980%) | (Secured Overnight Financing Rate + 1.980%) |
| 7000000 | 4.808 | 07/25/28 | 7029260 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>11</sub>

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
|  Westpac New Zealand Ltd. <sup>(b)</sup> | Westpac New Zealand Ltd. <sup>(b)</sup> | Westpac New Zealand Ltd. <sup>(b)</sup> | Westpac New Zealand Ltd. <sup>(b)</sup> | Westpac New Zealand Ltd. <sup>(b)</sup> |
| $| 2265000 | 4.902% | 02/15/28 | 2287741 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;172163331 |
| **Beverages<sup>(a)(b)</sup> – 0.6%** | **Beverages<sup>(a)(b)</sup> – 0.6%** | **Beverages<sup>(a)(b)</sup> – 0.6%** | **Beverages<sup>(a)(b)</sup> – 0.6%** | **Beverages<sup>(a)(b)</sup> – 0.6%** |
|  Bacardi-Martini BV | Bacardi-Martini BV | Bacardi-Martini BV | Bacardi-Martini BV | Bacardi-Martini BV |
|  | 3775000 | 5.550 | 02/01/30 | 3852614 |
|  JDE Peet's NV | JDE Peet's NV | JDE Peet's NV | JDE Peet's NV | JDE Peet's NV |
|  | 4230000 | 2.250 | 09/24/31 | 3674982 |
|  |  |  |  | 7527596 |
| **Building Materials<sup>(a)(b)</sup> – 0.1%** | **Building Materials<sup>(a)(b)</sup> – 0.1%** | **Building Materials<sup>(a)(b)</sup> – 0.1%** | **Building Materials<sup>(a)(b)</sup> – 0.1%** | **Building Materials<sup>(a)(b)</sup> – 0.1%** |
|  Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
|  | 1940000 | 4.750 | 01/15/28 | 1920251 |
| **Chemicals<sup>(a)(b)</sup> – 0.2%** | **Chemicals<sup>(a)(b)</sup> – 0.2%** | **Chemicals<sup>(a)(b)</sup> – 0.2%** | **Chemicals<sup>(a)(b)</sup> – 0.2%** | **Chemicals<sup>(a)(b)</sup> – 0.2%** |
|  OCP SA | OCP SA | OCP SA | OCP SA | OCP SA |
|  | 1530000 | 6.100 | 04/30/30 | 1554862 |
|  SNF Group SACA | SNF Group SACA | SNF Group SACA | SNF Group SACA | SNF Group SACA |
|  | 1650000 | 3.125 | 03/15/27 | 1650000 |
|  |  |  |  | 3204862 |
| **Commercial Services<sup>(a)</sup> – 1.0%** | **Commercial Services<sup>(a)</sup> – 1.0%** | **Commercial Services<sup>(a)</sup> – 1.0%** | **Commercial Services<sup>(a)</sup> – 1.0%** | **Commercial Services<sup>(a)</sup> – 1.0%** |
|  Brink's Co. <sup>(b)</sup> | Brink's Co. <sup>(b)</sup> | Brink's Co. <sup>(b)</sup> | Brink's Co. <sup>(b)</sup> | Brink's Co. <sup>(b)</sup> |
|  | 915000 | 6.500 | 06/15/29 | 928112 |
|  DP World Crescent Ltd. | DP World Crescent Ltd. | DP World Crescent Ltd. | DP World Crescent Ltd. | DP World Crescent Ltd. |
|  | 2060000 | 3.750 | 01/30/30 | 1926100 |
|  Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. |
|  | 10660000 | 4.750 | 08/09/27 | 10718204 |
|  |  |  |  | 13572416 |
| **Diversified Financial Services – 5.0%** | **Diversified Financial Services – 5.0%** | **Diversified Financial Services – 5.0%** | **Diversified Financial Services – 5.0%** | **Diversified Financial Services – 5.0%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(a)</sup> | AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(a)</sup> | AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(a)</sup> | AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(a)</sup> | AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(a)</sup> |
|  | 827000 | 4.625 | 10/15/27 | 828116 |
|  | 3285000 | 5.100 | 01/19/29 | 3327804 |
|  | 5000000 | 6.150 | 09/30/30 | 5254350 |
|  Air Lease Corp. <sup>(a)</sup> | Air Lease Corp. <sup>(a)</sup> | Air Lease Corp. <sup>(a)</sup> | Air Lease Corp. <sup>(a)</sup> | Air Lease Corp. <sup>(a)</sup> |
|  | 6000000 | 3.750 | 06/01/26 | 5985900 |
|  | 5175000 | 1.875 | 08/15/26 | 5116937 |
|  Ally Financial, Inc. <sup>(a)(c)</sup> (7 yr. CMT + 3.481%) | Ally Financial, Inc. <sup>(a)(c)</sup> (7 yr. CMT + 3.481%) | Ally Financial, Inc. <sup>(a)(c)</sup> (7 yr. CMT + 3.481%) | Ally Financial, Inc. <sup>(a)(c)</sup> (7 yr. CMT + 3.481%) | Ally Financial, Inc. <sup>(a)(c)</sup> (7 yr. CMT + 3.481%) |
|  | 3740000 | 4.700 | 05/15/28 | 3456171 |
|  American Express Co. <sup>(a)(c)</sup> (5 yr. CMT + 2.854%) | American Express Co. <sup>(a)(c)</sup> (5 yr. CMT + 2.854%) | American Express Co. <sup>(a)(c)</sup> (5 yr. CMT + 2.854%) | American Express Co. <sup>(a)(c)</sup> (5 yr. CMT + 2.854%) | American Express Co. <sup>(a)(c)</sup> (5 yr. CMT + 2.854%) |
|  | 1725000 | 3.550 | 09/15/26 | 1703903 |
|  Equitable America Global Funding <sup>(b)</sup> | Equitable America Global Funding <sup>(b)</sup> | Equitable America Global Funding <sup>(b)</sup> | Equitable America Global Funding <sup>(b)</sup> | Equitable America Global Funding <sup>(b)</sup> |
|  | 5595000 | 4.300 | 12/15/28 | 5551303 |
|  Jefferies Financial Group, Inc. <sup>(a)</sup> | Jefferies Financial Group, Inc. <sup>(a)</sup> | Jefferies Financial Group, Inc. <sup>(a)</sup> | Jefferies Financial Group, Inc. <sup>(a)</sup> | Jefferies Financial Group, Inc. <sup>(a)</sup> |
|  | 10000000 | 4.300 | 02/11/27 | 9991100 |
|  Macquarie Airfinance Holdings Ltd. <sup>(a)(b)</sup> | Macquarie Airfinance Holdings Ltd. <sup>(a)(b)</sup> | Macquarie Airfinance Holdings Ltd. <sup>(a)(b)</sup> | Macquarie Airfinance Holdings Ltd. <sup>(a)(b)</sup> | Macquarie Airfinance Holdings Ltd. <sup>(a)(b)</sup> |
|  | 260000 | 6.400 | 03/26/29 | 269511 |
|  OneMain Finance Corp. <sup>(a)</sup> | OneMain Finance Corp. <sup>(a)</sup> | OneMain Finance Corp. <sup>(a)</sup> | OneMain Finance Corp. <sup>(a)</sup> | OneMain Finance Corp. <sup>(a)</sup> |
|  | 1745000 | 6.125 | 05/15/30 | 1705301 |
|  Rocket Cos., Inc. <sup>(a)(b)</sup> | Rocket Cos., Inc. <sup>(a)(b)</sup> | Rocket Cos., Inc. <sup>(a)(b)</sup> | Rocket Cos., Inc. <sup>(a)(b)</sup> | Rocket Cos., Inc. <sup>(a)(b)</sup> |
|  | 2135000 | 6.125 | 08/01/30 | 2155944 |
|  Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. <sup>(a)(b)</sup> | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. <sup>(a)(b)</sup> | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. <sup>(a)(b)</sup> | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. <sup>(a)(b)</sup> | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. <sup>(a)(b)</sup> |
|  | 10460000 | 2.875 | 10/15/26 | 10336886 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) |
|  Takeoff Merger Sub, Inc. <sup>(a)(b)</sup> | Takeoff Merger Sub, Inc. <sup>(a)(b)</sup> | Takeoff Merger Sub, Inc. <sup>(a)(b)</sup> | Takeoff Merger Sub, Inc. <sup>(a)(b)</sup> | Takeoff Merger Sub, Inc. <sup>(a)(b)</sup> |
| $| 10470000 | 4.500% | 03/24/29 | 10399642 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;66082868 |
| **Electrical – 1.4%** | **Electrical – 1.4%** | **Electrical – 1.4%** | **Electrical – 1.4%** | **Electrical – 1.4%** |
|  Emera, Inc. <sup>(a)(c)</sup> (3 mo. USD Term SOFR + 5.440%) | Emera, Inc. <sup>(a)(c)</sup> (3 mo. USD Term SOFR + 5.440%) | Emera, Inc. <sup>(a)(c)</sup> (3 mo. USD Term SOFR + 5.440%) | Emera, Inc. <sup>(a)(c)</sup> (3 mo. USD Term SOFR + 5.440%) | Emera, Inc. <sup>(a)(c)</sup> (3 mo. USD Term SOFR + 5.440%) |
|  | 3105000 | 6.750 | 06/15/76 | 3105652 |
|  ENEL Finance International NV (a)(b) | ENEL Finance International NV (a)(b) | ENEL Finance International NV (a)(b) | ENEL Finance International NV (a)(b) | ENEL Finance International NV (a)(b) |
|  | 7875000 | 1.625 | 07/12/26 | 7807433 |
|  National Rural Utilities Cooperative Finance Corp. <sup>(c)</sup> (Secured Overnight Financing Rate + 0.330%) | National Rural Utilities Cooperative Finance Corp. <sup>(c)</sup> (Secured Overnight Financing Rate + 0.330%) | National Rural Utilities Cooperative Finance Corp. <sup>(c)</sup> (Secured Overnight Financing Rate + 0.330%) | National Rural Utilities Cooperative Finance Corp. <sup>(c)</sup> (Secured Overnight Financing Rate + 0.330%) | National Rural Utilities Cooperative Finance Corp. <sup>(c)</sup> (Secured Overnight Financing Rate + 0.330%) |
|  | 4493000 | 3.994 | 10/30/26 | 4493180 |
|  Vistra Operations Co. LLC <sup>(a)(b)</sup> | Vistra Operations Co. LLC <sup>(a)(b)</sup> | Vistra Operations Co. LLC <sup>(a)(b)</sup> | Vistra Operations Co. LLC <sup>(a)(b)</sup> | Vistra Operations Co. LLC <sup>(a)(b)</sup> |
|  | 2965000 | 5.000 | 07/31/27 | 2957676 |
|  |  |  |  | 18363941 |
| **Electrical Components & Equipment<sup>(a)(b)</sup> – 0.2%** | **Electrical Components & Equipment<sup>(a)(b)</sup> – 0.2%** | **Electrical Components & Equipment<sup>(a)(b)</sup> – 0.2%** | **Electrical Components & Equipment<sup>(a)(b)</sup> – 0.2%** | **Electrical Components & Equipment<sup>(a)(b)</sup> – 0.2%** |
|  WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. |
|  | 1485000 | 6.375 | 03/15/29 | 1511552 |
|  | 1180000 | 5.250 | 04/15/31 | 1172554 |
|  |  |  |  | 2684106 |
| **Electronics<sup>(a)</sup> – 0.1%** | **Electronics<sup>(a)</sup> – 0.1%** | **Electronics<sup>(a)</sup> – 0.1%** | **Electronics<sup>(a)</sup> – 0.1%** | **Electronics<sup>(a)</sup> – 0.1%** |
|  Amphenol Corp. | Amphenol Corp. | Amphenol Corp. | Amphenol Corp. | Amphenol Corp. |
|  | 1800000 | 3.900 | 11/15/28 | 1785816 |
| **Engineering & Construction<sup>(a)</sup> – 0.2%** | **Engineering & Construction<sup>(a)</sup> – 0.2%** | **Engineering & Construction<sup>(a)</sup> – 0.2%** | **Engineering & Construction<sup>(a)</sup> – 0.2%** | **Engineering & Construction<sup>(a)</sup> – 0.2%** |
|  MasTec, Inc. | MasTec, Inc. | MasTec, Inc. | MasTec, Inc. | MasTec, Inc. |
|  | 754000 | 5.900 | 06/15/29 | 778709 |
|  Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust |
|  | 2040000 | 3.875 | 04/30/28 | 1990122 |
|  |  |  |  | 2768831 |
| **Environmental<sup>(a)</sup> – 1.1%** | **Environmental<sup>(a)</sup> – 1.1%** | **Environmental<sup>(a)</sup> – 1.1%** | **Environmental<sup>(a)</sup> – 1.1%** | **Environmental<sup>(a)</sup> – 1.1%** |
|  Veralto Corp. | Veralto Corp. | Veralto Corp. | Veralto Corp. | Veralto Corp. |
|  | 6710000 | 5.500 | 09/18/26 | 6738048 |
|  Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. |
|  | 7332000 | 4.500 | 03/15/28 | 7377678 |
|  |  |  |  | 14115726 |
| **Food & Drug Retailing – 1.3%** | **Food & Drug Retailing – 1.3%** | **Food & Drug Retailing – 1.3%** | **Food & Drug Retailing – 1.3%** | **Food & Drug Retailing – 1.3%** |
|  Campbell's Co. | Campbell's Co. | Campbell's Co. | Campbell's Co. | Campbell's Co. |
|  | 3700000 | 5.200 | 03/19/27 | 3717760 |
|  Mars, Inc. <sup>(a)(b)</sup> | Mars, Inc. <sup>(a)(b)</sup> | Mars, Inc. <sup>(a)(b)</sup> | Mars, Inc. <sup>(a)(b)</sup> | Mars, Inc. <sup>(a)(b)</sup> |
|  | 13054000 | 4.600 | 03/01/28 | 13129713 |
|  |  |  |  | 16847473 |
| **Healthcare Providers & Services<sup>(a)</sup> – 2.3%** | **Healthcare Providers & Services<sup>(a)</sup> – 2.3%** | **Healthcare Providers & Services<sup>(a)</sup> – 2.3%** | **Healthcare Providers & Services<sup>(a)</sup> – 2.3%** | **Healthcare Providers & Services<sup>(a)</sup> – 2.3%** |
|  Adventist Health System | Adventist Health System | Adventist Health System | Adventist Health System | Adventist Health System |
|  | 4560000 | 4.742 | 12/01/30 | 4515638 |
|  Augusta SpinCo Corp. | Augusta SpinCo Corp. | Augusta SpinCo Corp. | Augusta SpinCo Corp. | Augusta SpinCo Corp. |
|  | 1960000 | 4.398 | 03/23/29 | 1954433 |
|  Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
|  | 1031000 | 4.250 | 12/15/27 | 1014648 |
|  | 8410000 | 2.450 | 07/15/28 | 7831140 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **12** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Healthcare Providers & Services<sup>(a)</sup> – (continued) | Healthcare Providers & Services<sup>(a)</sup> – (continued) | Healthcare Providers & Services<sup>(a)</sup> – (continued) | Healthcare Providers & Services<sup>(a)</sup> – (continued) | Healthcare Providers & Services<sup>(a)</sup> – (continued) |
|  GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. |
| $| 6150000 | 5.650% | 11/15/27 | 6272631 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  | 3650000 | 5.625 | 09/01/28 | 3723949 |
|  | 5517000 | 4.125 | 06/15/29 | 5443569 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;30756008 |
| Insurance<sup>(b)</sup> – 0.9% | Insurance<sup>(b)</sup> – 0.9% | Insurance<sup>(b)</sup> – 0.9% | Insurance<sup>(b)</sup> – 0.9% | Insurance<sup>(b)</sup> – 0.9% |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  | 3355000 | 4.900 | 12/03/29 | 3364058 |
|  Met Tower Global Funding | Met Tower Global Funding | Met Tower Global Funding | Met Tower Global Funding | Met Tower Global Funding |
|  | 6085000 | 4.000 | 01/14/29 | 6014414 |
|  Principal Life Global Funding II | Principal Life Global Funding II | Principal Life Global Funding II | Principal Life Global Funding II | Principal Life Global Funding II |
|  | 2000000 | 3.000 | 04/18/26 | 1998620 |
|  |  |  |  | 11377092 |
| Internet – 1.2% | Internet – 1.2% | Internet – 1.2% | Internet – 1.2% | Internet – 1.2% |
|  Airbnb, Inc. <sup>(a)</sup> | Airbnb, Inc. <sup>(a)</sup> | Airbnb, Inc. <sup>(a)</sup> | Airbnb, Inc. <sup>(a)</sup> | Airbnb, Inc. <sup>(a)</sup> |
|  | 1935000 | 4.400 | 03/16/29 | 1932310 |
|  Alphabet, Inc. <sup>(a)</sup> | Alphabet, Inc. <sup>(a)</sup> | Alphabet, Inc. <sup>(a)</sup> | Alphabet, Inc. <sup>(a)</sup> | Alphabet, Inc. <sup>(a)</sup> |
|  | 2975000 | 3.875 | 11/15/28 | 2965659 |
|  Gen Digital, Inc. <sup>(a)(b)</sup> | Gen Digital, Inc. <sup>(a)(b)</sup> | Gen Digital, Inc. <sup>(a)(b)</sup> | Gen Digital, Inc. <sup>(a)(b)</sup> | Gen Digital, Inc. <sup>(a)(b)</sup> |
|  | 3110000 | 6.750 | 09/30/27 | 3124337 |
|  Netflix, Inc. <sup>(b)</sup> | Netflix, Inc. <sup>(b)</sup> | Netflix, Inc. <sup>(b)</sup> | Netflix, Inc. <sup>(b)</sup> | Netflix, Inc. <sup>(b)</sup> |
|  | 6025000 | 5.375 | 11/15/29 | 6217318 |
|  Uber Technologies, Inc. <sup>(a)</sup> | Uber Technologies, Inc. <sup>(a)</sup> | Uber Technologies, Inc. <sup>(a)</sup> | Uber Technologies, Inc. <sup>(a)</sup> | Uber Technologies, Inc. <sup>(a)</sup> |
|  | 1600000 | 4.300 | 01/15/30 | 1586096 |
|  |  |  |  | 15825720 |
| Investment Companies<sup>(a)</sup> – 0.2% | Investment Companies<sup>(a)</sup> – 0.2% | Investment Companies<sup>(a)</sup> – 0.2% | Investment Companies<sup>(a)</sup> – 0.2% | Investment Companies<sup>(a)</sup> – 0.2% |
|  Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. |
|  | 3355000 | 3.125 | 09/23/26 | 3312895 |
| Iron/Steel<sup>(b)</sup> – 0.0% | Iron/Steel<sup>(b)</sup> – 0.0% | Iron/Steel<sup>(b)</sup> – 0.0% | Iron/Steel<sup>(b)</sup> – 0.0% | Iron/Steel<sup>(b)</sup> – 0.0% |
|  POSCO | POSCO | POSCO | POSCO | POSCO |
|  | 310000 | 5.750 | 01/17/28 | 315865 |
| Leisure Time<sup>(a)(b)</sup> – 0.1% | Leisure Time<sup>(a)(b)</sup> – 0.1% | Leisure Time<sup>(a)(b)</sup> – 0.1% | Leisure Time<sup>(a)(b)</sup> – 0.1% | Leisure Time<sup>(a)(b)</sup> – 0.1% |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  | 1825000 | 5.625 | 09/30/31 | 1844527 |
| Lodging<sup>(a)</sup> – 0.2% | Lodging<sup>(a)</sup> – 0.2% | Lodging<sup>(a)</sup> – 0.2% | Lodging<sup>(a)</sup> – 0.2% | Lodging<sup>(a)</sup> – 0.2% |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  | 1820000 | 5.625 | 06/15/28 | 1842527 |
|  | 680000 | 6.000 | 06/14/30 | 698539 |
|  |  |  |  | 2541066 |
| Machinery-Diversified<sup>(a)</sup> – 1.9% | Machinery-Diversified<sup>(a)</sup> – 1.9% | Machinery-Diversified<sup>(a)</sup> – 1.9% | Machinery-Diversified<sup>(a)</sup> – 1.9% | Machinery-Diversified<sup>(a)</sup> – 1.9% |
|  Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. |
|  | 17330000 | 5.197 | 06/15/27 | 17483890 |
|  Nordson Corp. | Nordson Corp. | Nordson Corp. | Nordson Corp. | Nordson Corp. |
|  | 7468000 | 4.500 | 12/15/29 | 7452840 |
|  |  |  |  | 24936730 |
| Mining<sup>(a)(b)</sup> – 0.4% | Mining<sup>(a)(b)</sup> – 0.4% | Mining<sup>(a)(b)</sup> – 0.4% | Mining<sup>(a)(b)</sup> – 0.4% | Mining<sup>(a)(b)</sup> – 0.4% |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  | 5000000 | 5.371 | 04/04/29 | 5102950 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Miscellaneous Manufacturing<sup>(a)</sup> – 0.8% | Miscellaneous Manufacturing<sup>(a)</sup> – 0.8% | Miscellaneous Manufacturing<sup>(a)</sup> – 0.8% | Miscellaneous Manufacturing<sup>(a)</sup> – 0.8% |
| Axon Enterprise, Inc. <sup>(b)</sup> | Axon Enterprise, Inc. <sup>(b)</sup> | Axon Enterprise, Inc. <sup>(b)</sup> | Axon Enterprise, Inc. <sup>(b)</sup> |
| 750000 | 6.125% | 03/15/30 | $765390 |
| Teledyne Technologies, Inc. | Teledyne Technologies, Inc. | Teledyne Technologies, Inc. | Teledyne Technologies, Inc. |
| 9375000 | 1.600 | 04/01/26 | 9375000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10140390 |
| Oil Field Services – 0.8% | Oil Field Services – 0.8% | Oil Field Services – 0.8% | Oil Field Services – 0.8% |
| Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. <sup>(a)</sup> | Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. <sup>(a)</sup> | Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. <sup>(a)</sup> | Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. <sup>(a)</sup> |
| 1740000 | 4.050 | 03/11/29 | 1729821 |
| Pertamina Persero PT <sup>(a)</sup> | Pertamina Persero PT <sup>(a)</sup> | Pertamina Persero PT <sup>(a)</sup> | Pertamina Persero PT <sup>(a)</sup> |
| 2630000 | 3.100 | 01/21/30 | 2439325 |
| Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| 200000 | 6.500 | 01/23/29 | 200518 |
| 300000 | 8.750 <sup>(a)</sup> | 06/02/29 | 315420 |
| 2500000 | 6.840 <sup>(a)</sup> | 01/23/30 | 2508500 |
| QatarEnergy <sup>(a)</sup> | QatarEnergy <sup>(a)</sup> | QatarEnergy <sup>(a)</sup> | QatarEnergy <sup>(a)</sup> |
| 2160000 | 1.375 | 09/12/26 | 2126974 |
| Sunoco LP <sup>(a)(b)</sup> | Sunoco LP <sup>(a)(b)</sup> | Sunoco LP <sup>(a)(b)</sup> | Sunoco LP <sup>(a)(b)</sup> |
| 1740000 | 7.000 | 05/01/29 | 1784892 |
|  |  |  | 11105450 |
| Pharmaceuticals – 1.0% | Pharmaceuticals – 1.0% | Pharmaceuticals – 1.0% | Pharmaceuticals – 1.0% |
| Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. |
| 10569000 | 4.700 | 11/15/26 | 10578512 |
| PRA Health Sciences, Inc. <sup>(a)(b)</sup> | PRA Health Sciences, Inc. <sup>(a)(b)</sup> | PRA Health Sciences, Inc. <sup>(a)(b)</sup> | PRA Health Sciences, Inc. <sup>(a)(b)</sup> |
| 3144000 | 2.875 | 07/15/26 | 3117968 |
|  |  |  | 13696480 |
| Pipelines<sup>(a)</sup> – 1.1% | Pipelines<sup>(a)</sup> – 1.1% | Pipelines<sup>(a)</sup> – 1.1% | Pipelines<sup>(a)</sup> – 1.1% |
| Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
| 2835000 | 4.500 | 10/01/29 | 2817933 |
| DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP |
| 2690000 | 5.625 | 07/15/27 | 2724970 |
| Hess Midstream Operations LP <sup>(b)</sup> | Hess Midstream Operations LP <sup>(b)</sup> | Hess Midstream Operations LP <sup>(b)</sup> | Hess Midstream Operations LP <sup>(b)</sup> |
| 1710000 | 5.875 | 03/01/28 | 1723406 |
| 710000 | 6.500 | 06/01/29 | 725528 |
| NGPL PipeCo LLC <sup>(b)</sup> | NGPL PipeCo LLC <sup>(b)</sup> | NGPL PipeCo LLC <sup>(b)</sup> | NGPL PipeCo LLC <sup>(b)</sup> |
| 410000 | 4.875 | 08/15/27 | 410668 |
| ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
| 6405000 | 4.250 | 09/24/27 | 6389180 |
|  |  |  | 14791685 |
| Real Estate Investment Trust<sup>(a)(b)</sup> – 0.1% | Real Estate Investment Trust<sup>(a)(b)</sup> – 0.1% | Real Estate Investment Trust<sup>(a)(b)</sup> – 0.1% | Real Estate Investment Trust<sup>(a)(b)</sup> – 0.1% |
| Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
| 1425000 | 6.500 | 07/01/30 | 1446902 |
| **Retailing<sup>(a)</sup> – 0.5%** | **Retailing<sup>(a)</sup> – 0.5%** | **Retailing<sup>(a)</sup> – 0.5%** | **Retailing<sup>(a)</sup> – 0.5%** |
| 1011778 BC ULC/New Red Finance, Inc. <sup>(b)</sup> | 1011778 BC ULC/New Red Finance, Inc. <sup>(b)</sup> | 1011778 BC ULC/New Red Finance, Inc. <sup>(b)</sup> | 1011778 BC ULC/New Red Finance, Inc. <sup>(b)</sup> |
| 2705000 | 6.125 | 06/15/29 | 2751607 |
| Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. |
| 3670000 | 5.625 | 05/01/27 | 3666037 |
|  |  |  | 6417644 |
| Semiconductors<sup>(a)</sup> – 0.5% | Semiconductors<sup>(a)</sup> – 0.5% | Semiconductors<sup>(a)</sup> – 0.5% | Semiconductors<sup>(a)</sup> – 0.5% |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 3871000 | 5.050 | 07/12/27 | 3911878 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>13</sub>

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Semiconductors<sup>(a)</sup> – (continued) | Semiconductors<sup>(a)</sup> – (continued) | Semiconductors<sup>(a)</sup> – (continued) | Semiconductors<sup>(a)</sup> – (continued) |
| Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | Skyworks Solutions, Inc. |
| 2425000 | 1.800% | 06/01/26 | $2413796 |
|  |  |  | 6325674 |
| Software – 4.4% | Software – 4.4% | Software – 4.4% | Software – 4.4% |
| Cadence Design Systems, Inc. | Cadence Design Systems, Inc. | Cadence Design Systems, Inc. | Cadence Design Systems, Inc. |
| 1255000 | 4.200 | 09/10/27 | 1253494 |
| 4400000 | 4.300 <sup>(a)</sup> | 09/10/29 | 4386096 |
| Fidelity National Information Services, Inc. <sup>(a)</sup> | Fidelity National Information Services, Inc. <sup>(a)</sup> | Fidelity National Information Services, Inc. <sup>(a)</sup> | Fidelity National Information Services, Inc. <sup>(a)</sup> |
| 3485000 | 4.550 | 03/10/29 | 3467924 |
| Oracle Corp. <sup>(a)</sup> | Oracle Corp. <sup>(a)</sup> | Oracle Corp. <sup>(a)</sup> | Oracle Corp. <sup>(a)</sup> |
| 5163000 | 4.800 | 08/03/28 | 5164962 |
| 18145000 | 4.550 | 02/04/29 | 17911837 |
| 6300000 | 2.950 | 04/01/30 | 5747364 |
| Salesforce, Inc. <sup>(a)</sup> | Salesforce, Inc. <sup>(a)</sup> | Salesforce, Inc. <sup>(a)</sup> | Salesforce, Inc. <sup>(a)</sup> |
| 16790000 | 4.650 | 03/15/29 | 16821397 |
| Synopsys, Inc. <sup>(a)</sup> | Synopsys, Inc. <sup>(a)</sup> | Synopsys, Inc. <sup>(a)</sup> | Synopsys, Inc. <sup>(a)</sup> |
| 3963000 | 4.650 | 04/01/28 | 3979446 |
|  |  |  | 58732520 |
| Sovereign<sup>(a)(b)</sup> – 0.7% | Sovereign<sup>(a)(b)</sup> – 0.7% | Sovereign<sup>(a)(b)</sup> – 0.7% | Sovereign<sup>(a)(b)</sup> – 0.7% |
| Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
| 9720000 | 5.500 | 08/17/30 | 9744300 |
| Telecommunication Services<sup>(a)</sup> – 0.3% | Telecommunication Services<sup>(a)</sup> – 0.3% | Telecommunication Services<sup>(a)</sup> – 0.3% | Telecommunication Services<sup>(a)</sup> – 0.3% |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| 3725000 | 3.750 | 04/15/27 | 3702464 |
| Toys/Games/Hobbies<sup>(a)(b)</sup> – 0.2% | Toys/Games/Hobbies<sup>(a)(b)</sup> – 0.2% | Toys/Games/Hobbies<sup>(a)(b)</sup> – 0.2% | Toys/Games/Hobbies<sup>(a)(b)</sup> – 0.2% |
| Mattel, Inc. | Mattel, Inc. | Mattel, Inc. | Mattel, Inc. |
| 2815000 | 5.875 | 12/15/27 | 2815901 |
| Trucking & Leasing<sup>(a)(b)</sup> – 0.5% | Trucking & Leasing<sup>(a)(b)</sup> – 0.5% | Trucking & Leasing<sup>(a)(b)</sup> – 0.5% | Trucking & Leasing<sup>(a)(b)</sup> – 0.5% |
| Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. |
| 1690000 | 5.350 | 01/12/27 | 1698788 |
| 5000000 | 3.350 | 11/01/29 | 4771400 |
|  |  |  | 6470188 |
| **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $592,207,572)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $592,207,572)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $592,207,572)** | $&nbsp;&nbsp;&nbsp;&nbsp;594760301 |
| Mortgage-Backed Obligations – 20.4% | Mortgage-Backed Obligations – 20.4% | Mortgage-Backed Obligations – 20.4% | Mortgage-Backed Obligations – 20.4% |
| Collateralized Mortgage Obligations – 4.8% | Collateralized Mortgage Obligations – 4.8% | Collateralized Mortgage Obligations – 4.8% | Collateralized Mortgage Obligations – 4.8% |
| Interest Only – 0.2% | Interest Only – 0.2% | Interest Only – 0.2% | Interest Only – 0.2% |
| Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 1 mo. USD Term SOFR + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 1 mo. USD Term SOFR + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 1 mo. USD Term SOFR + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 1 mo. USD Term SOFR + 5.986%) |
| 257144 | 2.313 %<sup>(c)(d)</sup> | 05/15/45 | $27310 |
| Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 1 mo. USD Term SOFR + 5.886%) | Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 1 mo. USD Term SOFR + 5.886%) | Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 1 mo. USD Term SOFR + 5.886%) | Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 1 mo. USD Term SOFR + 5.886%) |
| 189559 | 2.213 <sup>(c)(d)</sup> | 05/15/46 | 19990 |
| Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%) |
| 160387 | 2.263 <sup>(c)(d)</sup> | 03/15/44 | 15182 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Interest Only – (continued) | Interest Only – (continued) | Interest Only – (continued) | Interest Only – (continued) |
| Federal National Mortgage Association REMICS Series 2016-1, Class SJ (-1X 1 mo. USD Term SOFR + 6.036%) | Federal National Mortgage Association REMICS Series 2016-1, Class SJ (-1X 1 mo. USD Term SOFR + 6.036%) | Federal National Mortgage Association REMICS Series 2016-1, Class SJ (-1X 1 mo. USD Term SOFR + 6.036%) | Federal National Mortgage Association REMICS Series 2016-1, Class SJ (-1X 1 mo. USD Term SOFR + 6.036%) |
| 258074 | 2.374 %<sup>(c)(d)</sup> | 02/25/46 | $29053 |
| Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 1 mo. USD Term SOFR + 5.986%) | Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 1 mo. USD Term SOFR + 5.986%) | Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 1 mo. USD Term SOFR + 5.986%) | Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 1 mo. USD Term SOFR + 5.986%) |
| 313861 | 2.324 <sup>(c)(d)</sup> | 05/25/47 | 35821 |
| Federal National Mortgage Association REMICS Series 2020-49, Class KS (-1X 1 mo. USD Term SOFR + 5.986%) | Federal National Mortgage Association REMICS Series 2020-49, Class KS (-1X 1 mo. USD Term SOFR + 5.986%) | Federal National Mortgage Association REMICS Series 2020-49, Class KS (-1X 1 mo. USD Term SOFR + 5.986%) | Federal National Mortgage Association REMICS Series 2020-49, Class KS (-1X 1 mo. USD Term SOFR + 5.986%) |
| 1987952 | 2.324 <sup>(c)(d)</sup> | 07/25/50 228,448 |  |
| Federal National Mortgage Association REMICS Series 2010-135, Class AS (-1X 1 mo. USD Term SOFR + 5.836%) | Federal National Mortgage Association REMICS Series 2010-135, Class AS (-1X 1 mo. USD Term SOFR + 5.836%) | Federal National Mortgage Association REMICS Series 2010-135, Class AS (-1X 1 mo. USD Term SOFR + 5.836%) | Federal National Mortgage Association REMICS Series 2010-135, Class AS (-1X 1 mo. USD Term SOFR + 5.836%) |
| 47852 | 2.174 <sup>(c)(d)</sup> | 12/25/40 | 3979 |
| Government National Mortgage Association REMICS Series 2014- 132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014- 132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014- 132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014- 132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) |
| 94197 | 2.311 <sup>(a)(c)(d)</sup> | 10/20/43 | 4329 |
| Government National Mortgage Association REMICS Series 2017- 112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) | Government National Mortgage Association REMICS Series 2017- 112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) | Government National Mortgage Association REMICS Series 2017- 112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) | Government National Mortgage Association REMICS Series 2017- 112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) |
| 111955 | 1.871 <sup>(a)(c)(d)</sup> | 07/20/47 | 10461 |
| Government National Mortgage Association REMICS Series 2018- 122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018- 122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018- 122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018- 122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) |
| 246601 | 2.411 <sup>(a)(c)(d)</sup> | 09/20/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28278 |
| Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) |
| 255883 | 2.261 <sup>(a)(c)(d)</sup> | 01/20/49 | 27825 |
| Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) |
| 115539 | 2.311 <sup>(a)(c)(d)</sup> | 06/20/49 | 12893 |
| Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI |
| 1100925 | 4.000 <sup>(a)(e)</sup> | 06/20/50 | 235684 |
| Government National Mortgage Association REMICS Series 2013- 124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2013- 124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2013- 124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2013- 124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) |
| 176333 | 2.261 <sup>(a)(c)(d)</sup> | 08/20/43 | 17789 |
| Government National Mortgage Association REMICS Series 2014- 162, Class SA (-1X 1 mo. USD Term SOFR + 5.486%) | Government National Mortgage Association REMICS Series 2014- 162, Class SA (-1X 1 mo. USD Term SOFR + 5.486%) | Government National Mortgage Association REMICS Series 2014- 162, Class SA (-1X 1 mo. USD Term SOFR + 5.486%) | Government National Mortgage Association REMICS Series 2014- 162, Class SA (-1X 1 mo. USD Term SOFR + 5.486%) |
| 65968 | 1.811 <sup>(a)(c)(d)</sup> | 11/20/44 | 5753 |
| Government National Mortgage Association REMICS Series 2015- 123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015- 123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015- 123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015- 123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) |
| 114099 | 2.461 <sup>(a)(c)(d)</sup> | 09/20/45 | 13430 |
| Government National Mortgage Association REMICS Series 2016-27, Class IA | Government National Mortgage Association REMICS Series 2016-27, Class IA | Government National Mortgage Association REMICS Series 2016-27, Class IA | Government National Mortgage Association REMICS Series 2016-27, Class IA |
| 57790 | 4.000 <sup>(a)(e)</sup> | 06/20/45 | 7514 |
| Government National Mortgage Association REMICS Series 2018- 122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018- 122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018- 122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018- 122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) |
| 240394 | 2.411 <sup>(a)(c)(d)</sup> | 09/20/48 | 27252 |
| Government National Mortgage Association REMICS Series 2019- 153, Class EI | Government National Mortgage Association REMICS Series 2019- 153, Class EI | Government National Mortgage Association REMICS Series 2019- 153, Class EI | Government National Mortgage Association REMICS Series 2019- 153, Class EI |
| 5728988 | 4.000 <sup>(a)(e)</sup> | 12/20/49 | 1217436 |
| Government National Mortgage Association REMICS Series 2020-61, Class GI | Government National Mortgage Association REMICS Series 2020-61, Class GI | Government National Mortgage Association REMICS Series 2020-61, Class GI | Government National Mortgage Association REMICS Series 2020-61, Class GI |
| 1395150 | 5.000 <sup>(a)(e)</sup> | 05/20/50 | 327076 |
|  |  |  | 2295503 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **14** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Fixed Rate – 2.3% | Sequential Fixed Rate – 2.3% | Sequential Fixed Rate – 2.3% | Sequential Fixed Rate – 2.3% |
| BRAVO Residential Funding Trust Series 2025-NQM7, Class A1A | BRAVO Residential Funding Trust Series 2025-NQM7, Class A1A | BRAVO Residential Funding Trust Series 2025-NQM7, Class A1A | BRAVO Residential Funding Trust Series 2025-NQM7, Class A1A |
| 3201335 | 5.459 %<sup>(a)(b)(f)</sup> | 07/25/65 | $3211282 |
| CIM Trust Series 2025-I1, Class A2 | CIM Trust Series 2025-I1, Class A2 | CIM Trust Series 2025-I1, Class A2 | CIM Trust Series 2025-I1, Class A2 |
| 1508260 | 5.908 <sup>(a)(b)(f)</sup> | 10/25/69 | 1515463 |
| COLT Mortgage Loan Trust Series 2024-INV4, Class A1 | COLT Mortgage Loan Trust Series 2024-INV4, Class A1 | COLT Mortgage Loan Trust Series 2024-INV4, Class A1 | COLT Mortgage Loan Trust Series 2024-INV4, Class A1 |
| 2843510 | 5.607 <sup>(a)(b)(f)</sup> | 05/25/69 | 2854610 |
| Ellington Financial Mortgage Trust Series 2026-NQM4, Class A1A | Ellington Financial Mortgage Trust Series 2026-NQM4, Class A1A | Ellington Financial Mortgage Trust Series 2026-NQM4, Class A1A | Ellington Financial Mortgage Trust Series 2026-NQM4, Class A1A |
| 4300000 | 5.466 <sup>(a)(b)(f)</sup> | 04/25/71 | 4300787 |
| Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B |
| 6672 | 7.000 | 10/25/42 | 7106 |
| Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B |
| 23237 | 7.000 | 07/25/42 | 24959 |
| JP Morgan Mortgage Trust Series 2025-NQM5, Class A1A | JP Morgan Mortgage Trust Series 2025-NQM5, Class A1A | JP Morgan Mortgage Trust Series 2025-NQM5, Class A1A | JP Morgan Mortgage Trust Series 2025-NQM5, Class A1A |
| 3634693 | 4.879 <sup>(a)(b)(f)</sup> | 05/25/66 | 3619002 |
| Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1 |
| 2704820 | 5.562 <sup>(a)(b)(f)</sup> | 03/25/70 | 2715986 |
| OBX Trust Series 2024-NQM14, Class A1 | OBX Trust Series 2024-NQM14, Class A1 | OBX Trust Series 2024-NQM14, Class A1 | OBX Trust Series 2024-NQM14, Class A1 |
| 3054820 | 4.944 <sup>(a)(b)(f)</sup> | 09/25/64 | 3038914 |
| OBX Trust Series 2025-NQM13, Class A1A | OBX Trust Series 2025-NQM13, Class A1A | OBX Trust Series 2025-NQM13, Class A1A | OBX Trust Series 2025-NQM13, Class A1A |
| 1615982 | 5.441 <sup>(a)(b)(f)</sup> | 05/25/65 | 1620592 |
| OBX Trust Series 2025-NQM11, Class A1A | OBX Trust Series 2025-NQM11, Class A1A | OBX Trust Series 2025-NQM11, Class A1A | OBX Trust Series 2025-NQM11, Class A1A |
| 2792967 | 5.418 <sup>(a)(b)(f)</sup> | 05/25/65 | 2799814 |
| OBX Trust Series 2025-NQM15, Class A1A | OBX Trust Series 2025-NQM15, Class A1A | OBX Trust Series 2025-NQM15, Class A1A | OBX Trust Series 2025-NQM15, Class A1A |
| 3290404 | 5.143 <sup>(a)(b)(f)</sup> | 07/27/65 | 3286492 |
| Verus Securitization Trust Series 2023-INV2, Class A2 | Verus Securitization Trust Series 2023-INV2, Class A2 | Verus Securitization Trust Series 2023-INV2, Class A2 | Verus Securitization Trust Series 2023-INV2, Class A2 |
| 1205889 | 6.928 <sup>(a)(b)(f)</sup> | 08/25/68 | 1206960 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;30201967 |
| Sequential Floating Rate<sup>(a)(b)(c)</sup> – 2.3% | Sequential Floating Rate<sup>(a)(b)(c)</sup> – 2.3% | Sequential Floating Rate<sup>(a)(b)(c)</sup> – 2.3% | Sequential Floating Rate<sup>(a)(b)(c)</sup> – 2.3% |
| Chase Home Lending Mortgage Trust Series 2025-2, Class A4A | Chase Home Lending Mortgage Trust Series 2025-2, Class A4A | Chase Home Lending Mortgage Trust Series 2025-2, Class A4A | Chase Home Lending Mortgage Trust Series 2025-2, Class A4A |
| 1875646 | 5.500 | 12/25/55 | 1876354 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) |
| 1850000 | 5.312 | 05/25/44 | 1848555 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) |
| 25000 | 5.612 | 03/25/44 | 25142 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) |
| 2754448 | 5.262 | 09/25/44 | 2749168 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2026-R01, Class 2M2 (1 mo. USD Term SOFR + 1.350%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2026-R01, Class 2M2 (1 mo. USD Term SOFR + 1.350%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2026-R01, Class 2M2 (1 mo. USD Term SOFR + 1.350%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2026-R01, Class 2M2 (1 mo. USD Term SOFR + 1.350%) |
| 2240000 | 5.012 | 01/25/46 | 2230338 |
| GCAT Trust Series 2024-INV4, Class A6 | GCAT Trust Series 2024-INV4, Class A6 | GCAT Trust Series 2024-INV4, Class A6 | GCAT Trust Series 2024-INV4, Class A6 |
| 1678014 | 5.500 | 12/25/54 | 1677429 |
| JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 |
| 3668256 | 2.520 | 05/25/52 | 3109552 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate<sup>(a)(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(a)(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(a)(b)(c)</sup> – (continued) | Sequential Floating Rate<sup>(a)(b)(c)</sup> – (continued) |
| JP Morgan Mortgage Trust Series 2025-DSC1, Class A1 | JP Morgan Mortgage Trust Series 2025-DSC1, Class A1 | JP Morgan Mortgage Trust Series 2025-DSC1, Class A1 | JP Morgan Mortgage Trust Series 2025-DSC1, Class A1 |
| 2776353 | 5.577% | 09/25/65 | $2788685 |
| JP Morgan Mortgage Trust Series 2025-VIS2, Class A1 | JP Morgan Mortgage Trust Series 2025-VIS2, Class A1 | JP Morgan Mortgage Trust Series 2025-VIS2, Class A1 | JP Morgan Mortgage Trust Series 2025-VIS2, Class A1 |
| 3655907 | 5.385 | 12/25/55 | 3661951 |
| New Residential Mortgage Loan Trust Series 2015-1A, Class A1 | New Residential Mortgage Loan Trust Series 2015-1A, Class A1 | New Residential Mortgage Loan Trust Series 2015-1A, Class A1 | New Residential Mortgage Loan Trust Series 2015-1A, Class A1 |
| 58037 | 3.750 | 05/28/52 | 55891 |
| OBX Trust Series 2024-NQM17, Class A1 | OBX Trust Series 2024-NQM17, Class A1 | OBX Trust Series 2024-NQM17, Class A1 | OBX Trust Series 2024-NQM17, Class A1 |
| 3670302 | 5.610 | 11/25/64 | 3683897 |
| OBX Trust Series 2025-NQM1, Class A1 | OBX Trust Series 2025-NQM1, Class A1 | OBX Trust Series 2025-NQM1, Class A1 | OBX Trust Series 2025-NQM1, Class A1 |
| 3935732 | 5.547 | 12/25/64 | 3948089 |
| Verus Securitization Trust Series 2025-8, Class A1 | Verus Securitization Trust Series 2025-8, Class A1 | Verus Securitization Trust Series 2025-8, Class A1 | Verus Securitization Trust Series 2025-8, Class A1 |
| 3384962 | 4.869 | 09/25/70 | 3361693 |
|  |  |  | 31016744 |
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | &nbsp;&nbsp;&nbsp;&nbsp;63514214 |
| Commercial Mortgage-Backed Securities – 10.8% | Commercial Mortgage-Backed Securities – 10.8% | Commercial Mortgage-Backed Securities – 10.8% | Commercial Mortgage-Backed Securities – 10.8% |
| Regular Floater<sup>(b)(c)</sup> – 0.4% | Regular Floater<sup>(b)(c)</sup> – 0.4% | Regular Floater<sup>(b)(c)</sup> – 0.4% | Regular Floater<sup>(b)(c)</sup> – 0.4% |
| TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) |
| 4200000 | 5.805% | 11/15/29 | $4191056 |
| TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) |
| 950000 | 6.603 | 11/15/29 | 951006 |
|  |  |  | 5142062 |
| Sequential Fixed Rate – 4.2% | Sequential Fixed Rate – 4.2% | Sequential Fixed Rate – 4.2% | Sequential Fixed Rate – 4.2% |
| 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 | 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 | 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 | 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 |
| 3800000 | 3.901 <sup>(b)</sup> | 08/10/35 | 3634801 |
| Bank5 Series 2024-5YR7, Class A3 | Bank5 Series 2024-5YR7, Class A3 | Bank5 Series 2024-5YR7, Class A3 | Bank5 Series 2024-5YR7, Class A3 |
| 2350000 | 5.769 <sup>(a)</sup> | 06/15/57 | 2423263 |
| Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 |
| 2450000 | 5.893 <sup>(a)</sup> | 11/15/57 | 2544251 |
| Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS |
| 1075000 | 6.139 <sup>(a)</sup> | 11/15/57 | 1111499 |
| Bank5 Series 2025-5YR14, Class A3 | Bank5 Series 2025-5YR14, Class A3 | Bank5 Series 2025-5YR14, Class A3 | Bank5 Series 2025-5YR14, Class A3 |
| 3000000 | 5.646 <sup>(a)</sup> | 04/15/58 | 3099725 |
| Bank5 Series 2025-5YR15, Class A3 | Bank5 Series 2025-5YR15, Class A3 | Bank5 Series 2025-5YR15, Class A3 | Bank5 Series 2025-5YR15, Class A3 |
| 2450000 | 5.452 <sup>(a)</sup> | 07/15/58 | 2512810 |
| Bank5 Series 2025-5YR19, Class AS | Bank5 Series 2025-5YR19, Class AS | Bank5 Series 2025-5YR19, Class AS | Bank5 Series 2025-5YR19, Class AS |
| 4000000 | 5.611 <sup>(a)</sup> | 12/15/58 | 4086014 |
| BBCMS Mortgage Trust Series 2023-C19, Class A5 | BBCMS Mortgage Trust Series 2023-C19, Class A5 | BBCMS Mortgage Trust Series 2023-C19, Class A5 | BBCMS Mortgage Trust Series 2023-C19, Class A5 |
| 2900000 | 5.451 <sup>(a)</sup> | 04/15/56 | 2986845 |
| BBCMS Mortgage Trust Series 2023-C19, Class ASB | BBCMS Mortgage Trust Series 2023-C19, Class ASB | BBCMS Mortgage Trust Series 2023-C19, Class ASB | BBCMS Mortgage Trust Series 2023-C19, Class ASB |
| 800000 | 5.700 <sup>(a)</sup> | 04/15/56 | 832817 |
| BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 |
| 5000000 | 6.160 <sup>(a)</sup> | 12/15/56 | 5340278 |
| BMO Mortgage Trust Series 2025-5C11, Class A3 | BMO Mortgage Trust Series 2025-5C11, Class A3 | BMO Mortgage Trust Series 2025-5C11, Class A3 | BMO Mortgage Trust Series 2025-5C11, Class A3 |
| 2400000 | 5.669 <sup>(a)</sup> | 07/15/58 | 2482772 |
| BX Trust Series 2022-CLS, Class A | BX Trust Series 2022-CLS, Class A | BX Trust Series 2022-CLS, Class A | BX Trust Series 2022-CLS, Class A |
| 3900000 | 5.760 <sup>(b)</sup> | 10/13/27 | 3912976 |
| Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D |
| 1500000 | 3.000 <sup>(a)(b)</sup> | 09/15/50 | 1068245 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **15** |

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------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) |
|  Citigroup Commercial Mortgage Trust Series 2019-C7, Class A4 | Citigroup Commercial Mortgage Trust Series 2019-C7, Class A4 | Citigroup Commercial Mortgage Trust Series 2019-C7, Class A4 | Citigroup Commercial Mortgage Trust Series 2019-C7, Class A4 | Citigroup Commercial Mortgage Trust Series 2019-C7, Class A4 |
| $| 740000 | 3.102 %<sup>(a)</sup> | 12/15/72 | 700927 |
|  COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A |
|  | 3650000 | 6.338 <sup>(b)</sup> | 08/10/44 | 3805700 |
|  JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B |
|  | 2100000 | 3.598 <sup>(a)(b)</sup> | 06/05/39 | 1940118 |
|  JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A |
|  | 2000000 | 6.234 <sup>(b)</sup> | 06/05/42 | 2067201 |
|  MSWF Commercial Mortgage Trust Series 2023-2, Class A2 | MSWF Commercial Mortgage Trust Series 2023-2, Class A2 | MSWF Commercial Mortgage Trust Series 2023-2, Class A2 | MSWF Commercial Mortgage Trust Series 2023-2, Class A2 | MSWF Commercial Mortgage Trust Series 2023-2, Class A2 |
|  | 2511025 | 6.890 <sup>(a)</sup> | 12/15/56 | 2608862 |
|  ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A |
|  | 4300000 | 5.388 <sup>(b)</sup> | 11/13/41 | 4372534 |
|  ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D |
|  | 3250000 | 7.109 <sup>(b)</sup> | 11/13/41 | 3378696 |
|  Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D | Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D | Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D | Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D | Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D |
|  | 900000 | 3.250 <sup>(a)(b)</sup> | 01/15/60 | 856935 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;55767269 |
| Sequential Floating Rate – 6.2% | Sequential Floating Rate – 6.2% | Sequential Floating Rate – 6.2% | Sequential Floating Rate – 6.2% | Sequential Floating Rate – 6.2% |
|  Bank5 Series 2024-5YR10, Class AS | Bank5 Series 2024-5YR10, Class AS | Bank5 Series 2024-5YR10, Class AS | Bank5 Series 2024-5YR10, Class AS | Bank5 Series 2024-5YR10, Class AS |
|  | 900000 | 5.637 <sup>(a)</sup> | 10/15/57 | 917823 |
|  Bank5 Series 2025-5YR17, Class C | Bank5 Series 2025-5YR17, Class C | Bank5 Series 2025-5YR17, Class C | Bank5 Series 2025-5YR17, Class C | Bank5 Series 2025-5YR17, Class C |
|  | 3200000 | 5.894 <sup>(a)(c)</sup> | 11/15/58 | 3190757 |
|  Bank5 Series 2025-5YR16, Class AS | Bank5 Series 2025-5YR16, Class AS | Bank5 Series 2025-5YR16, Class AS | Bank5 Series 2025-5YR16, Class AS | Bank5 Series 2025-5YR16, Class AS |
|  | 3600000 | 5.751 <sup>(a)(c)</sup> | 08/15/63 | 3686031 |
|  Bank5 Series 2026-5YR21, Class C | Bank5 Series 2026-5YR21, Class C | Bank5 Series 2026-5YR21, Class C | Bank5 Series 2026-5YR21, Class C | Bank5 Series 2026-5YR21, Class C |
|  | 1000000 | 6.160 <sup>(a)(c)</sup> | 04/15/59 | 991215 |
|  BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) |
|  | 1225000 | 4.592 <sup>(b)(c)</sup> | 03/15/37 | 1161519 |
|  BBCMS Mortgage Trust Series 2023-C22, Class A5 | BBCMS Mortgage Trust Series 2023-C22, Class A5 | BBCMS Mortgage Trust Series 2023-C22, Class A5 | BBCMS Mortgage Trust Series 2023-C22, Class A5 | BBCMS Mortgage Trust Series 2023-C22, Class A5 |
|  | 2850000 | 6.804 <sup>(a)(c)</sup> | 11/15/56 | 3122542 |
|  BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) |
|  | 1150000 | 4.841 <sup>(b)(c)</sup> | 03/15/37 | 1063750 |
|  BFLD Commercial Mortgage Trust Series 2025-5MW, Class A | BFLD Commercial Mortgage Trust Series 2025-5MW, Class A | BFLD Commercial Mortgage Trust Series 2025-5MW, Class A | BFLD Commercial Mortgage Trust Series 2025-5MW, Class A | BFLD Commercial Mortgage Trust Series 2025-5MW, Class A |
|  | 4450000 | 4.674 <sup>(b)(c)</sup> | 10/10/42 | 4413595 |
|  BFLD Commercial Mortgage Trust Series 2025-5MW, Class C | BFLD Commercial Mortgage Trust Series 2025-5MW, Class C | BFLD Commercial Mortgage Trust Series 2025-5MW, Class C | BFLD Commercial Mortgage Trust Series 2025-5MW, Class C | BFLD Commercial Mortgage Trust Series 2025-5MW, Class C |
|  | 1800000 | 5.451 <sup>(b)(c)</sup> | 10/10/42 | 1797432 |
|  BFLD Commercial Mortgage Trust Series 2025-660F, Class C (1 mo. USD Term SOFR + 2.150%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class C (1 mo. USD Term SOFR + 2.150%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class C (1 mo. USD Term SOFR + 2.150%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class C (1 mo. USD Term SOFR + 2.150%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class C (1 mo. USD Term SOFR + 2.150%) |
|  | 3450000 | 5.823 <sup>(b)(c)</sup> | 11/15/42 | 3438587 |
|  BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) | BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) | BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) | BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) | BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) |
|  | 2800000 | 5.573 <sup>(b)(c)</sup> | 06/15/42 | 2793009 |
|  BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) | BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) | BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) | BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) | BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) |
|  | 3676242 | 5.115 <sup>(b)(c)</sup> | 02/15/39 | 3677170 |
|  BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) |
|  | 1314264 | 5.064 <sup>(b)(c)</sup> | 03/15/41 | 1314334 |

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---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) |
| BX Commercial Mortgage Trust Series 2025-BCAT, Class A (1 mo. USD Term SOFR + 1.380%) | BX Commercial Mortgage Trust Series 2025-BCAT, Class A (1 mo. USD Term SOFR + 1.380%) | BX Commercial Mortgage Trust Series 2025-BCAT, Class A (1 mo. USD Term SOFR + 1.380%) | BX Commercial Mortgage Trust Series 2025-BCAT, Class A (1 mo. USD Term SOFR + 1.380%) |
| 2874855 | 5.053 %<sup>(b)(c)</sup> | 08/15/42 | $2873710 |
| BX Commercial Mortgage Trust Series 2025-BCAT, Class B (1 mo. USD Term SOFR + 1.550%) | BX Commercial Mortgage Trust Series 2025-BCAT, Class B (1 mo. USD Term SOFR + 1.550%) | BX Commercial Mortgage Trust Series 2025-BCAT, Class B (1 mo. USD Term SOFR + 1.550%) | BX Commercial Mortgage Trust Series 2025-BCAT, Class B (1 mo. USD Term SOFR + 1.550%) |
| 1916570 | 5.223 <sup>(b)(c)</sup> | 08/15/42 | 1908976 |
| BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) | BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) | BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) | BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) |
| 3347417 | 5.514 <sup>(b)(c)</sup> | 04/15/41 | 3345498 |
| BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) |
| 2440039 | 4.816 <sup>(b)(c)</sup> | 03/15/30 | 2427180 |
| Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B |
| 3550000 | 5.210 <sup>(b)(c)</sup> | 08/10/42 | 3579291 |
| Durst Commercial Mortgage Trust Series 2025-151, Class C | Durst Commercial Mortgage Trust Series 2025-151, Class C | Durst Commercial Mortgage Trust Series 2025-151, Class C | Durst Commercial Mortgage Trust Series 2025-151, Class C |
| 1550000 | 5.436 <sup>(b)(c)</sup> | 08/10/42 | 1557756 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D |
| 1375000 | 6.340 <sup>(b)(c)</sup> | 01/13/40 | 1411766 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A |
| 1375000 | 5.467 <sup>(b)(c)</sup> | 01/13/40 | 1408068 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A |
| 1125000 | 5.797 <sup>(b)(c)</sup> | 10/05/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135303 |
| MAD Commercial Mortgage Trust Series 2025-11MD, Class A | MAD Commercial Mortgage Trust Series 2025-11MD, Class A | MAD Commercial Mortgage Trust Series 2025-11MD, Class A | MAD Commercial Mortgage Trust Series 2025-11MD, Class A |
| 3500000 | 4.437 <sup>(b)(c)</sup> | 10/15/42 | 3483048 |
| MAD Commercial Mortgage Trust Series 2025-11MD, Class D | MAD Commercial Mortgage Trust Series 2025-11MD, Class D | MAD Commercial Mortgage Trust Series 2025-11MD, Class D | MAD Commercial Mortgage Trust Series 2025-11MD, Class D |
| 2575000 | 5.935 <sup>(b)(c)</sup> | 10/15/42 | 2588757 |
| NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) |
| 2200000 | 5.365 <sup>(b)(c)</sup> | 02/15/42 | 2188776 |
| NYC Commercial Mortgage Trust Series 2025-300P, Class D | NYC Commercial Mortgage Trust Series 2025-300P, Class D | NYC Commercial Mortgage Trust Series 2025-300P, Class D | NYC Commercial Mortgage Trust Series 2025-300P, Class D |
| 1700000 | 6.161 <sup>(b)(c)</sup> | 07/13/42 | 1690312 |
| NYC Commercial Mortgage Trust Series 2025-300P, Class A | NYC Commercial Mortgage Trust Series 2025-300P, Class A | NYC Commercial Mortgage Trust Series 2025-300P, Class A | NYC Commercial Mortgage Trust Series 2025-300P, Class A |
| 2900000 | 4.879 <sup>(b)(c)</sup> | 07/13/42 | 2879670 |
| NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) |
| 3350000 | 5.416 <sup>(b)(c)</sup> | 10/15/40 | 3350288 |
| NYC Commercial Mortgage Trust Series 2025-11X, Class B (1 mo. USD Term SOFR + 2.093%) | NYC Commercial Mortgage Trust Series 2025-11X, Class B (1 mo. USD Term SOFR + 2.093%) | NYC Commercial Mortgage Trust Series 2025-11X, Class B (1 mo. USD Term SOFR + 2.093%) | NYC Commercial Mortgage Trust Series 2025-11X, Class B (1 mo. USD Term SOFR + 2.093%) |
| 2100000 | 5.766 <sup>(b)(c)</sup> | 10/15/40 | 2100656 |
| VTR Commercial Mortgage Trust Series 2025-STEM, Class A | VTR Commercial Mortgage Trust Series 2025-STEM, Class A | VTR Commercial Mortgage Trust Series 2025-STEM, Class A | VTR Commercial Mortgage Trust Series 2025-STEM, Class A |
| 2900000 | 4.698 <sup>(b)(c)</sup> | 10/13/39 | 2874923 |
| VTR Commercial Mortgage Trust Series 2025-STEM, Class C | VTR Commercial Mortgage Trust Series 2025-STEM, Class C | VTR Commercial Mortgage Trust Series 2025-STEM, Class C | VTR Commercial Mortgage Trust Series 2025-STEM, Class C |
| 1350000 | 5.471 <sup>(b)(c)</sup> | 10/13/39 | 1332311 |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A |
| 3150000 | 4.954 <sup>(b)(c)</sup> | 07/15/35 | 3162165 |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B |
| 1950000 | 5.360 <sup>(b)(c)</sup> | 07/15/35 | 1955090 |
| Wells Fargo Commercial Mortgage Trust Series 2025-B33RP, Class A (1 mo. USD Term SOFR + 1.350%) | Wells Fargo Commercial Mortgage Trust Series 2025-B33RP, Class A (1 mo. USD Term SOFR + 1.350%) | Wells Fargo Commercial Mortgage Trust Series 2025-B33RP, Class A (1 mo. USD Term SOFR + 1.350%) | Wells Fargo Commercial Mortgage Trust Series 2025-B33RP, Class A (1 mo. USD Term SOFR + 1.350%) |
| 2950000 | 5.023 <sup>(b)(c)</sup> | 08/15/42 | 2939543 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **16** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) |
| Wells Fargo Commercial Mortgage Trust Series 2026-1250B, Class B | Wells Fargo Commercial Mortgage Trust Series 2026-1250B, Class B | Wells Fargo Commercial Mortgage Trust Series 2026-1250B, Class B | Wells Fargo Commercial Mortgage Trust Series 2026-1250B, Class B |
| 1400000 | 5.136 %<sup>(b)(c)</sup> | 03/10/41 | $1379474 |
|  |  |  | 83140325 |
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | $&nbsp;&nbsp;&nbsp;&nbsp;144049656 |
| Federal Agencies – 4.8% | Federal Agencies – 4.8% | Federal Agencies – 4.8% | Federal Agencies – 4.8% |
| Government National Mortgage Association – 1.0% | Government National Mortgage Association – 1.0% | Government National Mortgage Association – 1.0% | Government National Mortgage Association – 1.0% |
| 949076 | 4.500% | 08/20/47 | $935563 |
| 147877 | 5.000 | 03/20/48 | 149642 |
| 1489592 | 4.000 | 05/20/48 | 1421183 |
| 535436 | 4.500 | 06/20/48 | 527144 |
| 533154 | 4.500 | 07/20/48 | 523731 |
| 821380 | 4.500 | 09/20/48 | 808145 |
| 565982 | 4.500 | 10/20/48 | 556863 |
| 709202 | 4.500 | 12/20/48 | 697553 |
| 1753235 | 4.500 | 01/20/49 | 1724438 |
| 536858 | 4.500 | 02/20/49 | 527872 |
| 719981 | 4.500 | 03/20/49 | 708155 |
| 377185 | 4.500 | 10/20/49 | 371108 |
| 713107 | 5.000 | 12/20/49 | 718518 |
| 42979 | 5.000 | 02/20/50 | 43492 |
| 3948407 | 3.000 | 11/20/51 | 3511168 |
|  |  |  | 13224575 |
| Uniform Mortgage-Backed Security – 3.8% | Uniform Mortgage-Backed Security – 3.8% | Uniform Mortgage-Backed Security – 3.8% | Uniform Mortgage-Backed Security – 3.8% |
| 93 | 5.000 | 11/01/26 | 93 |
| 947 | 5.000 | 07/01/27 | 946 |
| 52243 | 4.500 | 07/01/47 | 51181 |
| 31486 | 4.500 | 03/01/50 | 30839 |
| 6830600 | 6.000 | 11/01/52 | 7084952 |
| 1514459 | 5.500 | 12/01/52 | 1547473 |
| 4040452 | 6.000 | 12/01/52 | 4185222 |
| 2607836 | 6.000 | 01/01/53 | 2695551 |
| 755845 | 5.500 | 04/01/53 | 768779 |
| 2159102 | 6.000 | 04/01/53 | 2236497 |
| 1809242 | 6.500 | 09/01/53 | 1882726 |
| 4612925 | 6.500 | 11/01/53 | 4844251 |
| 2026491 | 6.500 | 12/01/53 | 2130014 |
| 24000000 | 5.500 | TBA-30yr<sup>(g)</sup> | 24100313 |
|  |  |  | 51558837 |
| TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES | $64783412 |
| TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $272,658,081) | TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $272,658,081) | TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $272,658,081) | $272347282 |
| Asset-Backed Securities<sup>(a)</sup> – 16.4% | Asset-Backed Securities<sup>(a)</sup> – 16.4% | Asset-Backed Securities<sup>(a)</sup> – 16.4% | Asset-Backed Securities<sup>(a)</sup> – 16.4% |
| Automotive – 3.3% | Automotive – 3.3% | Automotive – 3.3% | Automotive – 3.3% |
| Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 |
| 544097 | 4.670% | 08/15/28 | $544644 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) |
| Automotive – (continued) | Automotive – (continued) | Automotive – (continued) | Automotive – (continued) |
| Ford Credit Auto Lease Trust Series 2024-B, Class A3 | Ford Credit Auto Lease Trust Series 2024-B, Class A3 | Ford Credit Auto Lease Trust Series 2024-B, Class A3 | Ford Credit Auto Lease Trust Series 2024-B, Class A3 |
| 5064446 | 4.990% | 12/15/27 | 5080244 |
| Ford Credit Auto Owner Trust Series 2024-1, Class A<sup>(b)(f)</sup> | Ford Credit Auto Owner Trust Series 2024-1, Class A<sup>(b)(f)</sup> | Ford Credit Auto Owner Trust Series 2024-1, Class A<sup>(b)(f)</sup> | Ford Credit Auto Owner Trust Series 2024-1, Class A<sup>(b)(f)</sup> |
| 3200000 | 4.870 | 08/15/36 | 3248919 |
| Hyundai Auto Lease Securitization Trust Series 2024-C, Class A2A<sup>(b)</sup> | Hyundai Auto Lease Securitization Trust Series 2024-C, Class A2A<sup>(b)</sup> | Hyundai Auto Lease Securitization Trust Series 2024-C, Class A2A<sup>(b)</sup> | Hyundai Auto Lease Securitization Trust Series 2024-C, Class A2A<sup>(b)</sup> |
| 908807 | 4.770 | 03/15/27 | 909700 |
| Hyundai Auto Receivables Trust Series 2024-B, Class A3 | Hyundai Auto Receivables Trust Series 2024-B, Class A3 | Hyundai Auto Receivables Trust Series 2024-B, Class A3 | Hyundai Auto Receivables Trust Series 2024-B, Class A3 |
| 5825000 | 4.840 | 03/15/29 | 5860278 |
| Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 |
| 2297551 | 4.740 | 01/16/29 | 2301886 |
| SFS Auto Receivables Securitization Trust Series 2025-3A, Class A3<sup>(b)</sup> | SFS Auto Receivables Securitization Trust Series 2025-3A, Class A3<sup>(b)</sup> | SFS Auto Receivables Securitization Trust Series 2025-3A, Class A3<sup>(b)</sup> | SFS Auto Receivables Securitization Trust Series 2025-3A, Class A3<sup>(b)</sup> |
| 7300000 | 4.120 | 04/21/31 | 7282026 |
| Tesla Lease Electric Vehicle Securitization LLC Series 2025-A, Class A2<sup>(b)</sup> | Tesla Lease Electric Vehicle Securitization LLC Series 2025-A, Class A2<sup>(b)</sup> | Tesla Lease Electric Vehicle Securitization LLC Series 2025-A, Class A2<sup>(b)</sup> | Tesla Lease Electric Vehicle Securitization LLC Series 2025-A, Class A2<sup>(b)</sup> |
| 4059642 | 4.140 | 06/20/28 | 4058856 |
| Toyota Auto Receivables Owner Trust Series 2024-C, Class A3 | Toyota Auto Receivables Owner Trust Series 2024-C, Class A3 | Toyota Auto Receivables Owner Trust Series 2024-C, Class A3 | Toyota Auto Receivables Owner Trust Series 2024-C, Class A3 |
| 4123704 | 4.880 | 03/15/29 | 4149091 |
| Toyota Lease Owner Trust Series 2026-A, Class A3<sup>(b)</sup> | Toyota Lease Owner Trust Series 2026-A, Class A3<sup>(b)</sup> | Toyota Lease Owner Trust Series 2026-A, Class A3<sup>(b)</sup> | Toyota Lease Owner Trust Series 2026-A, Class A3<sup>(b)</sup> |
| 7075000 | 3.820 | 02/20/29 | 7028956 |
| Westlake Automobile Receivables Trust Series 2026-P1, Class A2<sup>(b)</sup> | Westlake Automobile Receivables Trust Series 2026-P1, Class A2<sup>(b)</sup> | Westlake Automobile Receivables Trust Series 2026-P1, Class A2<sup>(b)</sup> | Westlake Automobile Receivables Trust Series 2026-P1, Class A2<sup>(b)</sup> |
| 3650000 | 3.840 | 01/16/29 | 3642720 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;44107320 |
| Collateralized Loan Obligations – 11.4% | Collateralized Loan Obligations – 11.4% | Collateralized Loan Obligations – 11.4% | Collateralized Loan Obligations – 11.4% |
| Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class A1R2<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.410%) | Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class A1R2<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.410%) | Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class A1R2<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.410%) | Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class A1R2<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.410%) |
| 7600000 | 5.078 | 07/20/38 | 7606323 |
| Aqueduct European CLO 14 DAC Series 2025-14A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.850%) | Aqueduct European CLO 14 DAC Series 2025-14A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.850%) | Aqueduct European CLO 14 DAC Series 2025-14A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.850%) | Aqueduct European CLO 14 DAC Series 2025-14A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.850%) |
| 1500000 | 3.972 | 01/25/39 | 1722447 |
| ARES LXV CLO Ltd. Series 2022-65A, Class DR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 2.950%) | ARES LXV CLO Ltd. Series 2022-65A, Class DR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 2.950%) | ARES LXV CLO Ltd. Series 2022-65A, Class DR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 2.950%) | ARES LXV CLO Ltd. Series 2022-65A, Class DR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 2.950%) |
| 2250000 | 6.618 | 07/25/34 | 2174717 |
| Arini European CLO IX DAC Series 9A, Class B<sup>(b)(c)</sup> (-1X 3 mo. EUR EURIBOR + 2.000%) | Arini European CLO IX DAC Series 9A, Class B<sup>(b)(c)</sup> (-1X 3 mo. EUR EURIBOR + 2.000%) | Arini European CLO IX DAC Series 9A, Class B<sup>(b)(c)</sup> (-1X 3 mo. EUR EURIBOR + 2.000%) | Arini European CLO IX DAC Series 9A, Class B<sup>(b)(c)</sup> (-1X 3 mo. EUR EURIBOR + 2.000%) |
| 950000 | 0.000 | 04/15/40 | 1098058 |
| Arini European CLO VII DAC Series 7A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.800%) | Arini European CLO VII DAC Series 7A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.800%) | Arini European CLO VII DAC Series 7A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.800%) | Arini European CLO VII DAC Series 7A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.800%) |
| 2150000 | 3.895 | 01/15/39 | 2473075 |
| Arini European CLO VII DAC Series 7A, Class D<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 2.850%) | Arini European CLO VII DAC Series 7A, Class D<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 2.850%) | Arini European CLO VII DAC Series 7A, Class D<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 2.850%) | Arini European CLO VII DAC Series 7A, Class D<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 2.850%) |
| 2300000 | 4.945 | 01/15/39 | 2636207 |
| Armada Euro CLO IX DAC Series 9A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.850%) | Armada Euro CLO IX DAC Series 9A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.850%) | Armada Euro CLO IX DAC Series 9A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.850%) | Armada Euro CLO IX DAC Series 9A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.850%) |
| 1900000 | 3.934 | 10/30/39 | 2186870 |
| Aurium CLO VIII DAC Series 8A, Class CR<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 2.150%) | Aurium CLO VIII DAC Series 8A, Class CR<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 2.150%) | Aurium CLO VIII DAC Series 8A, Class CR<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 2.150%) | Aurium CLO VIII DAC Series 8A, Class CR<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 2.150%) |
| 2200000 | 4.163 | 10/16/38 | 2502668 |
| Bain Capital Credit CLO Ltd. Series 2019-3A, Class DRR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 2.800%) | Bain Capital Credit CLO Ltd. Series 2019-3A, Class DRR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 2.800%) | Bain Capital Credit CLO Ltd. Series 2019-3A, Class DRR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 2.800%) | Bain Capital Credit CLO Ltd. Series 2019-3A, Class DRR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 2.800%) |
| 2175000 | 6.470 | 10/21/34 | 2095267 |
| Bain Capital Credit CLO Ltd. Series 2019-1A, Class CR3<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.600%) | Bain Capital Credit CLO Ltd. Series 2019-1A, Class CR3<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.600%) | Bain Capital Credit CLO Ltd. Series 2019-1A, Class CR3<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.600%) | Bain Capital Credit CLO Ltd. Series 2019-1A, Class CR3<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.600%) |
| 2250000 | 5.264 | 04/19/34 | 2241902 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **17** |

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------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) |
| Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) |
| Bain Capital Credit CLO Ltd. Series 2019-1A, Class DR3<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 2.700%) | Bain Capital Credit CLO Ltd. Series 2019-1A, Class DR3<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 2.700%) | Bain Capital Credit CLO Ltd. Series 2019-1A, Class DR3<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 2.700%) | Bain Capital Credit CLO Ltd. Series 2019-1A, Class DR3<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 2.700%) |
| 1800000 | 6.364% | 04/19/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727689 |
| Barings CLO Ltd. Series 2024-1A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.170%) | Barings CLO Ltd. Series 2024-1A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.170%) | Barings CLO Ltd. Series 2024-1A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.170%) | Barings CLO Ltd. Series 2024-1A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.170%) |
| 5725000 | 4.848 | 01/20/39 | 5706543 |
| Belmont Park CLO Ltd. Series 2024-1A, Class A1R<sup>(b)(c)</sup> (-1X 3 mo. USD Term SOFR + 1.280%) | Belmont Park CLO Ltd. Series 2024-1A, Class A1R<sup>(b)(c)</sup> (-1X 3 mo. USD Term SOFR + 1.280%) | Belmont Park CLO Ltd. Series 2024-1A, Class A1R<sup>(b)(c)</sup> (-1X 3 mo. USD Term SOFR + 1.280%) | Belmont Park CLO Ltd. Series 2024-1A, Class A1R<sup>(b)(c)</sup> (-1X 3 mo. USD Term SOFR + 1.280%) |
| 3060000 | 0.000 | 04/15/37 | 3060000 |
| Bridgepoint CLO IX DAC Series 9A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.800%) | Bridgepoint CLO IX DAC Series 9A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.800%) | Bridgepoint CLO IX DAC Series 9A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.800%) | Bridgepoint CLO IX DAC Series 9A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.800%) |
| 1775000 | 3.914 | 10/15/39 | 2048969 |
| Crown City CLO V Series 2023-5A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.600%) | Crown City CLO V Series 2023-5A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.600%) | Crown City CLO V Series 2023-5A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.600%) | Crown City CLO V Series 2023-5A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.600%) |
| 1100000 | 5.268 | 04/20/37 | 1100101 |
| CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.700%) | CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.700%) | CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.700%) | CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.700%) |
| 2700000 | 3.726 | 04/20/38 | 3090380 |
| Dunedin Park CLO DAC Series 1X, Class AR<sup>(c)</sup> (3 mo. EUR EURIBOR + 0.980%) | Dunedin Park CLO DAC Series 1X, Class AR<sup>(c)</sup> (3 mo. EUR EURIBOR + 0.980%) | Dunedin Park CLO DAC Series 1X, Class AR<sup>(c)</sup> (3 mo. EUR EURIBOR + 0.980%) | Dunedin Park CLO DAC Series 1X, Class AR<sup>(c)</sup> (3 mo. EUR EURIBOR + 0.980%) |
| 4750000 | 2.986 | 11/20/34 | 5479418 |
| Elmwood CLO 23 Ltd. Series 2023-2A, Class AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.350%) | Elmwood CLO 23 Ltd. Series 2023-2A, Class AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.350%) | Elmwood CLO 23 Ltd. Series 2023-2A, Class AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.350%) | Elmwood CLO 23 Ltd. Series 2023-2A, Class AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.350%) |
| 6625000 | 5.021 | 04/16/36 | 6626954 |
| Harvest CLO XXXVII DAC Series 37A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.850%) | Harvest CLO XXXVII DAC Series 37A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.850%) | Harvest CLO XXXVII DAC Series 37A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.850%) | Harvest CLO XXXVII DAC Series 37A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.850%) |
| 1850000 | 3.956 | 01/15/39 | 2127614 |
| Invesco CLO Ltd. Series 2022-2A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.150%) | Invesco CLO Ltd. Series 2022-2A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.150%) | Invesco CLO Ltd. Series 2022-2A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.150%) | Invesco CLO Ltd. Series 2022-2A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.150%) |
| 6575000 | 4.818 | 07/20/35 | 6571094 |
| Jamestown CLO XVI Ltd. Series 2021-16A, Class AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.120%) | Jamestown CLO XVI Ltd. Series 2021-16A, Class AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.120%) | Jamestown CLO XVI Ltd. Series 2021-16A, Class AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.120%) | Jamestown CLO XVI Ltd. Series 2021-16A, Class AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.120%) |
| 3000000 | 4.788 | 07/25/34 | 2995413 |
| Kennedy Lewis CLO 18 Ltd. Series 2024-18A, Class A<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.370%) | Kennedy Lewis CLO 18 Ltd. Series 2024-18A, Class A<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.370%) | Kennedy Lewis CLO 18 Ltd. Series 2024-18A, Class A<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.370%) | Kennedy Lewis CLO 18 Ltd. Series 2024-18A, Class A<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.370%) |
| 2700000 | 5.038 | 01/20/38 | 2702678 |
| Kennedy Lewis CLO 22 Ltd. Series 2025-22A, Class A<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.330%) | Kennedy Lewis CLO 22 Ltd. Series 2025-22A, Class A<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.330%) | Kennedy Lewis CLO 22 Ltd. Series 2025-22A, Class A<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.330%) | Kennedy Lewis CLO 22 Ltd. Series 2025-22A, Class A<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.330%) |
| 4400000 | 4.998 | 07/20/38 | 4404532 |
| Magnetite XLVII Ltd. Series 2024-47A, Class A<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.330%) | Magnetite XLVII Ltd. Series 2024-47A, Class A<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.330%) | Magnetite XLVII Ltd. Series 2024-47A, Class A<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.330%) | Magnetite XLVII Ltd. Series 2024-47A, Class A<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.330%) |
| 7900000 | 4.998 | 01/25/38 | 7909385 |
| OCP CLO Ltd. Series 2024-33A, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.500%) | OCP CLO Ltd. Series 2024-33A, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.500%) | OCP CLO Ltd. Series 2024-33A, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.500%) | OCP CLO Ltd. Series 2024-33A, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.500%) |
| 2450000 | 5.168 | 07/20/37 | 2450512 |
| OCP CLO Ltd. Series 2020-20A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.530%) | OCP CLO Ltd. Series 2020-20A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.530%) | OCP CLO Ltd. Series 2020-20A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.530%) | OCP CLO Ltd. Series 2020-20A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.530%) |
| 2730000 | 5.198 | 04/18/37 | 2730412 |
| OCP CLO Ltd. Series 2017-14A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.370%) | OCP CLO Ltd. Series 2017-14A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.370%) | OCP CLO Ltd. Series 2017-14A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.370%) | OCP CLO Ltd. Series 2017-14A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.370%) |
| 4800000 | 5.038 | 07/20/37 | 4800398 |
| OCP Euro DAC Series 2025-12A, Class B1<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.700%) | OCP Euro DAC Series 2025-12A, Class B1<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.700%) | OCP Euro DAC Series 2025-12A, Class B1<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.700%) | OCP Euro DAC Series 2025-12A, Class B1<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.700%) |
| 2900000 | 3.726 | 01/20/38 | 3318580 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) |
| Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) |
| Rad CLO 21 Ltd. Series 2023-21A, Class BR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.550%) | Rad CLO 21 Ltd. Series 2023-21A, Class BR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.550%) | Rad CLO 21 Ltd. Series 2023-21A, Class BR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.550%) | Rad CLO 21 Ltd. Series 2023-21A, Class BR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.550%) |
| 3490000 | 5.218% | 01/25/37 | $3463082 |
| Regatta XVI Funding Ltd. Series 2019-2A, Class A1R2<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.190%) | Regatta XVI Funding Ltd. Series 2019-2A, Class A1R2<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.190%) | Regatta XVI Funding Ltd. Series 2019-2A, Class A1R2<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.190%) | Regatta XVI Funding Ltd. Series 2019-2A, Class A1R2<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.190%) |
| 5060000 | 4.841 | 04/15/39 | 5046338 |
| RR 29 Ltd. Series 2024-29RA, Class A2R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.700%) | RR 29 Ltd. Series 2024-29RA, Class A2R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.700%) | RR 29 Ltd. Series 2024-29RA, Class A2R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.700%) | RR 29 Ltd. Series 2024-29RA, Class A2R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.700%) |
| 3000000 | 5.372 | 07/15/39 | 2999925 |
| Silver Point CLO 4 Ltd. Series 2024-4A, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.630%) | Silver Point CLO 4 Ltd. Series 2024-4A, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.630%) | Silver Point CLO 4 Ltd. Series 2024-4A, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.630%) | Silver Point CLO 4 Ltd. Series 2024-4A, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.630%) |
| 5180000 | 5.302 | 04/15/37 | 5183041 |
| Sixth Street CLO XVI Ltd. Series 2020-16A, Class A1R2<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.170%) | Sixth Street CLO XVI Ltd. Series 2020-16A, Class A1R2<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.170%) | Sixth Street CLO XVI Ltd. Series 2020-16A, Class A1R2<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.170%) | Sixth Street CLO XVI Ltd. Series 2020-16A, Class A1R2<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.170%) |
| 6150000 | 4.832 | 01/21/39 | 6133506 |
| Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A<sup>(b)</sup> | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A<sup>(b)</sup> | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A<sup>(b)</sup> | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A<sup>(b)</sup> |
| 321998 | 5.750 | 12/20/50 | 315806 |
| Symphony CLO XXV Ltd. Series 2021-25A, Class BR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.500%) | Symphony CLO XXV Ltd. Series 2021-25A, Class BR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.500%) | Symphony CLO XXV Ltd. Series 2021-25A, Class BR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.500%) | Symphony CLO XXV Ltd. Series 2021-25A, Class BR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.500%) |
| 3300000 | 5.168 | 04/19/34 | 3273798 |
| Tikehau CLO IV DAC Series 4A, Class DR<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 3.250%) | Tikehau CLO IV DAC Series 4A, Class DR<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 3.250%) | Tikehau CLO IV DAC Series 4A, Class DR<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 3.250%) | Tikehau CLO IV DAC Series 4A, Class DR<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 3.250%) |
| 1700000 | 5.297 | 10/15/39 | 1932207 |
| Trestles CLO VIII Ltd. Series 2025-8A, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.330%) | Trestles CLO VIII Ltd. Series 2025-8A, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.330%) | Trestles CLO VIII Ltd. Series 2025-8A, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.330%) | Trestles CLO VIII Ltd. Series 2025-8A, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.330%) |
| 4700085 | 4.998 | 06/11/35 | 4702134 |
| Trimaran CAVU Ltd. Series 2021-2A, Class D1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 2.500%) | Trimaran CAVU Ltd. Series 2021-2A, Class D1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 2.500%) | Trimaran CAVU Ltd. Series 2021-2A, Class D1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 2.500%) | Trimaran CAVU Ltd. Series 2021-2A, Class D1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 2.500%) |
| 2300000 | 6.147 | 10/25/34 | 2189004 |
| Trinitas CLO XVI Ltd. Series 2021-16A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.130%) | Trinitas CLO XVI Ltd. Series 2021-16A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.130%) | Trinitas CLO XVI Ltd. Series 2021-16A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.130%) | Trinitas CLO XVI Ltd. Series 2021-16A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.130%) |
| 9000000 | 4.798 | 07/20/34 | 8989884 |
| Venture 36 CLO Ltd. Series 2019-36A, Class D<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 4.412%) | Venture 36 CLO Ltd. Series 2019-36A, Class D<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 4.412%) | Venture 36 CLO Ltd. Series 2019-36A, Class D<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 4.412%) | Venture 36 CLO Ltd. Series 2019-36A, Class D<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 4.412%) |
| 2500000 | 8.079 | 04/20/32 | 2419838 |
| Wind River CLO Ltd. Series 2021-2A, Class CR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 2.000%) | Wind River CLO Ltd. Series 2021-2A, Class CR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 2.000%) | Wind River CLO Ltd. Series 2021-2A, Class CR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 2.000%) | Wind River CLO Ltd. Series 2021-2A, Class CR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 2.000%) |
| 4000000 | 5.668 | 07/20/34 | 3968572 |
| WISE CLO Ltd. Series 2023-2A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.100%) | WISE CLO Ltd. Series 2023-2A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.100%) | WISE CLO Ltd. Series 2023-2A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.100%) | WISE CLO Ltd. Series 2023-2A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.100%) |
| 4880000 | 4.772 | 04/15/39 | 4887105 |
| Zais CLO 13 Ltd. Series 2019-13A, Class A1AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.300%) | Zais CLO 13 Ltd. Series 2019-13A, Class A1AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.300%) | Zais CLO 13 Ltd. Series 2019-13A, Class A1AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.300%) | Zais CLO 13 Ltd. Series 2019-13A, Class A1AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.300%) |
| 800194 | 4.972 | 07/15/32 | 800231 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;151892677 |
| Credit Card – 1.2% | Credit Card – 1.2% | Credit Card – 1.2% | Credit Card – 1.2% |
| American Express Credit Account Master Trust Series 2024-3, Class A | American Express Credit Account Master Trust Series 2024-3, Class A | American Express Credit Account Master Trust Series 2024-3, Class A | American Express Credit Account Master Trust Series 2024-3, Class A |
| 4500000 | 4.650 | 07/15/29 | 4538251 |
| American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A |
| 3975000 | 4.510 | 04/15/32 | 4016188 |

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| | |
|:---|:---|
| **18** | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) | Asset-Backed Securities<sup>(a)</sup> – (continued) |
| Credit Card – (continued) | Credit Card – (continued) | Credit Card – (continued) | Credit Card – (continued) |
| Barclays Dryrock Issuance Trust Series 2023-1, Class A | Barclays Dryrock Issuance Trust Series 2023-1, Class A | Barclays Dryrock Issuance Trust Series 2023-1, Class A | Barclays Dryrock Issuance Trust Series 2023-1, Class A |
| 7300000 | 4.720% | 02/15/29 | $7302406 |
|  |  |  | 15856845 |
| Student Loan<sup>(c)</sup> – 0.5% | Student Loan<sup>(c)</sup> – 0.5% | Student Loan<sup>(c)</sup> – 0.5% | Student Loan<sup>(c)</sup> – 0.5% |
| Elmwood CLO 27 Ltd. Series 2024-3A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.520%) | Elmwood CLO 27 Ltd. Series 2024-3A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.520%) | Elmwood CLO 27 Ltd. Series 2024-3A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.520%) | Elmwood CLO 27 Ltd. Series 2024-3A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.520%) |
| 4500000 | 5.188 | 04/18/37 | 4500445 |
| Illinois Student Assistance Commission Series 2010-1, Class A3 (3 mo. USD Term SOFR + 1.162%) | Illinois Student Assistance Commission Series 2010-1, Class A3 (3 mo. USD Term SOFR + 1.162%) | Illinois Student Assistance Commission Series 2010-1, Class A3 (3 mo. USD Term SOFR + 1.162%) | Illinois Student Assistance Commission Series 2010-1, Class A3 (3 mo. USD Term SOFR + 1.162%) |
| 140057 | 5.049 | 07/25/45 | 139802 |
| Katayma CLO II Ltd. Series 2024-2A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.150%) | Katayma CLO II Ltd. Series 2024-2A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.150%) | Katayma CLO II Ltd. Series 2024-2A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.150%) | Katayma CLO II Ltd. Series 2024-2A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.150%) |
| 2500000 | 5.818 | 04/20/37 | 2502270 |
| PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(b)</sup> (1 mo. USD Term SOFR + 1.264%) |
| 305357 | 4.926 | 09/25/65 | 304023 |
|  |  |  | 7446540 |
| TOTAL ASSET-BACKED SECURITIES<br>(Cost $219,213,950) | TOTAL ASSET-BACKED SECURITIES<br>(Cost $219,213,950) | TOTAL ASSET-BACKED SECURITIES<br>(Cost $219,213,950) | $&nbsp;&nbsp;&nbsp;&nbsp;219303382 |
| Agency Debentures<sup>(c)</sup> – 2.0% | Agency Debentures<sup>(c)</sup> – 2.0% | Agency Debentures<sup>(c)</sup> – 2.0% | Agency Debentures<sup>(c)</sup> – 2.0% |
| Sovereign – 2.0% | Sovereign – 2.0% | Sovereign – 2.0% | Sovereign – 2.0% |
| Federal Home Loan Mortgage Corp. (Secured Overnight Financing Rate + 0.225%) | Federal Home Loan Mortgage Corp. (Secured Overnight Financing Rate + 0.225%) | Federal Home Loan Mortgage Corp. (Secured Overnight Financing Rate + 0.225%) | Federal Home Loan Mortgage Corp. (Secured Overnight Financing Rate + 0.225%) |
| 25959000 | 3.855% | 11/03/28 | $25971460 |
| (Cost $25,959,000) | (Cost $25,959,000) | (Cost $25,959,000) |  |
| Sovereign Debt Obligations – 1.6% | Sovereign Debt Obligations – 1.6% | Sovereign Debt Obligations – 1.6% | Sovereign Debt Obligations – 1.6% |
| United States Dollar – 1.6% | United States Dollar – 1.6% | United States Dollar – 1.6% | United States Dollar – 1.6% |
| Chile Government International Bonds <sup>(a)</sup> | Chile Government International Bonds <sup>(a)</sup> | Chile Government International Bonds <sup>(a)</sup> | Chile Government International Bonds <sup>(a)</sup> |
| 1580000 | 4.350% | 04/13/31 | $1551560 |
| Colombia Government International Bonds <sup>(a)</sup> | Colombia Government International Bonds <sup>(a)</sup> | Colombia Government International Bonds <sup>(a)</sup> | Colombia Government International Bonds <sup>(a)</sup> |
| 930000 | 5.375 | 01/21/29 | 923025 |
| Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
| 3630000 | 5.250 | 06/16/29 | 3637169 |
| Indonesia Government International Bonds <sup>(a)</sup> | Indonesia Government International Bonds <sup>(a)</sup> | Indonesia Government International Bonds <sup>(a)</sup> | Indonesia Government International Bonds <sup>(a)</sup> |
| 6030000 | 4.550 | 01/11/28 | 6041487 |
| Korea Hydro & Nuclear Power Co. Ltd. <sup>(b)</sup> | Korea Hydro & Nuclear Power Co. Ltd. <sup>(b)</sup> | Korea Hydro & Nuclear Power Co. Ltd. <sup>(b)</sup> | Korea Hydro & Nuclear Power Co. Ltd. <sup>(b)</sup> |
| 3950000 | 4.250 | 07/27/27 | 3947156 |
| Republic of Poland Government International Bonds <sup>(a)</sup> | Republic of Poland Government International Bonds <sup>(a)</sup> | Republic of Poland Government International Bonds <sup>(a)</sup> | Republic of Poland Government International Bonds <sup>(a)</sup> |
| 2600000 | 4.625 | 03/18/29 | 2633046 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| 1500000 | 3.000 <sup>(b)</sup> | 02/27/27 | 1468875 |
| 1700000 | 5.875 | 01/30/29 | 1708806 |
| TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $21,850,705) | TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $21,850,705) | TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $21,850,705) | $21911124 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Debt Obligations<sup>(a)</sup> – 0.1% | Municipal Debt Obligations<sup>(a)</sup> – 0.1% | Municipal Debt Obligations<sup>(a)</sup> – 0.1% | Municipal Debt Obligations<sup>(a)</sup> – 0.1% |
| Massachusetts – 0.1% | Massachusetts – 0.1% | Massachusetts – 0.1% | Massachusetts – 0.1% |
| Massachusetts Development Finance Agency RB Taxable Series G | Massachusetts Development Finance Agency RB Taxable Series G | Massachusetts Development Finance Agency RB Taxable Series G | Massachusetts Development Finance Agency RB Taxable Series G |
| 1465000 | 6.625% | 10/01/30 | $1493790 |
| (Cost $1,465,000) | (Cost $1,465,000) | (Cost $1,465,000) |  |
| **Shares** | **Description** | **Description** | **Value** |
| Common Stocks<sup>(b)</sup> – 0.0% | Common Stocks<sup>(b)</sup> – 0.0% | Common Stocks<sup>(b)</sup> – 0.0% | Common Stocks<sup>(b)</sup> – 0.0% |
| Real Estate Management & Development – 0.0% | Real Estate Management & Development – 0.0% | Real Estate Management & Development – 0.0% | Real Estate Management & Development – 0.0% |
| 22377 | Sunac Services Holdings Ltd. | Sunac Services Holdings Ltd. | $2393 |
| (Cost $42,587) | (Cost $42,587) | (Cost $42,587) |  |
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity Date** | **Value** |
| U.S. Treasury Obligations – 8.3% | U.S. Treasury Obligations – 8.3% | U.S. Treasury Obligations – 8.3% | U.S. Treasury Obligations – 8.3% |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 26260000 | 4.375 %<sup>(h)</sup> | 07/15/27 | $26440538 |
| 66130000 | 3.625 | 08/31/27 | 65938843 |
| 17610000 | 4.500 <sup>(h)</sup> | 05/31/29 | 17952570 |
| TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $110,500,508) | TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $110,500,508) | TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $110,500,508) | $110331951 |
| **Shares** | **Dividend<br>Rate** | **Dividend<br>Rate** | **Value** |
| Investment Company<sup>(i)</sup> – 0.0% | Investment Company<sup>(i)</sup> – 0.0% | Investment Company<sup>(i)</sup> – 0.0% | Investment Company<sup>(i)</sup> – 0.0% |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 1612 | 3.553% | 3.553% | $1612 |
| (Cost $1,612) | (Cost $1,612) | (Cost $1,612) |  |
| TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 91.4%<br>(Cost $1,217,940,015) | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 91.4%<br>(Cost $1,217,940,015) | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 91.4%<br>(Cost $1,217,940,015) | $1220151835 |
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Short-term Investments – 5.7% | Short-term Investments – 5.7% | Short-term Investments – 5.7% | Short-term Investments – 5.7% |
| Certificates of Deposit – 2.9% | Certificates of Deposit – 2.9% | Certificates of Deposit – 2.9% | Certificates of Deposit – 2.9% |
| Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
| 9800000 | 4.000% | 04/24/26 | $9801097 |
| Barclays Bank PLC<sup>(c)</sup> (Secured Overnight Financing Rate + 0.370%) | Barclays Bank PLC<sup>(c)</sup> (Secured Overnight Financing Rate + 0.370%) | Barclays Bank PLC<sup>(c)</sup> (Secured Overnight Financing Rate + 0.370%) | Barclays Bank PLC<sup>(c)</sup> (Secured Overnight Financing Rate + 0.370%) |
| 9679000 | 4.000 | 10/22/26 | 9674114 |
| Mizuho Bank Ltd.<sup>(c)</sup> (Secured Overnight Financing Rate + 0.270%) | Mizuho Bank Ltd.<sup>(c)</sup> (Secured Overnight Financing Rate + 0.270%) | Mizuho Bank Ltd.<sup>(c)</sup> (Secured Overnight Financing Rate + 0.270%) | Mizuho Bank Ltd.<sup>(c)</sup> (Secured Overnight Financing Rate + 0.270%) |
| 5777000 | 3.900 | 06/02/26 | 5778526 |
| National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait |
| 6000000 | 4.420 | 08/19/26 | 6003592 |
| (Secured Overnight Financing Rate + 0.600%) | (Secured Overnight Financing Rate + 0.600%) | (Secured Overnight Financing Rate + 0.600%) | (Secured Overnight Financing Rate + 0.600%) |
| 7094000 | 4.250 <sup>(a)(c)</sup> | 12/11/26 | 7100262 |
|  |  |  | 38357591 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **19** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) |
| Commercial Paper(j) – 2.8% | Commercial Paper(j) – 2.8% | Commercial Paper(j) – 2.8% | Commercial Paper(j) – 2.8% |
| Air Lease Corp.<sup>(b)</sup> | Air Lease Corp.<sup>(b)</sup> | Air Lease Corp.<sup>(b)</sup> | Air Lease Corp.<sup>(b)</sup> |
| 10000000 | 0.000% | 04/02/26 | $9997702 |
| Energy Transfer LP<sup>(b)</sup> | Energy Transfer LP<sup>(b)</sup> | Energy Transfer LP<sup>(b)</sup> | Energy Transfer LP<sup>(b)</sup> |
| 5000000 | 0.000 | 04/01/26 | 4999444 |
| Macquarie Group Ltd. | Macquarie Group Ltd. | Macquarie Group Ltd. | Macquarie Group Ltd. |
| 6790000 | 0.000 | 05/15/26 | 6755286 |
| National Bank of Kuwait<sup>(b)</sup> | National Bank of Kuwait<sup>(b)</sup> | National Bank of Kuwait<sup>(b)</sup> | National Bank of Kuwait<sup>(b)</sup> |
| 4200000 | 0.000 | 05/01/26 | 4186216 |
| Oracle Corp.<sup>(b)</sup> | Oracle Corp.<sup>(b)</sup> | Oracle Corp.<sup>(b)</sup> | Oracle Corp.<sup>(b)</sup> |
| 6799000 | 0.000 | 10/02/26 | 6643369 |
| Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP |
| 1934000 | 0.000 | 07/17/26 | 1908970 |
| VW Credit, Inc.<sup>(b)</sup> | VW Credit, Inc.<sup>(b)</sup> | VW Credit, Inc.<sup>(b)</sup> | VW Credit, Inc.<sup>(b)</sup> |
| 3889000 | 0.000 | 07/01/26 | 3847457 |
|  |  |  | 38338444 |
| TOTAL SHORT-TERM INVESTMENTS<br>(Cost $76,701,561) | TOTAL SHORT-TERM INVESTMENTS<br>(Cost $76,701,561) | TOTAL SHORT-TERM INVESTMENTS<br>(Cost $76,701,561) | $76696035 |
| TOTAL INVESTMENTS – 99.1%<br>(Cost $1,320,600,576) | TOTAL INVESTMENTS – 99.1%<br>(Cost $1,320,600,576) | TOTAL INVESTMENTS – 99.1%<br>(Cost $1,320,600,576) | $1322819330 |
| **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.9%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.9%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.9%** | 12069920 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $1334889250 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Interest Only Inverse Floaters.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(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 $24,100,313 which represents approximately 1.8% of net assets as of March 31, 2026.

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

&nbsp;&nbsp;&nbsp;&nbsp;(i) Represents an affiliated issuer.

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

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2026, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  MS & Co. Int. PLC | BRL | 7022234 | USD | 1318358 | 06/17/26 | $14093 |
|  | CNH | 1529187 | USD | 222746 | 06/17/26 | 476 |
|  | COP | 3989097197 | USD | 1077869 | 04/06/26 | 6316 |
|  | COP | 2378614000 | USD | 623000 | 04/10/26 | 22727 |
|  | COP | 3051716453 | USD | 813034 | 06/17/26 | 2812 |
|  | EUR | 5072276 | USD | 5837506 | 06/17/26 | 46160 |
|  | EUR | 2469770 | USD | 2855619 | 06/18/26 | 9352 |
|  | GBP | 879111 | USD | 1159029 | 06/17/26 | 4286 |
|  | HUF | 2249460576 | USD | 6675394 | 06/17/26 | 53049 |
|  | INR | 19547100 | USD | 207377 | 04/09/26 | 1049 |
|  | INR | 38409654 | USD | 404000 | 05/06/26 | 3211 |
|  | INR | 54966804 | USD | 576566 | 06/17/26 | 2509 |
|  | JPY | 84464808 | USD | 534988 | 06/17/26 | 710 |
|  | TWD | 32637561 | USD | 1017888 | 04/02/26 | 2820 |
|  | TWD | 30364023 | USD | 944525 | 05/04/26 | 1837 |
|  | USD | 3575222 | AUD | 5054417 | 06/17/26 | 91926 |
|  | USD | 8865178 | CAD | 12035361 | 06/17/26 | 184113 |
|  | USD | 3120532 | CHF | 2418382 | 06/17/26 | 70170 |
|  | USD | 417942 | CLP | 382145165 | 06/17/26 | 5097 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **20** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  MS & Co. Int. PLC (continued) | USD | 6990148 | CNH | 47757745 | 06/17/26 | $18745 |
|  | USD | 7536850 | CZK | 158307461 | 06/17/26 | 74983 |
|  | USD | 31073377 | EUR | 26240882 | 05/22/26 | 667515 |
|  | USD | 3788279 | EUR | 3250765 | 06/17/26 | 17502 |
|  | USD | 1902205 | GBP | 1418455 | 06/17/26 | 25183 |
|  | USD | 178036 | GBP | 133283 | 06/18/26 | 1665 |
|  | USD | 5027137 | HUF | 1666912030 | 06/17/26 | 41176 |
|  | USD | 766288 | ILS | 2374343 | 06/17/26 | 9383 |
|  | USD | 863033 | INR | 79377482 | 04/09/26 | 16650 |
|  | USD | 1434870 | INR | 134364957 | 04/23/26 | 6703 |
|  | USD | 455755 | INR | 42711080 | 04/27/26 | 2188 |
|  | USD | 4256949 | INR | 397689888 | 06/17/26 | 67285 |
|  | USD | 2428867 | JPY | 368908679 | 05/13/26 | 95274 |
|  | USD | 811613 | JPY | 127607018 | 06/17/26 | 2295 |
|  | USD | 552411 | JPY | 86891401 | 06/18/26 | 1277 |
|  | USD | 786702 | KRW | 1174915915 | 04/23/26 | 5164 |
|  | USD | 5572264 | KRW | 8313093374 | 06/17/26 | 33685 |
|  | USD | 3468386 | MXN | 62136894 | 06/17/26 | 24872 |
|  | USD | 690831 | NOK | 6689682 | 06/17/26 | 410 |
|  | USD | 5494780 | NZD | 9267189 | 06/17/26 | 154807 |
|  | USD | 439157 | NZD | 741135 | 06/18/26 | 12083 |
|  | USD | 3820871 | PLN | 13969330 | 06/17/26 | 58838 |
|  | USD | 4222601 | SEK | 38559190 | 06/17/26 | 133423 |
|  | USD | 3761071 | SGD | 4752396 | 06/17/26 | 44537 |
|  | USD | 820533 | TRY | 39761457 | 06/17/26 | 842 |
|  | USD | 1040142 | TWD | 32637561 | 04/02/26 | 19434 |
|  | USD | 1591777 | TWD | 50721223 | 06/17/26 | 13554 |
|  | USD | 4798495 | ZAR | 78259358 | 06/17/26 | 200832 |
|  | USD | 1260205 | ZAR | 21417250 | 06/18/26 | 2062 |
| TOTAL |  |  |  |  |  | $2275080 |

---

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | AUD | 5069805 | USD | 3557958 | 06/17/26 | $(64056) |
|  | CAD | 7883721 | USD | 5833865 | 06/17/26 | (147363) |
|  | CAD | 3892994 | USD | 2847894 | 06/18/26 | (39769) |
|  | CHF | 1762461 | USD | 2285626 | 06/17/26 | (62592) |
|  | CHF | 757197 | USD | 964549 | 06/18/26 | (9375) |
|  | CLP | 345864212 | USD | 389176 | 06/17/26 | (15526) |
|  | CNH | 68284078 | USD | 9988300 | 06/17/26 | (20580) |
|  | COP | 2280357216 | USD | 612160 | 06/17/26 | (2529) |
|  | CZK | 136965045 | USD | 6551201 | 06/17/26 | (95315) |
|  | EUR | 2044508 | USD | 2375833 | 06/17/26 | (4274) |
|  | EUR | 1215389 | USD | 1413716 | 06/18/26 | (3847) |
|  | GBP | 890423 | USD | 1190806 | 06/17/26 | (12522) |
|  | ILS | 2524784 | USD | 814519 | 06/17/26 | (9655) |
|  | INR | 59856429 | USD | 645751 | 04/09/26 | (7516) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **21** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC (continued) | INR | 403081696 | USD | 4313881 | 06/17/26 | $(67414) |
|  | JPY | 175641245 | USD | 1115853 | 06/17/26 | (1890) |
|  | JPY | 74772504 | USD | 476266 | 06/18/26 | (2000) |
|  | KRW | 847100219 | USD | 572608 | 06/10/26 | (8370) |
|  | KRW | 11481234221 | USD | 7777884 | 06/17/26 | (128540) |
|  | MXN | 50389406 | USD | 2819413 | 06/17/26 | (26923) |
|  | MXN | 9339877 | USD | 518390 | 06/18/26 | (833) |
|  | NOK | 1948494 | USD | 202202 | 06/17/26 | (1104) |
|  | NOK | 13592783 | USD | 1404310 | 06/18/26 | (1460) |
|  | NZD | 8285674 | USD | 4872738 | 06/17/26 | (98337) |
|  | PLN | 13523616 | USD | 3692027 | 06/17/26 | (50029) |
|  | SEK | 37859337 | USD | 4137633 | 06/17/26 | (122673) |
|  | SGD | 4598398 | USD | 3639412 | 06/17/26 | (43309) |
|  | TRY | 66093259 | USD | 1366973 | 06/17/26 | (4445) |
|  | TWD | 32593607 | USD | 1029966 | 04/02/26 | (10633) |
|  | TWD | 52929252 | USD | 1662873 | 06/17/26 | (15945) |
|  | USD | 1566278 | BRL | 8343855 | 06/17/26 | (16947) |
|  | USD | 2403261 | CNH | 16498740 | 06/17/26 | (5131) |
|  | USD | 1044000 | COP | 3996432000 | 04/06/26 | (42179) |
|  | USD | 1077869 | COP | 3996006339 | 04/10/26 | (6935) |
|  | USD | 1062085 | COP | 3981277191 | 04/23/26 | (14517) |
|  | USD | 817313 | COP | 3076407675 | 06/17/26 | (5135) |
|  | USD | 404000 | EUR | 349374 | 04/10/26 | (19) |
|  | USD | 7323114 | EUR | 6358571 | 06/17/26 | (52610) |
|  | USD | 1143608 | EUR | 988746 | 06/18/26 | (3353) |
|  | USD | 1159029 | GBP | 879115 | 06/18/26 | (4285) |
|  | USD | 1708039 | HUF | 582757160 | 06/18/26 | (34957) |
|  | USD | 967618 | INR | 91586378 | 05/06/26 | (3361) |
|  | USD | 820000 | JPY | 129554588 | 06/17/26 | (1669) |
|  | USD | 125988 | JPY | 19915146 | 06/18/26 | (330) |
|  | USD | 403000 | NOK | 3922077 | 06/17/26 | (1785) |
|  | USD | 1016517 | TWD | 32593607 | 04/02/26 | (2816) |
|  | USD | 944525 | TWD | 30416161 | 06/17/26 | (1894) |
|  | ZAR | 101040565 | USD | 6082714 | 06/17/26 | (146677) |
| TOTAL |  |  |  |  |  | $(1423424) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **22** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD SALES CONTRACTS — At March 31, 2026, the Fund had the following forward sales contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest**<br> **Rate** | **Maturity**<br> **Date<sup>(a)</sup>** | **Settlement**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Government National Mortgage Association | 4.500% | TBA - 30yr | 04/21/26 | $(5000000) | $(4822329) |
|  Government National Mortgage Association | 4.000 | TBA - 30yr | 04/21/26 | (1000000) | (935586) |
|  Uniform Mortgage-Backed Security | 6.500 | TBA - 30yr | 04/13/26 | (8000000) | (8273750) |
| (PROCEEDS RECEIVED: $(14146055)) | (PROCEEDS RECEIVED: $(14146055)) | (PROCEEDS RECEIVED: $(14146055)) |  |  | $(14031665) |

---

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

FUTURES CONTRACTS — At March 31, 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Amount** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  **Long position contracts:** |  |  | | |
|  10 Year U.S. Treasury Notes | 136 | 06/18/26 | $15102375 | $25624 |
|  2 Year U.S. Treasury Notes | 2951 | 06/30/26 | 612171116 | (4491451) |
|  Euro-Schatz | 238 | 06/08/26 | 29091016 | (99571) |
|  ICE 3M Sonia Bonds | 378 | 03/16/27 | 119626745 | (682957) |
| Total |  |  |  | $(5248355) |
|  **Short position contracts:** |  |  |  |  |
|  20 Year U.S. Treasury Bonds | (26) | 06/18/26 | (2960750) | (708) |
|  5 Year U.S. Treasury Notes | (575) | 06/30/26 | (62203321) | 682619 |
|  Ultra Long U.S. Treasury Bonds | (41) | 06/18/26 | (4779062) | (108) |
| Total |  |  |  | $681803 |
| TOTAL FUTURES CONTRACTS |  |  |  | $(4566552) |

---

SWAP CONTRACTS — At March 31, 2026, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Termination**<br> **Date** | **Notional**<br> **Amount**<br> (000s)<sup>(a)</sup> | **Market**<br> **Value** | **Upfront**<br> **Premium**<br> (Received)<br> **Paid** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  3.062%<sup>(b)</sup><br> 12M SOFR<sup>(b)</sup> | 08/31/27 | $14890 | $86344 | $5450 | $80894 |
| 1.250<sup>(b)</sup><br> 12M JYOR<sup>(b)</sup> | 12/15/27 | 10334030 | 158404 | 22607 | 135797 |
| 3.175<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 03/15/28 | $42500 | 293811 | 17744 | 276067 |
| 2.500<sup>(d)</sup><br> 12M CDOR<sup>(d)</sup> | 06/17/28 | 3860 | 16521 | 1920 | 14601 |
| 2.750<sup>(d)</sup><br> 12M CDOR<sup>(d)</sup> | 06/17/28 | 6380 | 5158 | 17226 | (12068) |
| 4.000<sup>(c)</sup><br> 12M GBP<sup>(c)</sup> | 06/17/28 | 2750 | 15593 | (22106) | 37699 |
| 3.000<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 06/17/28 | $37790 | 427612 | 254408 | 173204 |
| 3.250<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 06/17/28 | 6940 | 45287 | 23058 | 22229 |
|  12M EURO<sup>(c)</sup><br> 2.000%<sup>(c)</sup> | 06/17/28 | 710 | (9782) | (12455) | 2673 |
|  12M GBP<sup>(c)</sup><br> 3.750<sup>(c)</sup> | 06/17/28 | 29740 | (352807) | (140278) | (212529) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **23** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Termination**<br> **Date** | **Notional**<br> **Amount**<br> (000s)<sup>(a)</sup> | **Market**<br> **Value** | **Upfront**<br> **Premium**<br> (Received)<br> **Paid** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  4.500%<sup>(e)</sup><br> 3M AUDOR<sup>(e)</sup> | 06/17/28 | 11600 | $27699 | $422 | $27277 |
| 2.250<sup>(c)</sup><br> 6M EURO<sup>(d)</sup> | 06/17/28 | 9170 | 130735 | (5129) | 135864 |
| 2.500<sup>(c)</sup><br> 6M EURO<sup>(d)</sup> | 06/17/28 | 4340 | 37794 | (4322) | 42116 |
|  12M EURO<sup>(b)</sup><br> 2.000%<sup>(b)</sup> | 09/10/28 | 175851 | (1146674) | (153172) | (993502) |
| 2.500<sup>(b)</sup><br> 6M EURO<sup>(d)</sup> | 09/10/28 | 175851 | 712538 | (381679) | 1094217 |
|  12M JYOR<sup>(c)</sup><br> 1.771<sup>(c)</sup> | 01/26/30 | 334360 | (6595) | (9112) | 2517 |
| 3.298<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 08/31/30 | $32140 | 363780 | 158981 | 204799 |
| 1.250<sup>(c)</sup><br> 12M JYOR<sup>(c)</sup> | 06/17/31 | 14669000 | 2455441 | 1695392 | 760049 |
|  6M EURO<sup>(d)</sup><br> 2.500<sup>(c)</sup> | 06/17/31 | 24260 | (533235) | (76499) | (456736) |
|  3M NZDOR<sup>(e)</sup><br> 3.750<sup>(d)</sup> | 06/17/31 | 33580 | (256305) | (34128) | (222177) |
|  12M GBP<sup>(c)</sup><br> 4.000<sup>(c)</sup> | 06/17/31 | 10430 | (108932) | 95892 | (204824) |
|  6M AUDOR<sup>(d)</sup><br> 4.750<sup>(d)</sup> | 06/17/31 | 28620 | (121030) | (21040) | (99990) |
|  12M SOFR<sup>(c)</sup><br> 3.379<sup>(c)</sup> | 08/31/31 | $21300 | (241889) | (54080) | (187809) |
| 2.000<sup>(c)</sup><br> 12M JYOR<sup>(c)</sup> | 01/11/33 | 1125568 | 40439 | (124720) | 165159 |
| 3.407<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 01/31/33 | $27620 | 483626 | 3885 | 479741 |
|  12M CHFOR<sup>(c)</sup><br> 0.500<sup>(c)</sup> | 06/17/36 | 3390 | (30586) | (52552) | 21966 |
|  12M JYOR<sup>(c)</sup><br> 1.500<sup>(c)</sup> | 06/17/36 | 729000 | (290462) | (270485) | (19977) |
| 4.250<sup>(c)</sup><br> 12M GBP<sup>(c)</sup> | 06/17/36 | 3170 | 56795 | 39897 | 16898 |
| 3.750<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 06/17/36 | $4330 | 46561 | (71825) | 118386 |
|  12M CDOR<sup>(d)</sup><br> 3.250<sup>(d)</sup> | 06/17/36 | 2810 | (524) | 43236 | (43760) |
|  12M SOFR<sup>(c)</sup><br> 3.750<sup>(c)</sup> | 06/17/36 | $800 | (8602) | 10908 | (19510) |
| 2.750<sup>(c)</sup><br> 3M STIBOR<sup>(e)</sup> | 06/17/36 | 44960 | 138905 | 121338 | 17567 |
|  3M NZDOR<sup>(e)</sup><br> 4.000<sup>(d)</sup> | 06/17/36 | 7460 | (131827) | (65139) | (66688) |
|  6M NIBOR<sup>(d)</sup><br> 4.250<sup>(c)</sup> | 06/17/36 | 22740 | (33342) | (25573) | (7769) |
|  6M AUDOR<sup>(d)</sup><br> 5.000<sup>(d)</sup> | 06/17/36 | 8900 | (26408) | 75617 | (102025) |
| 2.750<sup>(c)</sup><br> 6M EURO<sup>(d)</sup> | 06/17/36 | 18400 | 617814 | 61081 | 556733 |
| 3.805<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 08/31/36 | $11850 | 86109 | (143766) | 229875 |
|  12M JYOR<sup>(c)</sup><br> 2.160<sup>(c)</sup> | 08/02/44 | 1819435 | (601765) | (1217474) | 615709 |
|  12M JYOR<sup>(c)</sup><br> 2.500<sup>(c)</sup> | 06/17/56 | 276000 | (189231) | (123280) | (65951) |
| 3.000<sup>(c)</sup><br> 6M EURO<sup>(d)</sup> | 06/17/56 | 1920 | 45319 | 13358 | 31961 |
| TOTAL |  |  | $2202289 | $(346394) | $2548683 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Payments made annually.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Payments made semi-annually.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **24** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Financing Rate**<br> **Received/(Paid)**<br> **by the Fund<sup>(a)</sup>** | **Credit**<br> **Spread<br>at March 31,**<br> **2026<sup>(b)</sup>** | **Counterparty** | **Termination**<br> **Date** | **Notional**<br> **Amount**<br> (000s) | **Value** | **Upfront**<br> **Premiums**<br> (Received)<br> **Paid** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  **Protection Sold:** |  |  |  |  |  |  |  |  |
|  CMBX.NA.AAA.17 | 0.500% | 0.751% | MS & Co. Int. PLC | 12/15/56 | $4800 | $(69214) | $(59828) | $(9386) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made monthly.

&nbsp;&nbsp;&nbsp;&nbsp;(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**<br> **Received/(Paid)**<br> **by the Fund<sup>(a)</sup>** | **Credit**<br> **Spread at**<br> **March 31,**<br> **2026<sup>(b)</sup>** | **Termination**<br> **Date** | **Notional**<br> **Amount**<br> (000s) | **Value** | **Upfront**<br> **Premiums**<br> (Received)<br> **Paid** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  **Protection Sold:** |  |  |  |  |  |  |  |
|  AT&T, Inc., 3.800%, 02/15/27 | 1.000% | 0.290% | 06/20/26 | $3475 | $6650 | $2826 | $3824 |
|  CDX.NA.HY Ind 45 | 5.000 | 3.648 | 12/20/30 | 29700 | 1615388 | 2046233 | (430845) |
|  CDX.NA.IG Ind 40 | 1.000 | 0.307 | 06/20/28 | 19049 | 289290 | 137307 | 151983 |
|  CDX.NA.IG Ind 42 | 1.000 | 0.424 | 06/20/29 | 65343 | 1164823 | 807048 | 357775 |
|  CDX.NA.IG Ind 43 | 1.000 | 0.482 | 12/20/29 | 99300 | 1818752 | 1719129 | 99623 |
|  CDX.NA.IG Ind 45 | 1.000 | 0.588 | 12/20/30 | 422372 | 7614410 | 8361547 | (747137) |
| TOTAL |  |  |  |  | $12509313 | $13074090 | $(564777) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made quarterly.

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

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2026, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise**<br> **Rate** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid**<br> (Received)<br> **by Fund** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |  |
|  2M IRS | Barclays Bank PLC | 4.002% | 06/30/2026 | 10190000 | GBP | 10190000 | $18992 | $16320 | $2672 |
|  6M IRS | Barclays Bank PLC | 3.400 | 05/14/2026 | 8390000 | GBP | 8390000 | 2937 | 26448 | (23511) |
|  9M IRS | BofA Securities LLC | 2.250 | 04/29/2026 | 2660000 | EUR | 2660000 | 179 | 17764 | (17585) |
|  2Y IRS | Citibank NA | 1.771 | 01/24/2028 | 2349999999 | JPY | 2349999999 | 63839 | 89364 | (25525) |
|  2Y IRS | Deutsche Bank AG (London) | 1.950 | 05/11/2026 | 4860000 | EUR | 4860000 | 123 | 63705 | (63582) |
|  2Y IRS | Deutsche Bank AG (London) | 2.000 | 11/11/2026 | 4910000 | EUR | 4910000 | 6548 | 78797 | (72249) |
|  |  |  |  | 2381009999 |  |  | $92618 | $292398 | $(199780) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **25** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise**<br> **Rate** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid**<br> (Received)<br> **by Fund** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  **Puts** |  |  |  |  |  |  |  |  |  |
|  2Y IRS | Citibank NA | 1.771% | 01/24/2028 | 2349999999 | JPY | 2349999999 | $110216 | $89363 | $20853 |
| Total purchased option contracts | Total purchased option contracts |  |  | 4731009998 |  |  | $202834 | $381761 | $(178927) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |  |
|  6M IRS | Barclays Bank PLC | 3.893 | 05/14/2026 | (1950000) | GBP | (1950000) | (3286) | (26392) | 23106 |
|  9M IRS | BofA Securities LLC | 2.586 | 04/29/2026 | (620000) | EUR | (620000) | (312) | (18003) | 17691 |
|  2Y IRS | Deutsche Bank AG (London) | 2.085 | 11/11/2026 | (1440000) | EUR | (1440000) | (2916) | (79699) | 76783 |
|  9M IRS | Deutsche Bank AG (London) | 2.400 | 05/11/2026 | (1478639) | EUR | (1478639) | (169) | (20021) | 19852 |
|  |  |  |  | (5488639) |  |  | $(6683) | $(144115) | $137432 |
|  **Puts** |  |  |  |  |  |  |  |  |  |
|  2M IRS | Barclays Bank PLC | 4.900 | 06/30/2026 | (10190000) | GBP | (10190000) | (15164) | (16320) | 1156 |
| Total written option contracts | Total written option contracts |  |  | (15678639) |  |  | $(21847) | $(160435) | $138588 |
| TOTAL |  |  |  | 4715331359 |  |  | $180987 | $221326 | $(40339) |

---

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| AUD | —Australian Dollar |
| BRL | —Brazil Real |
| CAD | —Canadian Dollar |
| CHF | —Swiss Franc |
| CLP | —Chilean Peso |
| CNH | —Chinese Yuan Renminbi Offshore |
| COP | —Colombia Peso |
| CZK | —Czech Republic Koruna |
| EUR | —Euro |
| GBP | —British Pound |
| HUF | —Hungarian Forint |
| ILS | —Israeli Shekel |
| INR | —Indian Rupee |
| JPY | —Japanese Yen |
| KRW | —South Korean Won |
| MXN | —Mexican Peso |
| NOK | —Norwegian Krone |
| NZD | —New Zealand Dollar |
| PLN | —Polish Zloty |
| SEK | —Swedish Krona |
| SGD | —Singapore Dollar |
| TRY | —Turkish Lira |
| TWD | —Taiwan Dollar |
| USD | —U.S. Dollar |
| ZAR | —South African Rand |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **26** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

---

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

---

---

| | |
|:---|:---|
| Abbreviations: |  |
| 2M IRS | —2 Months Interest Rate Swaptions |
| 2Y IRS | —2 Year Interest Rate Swaptions |
| 6M IRS | —6 Month Interest Rate Swaptions |
| 9M IRS | —9 Months Interest Rate Swaptions |
| AUDOR | —Australian Dollar Offered Rate |
| BofA Securities LLC | —Bank of America Securities LLC |
| CDOR | —Canadian Dollar Offered Rate |
| CDX.NA.HY Ind 45 | —CDX North America High Yield Index 45 |
| CDX.NA.IG Ind 40 | —CDX North America Investment Grade Index 40 |
| CDX.NA.IG Ind 42 | —CDX North America Investment Grade Index 42 |
| CDX.NA.IG Ind 43 | —CDX North America Investment Grade Index 43 |
| CDX.NA.IG Ind 45 | —CDX North America Investment Grade Index 45 |
| CHFOR | —Swiss Franc Offered Rate |
| CMBX | —Commercial Mortgage Backed Securities Index |
| EURO | —Euro Offered Rate |
| JYOR | —Japanese Yen Offered Rate |
| MS & Co. Int. PLC | —Morgan Stanley & Co. International PLC |
| NIBOR | —Norwegian Interbank Offered Rate |
| NZDOR | —New Zealand Dollar Offered Rate |
| SOFR | —Secured Overnight Financing Rate |
| STIBOR | —Stockholm Interbank Offered Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **27** |

---

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – 46.5% | Mortgage-Backed Obligations – 46.5% | Mortgage-Backed Obligations – 46.5% | Mortgage-Backed Obligations – 46.5% |
| Collateralized Mortgage Obligations – 2.5% | Collateralized Mortgage Obligations – 2.5% | Collateralized Mortgage Obligations – 2.5% | Collateralized Mortgage Obligations – 2.5% |
| Sequential Fixed Rate – 2.5% | Sequential Fixed Rate – 2.5% | Sequential Fixed Rate – 2.5% | Sequential Fixed Rate – 2.5% |
| Federal Home Loan Mortgage Corp. REMICS Series 1980, Class Z | Federal Home Loan Mortgage Corp. REMICS Series 1980, Class Z | Federal Home Loan Mortgage Corp. REMICS Series 1980, Class Z | Federal Home Loan Mortgage Corp. REMICS Series 1980, Class Z |
| $10084 | 7.000 %<sup>(a)</sup> | 07/15/27 | $10206 |
| Federal Home Loan Mortgage Corp. REMICS Series 2019, Class Z | Federal Home Loan Mortgage Corp. REMICS Series 2019, Class Z | Federal Home Loan Mortgage Corp. REMICS Series 2019, Class Z | Federal Home Loan Mortgage Corp. REMICS Series 2019, Class Z |
| 14456 | 6.500 <sup>(a)</sup> | 12/15/27 | 14637 |
| Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT | Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT | Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT | Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT |
| 25417 | 6.500 | 02/15/36 | 26519 |
| Federal Home Loan Mortgage Corp. REMICS Series 2755, Class ZA | Federal Home Loan Mortgage Corp. REMICS Series 2755, Class ZA | Federal Home Loan Mortgage Corp. REMICS Series 2755, Class ZA | Federal Home Loan Mortgage Corp. REMICS Series 2755, Class ZA |
| 150050 | 5.000 | 02/15/34 | 151288 |
| Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B |
| 101751 | 7.000 | 10/25/42 | 108364 |
| Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B |
| 374109 | 7.000 | 07/25/42 | 401842 |
| Federal National Mortgage Association REMICS Series 2025-9, Class EA | Federal National Mortgage Association REMICS Series 2025-9, Class EA | Federal National Mortgage Association REMICS Series 2025-9, Class EA | Federal National Mortgage Association REMICS Series 2025-9, Class EA |
| 11469372 | 5.500 | 04/25/50 | 11666951 |
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | 12379807 |
| Commercial Mortgage-Backed Securities – 3.8% | Commercial Mortgage-Backed Securities – 3.8% | Commercial Mortgage-Backed Securities – 3.8% | Commercial Mortgage-Backed Securities – 3.8% |
| Sequential Fixed Rate<sup>(a)</sup> – 0.4% | Sequential Fixed Rate<sup>(a)</sup> – 0.4% | Sequential Fixed Rate<sup>(a)</sup> – 0.4% | Sequential Fixed Rate<sup>(a)</sup> – 0.4% |
| Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K546, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K546, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K546, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K546, Class A2 |
| $2000000 | 4.361% | 05/25/30 | $&nbsp;&nbsp;&nbsp;&nbsp;2010098 |
| Sequential Floating Rate<sup>(b)</sup> – 3.4% | Sequential Floating Rate<sup>(b)</sup> – 3.4% | Sequential Floating Rate<sup>(b)</sup> – 3.4% | Sequential Floating Rate<sup>(b)</sup> – 3.4% |
| Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K-F107, Class AS (1 mo. USD Term SOFR + 0.250%) | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K-F107, Class AS (1 mo. USD Term SOFR + 0.250%) | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K-F107, Class AS (1 mo. USD Term SOFR + 0.250%) | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K-F107, Class AS (1 mo. USD Term SOFR + 0.250%) |
| 3671377 | 3.919 <sup>(a)</sup> | 03/25/28 | 3664393 |
| Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K544, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K544, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K544, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K544, Class A2 |
| 3500000 | 4.266 <sup>(a)</sup> | 07/25/30 | 3497434 |
| Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K547, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K547, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K547, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K547, Class A2 |
| 2100000 | 4.421 <sup>(a)</sup> | 05/25/30 | 2115029 |
| Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K553, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K553, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K553, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K553, Class A2 |
| 2500000 | 4.070 <sup>(a)</sup> | 12/25/30 | 2480776 |
| Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K555, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K555, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K555, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series K555, Class A2 |
| 2700000 | 4.050 <sup>(a)</sup> | 01/25/31 | 2675968 |
| Federal National Mortgage Association-ACES Series 2018-M10, Class A2 | Federal National Mortgage Association-ACES Series 2018-M10, Class A2 | Federal National Mortgage Association-ACES Series 2018-M10, Class A2 | Federal National Mortgage Association-ACES Series 2018-M10, Class A2 |
| 2708886 | 3.368 | 07/25/28 | 2671020 |
|  |  |  | 17104620 |
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | $19114718 |
| Federal Agencies – 40.2% | Federal Agencies – 40.2% | Federal Agencies – 40.2% | Federal Agencies – 40.2% |
| Adjustable Rate Federal Home Loan Mortgage Corp.<sup>(b)</sup> – 0.1% | Adjustable Rate Federal Home Loan Mortgage Corp.<sup>(b)</sup> – 0.1% | Adjustable Rate Federal Home Loan Mortgage Corp.<sup>(b)</sup> – 0.1% | Adjustable Rate Federal Home Loan Mortgage Corp.<sup>(b)</sup> – 0.1% |
| (RFUCC 1 yr. Treasury + 1.840%) | (RFUCC 1 yr. Treasury + 1.840%) | (RFUCC 1 yr. Treasury + 1.840%) | (RFUCC 1 yr. Treasury + 1.840%) |
| $64265 | 6.722% | 11/01/34 | $66263 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Adjustable Rate Federal Home Loan Mortgage Corp.<sup>(b)</sup> – (continued) | Adjustable Rate Federal Home Loan Mortgage Corp.<sup>(b)</sup> – (continued) | Adjustable Rate Federal Home Loan Mortgage Corp.<sup>(b)</sup> – (continued) | Adjustable Rate Federal Home Loan Mortgage Corp.<sup>(b)</sup> – (continued) |
| (1 yr. CMT + 2.250%) | (1 yr. CMT + 2.250%) | (1 yr. CMT + 2.250%) | (1 yr. CMT + 2.250%) |
| $146573 | 6.289% | 06/01/35 | $150756 |
| (RFUCC 1 yr. Treasury + 2.330%) | (RFUCC 1 yr. Treasury + 2.330%) | (RFUCC 1 yr. Treasury + 2.330%) | (RFUCC 1 yr. Treasury + 2.330%) |
| 22019 | 7.330 | 05/01/36 | 22979 |
| (RFUCC 6 mo. Treasury + 2.058%) | (RFUCC 6 mo. Treasury + 2.058%) | (RFUCC 6 mo. Treasury + 2.058%) | (RFUCC 6 mo. Treasury + 2.058%) |
| 10377 | 6.057 | 10/01/36 | 10768 |
| (RFUCC 1 yr. Treasury + 1.757%) | (RFUCC 1 yr. Treasury + 1.757%) | (RFUCC 1 yr. Treasury + 1.757%) | (RFUCC 1 yr. Treasury + 1.757%) |
| 42302 | 6.622 | 06/01/42 | 44286 |
| (RFUCC 1 yr. Treasury + 1.649%) | (RFUCC 1 yr. Treasury + 1.649%) | (RFUCC 1 yr. Treasury + 1.649%) | (RFUCC 1 yr. Treasury + 1.649%) |
| 364570 | 6.326 | 11/01/44 | 378932 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673984 |
| **Adjustable Rate Federal National Mortgage Association – 0.3%** | **Adjustable Rate Federal National Mortgage Association – 0.3%** | **Adjustable Rate Federal National Mortgage Association – 0.3%** | **Adjustable Rate Federal National Mortgage Association – 0.3%** |
| (11th District Cost of Funds - Consumer + 1.695%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.695%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.695%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.695%)<sup>(b)</sup> |
| 264 | 4.475 | 08/01/29 | 263 |
| (RFUCC 1 yr. Treasury + 1.755%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.755%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.755%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.755%)<sup>(b)</sup> |
| 17230 | 6.505 | 07/01/32 | 17737 |
| (RFUCC 1 yr. Treasury + 1.800%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.800%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.800%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.800%)<sup>(b)</sup> |
| 126841 | 6.724 | 05/01/33 | 130588 |
| (11th District Cost of Funds - Consumer + 1.254%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.254%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.254%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.254%)<sup>(b)</sup> |
| 151586 | 4.586 | 08/01/33 | 152317 |
| (1 yr. CMT + 2.287%)<sup>(b)</sup> | (1 yr. CMT + 2.287%)<sup>(b)</sup> | (1 yr. CMT + 2.287%)<sup>(b)</sup> | (1 yr. CMT + 2.287%)<sup>(b)</sup> |
| 49711 | 5.912 | 02/01/34 | 51243 |
| (RFUCC 1 yr. Treasury + 1.695%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.695%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.695%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.695%)<sup>(b)</sup> |
| 3994 | 6.445 | 05/01/34 | 4117 |
| (RFUCC 1 yr. Treasury + 1.720%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.720%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.720%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.720%)<sup>(b)</sup> |
| 93700 | 6.693 | 05/01/34 | 96417 |
| 13783 | 5.845 | 03/01/35 | 14207 |
| 16323 | 6.845 | 04/01/35 | 16824 |
| (1 yr. CMT + 2.220%)<sup>(b)</sup> | (1 yr. CMT + 2.220%)<sup>(b)</sup> | (1 yr. CMT + 2.220%)<sup>(b)</sup> | (1 yr. CMT + 2.220%)<sup>(b)</sup> |
| 109203 | 6.220 | 06/01/34 | 112583 |
| (RFUCC 1 yr. Treasury + 1.685%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.685%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.685%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.685%)<sup>(b)</sup> |
| 27069 | 6.435 | 10/01/34 | 27940 |
| 35133 | 6.535 | 03/01/35 | 36198 |
| (RFUCC 1 yr. Treasury + 1.690%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.690%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.690%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.690%)<sup>(b)</sup> |
| 40988 | 6.205 | 10/01/34 | 42285 |
| (RFUCC 1 yr. Treasury + 1.325%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.325%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.325%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.325%)<sup>(b)</sup> |
| 68767 | 6.325 | 04/01/35 | 70183 |
| (RFUCC 1 yr. Treasury + 1.424%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.424%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.424%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.424%)<sup>(b)</sup> |
| 48558 | 6.292 | 05/01/35 | 49707 |
| (1 yr. CMT + 2.095%)<sup>(b)</sup> | (1 yr. CMT + 2.095%)<sup>(b)</sup> | (1 yr. CMT + 2.095%)<sup>(b)</sup> | (1 yr. CMT + 2.095%)<sup>(b)</sup> |
| 41379 | 6.047 | 10/01/35 | 42717 |
| (RFUCC 1 yr. Treasury + 1.682%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.682%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.682%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.682%)<sup>(b)</sup> |
| 109509 | 5.908 | 03/01/36 | 113026 |
| (RFUCC 1 yr. Treasury + 1.950%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.950%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.950%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.950%)<sup>(b)</sup> |
| 316430 | 6.825 | 04/01/36 | 328984 |
| (RFUCC 1 yr. Treasury + 1.985%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.985%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.985%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.985%)<sup>(b)</sup> |
| 64982 | 6.485 | 06/01/36 | 67776 |
| (1 yr. MTA + 2.104%)<sup>(b)</sup> | (1 yr. MTA + 2.104%)<sup>(b)</sup> | (1 yr. MTA + 2.104%)<sup>(b)</sup> | (1 yr. MTA + 2.104%)<sup>(b)</sup> |
| 180062 | 6.044 | 07/01/36 | 184118 |
| (RFUCC 1 yr. Treasury + 1.935%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.935%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.935%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.935%)<sup>(b)</sup> |
| 9946 | 6.435 | 11/01/36 | 10368 |
| 3105 | 6.310 | 11/01/36 | 3235 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **28** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Adjustable Rate Federal National Mortgage Association – (continued) | Adjustable Rate Federal National Mortgage Association – (continued) | Adjustable Rate Federal National Mortgage Association – (continued) | Adjustable Rate Federal National Mortgage Association – (continued) |
| (RFUCC 1 yr. Treasury + 1.688%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.688%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.688%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.688%)<sup>(b)</sup> |
| $128788 | 6.368% | 07/01/37 | $133371 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1706204 |
| **Adjustable Rate Government National Mortgage Association – 0.2%** | **Adjustable Rate Government National Mortgage Association – 0.2%** | **Adjustable Rate Government National Mortgage Association – 0.2%** | **Adjustable Rate Government National Mortgage Association – 0.2%** |
| (1 yr. CMT + 1.500%)<sup>(b)</sup> | (1 yr. CMT + 1.500%)<sup>(b)</sup> | (1 yr. CMT + 1.500%)<sup>(b)</sup> | (1 yr. CMT + 1.500%)<sup>(b)</sup> |
| 25914 | 5.625 | 05/20/34 | 26313 |
| 88016 | 5.375 | 07/20/34 | 89428 |
| 84258 | 5.375 | 08/20/34 | 85627 |
| 540701 | 5.375 | 09/20/34 | 549503 |
| 80378 | 5.125 | 10/20/34 | 81601 |
| 78419 | 5.125 | 12/20/34 | 79628 |
|  |  |  | 912100 |
| **Federal Home Loan Mortgage Corp. – 0.3%** | **Federal Home Loan Mortgage Corp. – 0.3%** | **Federal Home Loan Mortgage Corp. – 0.3%** | **Federal Home Loan Mortgage Corp. – 0.3%** |
| 2585 | 7.500 | 01/01/31 | 2711 |
| 8766 | 4.500 | 07/01/33 | 8823 |
| 197690 | 4.500 | 08/01/33 | 198976 |
| 414481 | 4.500 | 09/01/33 | 417178 |
| 35653 | 4.500 | 10/01/33 | 35886 |
| 955 | 4.500 | 04/01/34 | 962 |
| 961 | 4.500 | 04/01/35 | 965 |
| 882 | 4.500 | 07/01/35 | 886 |
| 1634 | 4.500 | 08/01/35 | 1641 |
| 8417 | 4.500 | 09/01/35 | 8465 |
| 2499 | 4.500 | 10/01/35 | 2512 |
| 404 | 4.500 | 12/01/35 | 406 |
| 332 | 4.500 | 05/01/36 | 334 |
| 29466 | 4.500 | 01/01/38 | 29613 |
| 490 | 4.500 | 04/01/38 | 490 |
| 268 | 4.500 | 05/01/38 | 268 |
| 1850 | 4.500 | 06/01/38 | 1860 |
| 50494 | 4.500 | 09/01/38 | 50583 |
| 1139 | 4.500 | 01/01/39 | 1138 |
| 26768 | 4.500 | 02/01/39 | 26755 |
| 15256 | 4.500 | 03/01/39 | 15251 |
| 2616 | 4.500 | 04/01/39 | 2614 |
| 71306 | 4.500 | 05/01/39 | 71282 |
| 220123 | 4.500 | 06/01/39 | 220051 |
| 9746 | 4.500 | 07/01/39 | 9743 |
| 10696 | 4.500 | 08/01/39 | 10692 |
| 15244 | 4.500 | 09/01/39 | 15240 |
| 2674 | 4.500 | 10/01/39 | 2673 |
| 4886 | 4.500 | 11/01/39 | 4884 |
| 6052 | 4.500 | 12/01/39 | 6049 |
| 9234 | 4.500 | 01/01/40 | 9231 |
| 2560 | 4.500 | 02/01/40 | 2559 |
| 6462 | 4.500 | 04/01/40 | 6457 |
| 10383 | 4.500 | 05/01/40 | 10374 |
| 11817 | 4.500 | 06/01/40 | 11808 |
| 7622 | 4.500 | 07/01/40 | 7618 |
| 8855 | 4.500 | 08/01/40 | 8850 |
| 6448 | 4.500 | 09/01/40 | 6443 |
| 2475 | 4.500 | 10/01/40 | 2473 |
| 3445 | 4.500 | 02/01/41 | 3433 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity Date** | **Value** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) |
| $| 9820 | 4.500% | 03/01/41 | $| 9786 |
|  | 16161 | 4.500 | 04/01/41 |  | 16105 |
|  | 18947 | 4.500 | 05/01/41 |  | 18882 |
|  | 32819 | 4.500 | 06/01/41 |  | 32705 |
|  | 3106 | 4.500 | 07/01/41 |  | 3095 |
|  | 98601 | 4.500 | 08/01/41 |  | 98265 |
|  | 100021 | 4.500 | 09/01/41 |  | 99935 |
|  | 6188 | 4.500 | 12/01/41 |  | 6167 |
|  | 85938 | 4.500 | 03/01/42 |  | 85639 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1588756 |
|  **Federal National Mortgage Association – 0.0%** | **Federal National Mortgage Association – 0.0%** | **Federal National Mortgage Association – 0.0%** | **Federal National Mortgage Association – 0.0%** | **Federal National Mortgage Association – 0.0%** | **Federal National Mortgage Association – 0.0%** |
|  | 71057 | 7.500 | 10/01/37 |  | 75992 |
|  **Government National Mortgage Association – 8.3%** | **Government National Mortgage Association – 8.3%** | **Government National Mortgage Association – 8.3%** | **Government National Mortgage Association – 8.3%** | **Government National Mortgage Association – 8.3%** | **Government National Mortgage Association – 8.3%** |
|  | 737 | 6.500 | 01/15/32 |  | 750 |
|  | 1939 | 6.500 | 02/15/32 |  | 1990 |
|  | 1464 | 6.500 | 08/15/34 |  | 1527 |
|  | 6852 | 6.500 | 05/15/35 |  | 7252 |
|  | 1174 | 6.500 | 06/15/35 |  | 1246 |
|  | 5298 | 6.500 | 07/15/35 |  | 5608 |
|  | 2029 | 6.500 | 08/15/35 |  | 2149 |
|  | 4003 | 6.500 | 09/15/35 |  | 4247 |
|  | 6863 | 6.500 | 11/15/35 |  | 7281 |
|  | 2303 | 6.500 | 12/15/35 |  | 2432 |
|  | 8773 | 6.500 | 01/15/36 |  | 9296 |
|  | 13691 | 6.500 | 02/15/36 |  | 14533 |
|  | 7594 | 6.500 | 03/15/36 |  | 8036 |
|  | 24525 | 6.500 | 04/15/36 |  | 25901 |
|  | 26212 | 6.500 | 05/15/36 |  | 27688 |
|  | 24122 | 6.500 | 06/15/36 |  | 25490 |
|  | 84200 | 6.500 | 07/15/36 |  | 89025 |
|  | 85308 | 6.500 | 08/15/36 |  | 90093 |
|  | 178634 | 6.500 | 09/15/36 |  | 189088 |
|  | 69964 | 6.500 | 10/15/36 |  | 73919 |
|  | 98666 | 6.500 | 11/15/36 |  | 104457 |
|  | 31342 | 6.500 | 12/15/36 |  | 33114 |
|  | 13985 | 6.500 | 01/15/37 |  | 14783 |
|  | 11742 | 6.500 | 02/15/37 |  | 12407 |
|  | 7134 | 6.500 | 03/15/37 |  | 7582 |
|  | 10535 | 6.500 | 04/15/37 |  | 11116 |
|  | 4078 | 6.500 | 05/15/37 |  | 4276 |
|  | 17125 | 6.500 | 09/15/37 |  | 18099 |
|  | 13505 | 6.500 | 10/15/37 |  | 14391 |
|  | 10514 | 6.500 | 11/15/37 |  | 11096 |
|  | 7484 | 6.500 | 05/15/38 |  | 7880 |
|  | 27541 | 6.000 | 11/15/38 |  | 28646 |
|  | 1687 | 6.500 | 01/15/39 |  | 1759 |
|  | 2937 | 6.500 | 02/15/39 |  | 3101 |
|  | 1718241 | 4.500 | 08/20/47 |  | 1693777 |
|  | 36694 | 4.500 | 02/20/48 |  | 36171 |
|  | 90878 | 4.500 | 05/20/48 |  | 89470 |
|  | 465604 | 4.500 | 09/20/48 |  | 458102 |
|  | 3332286 | 5.000 | 09/20/48 |  | 3365405 |
|  | 2606 | 5.000 | 11/20/48 |  | 2630 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **29** |

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------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity Date** | **Value** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) |
| $| 1264330 | 4.500% | 12/20/48 | $| 1243563 |
|  | 2888616 | 5.000 | 12/20/48 |  | 2913716 |
|  | 257324 | 4.500 | 01/20/49 |  | 253097 |
|  | 1479528 | 5.000 | 01/20/49 |  | 1491459 |
|  | 21298 | 5.000 | 03/20/49 |  | 21483 |
|  | 769563 | 4.000 | 04/20/49 |  | 732057 |
|  | 9319 | 5.000 | 05/20/49 |  | 9406 |
|  | 335024 | 5.000 | 06/20/49 |  | 337936 |
|  | 52103 | 5.000 | 11/20/49 |  | 52702 |
|  | 560715 | 5.000 | 12/20/49 |  | 564970 |
|  | 152704 | 5.000 | 07/20/50 |  | 154527 |
|  | 419899 | 4.000 | 01/20/51 |  | 399040 |
|  | 368850 | 2.500 | 09/20/51 |  | 316984 |
|  | 727185 | 2.500 | 10/20/51 |  | 626977 |
|  | 3284902 | 3.000 | 11/20/51 |  | 2932430 |
|  | 454396 | 2.500 | 11/20/51 |  | 391211 |
|  | 4671760 | 3.000 | 12/20/51 |  | 4170478 |
|  | 981314 | 2.500 | 12/20/51 |  | 846213 |
|  | 2230520 | 4.500 | 09/20/52 |  | 2178600 |
|  | 2678273 | 4.500 | 10/20/52 |  | 2608488 |
|  | 10000000 | 2.500 | TBA-30yr<sup>(c)</sup> |  | 8584978 |
|  | 4000000 | 5.500 | TBA-30yr<sup>(c)</sup> |  | 4022120 |
|  |  |  |  |  | 41358248 |
|  **Uniform Mortgage-Backed Security – 31.0%** | **Uniform Mortgage-Backed Security – 31.0%** | **Uniform Mortgage-Backed Security – 31.0%** | **Uniform Mortgage-Backed Security – 31.0%** | **Uniform Mortgage-Backed Security – 31.0%** | **Uniform Mortgage-Backed Security – 31.0%** |
|  | 114867 | 4.500 | 11/01/36 |  | 114327 |
|  | 31883 | 4.500 | 02/01/39 |  | 31821 |
|  | 47522 | 4.500 | 04/01/39 |  | 47448 |
|  | 2532 | 4.500 | 08/01/39 |  | 2522 |
|  | 109931 | 4.500 | 08/01/41 |  | 109387 |
|  | 56545 | 4.500 | 10/01/41 |  | 56279 |
|  | 2552483 | 4.000 | 08/01/45 |  | 2466981 |
|  | 254173 | 4.500 | 06/01/48 |  | 248370 |
|  | 1757395 | 4.500 | 07/01/48 |  | 1717135 |
|  | 471555 | 4.500 | 08/01/48 |  | 460496 |
|  | 113462 | 4.500 | 09/01/48 |  | 110872 |
|  | 2024952 | 4.500 | 10/01/48 |  | 1981754 |
|  | 929975 | 4.500 | 01/01/49 |  | 907581 |
|  | 1304675 | 4.000 | 01/01/49 |  | 1248071 |
|  | 218689 | 4.500 | 03/01/49 |  | 213424 |
|  | 131968 | 5.000 | 07/01/49 |  | 132843 |
|  | 332316 | 4.000 | 03/01/50 |  | 316860 |
|  | 384683 | 4.500 | 05/01/50 |  | 375820 |
|  | 2462600 | 2.000 | 10/01/50 |  | 2005945 |
|  | 2460621 | 2.000 | 11/01/50 |  | 2003473 |
|  | 9469494 | 2.500 | 02/01/51 |  | 8052549 |
|  | 12751002 | 2.000 | 05/01/51 |  | 10355295 |
|  | 10720697 | 4.500 | 06/01/52 |  | 10420194 |
|  | 2837825 | 5.500 | 09/01/52 |  | 2893480 |
|  | 2728082 | 6.000 | 11/01/52 |  | 2829668 |
|  | 1346817 | 6.000 | 12/01/52 |  | 1395074 |
|  | 646527 | 6.000 | 01/01/53 |  | 667784 |
|  | 1459355 | 5.500 | 04/01/53 |  | 1484328 |
|  | 4322021 | 5.500 | 07/01/53 |  | 4362420 |
|  | 675497 | 6.500 | 12/01/53 |  | 710004 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) |
| $4550818 | 6.500% | 06/01/54 | $4789339 |
| 1904502 | 6.000 | 12/01/54 | 1955927 |
| 6446918 | 5.500 | 01/01/55 | 6483889 |
| 32000000 | 5.000 | TBA-30yr<sup>(c)</sup> | 31541251 |
| 38000000 | 5.500 | TBA-30yr<sup>(c)</sup> | 38188594 |
| 8000000 | 6.500 | TBA-30yr<sup>(c)</sup> | 8273750 |
| 6000000 | 6.000 | TBA-30yr<sup>(c)</sup> | 6113906 |
|  |  |  | 155068861 |
| TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES | $201384145 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $237,992,830)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $237,992,830)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $237,992,830)** | $232878670 |
| Agency Debentures – 3.9% | Agency Debentures – 3.9% | Agency Debentures – 3.9% | Agency Debentures – 3.9% |
| Sovereign – 3.9% | Sovereign – 3.9% | Sovereign – 3.9% | Sovereign – 3.9% |
| Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |
| $10080000 | 3.500% | 06/11/32 | $9688392 |
| Federal Home Loan Mortgage Corp. (Secured Overnight Financing Rate + 0.225%) | Federal Home Loan Mortgage Corp. (Secured Overnight Financing Rate + 0.225%) | Federal Home Loan Mortgage Corp. (Secured Overnight Financing Rate + 0.225%) | Federal Home Loan Mortgage Corp. (Secured Overnight Financing Rate + 0.225%) |
| 9703000 | 3.855 <sup>(b)</sup> | 11/03/28 | 9707658 |
| **TOTAL AGENCY DEBENTURES**<br> **(Cost $19,936,370)** | **TOTAL AGENCY DEBENTURES**<br> **(Cost $19,936,370)** | **TOTAL AGENCY DEBENTURES**<br> **(Cost $19,936,370)** | $19396050 |
| U.S. Treasury Obligations – 58.6% | U.S. Treasury Obligations – 58.6% | U.S. Treasury Obligations – 58.6% | U.S. Treasury Obligations – 58.6% |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| $410000 | 3.375% | 05/15/44 | $335047 |
| 59500 | 4.000 | 11/15/52 | 51124 |
| 1510000 | 4.750 | 11/15/53 | 1468239 |
| U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds |
| 3366423 | 1.500 | 02/15/53 | 2579258 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 9030600 | 3.625 | 05/15/26 | 9028836 |
| 38860000 | 0.750 | 05/31/26 | 38662664 |
| 22170000 | 0.875 | 06/30/26 | 22012385 |
| 52930000 | 0.625 | 07/31/26 | 52386227 |
| 4200000 | 1.375 | 08/31/26 | 4158820 |
| 28970000 | 4.250 | 03/15/27 | 29109192 |
| 12630000 | 2.250 | 11/15/27 | 12316717 |
| 4280000 | 3.875 | 11/30/27 | 4282508 |
| 11010000 | 1.125 | 02/29/28 | 10466811 |
| 1670000 | 1.250 | 03/31/28 | 1588196 |
| 11090000 | 1.250 | 04/30/28 | 10525103 |
| 5680000 | 1.250 | 05/31/28 | 5379581 |
| 19730000 | 4.375 | 08/31/28 | 19978166 |
| 2210000 | 1.750 | 01/31/29 | 2087414 |
| 5630000 | 2.625 | 02/15/29 | 5447025 |
| 4240000 | 4.250 | 02/28/29 | 4288694 |
| 4910000 | 3.500 | 04/30/30 | 4835583 |
| 4300000 | 3.875 | 04/30/30 | 4295633 |
| 10070000 | 0.625 | 05/15/30 | 8819117 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **30** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
|  | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) | U.S. Treasury Obligations – (continued) |
| $| 2700000 | 3.750% | 05/31/30 | $2683758 |
|  | 3950000 | 3.750 | 06/30/30 | 3924387 |
|  | 8925200 | 0.625 | 08/15/30 | 7749584 |
|  | 2550000 | 3.875 | 03/31/31 | 2541832 |
|  | 4240000 | 4.625 <sup>(d)</sup> | 04/30/31 | 4365875 |
|  | 5100000 | 1.250 | 08/15/31 | 4425844 |
|  | 4410000 | 4.000 | 04/30/32 | 4394152 |
|  | 3130000 | 4.250 | 03/31/33 | 3151519 |
|  | 1690000 | 4.375 | 05/15/34 | 1707692 |
|  | 4360000 | 4.250 | 11/15/34 | 4358637 |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $294,520,630)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $294,520,630)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $294,520,630)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $294,520,630)** | $293405620 |
|  | **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(e)</sup> – 8.5% | Investment Company<sup>(e)</sup> – 8.5% | Investment Company<sup>(e)</sup> – 8.5% | Investment Company<sup>(e)</sup> – 8.5% | Investment Company<sup>(e)</sup> – 8.5% |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
|  | 42515853 | 3.553% | 3.553% | $42515853 |
| (Cost $42,515,853) | (Cost $42,515,853) | (Cost $42,515,853) | (Cost $42,515,853) | (Cost $42,515,853) |
| **TOTAL INVESTMENTS – 117.5%**<br> **(Cost $594,965,683)** | **TOTAL INVESTMENTS – 117.5%**<br> **(Cost $594,965,683)** | **TOTAL INVESTMENTS – 117.5%**<br> **(Cost $594,965,683)** | **TOTAL INVESTMENTS – 117.5%**<br> **(Cost $594,965,683)** | $588196193 |
|  **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (17.5)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (17.5)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (17.5)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (17.5)%** | (87459402) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $500736791 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(c) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $96,724,599 which represents approximately 19.3% of net assets as of March 31, 2026.

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At March 31, 2026, the Fund had the following forward sales contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date<sup>(a)</sup>** | **Settlement<br>Date** | **Principal<br>Amount** | **Value** |
|  Government National Mortgage Association | 4.500% | TBA - 30yr | 04/21/26 | $(8000000) | $(7715727) |
|  Government National Mortgage Association | 3.000 | TBA - 30yr | 04/21/26 | (7000000) | (6242411) |
|  Government National Mortgage Association | 4.000 | TBA - 30yr | 04/21/26 | (1000000) | (935586) |
|  Government National Mortgage Association | 5.000 | TBA - 30yr | 04/21/26 | (8000000) | (7916158) |
|  Uniform Mortgage-Backed Security | 2.500 | TBA - 30yr | 04/13/26 | (9000000) | (7565625) |
|  Uniform Mortgage-Backed Security | 2.000 | TBA - 30yr | 04/13/26 | (17000000) | (13663085) |
|  Uniform Mortgage-Backed Security | 4.000 | TBA - 30yr | 05/13/26 | (2000000) | (1883281) |
|  Uniform Mortgage-Backed Security | 4.500 | TBA - 30yr | 05/13/26 | (11000000) | (10596523) |
| (PROCEEDS RECEIVED: $(57315449)) |  |  |  |  | $(56518396) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **33** |

---

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At March 31, 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  2 Year U.S. Treasury Notes | 1577 | 06/30/26 | $327141257 | $(2146317) |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | (204) | 06/18/26 | (22653562) | 165949 |
|  20 Year U.S. Treasury Bonds | (76) | 06/18/26 | (8654500) | 139823 |
|  5 Year U.S. Treasury Notes | (495) | 06/30/26 | (53548946) | 545800 |
|  Ultra 10-Year U.S. Treasury Notes | (213) | 06/18/26 | (24178828) | 513634 |
|  Ultra Long U.S. Treasury Bonds | (34) | 06/18/26 | (3963125) | 35425 |
| Total |  |  |  | $1400631 |
| TOTAL FUTURES CONTRACTS |  |  |  | $(745686) |

---

SWAP CONTRACTS — At March 31, 2026, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)<sup>(a)</sup>** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3.062%<sup>(b)</sup><br> 12M SOFR<sup>(b)</sup> | 08/31/27 | $5020 | $29109 | $1580 | $27529 |
| 3.173<sup>(b)</sup><br> 12M SOFR<sup>(b)</sup> | 08/31/27 | 1660 | 7838 | (190) | 8028 |
| 3.175<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 03/15/28 | 14570 | 100725 | 6083 | 94642 |
| 3.298<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 08/31/30 | 11200 | 126769 | 61279 | 65490 |
|  12M SOFR<sup>(c)</sup><br> 3.379%<sup>(c)</sup> | 08/31/31 | 7190 | (81652) | (18716) | (62936) |
|  12M SOFR<sup>(c)</sup><br> 3.469<sup>(c)</sup> | 08/31/31 | 2580 | (18902) | (5373) | (13529) |
| 3.407<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 01/31/33 | 9360 | 163894 | 1317 | 162577 |
| 3.805<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 08/31/36 | 4000 | 29066 | (49673) | 78739 |
| 3.828<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 08/31/36 | 1530 | 8213 | 2 | 8211 |
| TOTAL |  |  | $365060 | $(3691) | $368751 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Payments made annually.

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| USD | —U.S. Dollar |

---

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **32** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
| Abbreviation: | Abbreviation: |
| SOFR | —Secured Overnight Financing Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **35** |

---

------

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Corporate Obligations – 64.9% | Corporate Obligations – 64.9% | Corporate Obligations – 64.9% | Corporate Obligations – 64.9% |
| Automotive – 9.9% | Automotive – 9.9% | Automotive – 9.9% | Automotive – 9.9% |
| American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |  |
| $10000000 | 4.550% | 07/09/27 | $&nbsp;&nbsp;&nbsp;&nbsp;10006900 |
| (Secured Overnight Financing Rate + 0.900%) | (Secured Overnight Financing Rate + 0.900%) | (Secured Overnight Financing Rate + 0.900%) | (Secured Overnight Financing Rate + 0.900%) |
| 12000000 | 4.554 <sup>(a)</sup> | 09/01/28 | 11999520 |
| BMW U.S. Capital LLC <sup>(b)</sup> | BMW U.S. Capital LLC <sup>(b)</sup> | BMW U.S. Capital LLC <sup>(b)</sup> | BMW U.S. Capital LLC <sup>(b)</sup> |
| 5460000 | 4.150 | 08/11/27 | 5447224 |
| 11578000 | 4.300 | 03/17/28 | 11560633 |
| (Secured Overnight Financing Rate + 0.920%) | (Secured Overnight Financing Rate + 0.920%) | (Secured Overnight Financing Rate + 0.920%) | (Secured Overnight Financing Rate + 0.920%) |
| 12698000 | 4.566 <sup>(a)</sup> | 03/21/28 | 12731015 |
| Daimler Truck Finance North America LLC <sup>(b)</sup> | Daimler Truck Finance North America LLC <sup>(b)</sup> | Daimler Truck Finance North America LLC <sup>(b)</sup> | Daimler Truck Finance North America LLC <sup>(b)</sup> |
| 4237000 | 3.650 | 04/07/27 | 4205900 |
| 8923000 | 4.300 | 08/12/27 | 8901495 |
| (Secured Overnight Financing Rate + 0.840%) | (Secured Overnight Financing Rate + 0.840%) | (Secured Overnight Financing Rate + 0.840%) | (Secured Overnight Financing Rate + 0.840%) |
| 17103000 | 4.508 <sup>(a)</sup> | 01/13/28 | 17097869 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 5000000 | 5.000 | 07/15/27 | 5028400 |
| (Secured Overnight Financing Rate + 1.050%) | (Secured Overnight Financing Rate + 1.050%) | (Secured Overnight Financing Rate + 1.050%) | (Secured Overnight Financing Rate + 1.050%) |
| 4907000 | 4.718 <sup>(a)</sup> | 07/15/27 | 4910288 |
| (Secured Overnight Financing Rate + 1.170%) | (Secured Overnight Financing Rate + 1.170%) | (Secured Overnight Financing Rate + 1.170%) | (Secured Overnight Financing Rate + 1.170%) |
| 26936000 | 4.848 <sup>(a)</sup> | 04/04/28 | 27041320 |
| Hyundai Capital America <sup>(b)</sup> | Hyundai Capital America <sup>(b)</sup> | Hyundai Capital America <sup>(b)</sup> | Hyundai Capital America <sup>(b)</sup> |
| 10210000 | 4.600 | 04/06/28 | 10208264 |
| (Secured Overnight Financing Rate + 0.890%) | (Secured Overnight Financing Rate + 0.890%) | (Secured Overnight Financing Rate + 0.890%) | (Secured Overnight Financing Rate + 0.890%) |
| 5000000 | 4.559 <sup>(a)</sup> | 01/08/29 | 4989600 |
| (Secured Overnight Financing Rate + 0.920%) | (Secured Overnight Financing Rate + 0.920%) | (Secured Overnight Financing Rate + 0.920%) | (Secured Overnight Financing Rate + 0.920%) |
| 10477000 | 4.590 <sup>(a)</sup> | 01/07/28 | 10486115 |
| (Secured Overnight Financing Rate + 1.070%) | (Secured Overnight Financing Rate + 1.070%) | (Secured Overnight Financing Rate + 1.070%) | (Secured Overnight Financing Rate + 1.070%) |
| 8000000 | 4.717 <sup>(a)</sup> | 09/18/28 | 8033760 |
| (Secured Overnight Financing Rate + 1.500%) | (Secured Overnight Financing Rate + 1.500%) | (Secured Overnight Financing Rate + 1.500%) | (Secured Overnight Financing Rate + 1.500%) |
| 13814000 | 5.169 <sup>(a)</sup> | 01/08/27 | 13896884 |
| Mercedes-Benz Finance North America LLC <sup>(b)</sup> | Mercedes-Benz Finance North America LLC <sup>(b)</sup> | Mercedes-Benz Finance North America LLC <sup>(b)</sup> | Mercedes-Benz Finance North America LLC <sup>(b)</sup> |
| 11253000 | 4.650 | 04/01/27 | 11294974 |
| 8162000 | 4.125 | 03/10/28 | 8123067 |
| Volkswagen Group of America Finance LLC <sup>(b)</sup> | Volkswagen Group of America Finance LLC <sup>(b)</sup> | Volkswagen Group of America Finance LLC <sup>(b)</sup> | Volkswagen Group of America Finance LLC <sup>(b)</sup> |
| 7859000 | 5.300 | 03/22/27 | 7923837 |
| 6402000 | 4.450 | 09/11/27 | 6385611 |
|  |  |  | 200272676 |
| Banks – 38.6% | Banks – 38.6% | Banks – 38.6% | Banks – 38.6% |
| ABN AMRO Bank NV <sup>(a)(b)(c)</sup> (1 yr. CMT + 1.650%) | ABN AMRO Bank NV <sup>(a)(b)(c)</sup> (1 yr. CMT + 1.650%) | ABN AMRO Bank NV <sup>(a)(b)(c)</sup> (1 yr. CMT + 1.650%) | ABN AMRO Bank NV <sup>(a)(b)(c)</sup> (1 yr. CMT + 1.650%) |
| 8800000 | 6.339 | 09/18/27 | 8873920 |
| Banco Bilbao Vizcaya Argentaria SA <sup>(a)</sup> (Secured Overnight Financing Rate + 0.880%) | Banco Bilbao Vizcaya Argentaria SA <sup>(a)</sup> (Secured Overnight Financing Rate + 0.880%) | Banco Bilbao Vizcaya Argentaria SA <sup>(a)</sup> (Secured Overnight Financing Rate + 0.880%) | Banco Bilbao Vizcaya Argentaria SA <sup>(a)</sup> (Secured Overnight Financing Rate + 0.880%) |
| 13400000 | 4.535 | 03/03/29 | 13378158 |
| Banco Santander SA | Banco Santander SA | Banco Santander SA |  |
| 24200000 | 4.250 | 04/11/27 | 24168298 |
| 8000000 | 5.294 | 08/18/27 | 8078720 |
| (1 yr. CMT + 0.900%) | (1 yr. CMT + 0.900%) | (1 yr. CMT + 0.900%) |  |
| 719000 | 1.722 <sup>(a)(c)</sup> | 09/14/27 | 709732 |
| (Secured Overnight Financing Rate + 1.120%) | (Secured Overnight Financing Rate + 1.120%) | (Secured Overnight Financing Rate + 1.120%) |  |
| 7000000 | 4.788 <sup>(a)(c)</sup> | 07/15/28 | 7028910 |
| Bank of America Corp. <sup>(a)(c)</sup><br> (3 mo. USD Term SOFR + 1.322%) | Bank of America Corp. <sup>(a)(c)</sup><br> (3 mo. USD Term SOFR + 1.322%) | Bank of America Corp. <sup>(a)(c)</sup><br> (3 mo. USD Term SOFR + 1.322%) | Bank of America Corp. <sup>(a)(c)</sup><br> (3 mo. USD Term SOFR + 1.322%) |
| 8174000 | 3.559 | 04/23/27 | 8169423 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| (Secured Overnight Financing Rate + 0.960%) | (Secured Overnight Financing Rate + 0.960%) | (Secured Overnight Financing Rate + 0.960%) |  |  |
| $14152000 | 1.734% | 07/22/27 | $| &nbsp;&nbsp;&nbsp;&nbsp;14034114 |
| Bank of Montreal <sup>(a)</sup><br>(Secured Overnight Financing Rate + 0.750%) | Bank of Montreal <sup>(a)</sup><br>(Secured Overnight Financing Rate + 0.750%) | Bank of Montreal <sup>(a)</sup><br>(Secured Overnight Financing Rate + 0.750%) |  |  |
| 9000000 | 4.396 <sup>(c)</sup> | 09/22/28 |  | 8998020 |
| (Secured Overnight Financing Rate + 0.880%) | (Secured Overnight Financing Rate + 0.880%) | (Secured Overnight Financing Rate + 0.880%) |  |  |
| 5018000 | 4.530 <sup>(c)</sup> | 09/10/27 |  | 5027484 |
| (Secured Overnight Financing Rate + 1.160%) | (Secured Overnight Financing Rate + 1.160%) | (Secured Overnight Financing Rate + 1.160%) |  |  |
| 7755000 | 4.809 | 12/11/26 |  | 7795403 |
| Bank of Nova Scotia <sup>(a)</sup> (Secured Overnight Financing Rate + 0.800%) | Bank of Nova Scotia <sup>(a)</sup> (Secured Overnight Financing Rate + 0.800%) | Bank of Nova Scotia <sup>(a)</sup> (Secured Overnight Financing Rate + 0.800%) | Bank of Nova Scotia <sup>(a)</sup> (Secured Overnight Financing Rate + 0.800%) | Bank of Nova Scotia <sup>(a)</sup> (Secured Overnight Financing Rate + 0.800%) |
| 4304000 | 4.460 | 08/15/27 |  | 4302451 |
| Banque Federative du Credit Mutuel SA <sup>(b)</sup> | Banque Federative du Credit Mutuel SA <sup>(b)</sup> | Banque Federative du Credit Mutuel SA <sup>(b)</sup> |  |  |
| 4191000 | 4.753 | 07/13/27 |  | 4208812 |
| (Secured Overnight Financing Rate + 1.070%) | (Secured Overnight Financing Rate + 1.070%) | (Secured Overnight Financing Rate + 1.070%) |  |  |
| 5529000 | 4.730 <sup>(a)</sup> | 02/16/28 |  | 5555484 |
| (Secured Overnight Financing Rate + 1.130%) | (Secured Overnight Financing Rate + 1.130%) | (Secured Overnight Financing Rate + 1.130%) |  |  |
| 9494000 | 4.796 <sup>(a)</sup> | 01/23/27 |  | 9538337 |
| (Secured Overnight Financing Rate + 1.400%) | (Secured Overnight Financing Rate + 1.400%) | (Secured Overnight Financing Rate + 1.400%) |  |  |
| 5345000 | 5.068 <sup>(a)</sup> | 07/13/26 |  | 5359645 |
| Barclays PLC <sup>(a)(c)</sup><br> (1 yr. CMT + 1.050%) | Barclays PLC <sup>(a)(c)</sup><br> (1 yr. CMT + 1.050%) | Barclays PLC <sup>(a)(c)</sup><br> (1 yr. CMT + 1.050%) |  |  |
| 12075000 | 2.279 | 11/24/27 |  | 11893996 |
| (Secured Overnight Financing Rate + 1.880%) | (Secured Overnight Financing Rate + 1.880%) | (Secured Overnight Financing Rate + 1.880%) |  |  |
| 8816000 | 6.496 | 09/13/27 |  | 8887498 |
| BNP Paribas SA <sup>(b)</sup> | BNP Paribas SA <sup>(b)</sup> | BNP Paribas SA <sup>(b)</sup> |  |  |
| 6034000 | 3.500 | 11/16/27 |  | 5942645 |
| Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |  |  |
| 7562000 | 5.237 | 06/28/27 |  | 7651458 |
| (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) |  |  |
| 8110000 | 4.579 <sup>(a)(c)</sup> | 09/11/27 |  | 8116975 |
| (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) |  |  |
| 10651000 | 4.900 <sup>(a)</sup> | 10/02/26 |  | 10691900 |
| Citibank NA <sup>(c)</sup> | Citibank NA <sup>(c)</sup> | Citibank NA <sup>(c)</sup> |  |  |
| 5956000 | 4.929 | 08/06/26 |  | 5966066 |
| Citigroup, Inc. <sup>(a)(c)</sup><br> (Secured Overnight Financing Rate + 1.143%) | Citigroup, Inc. <sup>(a)(c)</sup><br> (Secured Overnight Financing Rate + 1.143%) | Citigroup, Inc. <sup>(a)(c)</sup><br> (Secured Overnight Financing Rate + 1.143%) | Citigroup, Inc. <sup>(a)(c)</sup><br> (Secured Overnight Financing Rate + 1.143%) | Citigroup, Inc. <sup>(a)(c)</sup><br> (Secured Overnight Financing Rate + 1.143%) |
| 16173000 | 4.803 | 05/07/28 |  | 16236722 |
| (Secured Overnight Financing Rate + 1.280%) | (Secured Overnight Financing Rate + 1.280%) | (Secured Overnight Financing Rate + 1.280%) |  |  |
| 5340000 | 3.070 | 02/24/28 |  | 5275279 |
| Cooperatieve Rabobank UA <sup>(a)(b)(c)</sup> (1 yr. CMT + 0.730%) | Cooperatieve Rabobank UA <sup>(a)(b)(c)</sup> (1 yr. CMT + 0.730%) | Cooperatieve Rabobank UA <sup>(a)(b)(c)</sup> (1 yr. CMT + 0.730%) |  |  |
| 6120000 | 1.980 | 12/15/27 |  | 6018163 |
| Credit Agricole SA <sup>(b)</sup> | Credit Agricole SA <sup>(b)</sup> | Credit Agricole SA <sup>(b)</sup> |  |  |
| 15478000 | 5.589 | 07/05/26 |  | 15530161 |
| (Secured Overnight Financing Rate + 0.870%) | (Secured Overnight Financing Rate + 0.870%) | (Secured Overnight Financing Rate + 0.870%) |  |  |
| 7250000 | 4.519 <sup>(a)</sup> | 03/11/27 |  | 7270010 |
| Deutsche Bank AG <sup>(a)(c)</sup><br> (Secured Overnight Financing Rate + 1.219%) | Deutsche Bank AG <sup>(a)(c)</sup><br> (Secured Overnight Financing Rate + 1.219%) | Deutsche Bank AG <sup>(a)(c)</sup><br> (Secured Overnight Financing Rate + 1.219%) | Deutsche Bank AG <sup>(a)(c)</sup><br> (Secured Overnight Financing Rate + 1.219%) | Deutsche Bank AG <sup>(a)(c)</sup><br> (Secured Overnight Financing Rate + 1.219%) |
| 8673000 | 2.311 | 11/16/27 |  | 8554006 |
| 16977000 | 4.879 | 11/16/27 |  | 17013670 |
| (Secured Overnight Financing Rate + 1.318%) | (Secured Overnight Financing Rate + 1.318%) | (Secured Overnight Financing Rate + 1.318%) |  |  |
| 6097000 | 2.552 | 01/07/28 |  | 6003960 |
| Federation des Caisses Desjardins du Quebec <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.630%) | Federation des Caisses Desjardins du Quebec <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.630%) | Federation des Caisses Desjardins du Quebec <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.630%) | Federation des Caisses Desjardins du Quebec <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.630%) | Federation des Caisses Desjardins du Quebec <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.630%) |
| 5600000 | 4.296 | 01/27/27 |  | 5605308 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **34** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| Fifth Third Bank NA <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.810%) | Fifth Third Bank NA <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.810%) | Fifth Third Bank NA <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.810%) | Fifth Third Bank NA <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.810%) |
| $12967000 | 4.967% | 01/28/28 | $&nbsp;&nbsp;&nbsp;&nbsp;13013033 |
| HSBC Holdings PLC <sup>(a)(c)</sup><br> (Secured Overnight Financing Rate + 1.290%) | HSBC Holdings PLC <sup>(a)(c)</sup><br> (Secured Overnight Financing Rate + 1.290%) | HSBC Holdings PLC <sup>(a)(c)</sup><br> (Secured Overnight Financing Rate + 1.290%) | HSBC Holdings PLC <sup>(a)(c)</sup><br> (Secured Overnight Financing Rate + 1.290%) |
| 7000000 | 1.589 | 05/24/27 | 6965000 |
| (Secured Overnight Financing Rate + 1.570%) | (Secured Overnight Financing Rate + 1.570%) | (Secured Overnight Financing Rate + 1.570%) |  |
| 8228000 | 5.887 | 08/14/27 | 8268235 |
| HSBC USA, Inc. <sup>(a)</sup> (Secured Overnight Financing Rate + 0.960%) | HSBC USA, Inc. <sup>(a)</sup> (Secured Overnight Financing Rate + 0.960%) | HSBC USA, Inc. <sup>(a)</sup> (Secured Overnight Financing Rate + 0.960%) | HSBC USA, Inc. <sup>(a)</sup> (Secured Overnight Financing Rate + 0.960%) |
| 18660000 | 4.612 | 03/04/27 | 18730348 |
| ING Groep NV <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.560%) | ING Groep NV <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.560%) | ING Groep NV <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.560%) | ING Groep NV <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.560%) |
| 8956000 | 6.083 | 09/11/27 | 9010721 |
| JPMorgan Chase & Co. <sup>(a)(c)</sup><br> (Secured Overnight Financing Rate + 0.885%) | JPMorgan Chase & Co. <sup>(a)(c)</sup><br> (Secured Overnight Financing Rate + 0.885%) | JPMorgan Chase & Co. <sup>(a)(c)</sup><br> (Secured Overnight Financing Rate + 0.885%) | JPMorgan Chase & Co. <sup>(a)(c)</sup><br> (Secured Overnight Financing Rate + 0.885%) |
| 21950000 | 1.578 | 04/22/27 | 21914221 |
| (Secured Overnight Financing Rate + 1.190%) | (Secured Overnight Financing Rate + 1.190%) | (Secured Overnight Financing Rate + 1.190%) |  |
| 9195000 | 5.040 | 01/23/28 | 9239596 |
| (Secured Overnight Financing Rate + 1.330%) | (Secured Overnight Financing Rate + 1.330%) | (Secured Overnight Financing Rate + 1.330%) |  |
| 12500000 | 6.070 | 10/22/27 | 12610500 |
| Lloyds Banking Group PLC <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.580%) | Lloyds Banking Group PLC <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.580%) | Lloyds Banking Group PLC <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.580%) | Lloyds Banking Group PLC <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.580%) |
| 7530000 | 5.265 | 01/05/28 | 7584818 |
| Macquarie Bank Ltd. <sup>(a)(b)</sup><br> (Secured Overnight Financing Rate + 0.920%) | Macquarie Bank Ltd. <sup>(a)(b)</sup><br> (Secured Overnight Financing Rate + 0.920%) | Macquarie Bank Ltd. <sup>(a)(b)</sup><br> (Secured Overnight Financing Rate + 0.920%) | Macquarie Bank Ltd. <sup>(a)(b)</sup><br> (Secured Overnight Financing Rate + 0.920%) |
| 6871000 | 4.600 | 07/02/27 | 6905973 |
| (Secured Overnight Financing Rate + 1.200%) | (Secured Overnight Financing Rate + 1.200%) | (Secured Overnight Financing Rate + 1.200%) |  |
| 6000000 | 4.849 | 12/07/26 | 6030240 |
| (Secured Overnight Financing Rate + 1.240%) | (Secured Overnight Financing Rate + 1.240%) | (Secured Overnight Financing Rate + 1.240%) |  |
| 4867000 | 4.888 | 06/15/26 | 4873376 |
| Mitsubishi UFJ Financial Group, Inc. <sup>(a)(c)</sup> (1 yr. CMT + 0.750%) | Mitsubishi UFJ Financial Group, Inc. <sup>(a)(c)</sup> (1 yr. CMT + 0.750%) | Mitsubishi UFJ Financial Group, Inc. <sup>(a)(c)</sup> (1 yr. CMT + 0.750%) | Mitsubishi UFJ Financial Group, Inc. <sup>(a)(c)</sup> (1 yr. CMT + 0.750%) |
| 19671000 | 1.538 | 07/20/27 | 19495535 |
| Mizuho Financial Group, Inc. <sup>(a)(c)</sup> (1 yr. CMT + 0.670%) | Mizuho Financial Group, Inc. <sup>(a)(c)</sup> (1 yr. CMT + 0.670%) | Mizuho Financial Group, Inc. <sup>(a)(c)</sup> (1 yr. CMT + 0.670%) | Mizuho Financial Group, Inc. <sup>(a)(c)</sup> (1 yr. CMT + 0.670%) |
| 5000000 | 1.234 | 05/22/27 | 4976450 |
| Morgan Stanley <sup>(a)(c)</sup><br> (Secured Overnight Financing Rate + 0.858%) | Morgan Stanley <sup>(a)(c)</sup><br> (Secured Overnight Financing Rate + 0.858%) | Morgan Stanley <sup>(a)(c)</sup><br> (Secured Overnight Financing Rate + 0.858%) | Morgan Stanley <sup>(a)(c)</sup><br> (Secured Overnight Financing Rate + 0.858%) |
| 6822000 | 1.512 | 07/20/27 | 6759238 |
| (Secured Overnight Financing Rate + 0.879%) | (Secured Overnight Financing Rate + 0.879%) | (Secured Overnight Financing Rate + 0.879%) |  |
| 8542000 | 1.593 | 05/04/27 | 8518424 |
| Morgan Stanley Bank NA <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.900%) | Morgan Stanley Bank NA <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.900%) | Morgan Stanley Bank NA <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.900%) | Morgan Stanley Bank NA <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.900%) |
| 6014000 | 4.568 | 01/12/29 | 6022359 |
| Morgan Stanley Private Bank NA <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.780%) | Morgan Stanley Private Bank NA <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.780%) | Morgan Stanley Private Bank NA <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.780%) | Morgan Stanley Private Bank NA <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.780%) |
| 24057000 | 4.440 | 11/17/28 | 24002391 |
| National Bank of Canada <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.770%) | National Bank of Canada <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.770%) | National Bank of Canada <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.770%) | National Bank of Canada <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.770%) |
| 9673000 | 4.437 | 01/20/29 | 9672323 |
| NatWest Markets PLC <sup>(a)(b)</sup><br> (Secured Overnight Financing Rate + 0.800%) | NatWest Markets PLC <sup>(a)(b)</sup><br> (Secured Overnight Financing Rate + 0.800%) | NatWest Markets PLC <sup>(a)(b)</sup><br> (Secured Overnight Financing Rate + 0.800%) | NatWest Markets PLC <sup>(a)(b)</sup><br> (Secured Overnight Financing Rate + 0.800%) |
| 21044000 | 4.461 | 11/06/28 | 21069253 |
| (Secured Overnight Financing Rate + 0.900%) | (Secured Overnight Financing Rate + 0.900%) | (Secured Overnight Financing Rate + 0.900%) |  |
| 14800000 | 4.560 | 05/17/27 | 14855500 |
| (Secured Overnight Financing Rate + 0.950%) | (Secured Overnight Financing Rate + 0.950%) | (Secured Overnight Financing Rate + 0.950%) |  |
| 6000000 | 4.596 | 03/21/28 | 6016260 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| PNC Financial Services Group, Inc. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.730%) | PNC Financial Services Group, Inc. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.730%) | PNC Financial Services Group, Inc. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.730%) | PNC Financial Services Group, Inc. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.730%) |
| $12907000 | 6.615% | 10/20/27 | $&nbsp;&nbsp;&nbsp;&nbsp;13054656 |
| Royal Bank of Canada <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.720%) | Royal Bank of Canada <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.720%) | Royal Bank of Canada <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.720%) | Royal Bank of Canada <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.720%) |
| 4388000 | 4.387 | 10/18/27 | 4389931 |
| Santander U.K. Group Holdings PLC <sup>(a)(c)</sup><br> (Secured Overnight Financing Rate + 0.989%) | Santander U.K. Group Holdings PLC <sup>(a)(c)</sup><br> (Secured Overnight Financing Rate + 0.989%) | Santander U.K. Group Holdings PLC <sup>(a)(c)</sup><br> (Secured Overnight Financing Rate + 0.989%) | Santander U.K. Group Holdings PLC <sup>(a)(c)</sup><br> (Secured Overnight Financing Rate + 0.989%) |
| 4136000 | 1.673 | 06/14/27 | 4110191 |
| (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) |
| 6106000 | 2.469 | 01/11/28 | 6004518 |
| Skandinaviska Enskilda Banken AB <sup>(a)(b)</sup><br>(Secured Overnight Financing Rate + 0.890%) | Skandinaviska Enskilda Banken AB <sup>(a)(b)</sup><br>(Secured Overnight Financing Rate + 0.890%) | Skandinaviska Enskilda Banken AB <sup>(a)(b)</sup><br>(Secured Overnight Financing Rate + 0.890%) | Skandinaviska Enskilda Banken AB <sup>(a)(b)</sup><br>(Secured Overnight Financing Rate + 0.890%) |
| 8253000 | 4.541 | 03/05/27 | 8281225 |
| Societe Generale SA <sup>(b)</sup> | Societe Generale SA <sup>(b)</sup> | Societe Generale SA <sup>(b)</sup> | Societe Generale SA <sup>(b)</sup> |
| 30140000 | 5.250 | 02/19/27 | 30322648 |
| (Secured Overnight Financing Rate + 1.100%) | (Secured Overnight Financing Rate + 1.100%) | (Secured Overnight Financing Rate + 1.100%) | (Secured Overnight Financing Rate + 1.100%) |
| 10746000 | 4.758 <sup>(a)</sup> | 02/19/27 | 10779313 |
| Standard Chartered Bank <sup>(a)</sup> (Secured Overnight Financing Rate + 0.650%) | Standard Chartered Bank <sup>(a)</sup> (Secured Overnight Financing Rate + 0.650%) | Standard Chartered Bank <sup>(a)</sup> (Secured Overnight Financing Rate + 0.650%) | Standard Chartered Bank <sup>(a)</sup> (Secured Overnight Financing Rate + 0.650%) |
| 5633000 | 4.319 | 10/08/26 | 5638295 |
| Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
| 14272000 | 5.880 | 07/13/26 | 14336795 |
| 7434000 | 2.632 | 07/14/26 | 7399581 |
| (Secured Overnight Financing Rate + 0.760%) | (Secured Overnight Financing Rate + 0.760%) | (Secured Overnight Financing Rate + 0.760%) | (Secured Overnight Financing Rate + 0.760%) |
| 9037000 | 4.428 <sup>(a)</sup> | 01/15/29 | 9002930 |
| Sumitomo Mitsui Trust Bank Ltd. <sup>(b)</sup> | Sumitomo Mitsui Trust Bank Ltd. <sup>(b)</sup> | Sumitomo Mitsui Trust Bank Ltd. <sup>(b)</sup> | Sumitomo Mitsui Trust Bank Ltd. <sup>(b)</sup> |
| 9999000 | 5.200 | 03/07/27 | 10080792 |
| (Secured Overnight Financing Rate + 0.980%) | (Secured Overnight Financing Rate + 0.980%) | (Secured Overnight Financing Rate + 0.980%) | (Secured Overnight Financing Rate + 0.980%) |
| 13000000 | 4.631 <sup>(a)</sup> | 09/10/27 | 13077870 |
| Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
| 11839000 | 3.913 | 01/13/28 | 11757074 |
| (Secured Overnight Financing Rate + 0.820%) | (Secured Overnight Financing Rate + 0.820%) | (Secured Overnight Financing Rate + 0.820%) | (Secured Overnight Financing Rate + 0.820%) |
| 7942000 | 4.484 <sup>(a)</sup> | 01/31/28 | 7962014 |
| (Secured Overnight Financing Rate + 1.080%) | (Secured Overnight Financing Rate + 1.080%) | (Secured Overnight Financing Rate + 1.080%) | (Secured Overnight Financing Rate + 1.080%) |
| 8259000 | 4.747 <sup>(a)</sup> | 07/17/26 | 8276344 |
| Truist Bank <sup>(a)(c)</sup><br> (Secured Overnight Financing Rate + 0.590%) | Truist Bank <sup>(a)(c)</sup><br> (Secured Overnight Financing Rate + 0.590%) | Truist Bank <sup>(a)(c)</sup><br> (Secured Overnight Financing Rate + 0.590%) | Truist Bank <sup>(a)(c)</sup><br> (Secured Overnight Financing Rate + 0.590%) |
| 10004000 | 4.671 | 05/20/27 | 10003200 |
| (Secured Overnight Financing Rate + 0.770%) | (Secured Overnight Financing Rate + 0.770%) | (Secured Overnight Financing Rate + 0.770%) | (Secured Overnight Financing Rate + 0.770%) |
| 4162000 | 4.436 | 07/24/28 | 4160460 |
| UBS Group AG <sup>(b)(c)</sup> | UBS Group AG <sup>(b)(c)</sup> | UBS Group AG <sup>(b)(c)</sup> | UBS Group AG <sup>(b)(c)</sup> |
| 17225000 | 4.282 | 01/09/28 | 17158511 |
| (1 yr. CMT + 0.850%) | (1 yr. CMT + 0.850%) | (1 yr. CMT + 0.850%) | (1 yr. CMT + 0.850%) |
| 10837000 | 1.494 <sup>(a)</sup> | 08/10/27 | 10720069 |
| (1 yr. CMT + 1.600%) | (1 yr. CMT + 1.600%) | (1 yr. CMT + 1.600%) | (1 yr. CMT + 1.600%) |
| 6456000 | 6.327 <sup>(a)</sup> | 12/22/27 | 6542317 |
| UniCredit SpA <sup>(b)</sup> | UniCredit SpA <sup>(b)</sup> | UniCredit SpA <sup>(b)</sup> | UniCredit SpA <sup>(b)</sup> |
| 13488000 | 4.625 | 04/12/27 | 13503916 |
| (1 yr. CMT + 1.200%) | (1 yr. CMT + 1.200%) | (1 yr. CMT + 1.200%) | (1 yr. CMT + 1.200%) |
| 23243000 | 1.982 <sup>(a)(c)</sup> | 06/03/27 | 23132828 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **35** |

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------

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| Wells Fargo Bank NA <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.060%) | Wells Fargo Bank NA <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.060%) | Wells Fargo Bank NA <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.060%) | Wells Fargo Bank NA <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.060%) |
| $5115000 | 4.721% | 08/07/26 | $5124514 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;783238514 |
| Biotechnology<sup>(c)</sup> – 0.5% | Biotechnology<sup>(c)</sup> – 0.5% | Biotechnology<sup>(c)</sup> – 0.5% | Biotechnology<sup>(c)</sup> – 0.5% |
| Bio-Rad Laboratories, Inc. | Bio-Rad Laboratories, Inc. | Bio-Rad Laboratories, Inc. |  |
| 9457000 | 3.300 | 03/15/27 | 9343705 |
| Chemicals – 0.4% | Chemicals – 0.4% | Chemicals – 0.4% | Chemicals – 0.4% |
| Nutrien Ltd. | Nutrien Ltd. | Nutrien Ltd. |  |
| 7968000 | 4.500 | 03/12/27 | 7981386 |
| Diversified Financial Services – 4.7% | Diversified Financial Services – 4.7% | Diversified Financial Services – 4.7% | Diversified Financial Services – 4.7% |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(c)</sup> | AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(c)</sup> | AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(c)</sup> | AerCap Ireland Capital DAC/AerCap Global Aviation Trust <sup>(c)</sup> |
| 10000000 | 2.450 | 10/29/26 | 9884200 |
| 8283000 | 3.650 | 07/21/27 | 8197271 |
| 10000000 | 4.625 | 10/15/27 | 10013500 |
| American Express Co. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.750%) | American Express Co. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.750%) | American Express Co. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.750%) | American Express Co. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.750%) |
| 8208000 | 4.416 | 04/23/27 | 8209642 |
| Capital One Financial Corp. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.855%) | Capital One Financial Corp. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.855%) | Capital One Financial Corp. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.855%) | Capital One Financial Corp. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.855%) |
| 13055000 | 1.878 | 11/02/27 | 12839331 |
| Citigroup Global Markets Holdings, Inc. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.500%) | Citigroup Global Markets Holdings, Inc. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.500%) | Citigroup Global Markets Holdings, Inc. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.500%) | Citigroup Global Markets Holdings, Inc. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.500%) |
| 5769000 | 4.150 | 01/06/27 | 5768423 |
| Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. |  |
| 7013000 | 4.850 | 01/15/27 | 7015525 |
| 17000000 | 4.300 <sup>(c)</sup> | 02/11/27 | 16984870 |
| Lseg U.S. Fin Corp. <sup>(b)(c)</sup> | Lseg U.S. Fin Corp. <sup>(b)(c)</sup> | Lseg U.S. Fin Corp. <sup>(b)(c)</sup> |  |
| 9266000 | 4.875 | 03/28/27 | 9307048 |
| Neuberger Berman Group LLC/Neuberger Berman Finance Corp. <sup>(b)(c)</sup> | Neuberger Berman Group LLC/Neuberger Berman Finance Corp. <sup>(b)(c)</sup> | Neuberger Berman Group LLC/Neuberger Berman Finance Corp. <sup>(b)(c)</sup> | Neuberger Berman Group LLC/Neuberger Berman Finance Corp. <sup>(b)(c)</sup> |
| 8024000 | 4.500 | 03/15/27 | 8004742 |
|  |  |  | 96224552 |
| Electrical – 1.1% | Electrical – 1.1% | Electrical – 1.1% | Electrical – 1.1% |
| ENEL Finance International NV <sup>(b)</sup> | ENEL Finance International NV <sup>(b)</sup> | ENEL Finance International NV <sup>(b)</sup> |  |
| 12222000 | 3.625 | 05/25/27 | 12109802 |
| Monongahela Power Co. <sup>(b)(c)</sup> | Monongahela Power Co. <sup>(b)(c)</sup> | Monongahela Power Co. <sup>(b)(c)</sup> |  |
| 4005000 | 3.550 | 05/15/27 | 3966512 |
| NextEra Energy Capital Holdings, Inc. <sup>(c)</sup> | NextEra Energy Capital Holdings, Inc. <sup>(c)</sup> | NextEra Energy Capital Holdings, Inc. <sup>(c)</sup> |  |
| 5898000 | 4.625 | 07/15/27 | 5919528 |
|  |  |  | 21995842 |
| Household Products<sup>(b)(c)</sup> – 0.3% | Household Products<sup>(b)(c)</sup> – 0.3% | Household Products<sup>(b)(c)</sup> – 0.3% | Household Products<sup>(b)(c)</sup> – 0.3% |
| Reckitt Benckiser Treasury Services PLC | Reckitt Benckiser Treasury Services PLC | Reckitt Benckiser Treasury Services PLC |  |
| 5265000 | 3.000 | 06/26/27 | 5186709 |
| Insurance<sup>(b)</sup> – 4.4% | Insurance<sup>(b)</sup> – 4.4% | Insurance<sup>(b)</sup> – 4.4% | Insurance<sup>(b)</sup> – 4.4% |
| Corebridge Global Funding <sup>(a)</sup> (Secured Overnight Financing Rate + 0.860%) | Corebridge Global Funding <sup>(a)</sup> (Secured Overnight Financing Rate + 0.860%) | Corebridge Global Funding <sup>(a)</sup> (Secured Overnight Financing Rate + 0.860%) | Corebridge Global Funding <sup>(a)</sup> (Secured Overnight Financing Rate + 0.860%) |
| 18500000 | 4.508 | 12/15/28 | 18451900 |
| Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |  |
| 275000 | 4.600 | 04/01/27 | 275377 |
| Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |  |
| 4740000 | 3.050 | 04/29/26 | 4735023 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Insurance<sup>(b)</sup> – (continued) | Insurance<sup>(b)</sup> – (continued) | Insurance<sup>(b)</sup> – (continued) | Insurance<sup>(b)</sup> – (continued) |
| 5706000 | 4.900% | 01/13/27 | $5727112 |
| 15477000 | 5.550 | 07/02/27 | &nbsp;&nbsp;&nbsp;&nbsp;15627901 |
| (Secured Overnight Financing Rate + 0.950%) | (Secured Overnight Financing Rate + 0.950%) | (Secured Overnight Financing Rate + 0.950%) | (Secured Overnight Financing Rate + 0.950%) |
| 17149000 | 4.598 <sup>(a)</sup> | 09/12/28 | 17141969 |
| MassMutual Global Funding II <sup>(a)</sup> (Secured Overnight Financing Rate + 0.660%) | MassMutual Global Funding II <sup>(a)</sup> (Secured Overnight Financing Rate + 0.660%) | MassMutual Global Funding II <sup>(a)</sup> (Secured Overnight Financing Rate + 0.660%) | MassMutual Global Funding II <sup>(a)</sup> (Secured Overnight Financing Rate + 0.660%) |
| 8172000 | 4.326 | 01/22/29 | 8156963 |
| Protective Life Global Funding <sup>(a)</sup> (Secured Overnight Financing Rate + 0.850%) | Protective Life Global Funding <sup>(a)</sup> (Secured Overnight Financing Rate + 0.850%) | Protective Life Global Funding <sup>(a)</sup> (Secured Overnight Financing Rate + 0.850%) | Protective Life Global Funding <sup>(a)</sup> (Secured Overnight Financing Rate + 0.850%) |
| 20000000 | 4.499 | 09/11/28 | 20037000 |
|  |  |  | 90153245 |
| Oil Field Services<sup>(b)(c)</sup> – 0.5% | Oil Field Services<sup>(b)(c)</sup> – 0.5% | Oil Field Services<sup>(b)(c)</sup> – 0.5% | Oil Field Services<sup>(b)(c)</sup> – 0.5% |
| Schlumberger Holdings Corp. | Schlumberger Holdings Corp. | Schlumberger Holdings Corp. | Schlumberger Holdings Corp. |
| 9025000 | 5.000 | 05/29/27 | 9090702 |
| Pharmaceuticals<sup>(a)</sup> – 0.2% | Pharmaceuticals<sup>(a)</sup> – 0.2% | Pharmaceuticals<sup>(a)</sup> – 0.2% | Pharmaceuticals<sup>(a)</sup> – 0.2% |
| AbbVie, Inc. (Secured Overnight Financing Rate + 0.480%) | AbbVie, Inc. (Secured Overnight Financing Rate + 0.480%) | AbbVie, Inc. (Secured Overnight Financing Rate + 0.480%) | AbbVie, Inc. (Secured Overnight Financing Rate + 0.480%) |
| 3126000 | 4.132 | 03/03/28 | 3128751 |
| Pipelines<sup>(c)</sup> – 0.2% | Pipelines<sup>(c)</sup> – 0.2% | Pipelines<sup>(c)</sup> – 0.2% | Pipelines<sup>(c)</sup> – 0.2% |
| MPLX LP | MPLX LP | MPLX LP | MPLX LP |
| 5000000 | 4.125 | 03/01/27 | 4986600 |
| Real Estate Investment Trust<sup>(c)</sup> – 0.3% | Real Estate Investment Trust<sup>(c)</sup> – 0.3% | Real Estate Investment Trust<sup>(c)</sup> – 0.3% | Real Estate Investment Trust<sup>(c)</sup> – 0.3% |
| Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP |
| 6984000 | 3.700 | 08/15/27 | 6911017 |
| Semiconductors<sup>(c)</sup> – 0.2% | Semiconductors<sup>(c)</sup> – 0.2% | Semiconductors<sup>(c)</sup> – 0.2% | Semiconductors<sup>(c)</sup> – 0.2% |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 4952000 | 3.150 | 05/11/27 | 4881533 |
| Software – 1.8% | Software – 1.8% | Software – 1.8% | Software – 1.8% |
| Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. |
| 7466000 | 4.450 | 03/10/28 | 7444199 |
| Oracle Corp. <sup>(c)</sup> | Oracle Corp. <sup>(c)</sup> | Oracle Corp. <sup>(c)</sup> | Oracle Corp. <sup>(c)</sup> |
| 8199000 | 2.800 | 04/01/27 | 8058961 |
| Salesforce, Inc. <sup>(c)</sup> | Salesforce, Inc. <sup>(c)</sup> | Salesforce, Inc. <sup>(c)</sup> | Salesforce, Inc. <sup>(c)</sup> |
| 21658000 | 4.500 | 03/15/28 | 21664281 |
|  |  |  | 37167441 |
| Telecommunication Services<sup>(b)</sup> – 1.8% | Telecommunication Services<sup>(b)</sup> – 1.8% | Telecommunication Services<sup>(b)</sup> – 1.8% | Telecommunication Services<sup>(b)</sup> – 1.8% |
| NBN Co. Ltd. <sup>(c)</sup> | NBN Co. Ltd. <sup>(c)</sup> | NBN Co. Ltd. <sup>(c)</sup> | NBN Co. Ltd. <sup>(c)</sup> |
| 8677000 | 1.450 | 05/05/26 | 8652791 |
| NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
| 18310000 | 4.567 | 07/16/27 | 18352113 |
| (Secured Overnight Financing Rate + 1.080%) | (Secured Overnight Financing Rate + 1.080%) | (Secured Overnight Financing Rate + 1.080%) | (Secured Overnight Financing Rate + 1.080%) |
| 9187000 | 4.748 (a) | 07/16/28 | 9248737 |
|  |  |  | 36253641 |
| TOTAL CORPORATE OBLIGATIONS<br>(Cost $1,315,705,142) | TOTAL CORPORATE OBLIGATIONS<br>(Cost $1,315,705,142) | TOTAL CORPORATE OBLIGATIONS<br>(Cost $1,315,705,142) | $1316816314 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **36** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Asset-Backed Securities<sup>(c)</sup> – 2.5% | Asset-Backed Securities<sup>(c)</sup> – 2.5% | Asset-Backed Securities<sup>(c)</sup> – 2.5% | Asset-Backed Securities<sup>(c)</sup> – 2.5% |
| Automotive – 2.3% | Automotive – 2.3% | Automotive – 2.3% | Automotive – 2.3% |
| BMW Vehicle Lease Trust Series 2025-1, Class A2A | BMW Vehicle Lease Trust Series 2025-1, Class A2A | BMW Vehicle Lease Trust Series 2025-1, Class A2A | BMW Vehicle Lease Trust Series 2025-1, Class A2A |
| 5973833 | 4.430% | 09/27/27 | $5982343 |
| BMW Vehicle Owner Trust Series 2023-A, Class A3 | BMW Vehicle Owner Trust Series 2023-A, Class A3 | BMW Vehicle Owner Trust Series 2023-A, Class A3 | BMW Vehicle Owner Trust Series 2023-A, Class A3 |
| 2260497 | 5.470 | 02/25/28 | 2270080 |
| Chase Auto Owner Trust Series 2024-5A, Class A2(b) | Chase Auto Owner Trust Series 2024-5A, Class A2(b) | Chase Auto Owner Trust Series 2024-5A, Class A2(b) | Chase Auto Owner Trust Series 2024-5A, Class A2(b) |
| 9816 | 4.400 | 11/26/27 | 9816 |
| GM Financial Automobile Leasing Trust Series 2024-3, Class A3 | GM Financial Automobile Leasing Trust Series 2024-3, Class A3 | GM Financial Automobile Leasing Trust Series 2024-3, Class A3 | GM Financial Automobile Leasing Trust Series 2024-3, Class A3 |
| 7994492 | 4.210 | 10/20/27 | 7999304 |
| Hyundai Auto Lease Securitization Trust Series 2024-C, Class A2A<sup>(b)</sup> | Hyundai Auto Lease Securitization Trust Series 2024-C, Class A2A<sup>(b)</sup> | Hyundai Auto Lease Securitization Trust Series 2024-C, Class A2A<sup>(b)</sup> | Hyundai Auto Lease Securitization Trust Series 2024-C, Class A2A<sup>(b)</sup> |
| 1457225 | 4.770 | 03/15/27 | 1458657 |
| Hyundai Auto Lease Securitization Trust Series 2025-B, Class A2A<sup>(b)</sup> | Hyundai Auto Lease Securitization Trust Series 2025-B, Class A2A<sup>(b)</sup> | Hyundai Auto Lease Securitization Trust Series 2025-B, Class A2A<sup>(b)</sup> | Hyundai Auto Lease Securitization Trust Series 2025-B, Class A2A<sup>(b)</sup> |
| 7690380 | 4.580 | 09/15/27 | 7706136 |
| Hyundai Auto Receivables Trust Series 2023-A, Class A3 | Hyundai Auto Receivables Trust Series 2023-A, Class A3 | Hyundai Auto Receivables Trust Series 2023-A, Class A3 | Hyundai Auto Receivables Trust Series 2023-A, Class A3 |
| 214709 | 4.580 | 04/15/27 | 214740 |
| Mercedes-Benz Auto Lease Trust Series 2025-A, Class A2A | Mercedes-Benz Auto Lease Trust Series 2025-A, Class A2A | Mercedes-Benz Auto Lease Trust Series 2025-A, Class A2A | Mercedes-Benz Auto Lease Trust Series 2025-A, Class A2A |
| 6652545 | 4.570 | 04/17/28 | 6668233 |
| Santander Drive Auto Receivables Trust Series 2025-2, Class A2 | Santander Drive Auto Receivables Trust Series 2025-2, Class A2 | Santander Drive Auto Receivables Trust Series 2025-2, Class A2 | Santander Drive Auto Receivables Trust Series 2025-2, Class A2 |
| 1313234 | 4.710 | 06/15/28 | 1314292 |
| SFS Auto Receivables Securitization Trust Series 2025-2A, Class A2<sup>(b)</sup> | SFS Auto Receivables Securitization Trust Series 2025-2A, Class A2<sup>(b)</sup> | SFS Auto Receivables Securitization Trust Series 2025-2A, Class A2<sup>(b)</sup> | SFS Auto Receivables Securitization Trust Series 2025-2A, Class A2<sup>(b)</sup> |
| 3189100 | 4.520 | 11/20/28 | 3193303 |
| Toyota Lease Owner Trust Series 2024-A, Class A3<sup>(b)</sup> | Toyota Lease Owner Trust Series 2024-A, Class A3<sup>(b)</sup> | Toyota Lease Owner Trust Series 2024-A, Class A3<sup>(b)</sup> | Toyota Lease Owner Trust Series 2024-A, Class A3<sup>(b)</sup> |
| 939607 | 5.250 | 04/20/27 | 940357 |
| Volkswagen Auto Loan Enhanced Trust Series 2024-1, Class A2A | Volkswagen Auto Loan Enhanced Trust Series 2024-1, Class A2A | Volkswagen Auto Loan Enhanced Trust Series 2024-1, Class A2A | Volkswagen Auto Loan Enhanced Trust Series 2024-1, Class A2A |
| 2875119 | 4.650 | 11/22/27 | 2878681 |
| Westlake Automobile Receivables Trust Series 2025-2A, Class A2A<sup>(b)</sup> | Westlake Automobile Receivables Trust Series 2025-2A, Class A2A<sup>(b)</sup> | Westlake Automobile Receivables Trust Series 2025-2A, Class A2A<sup>(b)</sup> | Westlake Automobile Receivables Trust Series 2025-2A, Class A2A<sup>(b)</sup> |
| 3761014 | 4.660 | 09/15/28 | 3767478 |
| World Omni Auto Receivables Trust Series 2023-B, Class A3 | World Omni Auto Receivables Trust Series 2023-B, Class A3 | World Omni Auto Receivables Trust Series 2023-B, Class A3 | World Omni Auto Receivables Trust Series 2023-B, Class A3 |
| 2612145 | 4.660 | 05/15/28 | 2615980 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;47019400 |
| Collateralized Loan Obligations<sup>(a)(b)</sup> – 0.2% | Collateralized Loan Obligations<sup>(a)(b)</sup> – 0.2% | Collateralized Loan Obligations<sup>(a)(b)</sup> – 0.2% | Collateralized Loan Obligations<sup>(a)(b)</sup> – 0.2% |
| Balboa Bay Loan Funding Ltd. Series 2020-1A, Class X (3 mo. USD Term SOFR + 1.030%) | Balboa Bay Loan Funding Ltd. Series 2020-1A, Class X (3 mo. USD Term SOFR + 1.030%) | Balboa Bay Loan Funding Ltd. Series 2020-1A, Class X (3 mo. USD Term SOFR + 1.030%) | Balboa Bay Loan Funding Ltd. Series 2020-1A, Class X (3 mo. USD Term SOFR + 1.030%) |
| 1500000 | 4.698 | 10/20/35 | 1499997 |
| Halsey Point CLO I Ltd. Series 2019-1A, Class XR (3 mo. USD Term SOFR + 1.100%) | Halsey Point CLO I Ltd. Series 2019-1A, Class XR (3 mo. USD Term SOFR + 1.100%) | Halsey Point CLO I Ltd. Series 2019-1A, Class XR (3 mo. USD Term SOFR + 1.100%) | Halsey Point CLO I Ltd. Series 2019-1A, Class XR (3 mo. USD Term SOFR + 1.100%) |
| 1928572 | 4.768 | 10/20/37 | 1928584 |
|  |  |  | 3428581 |
| **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $50,419,561)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $50,419,561)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $50,419,561)** | $50447981 |
| U.S. Treasury Obligations – 3.8% | U.S. Treasury Obligations – 3.8% | U.S. Treasury Obligations – 3.8% | U.S. Treasury Obligations – 3.8% |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 6353300 | 2.625% | 05/31/27 | $6267431 |
| 13975600 | 3.875 | 05/31/27 | 13984335 |
| 20000000 | 4.375 | 07/15/27 | 20137500 |
| 5897600 | 2.250 | 08/15/27 | 5773198 |
| 32691800 | 3.375 | 02/29/28 | 32437672 |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $78,720,315)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $78,720,315)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $78,720,315)** | $78600136 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Shares** | **Dividend<br>Rate** | **Dividend<br>Rate** | **Value** |
|  | Investment Company<sup>(d)</sup> – 5.8% | Investment Company<sup>(d)</sup> – 5.8% | Investment Company<sup>(d)</sup> – 5.8% | Investment Company<sup>(d)</sup> – 5.8% |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
|  | 117194758 |  | 3.553% | $117194758 |
| (Cost $117,194,758) | (Cost $117,194,758) | (Cost $117,194,758) | (Cost $117,194,758) | (Cost $117,194,758) |
| TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 77.0% | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 77.0% | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 77.0% | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 77.0% |  |
| (Cost $1,562,039,776) | (Cost $1,562,039,776) | (Cost $1,562,039,776) | (Cost $1,562,039,776) | $1563059189 |
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Short-term Investments – 23.3% | Short-term Investments – 23.3% | Short-term Investments – 23.3% | Short-term Investments – 23.3% | Short-term Investments – 23.3% |
| Certificates of Deposit – 8.6% | Certificates of Deposit – 8.6% | Certificates of Deposit – 8.6% | Certificates of Deposit – 8.6% | Certificates of Deposit – 8.6% |
| Atlantic Asset Securitization LLC<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.240%) | Atlantic Asset Securitization LLC<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.240%) | Atlantic Asset Securitization LLC<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.240%) | Atlantic Asset Securitization LLC<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.240%) | Atlantic Asset Securitization LLC<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.240%) |
| $— | 3418000 | 3.870% | 04/02/26 | $3418008 |
| Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  | 13000000 | 4.000 | 04/24/26 | 13001455 |
| Banco Santander SA<sup>(a)</sup><br> (Secured Overnight Financing Rate + 0.320%) | Banco Santander SA<sup>(a)</sup><br> (Secured Overnight Financing Rate + 0.320%) | Banco Santander SA<sup>(a)</sup><br> (Secured Overnight Financing Rate + 0.320%) | Banco Santander SA<sup>(a)</sup><br> (Secured Overnight Financing Rate + 0.320%) | Banco Santander SA<sup>(a)</sup><br> (Secured Overnight Financing Rate + 0.320%) |
|  | 4147000 | 3.970 | 08/24/26 | 4147534 |
| (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) |
|  | 3364000 | 4.030 | 12/22/26 | 3364502 |
| Bank of America NA | Bank of America NA | Bank of America NA | Bank of America NA | Bank of America NA |
|  | 5139000 | 4.140 | 12/22/26 | 5142645 |
| HSBC Bank PLC<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.380%) | HSBC Bank PLC<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.380%) | HSBC Bank PLC<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.380%) | HSBC Bank PLC<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.380%) | HSBC Bank PLC<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.380%) |
|  | 4693000 | 4.010 | 11/20/26 | 4695394 |
| HSBC USA, Inc.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.530%) | HSBC USA, Inc.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.530%) | HSBC USA, Inc.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.530%) | HSBC USA, Inc.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.530%) | HSBC USA, Inc.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.530%) |
|  | 30000000 | 4.160 | 06/10/26 | 29999715 |
| Kookmin Bank<sup>(a)</sup> (Secured Overnight Financing Rate + 0.450%) | Kookmin Bank<sup>(a)</sup> (Secured Overnight Financing Rate + 0.450%) | Kookmin Bank<sup>(a)</sup> (Secured Overnight Financing Rate + 0.450%) | Kookmin Bank<sup>(a)</sup> (Secured Overnight Financing Rate + 0.450%) | Kookmin Bank<sup>(a)</sup> (Secured Overnight Financing Rate + 0.450%) |
|  | 17000000 | 4.090 | 02/08/27 | 16997146 |
| National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait |
|  | 11550000 | 4.420 | 08/19/26 | 11556915 |
| (Secured Overnight Financing Rate + 0.530%) | (Secured Overnight Financing Rate + 0.530%) | (Secured Overnight Financing Rate + 0.530%) | (Secured Overnight Financing Rate + 0.530%) | (Secured Overnight Financing Rate + 0.530%) |
|  | 10000000 | 4.160 <sup>(a)(c)</sup> | 02/23/27 | 9999874 |
| (Secured Overnight Financing Rate + 0.600%) | (Secured Overnight Financing Rate + 0.600%) | (Secured Overnight Financing Rate + 0.600%) | (Secured Overnight Financing Rate + 0.600%) | (Secured Overnight Financing Rate + 0.600%) |
|  | 11517000 | 4.250 <sup>(a)(c)</sup> | 12/11/26 | 11527167 |
|  | 13195000 | 4.230 <sup>(a)(c)</sup> | 01/14/27 | 13204210 |
| Natixis SA<sup>(a)</sup> (Secured Overnight Financing Rate + 0.400%) | Natixis SA<sup>(a)</sup> (Secured Overnight Financing Rate + 0.400%) | Natixis SA<sup>(a)</sup> (Secured Overnight Financing Rate + 0.400%) | Natixis SA<sup>(a)</sup> (Secured Overnight Financing Rate + 0.400%) | Natixis SA<sup>(a)</sup> (Secured Overnight Financing Rate + 0.400%) |
|  | 20000000 | 4.050 | 12/04/26 | 20011458 |
| Nordea Bank Abp<sup>(a)</sup> (Secured Overnight Financing Rate + 0.400%) | Nordea Bank Abp<sup>(a)</sup> (Secured Overnight Financing Rate + 0.400%) | Nordea Bank Abp<sup>(a)</sup> (Secured Overnight Financing Rate + 0.400%) | Nordea Bank Abp<sup>(a)</sup> (Secured Overnight Financing Rate + 0.400%) | Nordea Bank Abp<sup>(a)</sup> (Secured Overnight Financing Rate + 0.400%) |
|  | 12592000 | 4.030 | 02/19/27 | 12600430 |
| Paradelle Funding LLC<sup>(a)</sup> (Secured Overnight Financing Rate + 0.330%) | Paradelle Funding LLC<sup>(a)</sup> (Secured Overnight Financing Rate + 0.330%) | Paradelle Funding LLC<sup>(a)</sup> (Secured Overnight Financing Rate + 0.330%) | Paradelle Funding LLC<sup>(a)</sup> (Secured Overnight Financing Rate + 0.330%) | Paradelle Funding LLC<sup>(a)</sup> (Secured Overnight Financing Rate + 0.330%) |
|  | 5668000 | 3.960 | 09/02/26 | 5670400 |
| Standard Chartered Bank<sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.440%) | Standard Chartered Bank<sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.440%) | Standard Chartered Bank<sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.440%) | Standard Chartered Bank<sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.440%) | Standard Chartered Bank<sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.440%) |
|  | 8726000 | 4.080 | 10/30/26 | 8730313 |
|  |  |  |  | 174067166 |
| Commercial Paper<sup>(e)</sup> – 13.2% | Commercial Paper<sup>(e)</sup> – 13.2% | Commercial Paper<sup>(e)</sup> – 13.2% | Commercial Paper<sup>(e)</sup> – 13.2% | Commercial Paper<sup>(e)</sup> – 13.2% |
| Air Lease Corp.<sup>(b)</sup> | Air Lease Corp.<sup>(b)</sup> | Air Lease Corp.<sup>(b)</sup> | Air Lease Corp.<sup>(b)</sup> | Air Lease Corp.<sup>(b)</sup> |
|  | 10000000 | 0.000 | 04/02/26 | 9997702 |
| Alexandria Real Estate Equities, Inc.<sup>(b)</sup> | Alexandria Real Estate Equities, Inc.<sup>(b)</sup> | Alexandria Real Estate Equities, Inc.<sup>(b)</sup> | Alexandria Real Estate Equities, Inc.<sup>(b)</sup> | Alexandria Real Estate Equities, Inc.<sup>(b)</sup> |
|  | 7576000 | 0.000 | 04/06/26 | 7571077 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **37** |

---

------

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) |
| Commercial Paper<sup>(e)</sup> – (continued) | Commercial Paper<sup>(e)</sup> – (continued) | Commercial Paper<sup>(e)</sup> – (continued) | Commercial Paper<sup>(e)</sup> – (continued) |
| 5000000 | 0.000% | 04/10/26 | $4994575 |
| BASF SE<sup>(b)</sup> | BASF SE<sup>(b)</sup> | BASF SE<sup>(b)</sup> | BASF SE<sup>(b)</sup> |
| 13000000 | 0.000 | 07/28/26 | 12823399 |
| Bayer Corp. | Bayer Corp. | Bayer Corp. | Bayer Corp. |
| 13849000 | 0.000 <sup>(b)</sup> | 12/08/26 | &nbsp;&nbsp;&nbsp;&nbsp;13446803 |
| Charles Schwab Corp.<sup>(b)</sup> | Charles Schwab Corp.<sup>(b)</sup> | Charles Schwab Corp.<sup>(b)</sup> | Charles Schwab Corp.<sup>(b)</sup> |
| 12923000 | 0.000 | 05/15/26 | 12861939 |
| 9308000 | 0.000 | 05/27/26 | 9252173 |
| 5138000 | 0.000 | 07/08/26 | 5083799 |
| 8590000 | 0.000 | 07/23/26 | 8485382 |
| Constellation Energy Generation LLC<sup>(b)</sup> | Constellation Energy Generation LLC<sup>(b)</sup> | Constellation Energy Generation LLC<sup>(b)</sup> | Constellation Energy Generation LLC<sup>(b)</sup> |
| 6114000 | 0.000 | 06/01/26 | 6066497 |
| DNB Bank ASA<sup>(b)</sup> | DNB Bank ASA<sup>(b)</sup> | DNB Bank ASA<sup>(b)</sup> | DNB Bank ASA<sup>(b)</sup> |
| 9274000 | 0.000 | 03/25/27 | 8910878 |
| E.ON SE<sup>(b)</sup> | E.ON SE<sup>(b)</sup> | E.ON SE<sup>(b)</sup> | E.ON SE<sup>(b)</sup> |
| 8117000 | 0.000 | 05/07/26 | 8082924 |
| Energy Transfer LP<sup>(b)</sup> | Energy Transfer LP<sup>(b)</sup> | Energy Transfer LP<sup>(b)</sup> | Energy Transfer LP<sup>(b)</sup> |
| 7000000 | 0.000 | 04/01/26 | 6999222 |
| Lseg U.S. Fin Corp. | Lseg U.S. Fin Corp. | Lseg U.S. Fin Corp. | Lseg U.S. Fin Corp. |
| 10279000 | 0.000 | 04/20/26 | 10256093 |
| Macquarie Bank Ltd.<sup>(b)</sup> | Macquarie Bank Ltd.<sup>(b)</sup> | Macquarie Bank Ltd.<sup>(b)</sup> | Macquarie Bank Ltd.<sup>(b)</sup> |
| 7461000 | 0.000 | 03/31/27 | 7161441 |
| Macquarie Group Ltd. | Macquarie Group Ltd. | Macquarie Group Ltd. | Macquarie Group Ltd. |
| 18121000 | 0.000 | 05/15/26 | 18028356 |
| 9058000 | 0.000 | 05/22/26 | 9004427 |
| ONEOK, Inc.<sup>(b)</sup> | ONEOK, Inc.<sup>(b)</sup> | ONEOK, Inc.<sup>(b)</sup> | ONEOK, Inc.<sup>(b)</sup> |
| 10000000 | 0.000 | 04/07/26 | 9992281 |
| Oracle Corp.<sup>(b)</sup> | Oracle Corp.<sup>(b)</sup> | Oracle Corp.<sup>(b)</sup> | Oracle Corp.<sup>(b)</sup> |
| 25662000 | 0.000 | 10/02/26 | 25074589 |
| Paradelle Funding LLC | Paradelle Funding LLC | Paradelle Funding LLC | Paradelle Funding LLC |
| 9999000 | 0.000 | 12/31/26 | 9697381 |
| Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP |
| 9038000 | 0.000 | 07/17/26 | 8921031 |
| RWE AG<sup>(b)</sup> | RWE AG<sup>(b)</sup> | RWE AG<sup>(b)</sup> | RWE AG<sup>(b)</sup> |
| 20065000 | 0.000 | 06/23/26 | 19871828 |
| Svenska Handelsbanken AB<sup>(b)</sup> | Svenska Handelsbanken AB<sup>(b)</sup> | Svenska Handelsbanken AB<sup>(b)</sup> | Svenska Handelsbanken AB<sup>(b)</sup> |
| 8247000 | 0.000 | 03/22/27 | 7925449 |
| Swedbank AB<sup>(b)</sup> | Swedbank AB<sup>(b)</sup> | Swedbank AB<sup>(b)</sup> | Swedbank AB<sup>(b)</sup> |
| 7466000 | 0.000 | 03/23/27 | 7175179 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) |
| Commercial Paper<sup>(e)</sup> – (continued) | Commercial Paper<sup>(e)</sup> – (continued) | Commercial Paper<sup>(e)</sup> – (continued) | Commercial Paper<sup>(e)</sup> – (continued) | Commercial Paper<sup>(e)</sup> – (continued) |
|  VW Credit, Inc.<sup>(b)</sup> | VW Credit, Inc.<sup>(b)</sup> | VW Credit, Inc.<sup>(b)</sup> | VW Credit, Inc.<sup>(b)</sup> | VW Credit, Inc.<sup>(b)</sup> |
| $| 3335000 | 0.000% | 07/01/26 | $3299375 |
|  | 18155000 | 0.000 | 09/24/26 | 17781684 |
|  |  |  |  | 268765484 |
| Repurchase Agreement – 1.5% | Repurchase Agreement – 1.5% | Repurchase Agreement – 1.5% | Repurchase Agreement – 1.5% | Repurchase Agreement – 1.5% |
|  Wells Fargo Securities LLC | Wells Fargo Securities LLC | Wells Fargo Securities LLC | Wells Fargo Securities LLC | Wells Fargo Securities LLC |
|  | 30000000 | 4.620 | 04/30/26 | 30000000 |
|  Maturity Value: $30,008,047 | Maturity Value: $30,008,047 | Maturity Value: $30,008,047 | Maturity Value: $30,008,047 | Maturity Value: $30,008,047 |
|  Next Reset Date: 10/03/25 | Next Reset Date: 10/03/25 | Next Reset Date: 10/03/25 | Next Reset Date: 10/03/25 | Next Reset Date: 10/03/25 |
|  Collateralized by various Corporate Bonds, Medium - Term Notes and Mortgage – Backed Obligations, 1.850% to 8.375%, due 9/16/26 to 1/1/99. The market value of the collateral, including accrued interest, was $34,160,746. | Collateralized by various Corporate Bonds, Medium - Term Notes and Mortgage – Backed Obligations, 1.850% to 8.375%, due 9/16/26 to 1/1/99. The market value of the collateral, including accrued interest, was $34,160,746. | Collateralized by various Corporate Bonds, Medium - Term Notes and Mortgage – Backed Obligations, 1.850% to 8.375%, due 9/16/26 to 1/1/99. The market value of the collateral, including accrued interest, was $34,160,746. | Collateralized by various Corporate Bonds, Medium - Term Notes and Mortgage – Backed Obligations, 1.850% to 8.375%, due 9/16/26 to 1/1/99. The market value of the collateral, including accrued interest, was $34,160,746. | Collateralized by various Corporate Bonds, Medium - Term Notes and Mortgage – Backed Obligations, 1.850% to 8.375%, due 9/16/26 to 1/1/99. The market value of the collateral, including accrued interest, was $34,160,746. |
| TOTAL SHORT-TERM INVESTMENTS<br>(Cost $472,927,636) | TOTAL SHORT-TERM INVESTMENTS<br>(Cost $472,927,636) | TOTAL SHORT-TERM INVESTMENTS<br>(Cost $472,927,636) | TOTAL SHORT-TERM INVESTMENTS<br>(Cost $472,927,636) | $472832650 |
| TOTAL INVESTMENTS – 100.3%<br>(Cost $2,034,967,412) | TOTAL INVESTMENTS – 100.3%<br>(Cost $2,034,967,412) | TOTAL INVESTMENTS – 100.3%<br>(Cost $2,034,967,412) | TOTAL INVESTMENTS – 100.3%<br>(Cost $2,034,967,412) | $2035891839 |
| LIABILITIES IN EXCESS OF OTHER<br> ASSETS – (0.3)% | LIABILITIES IN EXCESS OF OTHER<br> ASSETS – (0.3)% | LIABILITIES IN EXCESS OF OTHER<br> ASSETS – (0.3)% | LIABILITIES IN EXCESS OF OTHER<br> ASSETS – (0.3)% | (6526599) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $2029365240 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2026.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents an affiliated issuer.

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

ADDITIONAL INVESTMENT INFORMATION

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| CLO | —Collateralized Loan Obligation |
| CMT | —Constant Maturity Treasury Indexes |
| LLC | —Limited Liability Company |
| LP | —Limited Partnership |
| PLC | —Public Limited Company |
| SOFR | —Secured Overnight Financing Rate |
| SpA | —Stand-by Purchase Agreement |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **38** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – 126.7% | Mortgage-Backed Obligations – 126.7% | Mortgage-Backed Obligations – 126.7% | Mortgage-Backed Obligations – 126.7% |
| Collateralized Mortgage Obligations – 7.0% | Collateralized Mortgage Obligations – 7.0% | Collateralized Mortgage Obligations – 7.0% | Collateralized Mortgage Obligations – 7.0% |
| Interest Only – 0.5% | Interest Only – 0.5% | Interest Only – 0.5% | Interest Only – 0.5% |
| Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 1 mo. USD Term SOFR + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 1 mo. USD Term SOFR + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 1 mo. USD Term SOFR + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 1 mo. USD Term SOFR + 5.986%) |
| $77143 | 2.313 %<sup>(a)(b)</sup> | 05/15/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8193 |
| Federal Home Loan Mortgage Corp. REMICS Series 5012, Class DI | Federal Home Loan Mortgage Corp. REMICS Series 5012, Class DI | Federal Home Loan Mortgage Corp. REMICS Series 5012, Class DI | Federal Home Loan Mortgage Corp. REMICS Series 5012, Class DI |
| 124806 | 4.000 <sup>(c)</sup> | 09/25/50 | 25245 |
| Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 1 mo. USD Term SOFR + 5.886%) | Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 1 mo. USD Term SOFR + 5.886%) | Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 1 mo. USD Term SOFR + 5.886%) | Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 1 mo. USD Term SOFR + 5.886%) |
| 367271 | 2.213 <sup>(a)(b)</sup> | 05/15/46 | 38731 |
| Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%) |
| 80193 | 2.263 <sup>(a)(b)</sup> | 03/15/44 | 7591 |
| Federal National Mortgage Association REMICS Series 2017-104, Class SB (-1X 1 mo. USD Term SOFR + 6.036%) | Federal National Mortgage Association REMICS Series 2017-104, Class SB (-1X 1 mo. USD Term SOFR + 6.036%) | Federal National Mortgage Association REMICS Series 2017-104, Class SB (-1X 1 mo. USD Term SOFR + 6.036%) | Federal National Mortgage Association REMICS Series 2017-104, Class SB (-1X 1 mo. USD Term SOFR + 6.036%) |
| 241385 | 2.374 <sup>(a)(b)</sup> | 01/25/48 | 27537 |
| Federal National Mortgage Association REMICS Series 2018-8, Class SA (-1X 1 mo. USD Term SOFR + 6.036%) | Federal National Mortgage Association REMICS Series 2018-8, Class SA (-1X 1 mo. USD Term SOFR + 6.036%) | Federal National Mortgage Association REMICS Series 2018-8, Class SA (-1X 1 mo. USD Term SOFR + 6.036%) | Federal National Mortgage Association REMICS Series 2018-8, Class SA (-1X 1 mo. USD Term SOFR + 6.036%) |
| 191171 | 2.374 <sup>(a)(b)</sup> | 02/25/48 | 20350 |
| Federal National Mortgage Association REMICS Series 2007-36, Class SN (-1X 1 mo. USD Term SOFR + 6.656%) | Federal National Mortgage Association REMICS Series 2007-36, Class SN (-1X 1 mo. USD Term SOFR + 6.656%) | Federal National Mortgage Association REMICS Series 2007-36, Class SN (-1X 1 mo. USD Term SOFR + 6.656%) | Federal National Mortgage Association REMICS Series 2007-36, Class SN (-1X 1 mo. USD Term SOFR + 6.656%) |
| 109011 | 2.994 <sup>(a)(b)</sup> | 04/25/37 | 9689 |
| Federal National Mortgage Association REMICS Series 2008-17, Class SI (-1X 1 mo. USD Term SOFR + 6.186%) | Federal National Mortgage Association REMICS Series 2008-17, Class SI (-1X 1 mo. USD Term SOFR + 6.186%) | Federal National Mortgage Association REMICS Series 2008-17, Class SI (-1X 1 mo. USD Term SOFR + 6.186%) | Federal National Mortgage Association REMICS Series 2008-17, Class SI (-1X 1 mo. USD Term SOFR + 6.186%) |
| 133690 | 2.524 <sup>(a)(b)</sup> | 03/25/38 | 9189 |
| Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) |
| 88310 | 2.311 <sup>(a)(b)(d)</sup> | 10/20/43 | 4059 |
| Government National Mortgage Association REMICS Series 2015-129, Class IC | Government National Mortgage Association REMICS Series 2015-129, Class IC | Government National Mortgage Association REMICS Series 2015-129, Class IC | Government National Mortgage Association REMICS Series 2015-129, Class IC |
| 164829 | 4.500 <sup>(c)(d)</sup> | 09/16/45 | 30611 |
| Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) | Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) | Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) | Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) |
| 405836 | 1.871 <sup>(a)(b)(d)</sup> | 07/20/47 | 37923 |
| Government National Mortgage Association REMICS Series 2018-7, Class DS (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2018-7, Class DS (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2018-7, Class DS (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2018-7, Class DS (-1X 1 mo. USD Term SOFR + 5.586%) |
| 863552 | 1.911 <sup>(a)(b)(d)</sup> | 01/20/48 | 83582 |
| Government National Mortgage Association REMICS Series 2018-67, Class PS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-67, Class PS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-67, Class PS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-67, Class PS (-1X 1 mo. USD Term SOFR + 6.086%) |
| 351583 | 2.411 <sup>(a)(b)(d)</sup> | 05/20/48 | 40480 |
| Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) |
| 483647 | 2.411 <sup>(a)(b)(d)</sup> | 09/20/48 | 56306 |
| Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) |
| 131081 | 2.261 <sup>(a)(b)(d)</sup> | 01/20/49 | 14184 |
| Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) |
| 196315 | 2.261 <sup>(a)(b)(d)</sup> | 01/20/49 | 21347 |
| Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) |
| 127757 | 2.311 <sup>(a)(b)(d)</sup> | 06/20/49 | 14256 |
| Government National Mortgage Association REMICS Series 2019-151, Class NI | Government National Mortgage Association REMICS Series 2019-151, Class NI | Government National Mortgage Association REMICS Series 2019-151, Class NI | Government National Mortgage Association REMICS Series 2019-151, Class NI |
| 989102 | 3.500 <sup>(c)(d)</sup> | 10/20/49 | 170621 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Interest Only – (continued) | Interest Only – (continued) | Interest Only – (continued) | Interest Only – (continued) |
| Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) |
| $507185 | 2.261 %<sup>(a)(b)(d)</sup> | 02/20/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57905 |
| Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI |
| 501782 | 4.000 <sup>(c)(d)</sup> | 06/20/50 | 107420 |
| Government National Mortgage Association REMICS Series 2020-146, Class IM | Government National Mortgage Association REMICS Series 2020-146, Class IM | Government National Mortgage Association REMICS Series 2020-146, Class IM | Government National Mortgage Association REMICS Series 2020-146, Class IM |
| 940299 | 2.500 <sup>(c)(d)</sup> | 10/20/50 | 138224 |
| Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) |
| 441724 | 2.261 <sup>(a)(b)(d)</sup> | 08/20/43 | 44562 |
| Government National Mortgage Association REMICS Series 2015-111, Class IM | Government National Mortgage Association REMICS Series 2015-111, Class IM | Government National Mortgage Association REMICS Series 2015-111, Class IM | Government National Mortgage Association REMICS Series 2015-111, Class IM |
| 229315 | 4.000 <sup>(c)(d)</sup> | 08/20/45 | 36706 |
| Government National Mortgage Association REMICS Series 2016-27, Class IA | Government National Mortgage Association REMICS Series 2016-27, Class IA | Government National Mortgage Association REMICS Series 2016-27, Class IA | Government National Mortgage Association REMICS Series 2016-27, Class IA |
| 121358 | 4.000 <sup>(c)(d)</sup> | 06/20/45 | 15780 |
| Government National Mortgage Association REMICS Series 2019-110, Class SD (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-110, Class SD (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-110, Class SD (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-110, Class SD (-1X 1 mo. USD Term SOFR + 5.986%) |
| 340911 | 2.311 <sup>(a)(b)(d)</sup> | 09/20/49 | 33950 |
| Government National Mortgage Association REMICS Series 2019-110, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-110, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-110, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-110, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) |
| 355812 | 2.311 <sup>(a)(b)(d)</sup> | 09/20/49 | 40340 |
| Government National Mortgage Association REMICS Series 2019-153, Class EI | Government National Mortgage Association REMICS Series 2019-153, Class EI | Government National Mortgage Association REMICS Series 2019-153, Class EI | Government National Mortgage Association REMICS Series 2019-153, Class EI |
| 851827 | 4.000 <sup>(c)(d)</sup> | 12/20/49 | 181017 |
| Government National Mortgage Association REMICS Series 2016-138, Class DI | Government National Mortgage Association REMICS Series 2016-138, Class DI | Government National Mortgage Association REMICS Series 2016-138, Class DI | Government National Mortgage Association REMICS Series 2016-138, Class DI |
| 57015 | 4.000 <sup>(c)(d)</sup> | 10/20/46 | 11039 |
| Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) |
| 128541 | 2.461 <sup>(a)(b)(d)</sup> | 02/20/40 | 13304 |
| Government National Mortgage Association REMICS Series 2015-119, Class SN (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-119, Class SN (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-119, Class SN (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-119, Class SN (-1X 1 mo. USD Term SOFR + 6.136%) |
| 183719 | 2.461 <sup>(a)(b)(d)</sup> | 08/20/45 | 21424 |
| Government National Mortgage Association REMICS Series 2015-90, Class PI | Government National Mortgage Association REMICS Series 2015-90, Class PI | Government National Mortgage Association REMICS Series 2015-90, Class PI | Government National Mortgage Association REMICS Series 2015-90, Class PI |
| 6944 | 3.500 <sup>(c)(d)</sup> | 04/20/45 | 541 |
| Government National Mortgage Association REMICS Series 2015-83, Class PI | Government National Mortgage Association REMICS Series 2015-83, Class PI | Government National Mortgage Association REMICS Series 2015-83, Class PI | Government National Mortgage Association REMICS Series 2015-83, Class PI |
| 15481 | 3.500 <sup>(c)(d)</sup> | 06/20/45 | 2099 |
| Government National Mortgage Association REMICS Series 2015-72, Class JI | Government National Mortgage Association REMICS Series 2015-72, Class JI | Government National Mortgage Association REMICS Series 2015-72, Class JI | Government National Mortgage Association REMICS Series 2015-72, Class JI |
| 6658 | 3.500 <sup>(c)(d)</sup> | 05/20/45 | 719 |
| Government National Mortgage Association REMICS Series 2016-1, Class ST (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2016-1, Class ST (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2016-1, Class ST (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2016-1, Class ST (-1X 1 mo. USD Term SOFR + 6.086%) |
| 85418 | 2.411 <sup>(a)(b)(d)</sup> | 01/20/46 | 9749 |
|  |  |  | 1334673 |
| Regular Floater<sup>(b)</sup> – 1.8% | Regular Floater<sup>(b)</sup> – 1.8% | Regular Floater<sup>(b)</sup> – 1.8% | Regular Floater<sup>(b)</sup> – 1.8% |
| Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) |
| 336289 | 4.662 | 02/25/55 | 335923 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **39** |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Regular Floater<sup>(b)</sup> – (continued) | Regular Floater<sup>(b)</sup> – (continued) | Regular Floater<sup>(b)</sup> – (continued) | Regular Floater<sup>(b)</sup> – (continued) |
| Federal National Mortgage Association REMICS Series 2017-96, Class FA (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2017-96, Class FA (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2017-96, Class FA (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2017-96, Class FA (1 mo. USD Term SOFR + 0.514%) |
| $844912 | 4.176% | 12/25/57 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823365 |
| Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) |
| 634813 | 4.662 | 03/25/55 | 638376 |
| Government National Mortgage Association REMICS Series 2017- 182, Class FN (1 mo. USD Term SOFR + 0.414%) | Government National Mortgage Association REMICS Series 2017- 182, Class FN (1 mo. USD Term SOFR + 0.414%) | Government National Mortgage Association REMICS Series 2017- 182, Class FN (1 mo. USD Term SOFR + 0.414%) | Government National Mortgage Association REMICS Series 2017- 182, Class FN (1 mo. USD Term SOFR + 0.414%) |
| 889132 | 4.087 <sup>(d)</sup> | 12/16/47 | 875572 |
| Government National Mortgage Association REMICS Series 2021-98, Class FM (1 mo. USD Term SOFR + 0.750%) | Government National Mortgage Association REMICS Series 2021-98, Class FM (1 mo. USD Term SOFR + 0.750%) | Government National Mortgage Association REMICS Series 2021-98, Class FM (1 mo. USD Term SOFR + 0.750%) | Government National Mortgage Association REMICS Series 2021-98, Class FM (1 mo. USD Term SOFR + 0.750%) |
| 810334 | 2.500 <sup>(d)</sup> | 06/20/51 | 691247 |
| Government National Mortgage Association REMICS Series 2021- 122, Class FA (1 mo. USD Term SOFR + 0.400%) | Government National Mortgage Association REMICS Series 2021- 122, Class FA (1 mo. USD Term SOFR + 0.400%) | Government National Mortgage Association REMICS Series 2021- 122, Class FA (1 mo. USD Term SOFR + 0.400%) | Government National Mortgage Association REMICS Series 2021- 122, Class FA (1 mo. USD Term SOFR + 0.400%) |
| 2131279 | 3.000 <sup>(d)</sup> | 07/20/51 | 1868222 |
|  |  |  | 5232705 |
| Sequential Fixed Rate – 2.5% | Sequential Fixed Rate – 2.5% | Sequential Fixed Rate – 2.5% | Sequential Fixed Rate – 2.5% |
| Angel Oak Mortgage Trust Series 2025-7, Class A1 | Angel Oak Mortgage Trust Series 2025-7, Class A1 | Angel Oak Mortgage Trust Series 2025-7, Class A1 | Angel Oak Mortgage Trust Series 2025-7, Class A1 |
| 315838 | 5.509 <sup>(d)(e)(f)</sup> | 06/25/70 | 316888 |
| COLT Mortgage Loan Trust Series 2024-4, Class A1 | COLT Mortgage Loan Trust Series 2024-4, Class A1 | COLT Mortgage Loan Trust Series 2024-4, Class A1 | COLT Mortgage Loan Trust Series 2024-4, Class A1 |
| 359788 | 5.949 <sup>(d)(e)(f)</sup> | 07/25/69 | 361793 |
| Federal Home Loan Mortgage Corp. REMICS Series 2329, Class ZA | Federal Home Loan Mortgage Corp. REMICS Series 2329, Class ZA | Federal Home Loan Mortgage Corp. REMICS Series 2329, Class ZA | Federal Home Loan Mortgage Corp. REMICS Series 2329, Class ZA |
| 41018 | 6.500 | 06/15/31 | 41918 |
| Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT | Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT | Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT | Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT |
| 25417 | 6.500 | 02/15/36 | 26519 |
| Federal Home Loan Mortgage Corp. REMICS Series 2042, Class N | Federal Home Loan Mortgage Corp. REMICS Series 2042, Class N | Federal Home Loan Mortgage Corp. REMICS Series 2042, Class N | Federal Home Loan Mortgage Corp. REMICS Series 2042, Class N |
| 1622 | 6.500 <sup>(d)</sup> | 03/15/28 | 1648 |
| Federal Home Loan Mortgage Corp. REMICS Series 4577, Class HM | Federal Home Loan Mortgage Corp. REMICS Series 4577, Class HM | Federal Home Loan Mortgage Corp. REMICS Series 4577, Class HM | Federal Home Loan Mortgage Corp. REMICS Series 4577, Class HM |
| 246305 | 4.000 <sup>(d)(f)</sup> | 12/15/50 | 234031 |
| Federal National Mortgage Association REMICS Series 2011-99, Class DB | Federal National Mortgage Association REMICS Series 2011-99, Class DB | Federal National Mortgage Association REMICS Series 2011-99, Class DB | Federal National Mortgage Association REMICS Series 2011-99, Class DB |
| 250622 | 5.000 | 10/25/41 | 251731 |
| Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B |
| 40033 | 7.000 | 10/25/42 | 42635 |
| Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B |
| 167303 | 7.000 | 07/25/42 | 179706 |
| Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB |
| 266969 | 5.000 | 06/25/41 | 268059 |
| Federal National Mortgage Association REMICS Series 2000-16, Class ZG | Federal National Mortgage Association REMICS Series 2000-16, Class ZG | Federal National Mortgage Association REMICS Series 2000-16, Class ZG | Federal National Mortgage Association REMICS Series 2000-16, Class ZG |
| 26314 | 8.500 | 06/25/30 | 27729 |
| Federal National Mortgage Association REMICS Series 2017-87, Class EA | Federal National Mortgage Association REMICS Series 2017-87, Class EA | Federal National Mortgage Association REMICS Series 2017-87, Class EA | Federal National Mortgage Association REMICS Series 2017-87, Class EA |
| 1357910 | 3.000 | 04/25/44 | 1241016 |
| Federal National Mortgage Association REMICS Series 2005-59, Class KZ | Federal National Mortgage Association REMICS Series 2005-59, Class KZ | Federal National Mortgage Association REMICS Series 2005-59, Class KZ | Federal National Mortgage Association REMICS Series 2005-59, Class KZ |
| 228210 | 5.500 | 07/25/35 | 234801 |
| Government National Mortgage Association REMICS Series 2021- 135, Class A | Government National Mortgage Association REMICS Series 2021- 135, Class A | Government National Mortgage Association REMICS Series 2021- 135, Class A | Government National Mortgage Association REMICS Series 2021- 135, Class A |
| 2884711 | 2.000 <sup>(d)</sup> | 08/20/51 | 2375800 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) |
| JP Morgan Mortgage Trust Series 2025-NQM5, Class A1A | JP Morgan Mortgage Trust Series 2025-NQM5, Class A1A | JP Morgan Mortgage Trust Series 2025-NQM5, Class A1A | JP Morgan Mortgage Trust Series 2025-NQM5, Class A1A |
| 334774 | 4.879 %<sup>(d)(e)(f)</sup> | 05/25/66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333329 |
| Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1 |
| 540964 | 5.562 <sup>(d)(e)(f)</sup> | 03/25/70 | 543197 |
| Morgan Stanley Residential Mortgage Loan Trust Series 2025-NQM9, Class A1A | Morgan Stanley Residential Mortgage Loan Trust Series 2025-NQM9, Class A1A | Morgan Stanley Residential Mortgage Loan Trust Series 2025-NQM9, Class A1A | Morgan Stanley Residential Mortgage Loan Trust Series 2025-NQM9, Class A1A |
| 326368 | 5.016 <sup>(d)(e)(f)</sup> | 09/25/70 | 324860 |
| OBX Trust Series 2025-NQM21, Class A1A | OBX Trust Series 2025-NQM21, Class A1A | OBX Trust Series 2025-NQM21, Class A1A | OBX Trust Series 2025-NQM21, Class A1A |
| 332084 | 4.989 <sup>(d)(e)(f)</sup> | 10/25/65 | 330703 |
| OBX Trust Series 2025-NQM15, Class A1A | OBX Trust Series 2025-NQM15, Class A1A | OBX Trust Series 2025-NQM15, Class A1A | OBX Trust Series 2025-NQM15, Class A1A |
| 324978 | 5.143 <sup>(d)(e)(f)</sup> | 07/27/65 | 324592 |
|  |  |  | 7460955 |
| Sequential Floating Rate<sup>(b)(d)</sup> – 2.2% | Sequential Floating Rate<sup>(b)(d)</sup> – 2.2% | Sequential Floating Rate<sup>(b)(d)</sup> – 2.2% | Sequential Floating Rate<sup>(b)(d)</sup> – 2.2% |
| Angel Oak Mortgage Trust Series 2020-3, Class M1 | Angel Oak Mortgage Trust Series 2020-3, Class M1 | Angel Oak Mortgage Trust Series 2020-3, Class M1 | Angel Oak Mortgage Trust Series 2020-3, Class M1 |
| 150000 | 3.809 <sup>(e)</sup> | 04/25/65 | 143879 |
| Angel Oak Mortgage Trust Series 2021-7, Class A1 | Angel Oak Mortgage Trust Series 2021-7, Class A1 | Angel Oak Mortgage Trust Series 2021-7, Class A1 | Angel Oak Mortgage Trust Series 2021-7, Class A1 |
| 341306 | 1.978 <sup>(e)</sup> | 10/25/66 | 297769 |
| Bear Stearns ALT-A Trust Series 2005-5, Class 21A1 | Bear Stearns ALT-A Trust Series 2005-5, Class 21A1 | Bear Stearns ALT-A Trust Series 2005-5, Class 21A1 | Bear Stearns ALT-A Trust Series 2005-5, Class 21A1 |
| 23191 | 5.984 | 07/25/35 | 22990 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) |
| 23023 | 5.312 <sup>(e)</sup> | 01/25/34 | 23083 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) |
| 69833 | 5.212 <sup>(e)</sup> | 10/25/41 | 70017 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) |
| 6821 | 5.562 <sup>(e)</sup> | 04/25/42 | 6828 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) |
| 94000 | 6.662 <sup>(e)</sup> | 04/25/42 | 95172 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) |
| 125000 | 5.462 <sup>(e)</sup> | 01/25/44 | 125540 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) |
| 150000 | 5.612 <sup>(e)</sup> | 03/25/44 | 150852 |
| Government National Mortgage Association REMICS Series 2023-70, Class SE (-1X 1 mo. USD Term SOFR + 6.120%) | Government National Mortgage Association REMICS Series 2023-70, Class SE (-1X 1 mo. USD Term SOFR + 6.120%) | Government National Mortgage Association REMICS Series 2023-70, Class SE (-1X 1 mo. USD Term SOFR + 6.120%) | Government National Mortgage Association REMICS Series 2023-70, Class SE (-1X 1 mo. USD Term SOFR + 6.120%) |
| 307541 | 2.447 <sup>(a)</sup> | 05/20/53 | 18925 |
| Government National Mortgage Association REMICS Series 2023- 101, Class FH (1 mo. USD Term SOFR + 1.000%) | Government National Mortgage Association REMICS Series 2023- 101, Class FH (1 mo. USD Term SOFR + 1.000%) | Government National Mortgage Association REMICS Series 2023- 101, Class FH (1 mo. USD Term SOFR + 1.000%) | Government National Mortgage Association REMICS Series 2023- 101, Class FH (1 mo. USD Term SOFR + 1.000%) |
| 2056224 | 4.673 | 07/20/53 | 2067075 |
| HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1 mo. USD Term SOFR + 0.594%) | HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1 mo. USD Term SOFR + 0.594%) | HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1 mo. USD Term SOFR + 0.594%) | HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1 mo. USD Term SOFR + 0.594%) |
| 6651 | 4.271 | 01/19/36 | 7564 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **40** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate<sup>(b)(d)</sup> – (continued) | Sequential Floating Rate<sup>(b)(d)</sup> – (continued) | Sequential Floating Rate<sup>(b)(d)</sup> – (continued) | Sequential Floating Rate<sup>(b)(d)</sup> – (continued) |
| Impac CMB Trust Series 2004-8, Class 1A (1 mo. USD Term SOFR + 0.834%) | Impac CMB Trust Series 2004-8, Class 1A (1 mo. USD Term SOFR + 0.834%) | Impac CMB Trust Series 2004-8, Class 1A (1 mo. USD Term SOFR + 0.834%) | Impac CMB Trust Series 2004-8, Class 1A (1 mo. USD Term SOFR + 0.834%) |
| 1651 | 4.513% | 10/25/34 | $1625 |
| JP Morgan Mortgage Trust Series 2021-6, Class A3 | JP Morgan Mortgage Trust Series 2021-6, Class A3 | JP Morgan Mortgage Trust Series 2021-6, Class A3 | JP Morgan Mortgage Trust Series 2021-6, Class A3 |
| 354492 | 2.500 <sup>(e)</sup> | 10/25/51 | 293896 |
| JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 |
| 434133 | 2.520 <sup>(e)</sup> | 05/25/52 | 368011 |
| JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 | JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 | JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 | JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 |
| 628699 | 3.514 <sup>(e)</sup> | 07/25/52 | 560877 |
| JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 |
| 179605 | 5.990 <sup>(e)</sup> | 07/25/64 | 180485 |
| JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 |
| 312385 | 3.000 <sup>(e)</sup> | 05/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285166 |
| Merrill Lynch Mortgage Investors Trust Series 2004-E, Class A2B (6 mo. USD Term SOFR + 1.148%) | Merrill Lynch Mortgage Investors Trust Series 2004-E, Class A2B (6 mo. USD Term SOFR + 1.148%) | Merrill Lynch Mortgage Investors Trust Series 2004-E, Class A2B (6 mo. USD Term SOFR + 1.148%) | Merrill Lynch Mortgage Investors Trust Series 2004-E, Class A2B (6 mo. USD Term SOFR + 1.148%) |
| 14328 | 4.900 | 11/25/29 | 13763 |
| New Residential Mortgage Loan Trust Series 2015-1A, Class A1 | New Residential Mortgage Loan Trust Series 2015-1A, Class A1 | New Residential Mortgage Loan Trust Series 2015-1A, Class A1 | New Residential Mortgage Loan Trust Series 2015-1A, Class A1 |
| 51589 | 3.750 <sup>(e)</sup> | 05/28/52 | 49681 |
| OBX Trust Series 2021-NQM4, Class A1 | OBX Trust Series 2021-NQM4, Class A1 | OBX Trust Series 2021-NQM4, Class A1 | OBX Trust Series 2021-NQM4, Class A1 |
| 369297 | 1.957 <sup>(e)</sup> | 10/25/61 | 315745 |
| OBX Trust Series 2022-J2, Class A1 | OBX Trust Series 2022-J2, Class A1 | OBX Trust Series 2022-J2, Class A1 | OBX Trust Series 2022-J2, Class A1 |
| 185352 | 3.500 <sup>(e)</sup> | 08/25/52 | 166998 |
| Towd Point Mortgage Trust Series 2017-4, Class A2 | Towd Point Mortgage Trust Series 2017-4, Class A2 | Towd Point Mortgage Trust Series 2017-4, Class A2 | Towd Point Mortgage Trust Series 2017-4, Class A2 |
| 1030153 | 3.000 <sup>(e)</sup> | 06/25/57 | 981855 |
| Towd Point Mortgage Trust Series 2016-4, Class M1 | Towd Point Mortgage Trust Series 2016-4, Class M1 | Towd Point Mortgage Trust Series 2016-4, Class M1 | Towd Point Mortgage Trust Series 2016-4, Class M1 |
| 20107 | 3.250 <sup>(e)</sup> | 07/25/56 | 19997 |
| Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 |
| 162338 | 2.824 <sup>(e)</sup> | 11/25/66 | 147869 |
| Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 |
| 21552 | 3.500 <sup>(e)</sup> | 07/25/49 | 19495 |
|  |  |  | 6435157 |
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | 20463490 |
| Commercial Mortgage-Backed Securities – 6.1% | Commercial Mortgage-Backed Securities – 6.1% | Commercial Mortgage-Backed Securities – 6.1% | Commercial Mortgage-Backed Securities – 6.1% |
| Regular Floater<sup>(b)(e)</sup> – 0.1% | Regular Floater<sup>(b)(e)</sup> – 0.1% | Regular Floater<sup>(b)(e)</sup> – 0.1% | Regular Floater<sup>(b)(e)</sup> – 0.1% |
| BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) | BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) | BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) | BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) |
| $450000 | 5.165% | 11/15/41 $| 450056 |
| Sequential Fixed Rate – 1.1% | Sequential Fixed Rate – 1.1% | Sequential Fixed Rate – 1.1% | Sequential Fixed Rate – 1.1% |
| Bank Series 2020-BN29, Class A4 | Bank Series 2020-BN29, Class A4 | Bank Series 2020-BN29, Class A4 | Bank Series 2020-BN29, Class A4 |
| 600000 | 1.997 <sup>(d)</sup> | 11/15/53 | 528172 |
| BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 |
| 300000 | 6.160 <sup>(d)</sup> | 12/15/56 | 320417 |
| Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D |
| 400000 | 3.000 <sup>(d)(e)</sup> | 09/15/50 | 284865 |
| COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A |
| 375000 | 6.338 <sup>(e)</sup> | 08/10/44 | 390997 |
| DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A |
| 400000 | 2.956 <sup>(e)</sup> | 05/10/41 | 359147 |
| ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A |
| 450000 | 5.388 <sup>(e)</sup> | 11/13/41 | 457591 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) | Sequential Fixed Rate – (continued) |
| Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 |
| 500000 | 2.626 %<sup>(d)</sup> | 04/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450513 |
| Wells Fargo Commercial Mortgage Trust Series 2025-5C4, Class A3 | Wells Fargo Commercial Mortgage Trust Series 2025-5C4, Class A3 | Wells Fargo Commercial Mortgage Trust Series 2025-5C4, Class A3 | Wells Fargo Commercial Mortgage Trust Series 2025-5C4, Class A3 |
| 300000 | 5.673 <sup>(d)</sup> | 05/15/58 | 309981 |
|  |  |  | 3101683 |
| Sequential Floating Rate – 4.9% | Sequential Floating Rate – 4.9% | Sequential Floating Rate – 4.9% | Sequential Floating Rate – 4.9% |
| Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 |
| 200000 | 2.618 <sup>(b)(d)</sup> | 11/15/64 | 178052 |
| Bank Series 2021-BN31, Class AS | Bank Series 2021-BN31, Class AS | Bank Series 2021-BN31, Class AS | Bank Series 2021-BN31, Class AS |
| 250000 | 2.211 <sup>(b)(d)</sup> | 02/15/54 | 214193 |
| Bank Series 2025-BNK51, Class B | Bank Series 2025-BNK51, Class B | Bank Series 2025-BNK51, Class B | Bank Series 2025-BNK51, Class B |
| 400000 | 5.895 <sup>(b)(d)</sup> | 12/25/67 | 403459 |
| Bank5 Series 2025-5YR17, Class C | Bank5 Series 2025-5YR17, Class C | Bank5 Series 2025-5YR17, Class C | Bank5 Series 2025-5YR17, Class C |
| 300000 | 5.894 <sup>(b)(d)</sup> | 11/15/58 | 299133 |
| BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) |
| 450000 | 4.592 <sup>(b)(e)</sup> | 03/15/37 | 426680 |
| BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) |
| 125000 | 4.841 <sup>(b)(e)</sup> | 03/15/37 | 115625 |
| Benchmark Mortgage Trust Series 2022-B32, Class A5 | Benchmark Mortgage Trust Series 2022-B32, Class A5 | Benchmark Mortgage Trust Series 2022-B32, Class A5 | Benchmark Mortgage Trust Series 2022-B32, Class A5 |
| 500000 | 3.002 <sup>(b)</sup> | 01/15/55 | 445927 |
| BFLD Commercial Mortgage Trust Series 2025-660F, Class A (1 mo. USD Term SOFR + 1.500%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class A (1 mo. USD Term SOFR + 1.500%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class A (1 mo. USD Term SOFR + 1.500%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class A (1 mo. USD Term SOFR + 1.500%) |
| 400000 | 5.173 <sup>(b)(e)</sup> | 11/15/42 | 397899 |
| BFLD Commercial Mortgage Trust Series 2025-660F, Class C (1 mo. USD Term SOFR + 2.150%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class C (1 mo. USD Term SOFR + 2.150%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class C (1 mo. USD Term SOFR + 2.150%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class C (1 mo. USD Term SOFR + 2.150%) |
| 400000 | 5.823 <sup>(b)(e)</sup> | 11/15/42 | 398677 |
| BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) | BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) | BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) | BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) |
| 350000 | 5.573 <sup>(b)(e)</sup> | 06/15/42 | 349126 |
| BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) | BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) | BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) | BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) |
| 192748 | 5.015 <sup>(b)(e)</sup> | 03/15/41 | 192271 |
| BPR Trust Series 2024-PMDW, Class A | BPR Trust Series 2024-PMDW, Class A | BPR Trust Series 2024-PMDW, Class A | BPR Trust Series 2024-PMDW, Class A |
| 150000 | 5.358 <sup>(b)(e)</sup> | 11/05/41 | 151820 |
| BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A |
| 525000 | 5.011 <sup>(b)(e)</sup> | 06/15/44 | 534004 |
| BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) |
| 137539 | 5.064 <sup>(b)(e)</sup> | 03/15/41 | 137547 |
| BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A |
| 200000 | 5.050 <sup>(b)(e)</sup> | 11/13/46 | 198304 |
| BX Commercial Mortgage Trust Series 2026-CSMO, Class A (1 mo. USD Term SOFR + 1.400%) | BX Commercial Mortgage Trust Series 2026-CSMO, Class A (1 mo. USD Term SOFR + 1.400%) | BX Commercial Mortgage Trust Series 2026-CSMO, Class A (1 mo. USD Term SOFR + 1.400%) | BX Commercial Mortgage Trust Series 2026-CSMO, Class A (1 mo. USD Term SOFR + 1.400%) |
| 350000 | 5.073 <sup>(b)(e)</sup> | 02/15/43 | 349639 |
| BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) |
| 450000 | 5.315 <sup>(b)(e)</sup> | 02/15/41 | 448336 |
| BX Trust Series 2025-ARIA, Class A | BX Trust Series 2025-ARIA, Class A | BX Trust Series 2025-ARIA, Class A | BX Trust Series 2025-ARIA, Class A |
| 450000 | 5.031 <sup>(b)(e)</sup> | 12/13/42 | 452479 |
| Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A |
| 700000 | 4.802 <sup>(b)(e)</sup> | 08/10/42 | 705812 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **41** |

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------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) | Sequential Floating Rate – (continued) |
| Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B |
| 600000 | 5.210 %<sup>(b)(e)</sup> | 08/10/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604951 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K148, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K148, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K148, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K148, Class A2 |
| 800000 | 3.500 <sup>(b)(d)</sup> | 07/25/32 | 759915 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K158, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K158, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K158, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K158, Class A2 |
| 1166000 | 3.900 <sup>(b)(d)</sup> | 12/25/30 | 1149112 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF73, Class AS (1 mo. USD SOFR Historical Calendar Day Compounded + 0.670%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF73, Class AS (1 mo. USD SOFR Historical Calendar Day Compounded + 0.670%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF73, Class AS (1 mo. USD SOFR Historical Calendar Day Compounded + 0.670%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF73, Class AS (1 mo. USD SOFR Historical Calendar Day Compounded + 0.670%) |
| 185028 | 4.339 <sup>(b)(d)</sup> | 11/25/29 | 185028 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-153, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-153, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-153, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-153, Class A2 |
| 800000 | 3.820 <sup>(b)(d)</sup> | 12/25/32 | 771742 |
| GWT Trust Series 2024-WLF2, Class A (1 mo. USD Term SOFR + 1.691%) | GWT Trust Series 2024-WLF2, Class A (1 mo. USD Term SOFR + 1.691%) | GWT Trust Series 2024-WLF2, Class A (1 mo. USD Term SOFR + 1.691%) | GWT Trust Series 2024-WLF2, Class A (1 mo. USD Term SOFR + 1.691%) |
| 600000 | 5.364 <sup>(b)(e)</sup> | 05/15/41 | 599867 |
| IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A |
| 600000 | 5.295 <sup>(b)(d)(e)</sup> | 03/14/47 | 605054 |
| IRV Trust Series 2025-200P, Class C | IRV Trust Series 2025-200P, Class C | IRV Trust Series 2025-200P, Class C | IRV Trust Series 2025-200P, Class C |
| 250000 | 5.730 <sup>(b)(d)(e)</sup> | 03/14/47 | 247872 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%) | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%) | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%) | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%) |
| 305265 | 5.029 <sup>(b)(e)</sup> | 04/15/37 | 299944 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A |
| 125000 | 5.797 <sup>(b)(e)</sup> | 10/05/39 | 126145 |
| MAD Commercial Mortgage Trust Series 2025-11MD, Class C | MAD Commercial Mortgage Trust Series 2025-11MD, Class C | MAD Commercial Mortgage Trust Series 2025-11MD, Class C | MAD Commercial Mortgage Trust Series 2025-11MD, Class C |
| 150000 | 5.255 <sup>(b)(e)</sup> | 10/15/42 | 150163 |
| NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) |
| 300000 | 5.365 <sup>(b)(e)</sup> | 02/15/42 | 298469 |
| NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) |
| 750000 | 5.416 <sup>(b)(e)</sup> | 10/15/40 | 750064 |
| ROCK Trust Series 2024-CNTR, Class C | ROCK Trust Series 2024-CNTR, Class C | ROCK Trust Series 2024-CNTR, Class C | ROCK Trust Series 2024-CNTR, Class C |
| 250000 | 6.471 <sup>(e)</sup> | 11/13/41 | 256814 |
| SCG Trust Series 2025-SNIP, Class A (1 mo. USD Term SOFR + 1.500%) | SCG Trust Series 2025-SNIP, Class A (1 mo. USD Term SOFR + 1.500%) | SCG Trust Series 2025-SNIP, Class A (1 mo. USD Term SOFR + 1.500%) | SCG Trust Series 2025-SNIP, Class A (1 mo. USD Term SOFR + 1.500%) |
| 375000 | 5.173 <sup>(b)(e)</sup> | 09/15/42 | 374206 |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B |
| 275000 | 5.360 <sup>(b)(e)</sup> | 07/15/35 | 275718 |
| Wells Fargo Commercial Mortgage Trust Series 2026-1250B, Class A | Wells Fargo Commercial Mortgage Trust Series 2026-1250B, Class A | Wells Fargo Commercial Mortgage Trust Series 2026-1250B, Class A | Wells Fargo Commercial Mortgage Trust Series 2026-1250B, Class A |
| 350000 | 4.833 <sup>(b)(e)</sup> | 03/10/41 | 346233 |
| WHARF Commercial Mortgage Trust Series 2025-DC, Class A | WHARF Commercial Mortgage Trust Series 2025-DC, Class A | WHARF Commercial Mortgage Trust Series 2025-DC, Class A | WHARF Commercial Mortgage Trust Series 2025-DC, Class A |
| 200000 | 4.993 <sup>(b)(e)</sup> | 07/15/40 | 203455 |
|  |  |  | 14403735 |
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | $17955474 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Federal Agencies – 113.6% | Federal Agencies – 113.6% | Federal Agencies – 113.6% | Federal Agencies – 113.6% |
| Adjustable Rate Federal Home Loan Mortgage Corp. – 0.0% | Adjustable Rate Federal Home Loan Mortgage Corp. – 0.0% | Adjustable Rate Federal Home Loan Mortgage Corp. – 0.0% | Adjustable Rate Federal Home Loan Mortgage Corp. – 0.0% |
| (1 yr. CMT + 2.250%)<sup>(b)</sup> | (1 yr. CMT + 2.250%)<sup>(b)</sup> | (1 yr. CMT + 2.250%)<sup>(b)</sup> | (1 yr. CMT + 2.250%)<sup>(b)</sup> |
| $3187 | 6.500% | 04/01/33 | $3266 |
| 49934 | 6.298 | 09/01/33 | 51291 |
| 2540 | 6.360 | 09/01/33 | 2611 |
| 2963 | 5.893 | 11/01/34 | 3054 |
| 2393 | 5.875 | 02/01/35 | 2467 |
| 7376 | 6.289 | 06/01/35 | 7586 |
| (1 yr. CMT + 2.107%)<sup>(b)</sup> | (1 yr. CMT + 2.107%)<sup>(b)</sup> | (1 yr. CMT + 2.107%)<sup>(b)</sup> | (1 yr. CMT + 2.107%)<sup>(b)</sup> |
| 1950 | 6.106 | 10/01/34 | 2007 |
|  |  |  | 72282 |
| **Adjustable Rate Federal National Mortgage Association – 0.1%** | **Adjustable Rate Federal National Mortgage Association – 0.1%** | **Adjustable Rate Federal National Mortgage Association – 0.1%** | **Adjustable Rate Federal National Mortgage Association – 0.1%** |
| (11th District Cost of Funds - Consumer + 1.350%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.350%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.350%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.350%)<sup>(b)</sup> |
| 549 | 4.130 | 07/01/27 | 545 |
| (1 yr. MTA + 1.150%)<sup>(b)</sup> | (1 yr. MTA + 1.150%)<sup>(b)</sup> | (1 yr. MTA + 1.150%)<sup>(b)</sup> | (1 yr. MTA + 1.150%)<sup>(b)</sup> |
| 571 | 5.064 | 11/01/27 | 565 |
| 582 | 5.064 | 01/01/38 | 581 |
| (1 yr. MTA + 1.125%)<sup>(b)</sup> | (1 yr. MTA + 1.125%)<sup>(b)</sup> | (1 yr. MTA + 1.125%)<sup>(b)</sup> | (1 yr. MTA + 1.125%)<sup>(b)</sup> |
| 3770 | 5.039 | 06/01/32 | 3764 |
| (11th District Cost of Funds - Consumer + 1.250%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.250%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.250%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.250%)<sup>(b)</sup> |
| 3555 | 4.121 | 08/01/32 | 3485 |
| (RFUCC 1 yr. Treasury + 1.670%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.670%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.670%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.670%)<sup>(b)</sup> |
| 10256 | 6.045 | 11/01/32 | 10541 |
| 2679 | 6.211 | 11/01/34 | 2763 |
| (RFUCC 6 mo. Treasury + 1.413%)<sup>(b)</sup> | (RFUCC 6 mo. Treasury + 1.413%)<sup>(b)</sup> | (RFUCC 6 mo. Treasury + 1.413%)<sup>(b)</sup> | (RFUCC 6 mo. Treasury + 1.413%)<sup>(b)</sup> |
| 151443 | 5.663 | 05/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154665 |
| (11th District Cost of Funds - Consumer + 1.328%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.328%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.328%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.328%)<sup>(b)</sup> |
| 2761 | 4.199 | 05/01/33 | 2706 |
| (1 yr. CMT + 2.160%)<sup>(b)</sup> | (1 yr. CMT + 2.160%)<sup>(b)</sup> | (1 yr. CMT + 2.160%)<sup>(b)</sup> | (1 yr. CMT + 2.160%)<sup>(b)</sup> |
| 2015 | 6.213 | 06/01/33 | 2067 |
| (1 yr. CMT + 2.261%)<sup>(b)</sup> | (1 yr. CMT + 2.261%)<sup>(b)</sup> | (1 yr. CMT + 2.261%)<sup>(b)</sup> | (1 yr. CMT + 2.261%)<sup>(b)</sup> |
| 18998 | 6.261 | 06/01/33 | 19526 |
| (RFUCC 6 mo. Treasury + 1.412%)<sup>(b)</sup> | (RFUCC 6 mo. Treasury + 1.412%)<sup>(b)</sup> | (RFUCC 6 mo. Treasury + 1.412%)<sup>(b)</sup> | (RFUCC 6 mo. Treasury + 1.412%)<sup>(b)</sup> |
| 1080 | 5.711 | 06/01/33 | 1102 |
| (1 yr. CMT + 2.012%)<sup>(b)</sup> | (1 yr. CMT + 2.012%)<sup>(b)</sup> | (1 yr. CMT + 2.012%)<sup>(b)</sup> | (1 yr. CMT + 2.012%)<sup>(b)</sup> |
| 416 | 5.842 | 07/01/33 | 426 |
| (11th District Cost of Funds - Consumer + 1.254%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.254%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.254%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.254%)<sup>(b)</sup> |
| 14330 | 4.083 | 08/01/33 | 14078 |
| (RFUCC 1 yr. Treasury + 1.655%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.655%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.655%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.655%)<sup>(b)</sup> |
| 60801 | 6.184 | 10/01/33 | 62691 |
| (RFUCC 1 yr. Treasury + 1.636%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.636%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.636%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.636%)<sup>(b)</sup> |
| 8307 | 6.032 | 12/01/33 | 8530 |
| (1 yr. CMT + 2.299%)<sup>(b)</sup> | (1 yr. CMT + 2.299%)<sup>(b)</sup> | (1 yr. CMT + 2.299%)<sup>(b)</sup> | (1 yr. CMT + 2.299%)<sup>(b)</sup> |
| 225 | 6.298 | 04/01/34 | 232 |
| (1 yr. CMT + 2.191%)<sup>(b)</sup> | (1 yr. CMT + 2.191%)<sup>(b)</sup> | (1 yr. CMT + 2.191%)<sup>(b)</sup> | (1 yr. CMT + 2.191%)<sup>(b)</sup> |
| 57118 | 5.835 | 02/01/35 | 58940 |
| (RFUCC 1 yr. Treasury + 1.617%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.617%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.617%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.617%)<sup>(b)</sup> |
| 6200 | 5.780 | 03/01/35 | 6374 |
| (RFUCC 1 yr. Treasury + 1.810%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.810%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.810%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.810%)<sup>(b)</sup> |
| 3247 | 6.662 | 04/01/35 | 3358 |
| (RFUCC 1 yr. Treasury + 2.475%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 2.475%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 2.475%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 2.475%)<sup>(b)</sup> |
| 2162 | 6.725 | 05/01/35 | 2261 |
| (RFUCC 1 yr. Treasury + 1.389%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.389%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.389%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.389%)<sup>(b)</sup> |
| 61411 | 6.139 | 09/01/35 | 63033 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **42** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Adjustable Rate Federal National Mortgage Association – (continued) | Adjustable Rate Federal National Mortgage Association – (continued) | Adjustable Rate Federal National Mortgage Association – (continued) | Adjustable Rate Federal National Mortgage Association – (continued) |
| (11th District Cost of Funds - Consumer + 1.217%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.217%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.217%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.217%)<sup>(b)</sup> |
| $1329 | 4.596% | 12/01/37 | $1319 |
| (1 yr. MTA + 1.175%)<sup>(b)</sup> | (1 yr. MTA + 1.175%)<sup>(b)</sup> | (1 yr. MTA + 1.175%)<sup>(b)</sup> | (1 yr. MTA + 1.175%)<sup>(b)</sup> |
| 1927 | 5.089 | 11/01/40 | 1925 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425477 |
| **Adjustable Rate Government National Mortgage Association – 0.1%** | **Adjustable Rate Government National Mortgage Association – 0.1%** | **Adjustable Rate Government National Mortgage Association – 0.1%** | **Adjustable Rate Government National Mortgage Association – 0.1%** |
| (1 yr. CMT + 1.500%)<sup>(b)</sup> | (1 yr. CMT + 1.500%)<sup>(b)</sup> | (1 yr. CMT + 1.500%)<sup>(b)</sup> | (1 yr. CMT + 1.500%)<sup>(b)</sup> |
| 12 | 5.375 | 07/20/26 | 13 |
| 2574 | 5.625 | 01/20/27 | 2572 |
| 756 | 5.625 | 02/20/27 | 756 |
| 9957 | 5.625 | 04/20/27 | 9972 |
| 919 | 5.625 | 05/20/27 | 921 |
| 1978 | 5.625 | 06/20/27 | 1981 |
| 825 | 5.125 | 11/20/27 | 827 |
| 2482 | 5.125 | 12/20/27 | 2488 |
| 6406 | 5.625 | 01/20/28 | 6416 |
| 2407 | 5.625 | 02/20/28 | 2412 |
| 2393 | 5.625 | 03/20/28 | 2398 |
| 20160 | 5.375 | 07/20/29 | 20309 |
| 5587 | 5.375 | 08/20/29 | 5631 |
| 1921 | 5.375 | 09/20/29 | 1935 |
| 9075 | 5.125 | 10/20/29 | 9137 |
| 14385 | 5.125 | 11/20/29 | 14488 |
| 2103 | 5.125 | 12/20/29 | 2118 |
| 4134 | 5.625 | 01/20/30 | 4160 |
| 1142 | 5.625 | 02/20/30 | 1149 |
| 7354 | 5.625 | 03/20/30 | 7402 |
| 11550 | 5.625 | 04/20/30 | 11653 |
| 33714 | 5.625 | 05/20/30 | 34020 |
| 2814 | 5.625 | 06/20/30 | 2840 |
| 31187 | 5.375 | 07/20/30 | 31488 |
| 5693 | 5.375 | 09/20/30 | 5750 |
| 9700 | 5.125 | 10/20/30 | 9788 |
| 16052 | 5.625 | 03/20/32 | 16214 |
|  |  |  | 208838 |
| **Federal Home Loan Mortgage Corp. – 3.2%** | **Federal Home Loan Mortgage Corp. – 3.2%** | **Federal Home Loan Mortgage Corp. – 3.2%** | **Federal Home Loan Mortgage Corp. – 3.2%** |
| 5380 | 6.500 | 07/01/28 | 5399 |
| 30065 | 4.500 | 03/01/29 | 30179 |
| 3748 | 5.000 | 08/01/33 | 3818 |
| 619 | 5.000 | 09/01/33 | 631 |
| 21140 | 5.000 | 10/01/33 | 21530 |
| 888 | 5.000 | 11/01/34 | 905 |
| 37128 | 5.000 | 12/01/34 | 37808 |
| 3220 | 5.000 | 07/01/35 | 3279 |
| 404 | 4.500 | 08/01/35 | 406 |
| 1114 | 4.500 | 09/01/35 | 1119 |
| 524 | 4.500 | 10/01/35 | 527 |
| 1 | 5.000 | 11/01/35 | 1 |
| 28306 | 5.000 | 12/01/35 | 28761 |
| 9571 | 5.000 | 02/01/37 | 9746 |
| 7659 | 4.500 | 01/01/38 | 7698 |
| 683 | 5.000 | 03/01/38 | 696 |
| 344 | 4.500 | 06/01/38 | 346 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) |
| $13777 | 4.500% | 09/01/38 | $13801 |
| 79 | 4.500 | 01/01/39 | 79 |
| 7008 | 4.500 | 02/01/39 | 7003 |
| 2714 | 4.500 | 03/01/39 | 2713 |
| 619 | 4.500 | 04/01/39 | 619 |
| 19359 | 4.500 | 05/01/39 | 19354 |
| 49662 | 5.000 | 05/01/39 | 50506 |
| 59890 | 4.500 | 06/01/39 | 59872 |
| 114623 | 5.000 | 07/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116548 |
| 2132 | 4.500 | 07/01/39 | 2131 |
| 1421 | 4.500 | 08/01/39 | 1420 |
| 3433 | 4.500 | 09/01/39 | 3432 |
| 729 | 4.500 | 10/01/39 | 729 |
| 498 | 4.500 | 11/01/39 | 497 |
| 797 | 4.500 | 12/01/39 | 796 |
| 2247 | 4.500 | 01/01/40 | 2246 |
| 1375 | 4.500 | 04/01/40 | 1374 |
| 2283 | 4.500 | 05/01/40 | 2280 |
| 3027 | 4.500 | 06/01/40 | 3025 |
| 9891 | 4.000 | 06/01/40 | 9668 |
| 708 | 4.500 | 07/01/40 | 708 |
| 200 | 4.500 | 08/01/40 | 200 |
| 2714 | 5.000 | 08/01/40 | 2761 |
| 501 | 4.500 | 11/01/40 | 501 |
| 65001 | 4.000 | 02/01/41 | 63573 |
| 11940 | 4.500 | 02/01/41 | 11898 |
| 2679 | 4.500 | 03/01/41 | 2670 |
| 3586 | 4.500 | 04/01/41 | 3574 |
| 4809 | 4.500 | 05/01/41 | 4793 |
| 8581 | 4.500 | 06/01/41 | 8550 |
| 2615 | 5.000 | 06/01/41 | 2659 |
| 59915 | 5.000 | 07/01/41 | 61007 |
| 26351 | 4.500 | 08/01/41 | 26260 |
| 26045 | 4.500 | 09/01/41 | 26025 |
| 20566 | 4.000 | 10/01/41 | 20069 |
| 6344 | 4.000 | 11/01/41 | 6177 |
| 1688 | 4.500 | 12/01/41 | 1683 |
| 23447 | 4.500 | 03/01/42 | 23366 |
| 192104 | 4.000 | 03/01/42 | 187127 |
| 11759 | 3.000 | 05/01/42 | 10845 |
| 141829 | 3.500 | 06/01/42 | 134593 |
| 236954 | 4.500 | 06/01/42 | 236191 |
| 42549 | 3.000 | 08/01/42 | 39335 |
| 29964 | 3.500 | 08/01/42 | 28310 |
| 98153 | 3.500 | 10/01/42 | 92640 |
| 19013 | 3.000 | 10/01/42 | 17526 |
| 53130 | 3.500 | 11/01/42 | 50192 |
| 252368 | 3.000 | 11/01/42 | 233518 |
| 434177 | 3.000 | 12/01/42 | 401810 |
| 772160 | 3.000 | 01/01/43 | 716375 |
| 101210 | 3.000 | 02/01/43 | 93059 |
| 353299 | 4.000 | 08/01/43 | 344899 |
| 162223 | 4.000 | 01/01/44 | 158119 |
| 210444 | 3.500 | 02/01/44 | 199539 |
| 211726 | 3.500 | 06/01/44 | 200318 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **43** |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) | Federal Home Loan Mortgage Corp. – (continued) |
| $| 3126 | 4.000% | 11/01/44 | $| 3028 |
|  | 24281 | 3.500 | 02/01/45 |  | 22842 |
|  | 46044 | 3.500 | 03/01/45 |  | 43269 |
|  | 5734 | 3.500 | 08/01/45 |  | 5365 |
|  | 7922 | 3.500 | 09/01/45 |  | 7428 |
|  | 13627 | 3.500 | 11/01/45 |  | 12742 |
|  | 115087 | 3.500 | 03/01/46 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107714 |
|  | 188681 | 3.500 | 05/01/46 |  | 176373 |
|  | 209999 | 3.500 | 06/01/46 |  | 195907 |
|  | 98896 | 3.500 | 07/01/46 |  | 92259 |
|  | 17057 | 3.500 | 10/01/46 |  | 15907 |
|  | 14678 | 3.500 | 12/01/46 |  | 13689 |
|  | 5170166 | 3.000 | 05/01/47 |  | 4668962 |
|  | 150137 | 3.500 | 12/01/47 |  | 140438 |
|  |  |  |  |  | 9367735 |
|  **Federal National Mortgage Association – 2.6%** | **Federal National Mortgage Association – 2.6%** | **Federal National Mortgage Association – 2.6%** | **Federal National Mortgage Association – 2.6%** | **Federal National Mortgage Association – 2.6%** | **Federal National Mortgage Association – 2.6%** |
|  | 543 | 6.500 | 11/01/28 |  | 546 |
|  | 15014 | 7.000 | 07/01/31 |  | 15940 |
|  | 422 | 7.000 | 08/01/31 |  | 448 |
|  | 112242 | 5.500 | 07/01/33 |  | 115251 |
|  | 41033 | 3.500 | 07/01/42 |  | 38650 |
|  | 37335 | 3.500 | 08/01/42 |  | 35227 |
|  | 24209 | 3.500 | 09/01/42 |  | 22848 |
|  | 3207 | 3.500 | 10/01/42 |  | 3025 |
|  | 6198 | 3.500 | 11/01/42 |  | 5847 |
|  | 3473 | 3.500 | 01/01/43 |  | 3272 |
|  | 79242 | 3.500 | 02/01/43 |  | 74677 |
|  | 6147 | 3.500 | 05/01/43 |  | 5798 |
|  | 364014 | 3.500 | 07/01/43 |  | 342251 |
|  | 178803 | 3.500 | 01/01/44 |  | 168407 |
|  | 5140 | 3.500 | 12/01/44 |  | 4792 |
|  | 163675 | 4.000 | 03/01/45 |  | 157921 |
|  | 69187 | 4.000 | 04/01/45 |  | 66756 |
|  | 869546 | 4.500 | 06/01/51 |  | 857669 |
|  | 2129939 | 4.000 | 07/01/56 |  | 2012141 |
|  | 1392573 | 4.000 | 02/01/57 |  | 1313150 |
|  | 1466049 | 5.500 | 10/01/55 |  | 1483691 |
|  | 987450 | 5.500 | 11/01/55 |  | 998056 |
|  |  |  |  |  | 7726363 |
|  **Government National Mortgage Association – 25.8%** | **Government National Mortgage Association – 25.8%** | **Government National Mortgage Association – 25.8%** | **Government National Mortgage Association – 25.8%** | **Government National Mortgage Association – 25.8%** | **Government National Mortgage Association – 25.8%** |
|  | 731 | 7.000 | 12/15/27 |  | 731 |
|  | 1741 | 6.500 | 08/15/28 |  | 1750 |
|  | 10576 | 6.000 | 01/15/29 |  | 10694 |
|  | 23074 | 7.000 | 10/15/29 |  | 23472 |
|  | 109 | 6.500 | 01/15/32 |  | 111 |
|  | 288 | 6.500 | 02/15/32 |  | 296 |
|  | 6778 | 5.500 | 11/15/32 |  | 6925 |
|  | 177239 | 5.500 | 12/15/32 |  | 182163 |
|  | 2918 | 5.500 | 01/15/33 |  | 2958 |
|  | 13781 | 5.500 | 02/15/33 |  | 14125 |
|  | 12427 | 5.500 | 03/15/33 |  | 12709 |
|  | 84592 | 5.500 | 04/15/33 |  | 86772 |
|  | 14601 | 5.500 | 07/15/33 |  | 14938 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) |
| $6841 | 5.500% | 08/15/33 | $6977 |
| 2577 | 5.500 | 09/15/33 | 2619 |
| 2402 | 5.000 | 11/15/33 | 2438 |
| 7195 | 5.500 | 04/15/34 | 7325 |
| 5383 | 5.500 | 05/15/34 | 5473 |
| 79339 | 5.500 | 06/15/34 | 81595 |
| 228 | 6.500 | 08/15/34 | 237 |
| 59466 | 5.500 | 09/15/34 | 61213 |
| 58992 | 5.500 | 12/15/34 | 60658 |
| 43614 | 5.500 | 01/15/35 | 44942 |
| 422 | 6.500 | 02/15/36 | 448 |
| 910 | 6.500 | 03/15/36 | 962 |
| 1509 | 6.500 | 04/15/36 | 1588 |
| 3535 | 6.500 | 05/15/36 | 3734 |
| 1849 | 6.500 | 06/15/36 | 1956 |
| 11094 | 6.500 | 07/15/36 | 11736 |
| 11246 | 6.500 | 08/15/36 | 11887 |
| 23515 | 6.500 | 09/15/36 | 24888 |
| 10466 | 6.500 | 10/15/36 | 11059 |
| 15875 | 6.500 | 11/15/36 | 16807 |
| 5040 | 6.500 | 12/15/36 | 5325 |
| 2246 | 6.500 | 01/15/37 | 2375 |
| 1143 | 6.500 | 03/15/37 | 1214 |
| 1697 | 6.500 | 04/15/37 | 1791 |
| 657 | 6.500 | 05/15/37 | 689 |
| 2759 | 6.500 | 09/15/37 | 2916 |
| 2176 | 6.500 | 10/15/37 | 2318 |
| 1691 | 6.500 | 11/15/37 | 1784 |
| 17961 | 5.000 | 03/15/38 | 18282 |
| 1199 | 6.500 | 05/15/38 | 1262 |
| 470 | 6.500 | 02/15/39 | 497 |
| 96391 | 5.000 | 01/20/40 | 97448 |
| 97588 | 4.500 | 05/15/40 | 97171 |
| 83707 | 5.000 | 07/15/40 | 85278 |
| 1980 | 4.000 | 02/20/41 | 1917 |
| 3176 | 4.000 | 11/20/41 | 3070 |
| 536 | 4.000 | 01/20/42 | 518 |
| 1731 | 4.000 | 04/20/42 | 1672 |
| 108557 | 3.500 | 09/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102727 |
| 1080 | 4.000 | 10/20/42 | 1042 |
| 117787 | 4.000 | 08/20/43 | 113473 |
| 1536 | 4.000 | 03/20/44 | 1478 |
| 1881 | 4.000 | 05/20/44 | 1810 |
| 131343 | 4.000 | 11/20/44 | 126157 |
| 122127 | 3.500 | 02/15/45 | 113644 |
| 21643 | 4.000 | 05/20/45 | 20772 |
| 589601 | 4.000 | 06/20/45 | 565788 |
| 15744 | 4.000 | 07/20/45 | 15100 |
| 27676 | 4.000 | 10/20/45 | 26526 |
| 216799 | 4.000 | 01/20/46 | 207734 |
| 343350 | 4.500 | 03/20/46 | 340318 |
| 707333 | 4.500 | 02/20/47 | 700149 |
| 142904 | 4.500 | 03/20/47 | 141048 |
| 790711 | 4.500 | 05/20/47 | 779948 |
| 136744 | 4.500 | 06/20/47 | 134883 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **44** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) | Government National Mortgage Association – (continued) |
| $| 40058 | 4.500% | 07/20/47 | $| 39512 |
|  | 384927 | 4.500 | 08/20/47 |  | 379446 |
|  | 86776 | 4.500 | 02/20/48 |  | 85540 |
|  | 46207 | 5.000 | 08/20/48 |  | 46667 |
|  | 428436 | 4.500 | 09/20/48 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421532 |
|  | 1213514 | 5.000 | 11/20/48 |  | 1224816 |
|  | 510053 | 4.500 | 12/20/48 |  | 501676 |
|  | 753576 | 5.000 | 12/20/48 |  | 760124 |
|  | 75080 | 4.500 | 01/20/49 |  | 73846 |
|  | 464485 | 5.000 | 01/20/49 |  | 468231 |
|  | 592121 | 4.000 | 02/20/49 |  | 563817 |
|  | 242057 | 4.500 | 02/20/49 |  | 238006 |
|  | 357363 | 4.500 | 03/20/49 |  | 351494 |
|  | 289524 | 5.000 | 03/20/49 |  | 292039 |
|  | 251625 | 4.500 | 10/20/49 |  | 247570 |
|  | 1565438 | 3.000 | 11/20/49 |  | 1403683 |
|  | 1003406 | 3.000 | 02/20/50 |  | 899073 |
|  | 329280 | 3.000 | 03/20/50 |  | 294652 |
|  | 509992 | 3.500 | 12/20/50 |  | 475670 |
|  | 104892 | 3.500 | 01/20/51 |  | 97833 |
|  | 1468033 | 2.000 | 02/20/51 |  | 1211340 |
|  | 784420 | 3.000 | 07/20/51 |  | 698781 |
|  | 637658 | 2.500 | 09/20/51 |  | 547749 |
|  | 908793 | 2.500 | 11/20/51 |  | 782422 |
|  | 789681 | 3.000 | 11/20/51 |  | 702234 |
|  | 667394 | 3.000 | 12/20/51 |  | 595783 |
|  | 852245 | 2.500 | 12/20/51 |  | 733007 |
|  | 1465026 | 2.000 | 02/20/52 |  | 1208820 |
|  | 2788873 | 2.500 | 05/20/52 |  | 2398957 |
|  | 2158367 | 4.500 | 08/20/52 |  | 2102796 |
|  | 1187084 | 5.500 | 09/20/52 |  | 1204764 |
|  | 2630879 | 4.500 | 10/20/52 |  | 2562330 |
|  | 1360846 | 5.000 | 10/20/52 |  | 1357171 |
|  | 759379 | 3.500 | 02/20/53 |  | 708274 |
|  | 615018 | 5.000 | 08/20/55 |  | 609677 |
|  | 1675861 | 5.000 | 02/20/56 |  | 1672093 |
|  | 7000000 | 2.000 | TBA-30yr<sup>(g)</sup> |  | 5766851 |
|  | 5000000 | 2.500 | TBA-30yr<sup>(g)</sup> |  | 4292489 |
|  | 4000000 | 4.000 | TBA-30yr<sup>(g)</sup> |  | 3742344 |
|  | 5000000 | 3.500 | TBA-30yr<sup>(g)</sup> |  | 4560937 |
|  | 10000000 | 5.500 | TBA-30yr<sup>(g)</sup> |  | 10055301 |
|  | 11000000 | 5.000 | TBA-30yr<sup>(g)</sup> |  | 10862372 |
|  | 3000000 | 6.000 | TBA-30yr<sup>(g)</sup> |  | 3049453 |
|  | 1000000 | 6.500 | TBA-30yr<sup>(g)</sup> |  | 1036016 |
|  |  |  |  |  | 75761498 |
|  **Government National Mortgage Association (GNMA) – 0.9%** | **Government National Mortgage Association (GNMA) – 0.9%** | **Government National Mortgage Association (GNMA) – 0.9%** | **Government National Mortgage Association (GNMA) – 0.9%** | **Government National Mortgage Association (GNMA) – 0.9%** | **Government National Mortgage Association (GNMA) – 0.9%** |
|  | 2898253 | 3.000 | 03/20/52 |  | 2587561 |
|  **Uniform Mortgage-Backed Security – 80.9%** | **Uniform Mortgage-Backed Security – 80.9%** | **Uniform Mortgage-Backed Security – 80.9%** | **Uniform Mortgage-Backed Security – 80.9%** | **Uniform Mortgage-Backed Security – 80.9%** | **Uniform Mortgage-Backed Security – 80.9%** |
|  | 493751 | 1.500 | 07/01/35 |  | 449640 |
|  | 115573 | 1.500 | 08/01/35 |  | 105248 |
|  | 795210 | 1.500 | 09/01/35 |  | 723891 |
|  | 1189628 | 1.500 | 10/01/35 |  | 1082524 |
|  | 548034 | 1.500 | 11/01/35 |  | 498503 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) |
| $605389 | 1.500% | 12/01/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550464 |
| 317665 | 1.500 | 02/01/36 | 288822 |
| 72298 | 4.500 | 07/01/36 | 71958 |
| 610567 | 1.500 | 10/01/36 | 552790 |
| 3056 | 4.500 | 12/01/36 | 3041 |
| 59980 | 4.500 | 02/01/39 | 59887 |
| 1976 | 4.500 | 03/01/39 | 1969 |
| 570 | 4.500 | 04/01/39 | 570 |
| 2784 | 4.500 | 05/01/39 | 2775 |
| 1243 | 4.500 | 07/01/39 | 1238 |
| 2277 | 4.000 | 08/01/39 | 2223 |
| 2815 | 4.500 | 09/01/39 | 2811 |
| 4552 | 4.500 | 10/01/39 | 4545 |
| 91378 | 4.500 | 12/01/39 | 91132 |
| 11164 | 4.500 | 02/01/40 | 11123 |
| 2163 | 4.500 | 03/01/40 | 2160 |
| 26573 | 4.500 | 04/01/40 | 26520 |
| 11583 | 4.500 | 06/01/40 | 11537 |
| 57505 | 4.500 | 09/01/40 | 57388 |
| 2651 | 4.500 | 12/01/40 | 2646 |
| 33066 | 4.500 | 01/01/41 | 33001 |
| 8757 | 4.500 | 04/01/41 | 8715 |
| 5595 | 4.500 | 05/01/41 | 5569 |
| 12688 | 4.500 | 06/01/41 | 12629 |
| 12390 | 4.500 | 07/01/41 | 12331 |
| 82866 | 4.500 | 08/01/41 | 82415 |
| 51375 | 4.500 | 09/01/41 | 51133 |
| 29970 | 4.500 | 10/01/41 | 29829 |
| 48196 | 3.500 | 10/01/41 | 45699 |
| 10090 | 3.500 | 11/01/41 | 9555 |
| 36269 | 4.500 | 11/01/41 | 36099 |
| 33689 | 4.500 | 12/01/41 | 33531 |
| 26258 | 4.500 | 01/01/42 | 26134 |
| 38878 | 3.500 | 01/01/42 | 36855 |
| 3923 | 3.500 | 02/01/42 | 3698 |
| 162912 | 4.000 | 03/01/42 | 158496 |
| 2194 | 4.500 | 03/01/42 | 2184 |
| 37650 | 4.000 | 04/01/42 | 36630 |
| 3877 | 4.500 | 04/01/42 | 3860 |
| 5340 | 3.500 | 05/01/42 | 5065 |
| 16791 | 3.500 | 06/01/42 | 15904 |
| 9897 | 3.500 | 09/01/42 | 9418 |
| 36168 | 3.000 | 09/01/42 | 33301 |
| 90652 | 3.500 | 10/01/42 | 85625 |
| 4551 | 3.000 | 11/01/42 | 4202 |
| 225200 | 3.000 | 12/01/42 | 207664 |
| 33185 | 3.500 | 12/01/42 | 31393 |
| 142578 | 3.000 | 01/01/43 | 132243 |
| 34618 | 3.000 | 02/01/43 | 32159 |
| 125099 | 3.500 | 02/01/43 | 118041 |
| 637775 | 3.000 | 03/01/43 | 589166 |
| 260780 | 3.500 | 03/01/43 | 246284 |
| 751469 | 3.000 | 04/01/43 | 693495 |
| 803110 | 3.000 | 05/01/43 | 740677 |
| 181333 | 2.500 | 05/01/43 | 162237 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **45** |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) |
| $76823 | 3.500% | 05/01/43 | $72638 |
| 39220 | 3.000 | 06/01/43 | 36091 |
| 346869 | 3.500 | 06/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327652 |
| 501934 | 3.000 | 07/01/43 | 462295 |
| 252391 | 3.500 | 07/01/43 | 238003 |
| 22564 | 3.500 | 08/01/43 | 21212 |
| 16814 | 3.500 | 09/01/43 | 15846 |
| 30856 | 3.500 | 01/01/44 | 29128 |
| 16468 | 3.500 | 08/01/44 | 15488 |
| 20603 | 3.500 | 09/01/44 | 19425 |
| 45047 | 3.500 | 10/01/44 | 42491 |
| 17519 | 5.000 | 12/01/44 | 17763 |
| 11001 | 3.500 | 01/01/45 | 10301 |
| 121390 | 4.000 | 02/01/45 | 117041 |
| 59849 | 3.500 | 03/01/45 | 56141 |
| 346713 | 4.500 | 04/01/45 | 344321 |
| 27055 | 3.500 | 04/01/45 | 25296 |
| 40844 | 4.500 | 05/01/45 | 40435 |
| 366741 | 3.500 | 05/01/45 | 344870 |
| 831193 | 4.500 | 06/01/45 | 823387 |
| 40121 | 3.500 | 07/01/45 | 37469 |
| 6484 | 3.500 | 11/01/45 | 6046 |
| 117003 | 3.500 | 01/01/46 | 109275 |
| 64450 | 4.000 | 03/01/46 | 62036 |
| 304621 | 3.500 | 03/01/46 | 286179 |
| 47838 | 3.500 | 04/01/46 | 44887 |
| 3686 | 4.500 | 05/01/46 | 3627 |
| 256645 | 3.500 | 05/01/46 | 239773 |
| 79399 | 4.000 | 06/01/46 | 76157 |
| 121460 | 4.500 | 06/01/46 | 119522 |
| 155336 | 3.000 | 07/01/46 | 140152 |
| 167494 | 4.000 | 07/01/46 | 160654 |
| 41470 | 4.500 | 08/01/46 | 40808 |
| 24280 | 4.000 | 08/01/46 | 23289 |
| 85427 | 3.000 | 08/01/46 | 77076 |
| 364650 | 3.000 | 09/01/46 | 329004 |
| 113541 | 3.000 | 10/01/46 | 102442 |
| 77188 | 4.000 | 10/01/46 | 74035 |
| 480228 | 3.000 | 11/01/46 | 433239 |
| 210045 | 3.000 | 12/01/46 | 189512 |
| 833321 | 3.000 | 01/01/47 | 751861 |
| 426876 | 4.500 | 02/01/47 | 422867 |
| 41002 | 3.000 | 02/01/47 | 36994 |
| 111260 | 3.000 | 04/01/47 | 100338 |
| 249872 | 3.500 | 06/01/47 | 232498 |
| 535892 | 4.500 | 11/01/47 | 525593 |
| 146803 | 4.000 | 12/01/47 | 140847 |
| 138933 | 4.000 | 01/01/48 | 133209 |
| 532102 | 4.000 | 02/01/48 | 509754 |
| 4027 | 4.500 | 02/01/48 | 3939 |
| 361809 | 4.000 | 03/01/48 | 346337 |
| 208406 | 4.500 | 05/01/48 | 204799 |
| 426141 | 4.000 | 06/01/48 | 408318 |
| 343191 | 3.500 | 06/01/48 | 319330 |
| 178564 | 4.500 | 07/01/48 | 174376 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) |
| $130410 | 4.000% | 08/01/48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124752 |
| 629271 | 4.500 | 08/01/48 | 614520 |
| 266961 | 4.500 | 09/01/48 | 260700 |
| 5136 | 4.500 | 10/01/48 | 5048 |
| 1485581 | 5.000 | 11/01/48 | 1497007 |
| 460011 | 4.500 | 11/01/48 | 451112 |
| 205573 | 4.500 | 12/01/48 | 200392 |
| 740555 | 4.500 | 01/01/49 | 722723 |
| 258483 | 4.500 | 02/01/49 | 252271 |
| 208066 | 4.500 | 03/01/49 | 202611 |
| 2798 | 4.500 | 05/01/49 | 2736 |
| 37788 | 3.500 | 07/01/49 | 35174 |
| 2259386 | 3.000 | 09/01/49 | 2029492 |
| 4247 | 4.500 | 11/01/49 | 4152 |
| 277104 | 4.500 | 01/01/50 | 270431 |
| 44181 | 4.500 | 02/01/50 | 43130 |
| 508522 | 3.000 | 03/01/50 | 454683 |
| 4441586 | 4.500 | 03/01/50 | 4361977 |
| 336755 | 4.500 | 04/01/50 | 328436 |
| 1834637 | 2.000 | 09/01/50 | 1495070 |
| 318711 | 4.500 | 09/01/50 | 311626 |
| 4962512 | 2.500 | 09/01/50 | 4274386 |
| 5666689 | 2.000 | 10/01/50 | 4615881 |
| 1841860 | 3.000 | 10/01/50 | 1648930 |
| 2460621 | 2.000 | 11/01/50 | 2003473 |
| 1591849 | 2.500 | 11/01/50 | 1366141 |
| 3223775 | 2.000 | 12/01/50 | 2624844 |
| 833689 | 2.500 | 01/01/51 | 706716 |
| 3954720 | 2.000 | 02/01/51 | 3215845 |
| 1578249 | 2.500 | 02/01/51 | 1342091 |
| 2422882 | 2.000 | 04/01/51 | 1968508 |
| 10656291 | 2.000 | 05/01/51 | 8662328 |
| 8807170 | 2.500 | 05/01/51 | 7540040 |
| 6831302 | 2.500 | 07/01/51 | 5852257 |
| 5020694 | 2.000 | 08/01/51 | 4089079 |
| 1397534 | 2.500 | 09/01/51 | 1198504 |
| 2530014 | 2.000 | 10/01/51 | 2050245 |
| 1575570 | 2.000 | 11/01/51 | 1276243 |
| 4238338 | 2.500 | 12/01/51 | 3625326 |
| 3868510 | 2.000 | 12/01/51 | 3132813 |
| 1183518 | 2.000 | 01/01/52 | 966818 |
| 2452199 | 2.000 | 02/01/52 | 1985213 |
| 7906621 | 2.500 | 02/01/52 | 6795425 |
| 1974484 | 2.000 | 03/01/52 | 1613779 |
| 114805 | 4.500 | 04/01/52 | 111308 |
| 2976147 | 2.000 | 04/01/52 | 2431221 |
| 1258993 | 3.000 | 04/01/52 | 1117120 |
| 5095183 | 3.500 | 04/01/52 | 4731554 |
| 709456 | 5.500 | 09/01/52 | 723370 |
| 1406894 | 3.000 | 09/01/52 | 1240258 |
| 717127 | 5.000 | 10/01/52 | 711134 |
| 2401137 | 4.500 | 10/01/52 | 2326657 |
| 1314594 | 6.000 | 11/01/52 | 1362493 |
| 2380991 | 4.500 | 11/01/52 | 2306914 |
| 143137 | 6.000 | 12/01/52 | 148489 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **46** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) | Mortgage-Backed Obligations – (continued) |
| Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) | Uniform Mortgage-Backed Security – (continued) |
| $1524561 | 4.500% | 05/01/53 | $1490710 |
| 2113331 | 5.500 | 06/01/53 | 2132746 |
| 2339157 | 6.000 | 06/01/53 | 2390654 |
| 858294 | 5.500 | 08/01/53 | 865207 |
| 865676 | 6.500 | 08/01/53 | 901648 |
| 2328450 | 4.500 | 09/01/53 | 2253668 |
| 3918499 | 6.000 | 10/01/53 | 4010208 |
| 516139 | 6.500 | 10/01/53 | 537102 |
| 1996767 | 6.500 | 11/01/53 | 2096900 |
| 953563 | 6.000 | 01/01/54 | 974140 |
| 2673846 | 2.500 | 01/01/54 | 2261671 |
| 932002 | 5.500 | 03/01/54 | 938579 |
| 3823943 | 6.000 | 04/01/54 | 3953075 |
| 2939776 | 6.500 | 06/01/54 | 3084429 |
| 2333700 | 6.000 | 06/01/54 | 2412212 |
| 1478054 | 6.500 | 08/01/54 | 1552174 |
| 778768 | 6.500 | 09/01/54 | 818551 |
| 647080 | 6.000 | 09/01/54 | 659870 |
| 2397881 | 5.500 | 10/01/54 | 2412944 |
| 4439788 | 5.000 | 12/01/54 | 4399807 |
| 952251 | 6.000 | 12/01/54 | 977964 |
| 2646950 | 5.000 | 01/01/55 | 2613313 |
| 4566862 | 5.500 | 03/01/55 | 4605104 |
| 1258758 | 6.000 | 03/01/55 | 1300320 |
| 871350 | 5.500 | 06/01/55 | 884123 |
| 2662190 | 5.000 | 06/01/55 | 2625761 |
| 1972270 | 6.000 | 08/01/55 | 2022813 |
| 2497263 | 5.500 | 03/01/56 | 2539996 |
| 3000000 | 4.000 | TBA-30yr<sup>(g)</sup> | 2827148 |
| 7000000 | 2.000 | TBA-30yr<sup>(g)</sup> | 6200781 |
| 18000000 | 4.500 | TBA-30yr<sup>(g)</sup> | 17857969 |
| 20000000 | 5.500 | TBA-30yr<sup>(g)</sup> | 20083594 |
| 3000000 | 6.000 | TBA-30yr<sup>(g)</sup> | 3056953 |
| 8000000 | 7.000 | TBA-30yr<sup>(g)</sup> | 8411250 |
|  |  |  | 237853538 |
| TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES | TOTAL FEDERAL AGENCIES | $334003292 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $381,565,301)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $381,565,301)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $381,565,301)** | $372422256 |
| Asset-Backed Securities<sup>(d)(e)</sup> – 1.8% | Asset-Backed Securities<sup>(d)(e)</sup> – 1.8% | Asset-Backed Securities<sup>(d)(e)</sup> – 1.8% | Asset-Backed Securities<sup>(d)(e)</sup> – 1.8% |
| Collateralized Loan Obligations – 1.8% | Collateralized Loan Obligations – 1.8% | Collateralized Loan Obligations – 1.8% | Collateralized Loan Obligations – 1.8% |
| AGL CLO 23 Ltd. Series 2022-23A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.150%) | AGL CLO 23 Ltd. Series 2022-23A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.150%) | AGL CLO 23 Ltd. Series 2022-23A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.150%) | AGL CLO 23 Ltd. Series 2022-23A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.150%) |
| $1000000 | 4.818% | 04/20/38 | $995543 |
| Bain Capital Credit CLO Ltd. Series 2019-1A, Class DR3<sup>(b)</sup> (3 mo. USD Term SOFR + 2.700%) | Bain Capital Credit CLO Ltd. Series 2019-1A, Class DR3<sup>(b)</sup> (3 mo. USD Term SOFR + 2.700%) | Bain Capital Credit CLO Ltd. Series 2019-1A, Class DR3<sup>(b)</sup> (3 mo. USD Term SOFR + 2.700%) | Bain Capital Credit CLO Ltd. Series 2019-1A, Class DR3<sup>(b)</sup> (3 mo. USD Term SOFR + 2.700%) |
| 565000 | 6.364 | 04/19/34 | 542302 |
| BlueMountain CLO XXXIII Ltd. Series 2021-33A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.700%) | BlueMountain CLO XXXIII Ltd. Series 2021-33A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.700%) | BlueMountain CLO XXXIII Ltd. Series 2021-33A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.700%) | BlueMountain CLO XXXIII Ltd. Series 2021-33A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.700%) |
| 500000 | 5.368 | 10/20/38 | 498659 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Asset-Backed Securities<sup>(d)(e)</sup> – (continued) | Asset-Backed Securities<sup>(d)(e)</sup> – (continued) | Asset-Backed Securities<sup>(d)(e)</sup> – (continued) | Asset-Backed Securities<sup>(d)(e)</sup> – (continued) |
| Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) |
| CBAMR Ltd. Series 2021-14A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.280%) | CBAMR Ltd. Series 2021-14A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.280%) | CBAMR Ltd. Series 2021-14A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.280%) | CBAMR Ltd. Series 2021-14A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.280%) |
| 290000 | 4.948% | 10/20/38 | $289844 |
| CIFC Funding Ltd. Series 2022-4A, Class DR<sup>(b)</sup> (3 mo. USD Term SOFR + 2.700%) | CIFC Funding Ltd. Series 2022-4A, Class DR<sup>(b)</sup> (3 mo. USD Term SOFR + 2.700%) | CIFC Funding Ltd. Series 2022-4A, Class DR<sup>(b)</sup> (3 mo. USD Term SOFR + 2.700%) | CIFC Funding Ltd. Series 2022-4A, Class DR<sup>(b)</sup> (3 mo. USD Term SOFR + 2.700%) |
| 1000000 | 6.371 | 07/16/35 | 956487 |
| HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.450%) | HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.450%) | HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.450%) | HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.450%) |
| 750000 | 5.118 | 07/20/38 | 750662 |
| Invesco U.S. CLO Ltd. Series 2023-3A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.750%) | Invesco U.S. CLO Ltd. Series 2023-3A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.750%) | Invesco U.S. CLO Ltd. Series 2023-3A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.750%) | Invesco U.S. CLO Ltd. Series 2023-3A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.750%) |
| 800000 | 5.422 | 07/15/38 | 801992 |
| Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A |
| 85866 | 5.750 | 12/20/50 | 84215 |
| Trinitas CLO XX Ltd. Series 2022-20A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.040%) | Trinitas CLO XX Ltd. Series 2022-20A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.040%) | Trinitas CLO XX Ltd. Series 2022-20A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.040%) | Trinitas CLO XX Ltd. Series 2022-20A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.040%) |
| 550000 | 4.708 | 07/20/35 | 548289 |
|  |  |  | 5467993 |
| **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $5,536,460)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $5,536,460)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $5,536,460)** | $5467993 |
| U.S. Treasury Obligations – 2.2% | U.S. Treasury Obligations – 2.2% | U.S. Treasury Obligations – 2.2% | U.S. Treasury Obligations – 2.2% |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 530000 | 4.750% | 05/15/55 | $516005 |
| 540000 | 4.750 | 08/15/55 | 526078 |
| U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds |
| 2222036 | 1.500 | 02/15/53 | 1702461 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 556200 | 4.375 <sup>(h)</sup> | 11/30/28 | 563934 |
| 1370000 | 3.875 | 03/31/31 | 1365612 |
| 1690000 | 4.250 | 03/31/33 | 1701619 |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $6,484,177)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $6,484,177)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $6,484,177)** | $6375709 |
| **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(i)</sup> – 1.8% | Investment Company<sup>(i)</sup> – 1.8% | Investment Company<sup>(i)</sup> – 1.8% | Investment Company<sup>(i)</sup> – 1.8% |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 5276280 | 3.553% | 3.553% | $5276280 |
| (Cost $5,276,280) | (Cost $5,276,280) | (Cost $5,276,280) | (Cost $5,276,280) |
| **TOTAL INVESTMENTS – 132.5%**<br> **(Cost $398,862,218)** | **TOTAL INVESTMENTS – 132.5%**<br> **(Cost $398,862,218)** | **TOTAL INVESTMENTS – 132.5%**<br> **(Cost $398,862,218)** | $389542238 |
| **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (32.5)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (32.5)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (32.5)%** | (95511324) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $294030914 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **47** |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Interest Only Inverse Floaters.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2026.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(f) Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(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 $101,803,458 which represents approximately 34.9% of net assets as of March 31, 2026.

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

&nbsp;&nbsp;&nbsp;&nbsp;(i) Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At March 31, 2026, the Fund had the following forward sales contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest** | **Maturity** | **Settlement** | **Principal** | |
| **Description** | **Rate** | **Date** | **Date** | **Amount** | **Value** |
|  Government National Mortgage Association | 4.500% | TBA - 30yr | 04/21/26 | $(3000000) | $(2893397) |
|  Government National Mortgage Association | 5.000 | TBA - 30yr | 04/21/26 | (4000000) | (3958079) |
|  Uniform Mortgage-Backed Security | 5.000 | TBA - 30yr | 04/13/26 | (1000000) | (985664) |
|  Uniform Mortgage-Backed Security | 2.500 | TBA - 30yr | 04/13/26 | (1000000) | (840625) |
|  Uniform Mortgage-Backed Security | 3.000 | TBA - 30yr | 04/13/26 | (8000000) | (7030625) |
|  Uniform Mortgage-Backed Security | 3.500 | TBA - 30yr | 04/13/26 | (5000000) | (4580860) |
|  Uniform Mortgage-Backed Security | 4.500 | TBA - 30yr | 05/13/26 | (3000000) | (2889961) |
|  Uniform Mortgage-Backed Security | 6.500 | TBA - 30yr | 04/13/26 | (11000000) | (11376407) |
|  Uniform Mortgage-Backed Security | 1.500 | TBA - 15yr | 04/16/26 | (2000000) | (1797021) |
|  **(PROCEEDS RECEIVED: $(36783438))** | **(PROCEEDS RECEIVED: $(36783438))** |  |  |  | $(36352639) |

---

FUTURES CONTRACTS — At March 31, 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  Ultra 10-Year U.S. Treasury Notes | 23 | 06/18/26 | $2610860 | $(31179) |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | (26) | 06/18/26 | (2887219) | (4081) |
|  2 Year U.S. Treasury Notes | (19) | 06/30/26 | (3941461) | 32538 |
|  20 Year U.S. Treasury Bonds | (8) | 06/18/26 | (911000) | 5559 |
|  5 Year U.S. Treasury Notes | (118) | 06/30/26 | (12765203) | 15056 |
|  Ultra Long U.S. Treasury Bonds | (42) | 06/18/26 | (4895625) | 113799 |
| Total |  |  |  | $162871 |
| TOTAL FUTURES CONTRACTS |  |  |  | $131692 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **48** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2026, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)<sup>(a)</sup>** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3.062%<sup>(b)</sup><br> 12M SOFR<sup>(b)</sup> | 08/31/27 | $2140 | $12409 | $40 | $12369 |
| 3.174<sup>(b)</sup><br> 12M SOFR<sup>(b)</sup> | 08/31/27 | 990 | 4675 | (113) | 4788 |
| 3.175<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 03/15/28 | 4850 | 33529 | 2025 | 31504 |
| 2.500<sup>(d)</sup><br> 12M CDOR<sup>(d)</sup> | 06/17/28 | 480 | 2055 | 239 | 1816 |
|  12M SOFR<sup>(c)</sup><br> 3.379%<sup>(c)</sup> | 08/31/31 | $3080 | (34978) | 1701 | (36679) |
|  12M SOFR<sup>(c)</sup><br> 3.469<sup>(c)</sup> | 08/31/31 | 1470 | (10770) | (3061) | (7709) |
| 3.407<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 01/31/33 | 3700 | 64787 | 520 | 64267 |
| 3.805<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 08/31/36 | 1690 | 12280 | (16906) | 29186 |
| 3.829<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 08/31/36 | 840 | 4509 | 1 | 4508 |
| TOTA L |  |  | $88496 | $(15554) | $104050 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Payments made annually.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Payments made semi-annually.

---

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

---

---

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

---

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **49** |

---

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Enhanced<br>Income<br>Fund** | **Inflation<br>Protected<br>Securities<br>Fund** | **Short<br>Duration<br>Bond<br>Fund** |
| Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $479,122,734, $211,521,221 and $1,320,598,964, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$479551535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$210713799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1322817718 |
|  Investments in affiliated issuers, at value (cost $121, $11,124,785 and $1,612, respectively) | 121 | 11124785 | 1612 |
|  Purchased options, at value (premium paid $0, $0 and $381,761, respectively) |  |  | 202834 |
|  Cash | 2656915 | 3378107 | 12880451 |
|  Foreign currencies, at value (cost $0, $0 and $95,482, respectively) |  |  | 127705 |
|  Unrealized gain on forward foreign currency exchange contracts | 46458 |  | 2275080 |
|  Variation margin on futures contracts |  | 51510 | 232713 |
|  Variation margin on swaps contracts |  |  | 1546182 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 3530974 | 1086275 | 9589262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 996658 | 19398431 | 64528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(a)</sup> | 676399 | 925698 | 22135994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 102355 | 435738 | 360027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold on an extended-settlement basis |  |  | 14162377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser |  |  | 6386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from broker - upfront payment |  |  | 233559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims |  |  | 232 |
|  Other assets | 37922 | 40561 | 64658 |
|  **Total assets** | 487599337 | 247154904 | 1386701318 |
| Liabilities: |  |  |  |
|  Variation margin on swaps contracts | 10999 | 24887 |  |
|  Variation margin on futures contracts | 9239 |  |  |
|  Foreign currency overdraft, at value (identified cost $585, $9 and $0, respectively) | 480 | 8 |  |
|  Forward sale contracts, at value (proceeds received $0, $0 and $14,146,055, respectively) |  |  | 14031665 |
|  Unrealized loss on forward foreign currency exchange contracts |  |  | 1423424 |
|  Unrealized loss on swap contracts |  |  | 9386 |
|  Written option contracts, at value (premium received $0, $0 and $160,435, respectively) |  |  | 21847 |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 345714 | 177740 | 1797386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 89801 | 88286 | 116259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 81841 | 43293 | 137360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 79305 | 64402 | 228050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 8148 | 13797 | 30363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income distributions | 4593 | 7 | 62768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 121 | 19326895 | 66481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased on an extended-settlement basis |  |  | 33777466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upfront payments received on swap contracts |  |  | 59828 |
|  Accrued expenses | 26091 | 26492 | 49785 |
|  **Total liabilities** | 656332 | 19765807 | 51812068 |
| Net Assets: |  |  |  |
|  Paid-in capital | 511643681 | 298895815 | 1437624704 |
|  Total distributable loss | (24700676) | (71506718) | (102735454) |
|  **NET ASSETS** | $486943005 | $227389097 | $1334889250 |
|  Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $10707783 | $24689251 | $88904718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 660154 | 1142696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration | 2501215 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 125825335 | 35570117 | 149464942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 26591 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 1266764 | 52476338 | 34913141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 2630161 | 80599959 | 6808982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | 18217404 | 31922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 343985156 | 15175874 | 1053622849 |
|  Total Net Assets | $486943005 | $227389097 | $1334889250 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 1122147 | 2620866 | 9108806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 71911 | 117142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration | 261813 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 13205396 | 3713024 | 15287230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 2791 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 133094 | 5524387 | 3572196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 276025 | 8422312 | 696786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | 1948022 | 3263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 36104546 | 1584602 | 107815566 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 9.54 | 9.42 | 9.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 9.18 | 9.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration | 9.55 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 9.53 | 9.58 | 9.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 9.53 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 9.52 | 9.50 | 9.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 9.53 | 9.57 | 9.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | 9.35 | 9.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 9.53 | 9.58 | 9.77 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Segregated for initial margin and/or collateral as follows:

---

| | |
|:---|:---|
| **Fund** | **Swaps** |
|  Enhanced Income Fund | $676399 |
|  Inflation Protected Securities Fund | 925698 |
|  Short Duration Bond Fund | 22135994 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) Maximum public offering price per share for Class A Shares of the Inflation Protected Securities and Short Duration Bond Funds is $9.79 and $9.91, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **50** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Short<br>Duration<br>Government<br>Fund** | **Short-Term<br>Conservative<br>Income**<br> **Fund** | **U.S. Mortgages<br>Fund** |
| Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $552,449,830, $1,917,772,654 and $393,585,938, respectively) | $545680340 | $1918697081 | $384265958 |
|  Investments in affiliated issuers, at value (cost $42,515,853, $117,194,758 and $5,276,280, respectively) | 42515853 | 117194758 | 5276280 |
|  Cash | 7479982 | 1635436 | 4548750 |
|  Foreign currencies, at value (cost $0, $0 and $5,909, respectively) |  |  | 6134 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold on an extended-settlement basis | 70691367 | 9978467 | 77952251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 2009556 | 12344258 | 989034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(a)</sup> | 770646 |  | 191546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 300067 | 1094277 | 186381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 15963 | 2833059 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from broker |  |  | 1518131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims |  | 115401 |  |
|  Other assets | 51325 | 63344 | 34120 |
|  **Total assets** | 669515099 | 2063956081 | 474968585 |
| Liabilities: |  |  |  |
|  Variation margin on swaps contracts | 24706 |  | 4637 |
|  Variation margin on futures contracts | 89270 |  | 40834 |
|  Forward sale contracts, at value (proceeds received $57,315,449, $0 and $36,783,438, respectively) | 56518396 |  | 36352639 |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased on an extended-settlement basis | 110737891 | 10205610 | 143511504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 660276 | 3489863 | 602799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to broker | 260000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income distributions | 117137 | 67353 | 71414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 104082 | 180168 | 77626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 37527 | 20310678 | 12625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 15556 | 59086 | 15394 |
|  Accrued expenses | 213467 | 278083 | 248199 |
|  **Total liabilities** | 168778308 | 34590841 | 180937671 |
| Net Assets: |  |  |  |
|  Paid-in capital | 576416462 | 2039366701 | 381030110 |
|  Total distributable loss | (75679671) | (10001461) | (86999196) |
|  **NET ASSETS** | $500736791 | $2029365240 | $294030914 |
|  Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $47390583 | $138963049 | $38378218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 2278747 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 171111572 | 603355928 | 76300631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate Account Institutional |  |  | 76086465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 13604801 |  | 17772603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 15146786 | 381883673 | 25358942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 13843491 | 113398410 | 18552782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | 9395440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 237360811 | 791764180 | 32185833 |
|  Total Net Assets | $500736791 | $2029365240 | $294030914 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 5054417 | 13755503 | 4242456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 245032 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 18314326 | 59680776 | 8408568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate Account Institutional |  |  | 8407691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 1457800 |  | 1964635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 1613616 | 37784566 | 2796354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 1481330 | 11219750 | 2045971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | 1038597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 25410271 | 78406139 | 3550238 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 9.38 | 10.10 | 9.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 9.30 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 9.34 | 10.11 | 9.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate Account Institutional |  |  | 9.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 9.33 |  | 9.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 9.39 | 10.11 | 9.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 9.35 | 10.11 | 9.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | 9.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 9.34 | 10.10 | 9.07 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Segregated for initial margin and/or collateral as follows:

---

| | |
|:---|:---|
| **Fund** | **Swaps** |
|  Short Duration Government Fund | $770646 |
|  U.S. Mortgages Fund | 191546 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) Maximum public offering price per share for Class A Shares of the Short Duration Government and U.S. Mortgages Funds is $9.52 and $9.40, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **51** |

---

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Fiscal Year Ended March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Enhanced<br>Income<br>Fund** | **Inflation<br>Protected<br>Securities<br>Fund** | **Short<br>Duration<br>Bond<br>Fund** |
| Investment Income: |  |  |  |
|  Interest (net of foreign withholding taxes of $0, $0 and $595, respectively) | $25216279 | $8290436 | $57670479 |
|  Dividends — affiliated issuers | 280001 | 172276 | 1434996 |
|  Dividends — unaffiliated issuers |  |  | 445 |
|  **Total investment income** | 25496280 | 8462712 | 59105920 |
| Expenses: |  |  |  |
|  Management fees | 1410828 | 536274 | 5136204 |
|  Transfer Agency fees<sup>(a)</sup> | 198227 | 130313 | 508770 |
|  Custody, accounting and administrative services | 192106 | 100152 | 324026 |
|  Professional fees | 129167 | 132127 | 155581 |
|  Registration fees | 105420 | 96658 | 119590 |
|  Trustee fees | 28271 | 27535 | 29753 |
|  Distribution and Service (12b-1) fees<sup>(a)</sup> | 16222 | 163180 | 195254 |
|  Printing and mailing costs | 10344 | 17866 | 40003 |
|  Shareholder Administration fees<sup>(b)</sup> | 7369 |  |  |
|  Prime broker fees |  |  | 9338 |
|  Service fees — Class C |  | 1907 | 3552 |
|  Other | 10036 | 20519 | 60115 |
|  **Total expenses** | 2107990 | 1226531 | 6582186 |
|  Less — expense reductions | (125625) | (311489) | (742340) |
|  **Net expenses** | 1982365 | 915042 | 5839846 |
|  **NET INVESTMENT INCOME** | 23513915 | 7547670 | 53266074 |
| Realized and unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 695457 | 1374214 | 2673788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options |  | (9444) | 7388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (135312) | 702144 | 479122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options |  | 9929 | 353073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (2064491) | 220127 | 6040424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (269198) |  | (2395749) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 4568 |  | 111263 |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (109476) | (4100000) | 1495438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options |  |  | (59734) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (510326) | (549156) | (5780486) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options |  |  | (86941) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 990423 | (87551) | 366154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 175147 |  | 1100883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | (851) |  | 118132 |
|  **Net realized and unrealized gain (loss)** | (1224059) | (2439737) | 4422755 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $22289856 | $5107933 | $57688829 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Service** | **Class R** | **Class A** | **Class C** | **Adminstration** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Enhanced Income Fund | $16153 | $— | $69 | $— | $12922 | $— | $1168 | $69142 | $11 | $2209 | $846 | $— | $111929 |
|  Inflation Protected Securities Fund | 65057 | 5721 |  | 92402 | 31227 | 915 |  | 15807 |  | 31659 | 24156 | 22177 | 4372 |
|  Short Duration Bond Fund | 184441 | 10655 |  | 158 | 88532 | 1705 |  | 61502 |  | 41340 | 1900 | 38 | 313753 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) Class specific Shareholder Administration fees is as follows:

---

| | | |
|:---|:---|:---|
|  | **Shareholder Administration Fees** | **Shareholder Administration Fees** |
| **Fund** | **Administration** | **Service** |
|  Enhanced Income Fund | $7300 | $69 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **52** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations (continued) *For the Fiscal Year Ended March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Short<br>Duration<br>Government<br>Fund** | **Short-Term<br>Conservative<br>Income**<br> **Fund** | **U.S.<br>Mortgages<br>Fund** |
| Investment Income: |  |  |  |
|  Interest | $17425234 | $96061433 | $7555173 |
|  Dividends — affiliated issuers | 449253 | 3822047 | 175110 |
|  **Total investment income** | 17874487 | 99883480 | 7730283 |
| Expenses: |  |  |  |
|  Management fees | 2061351 | 5523554 | 618173 |
|  Transfer Agency fees<sup>(a)</sup> | 219481 | 1178490 | 92840 |
|  Custody, accounting and administrative services | 183058 | 193962 | 95328 |
|  Distribution and Service (12b-1) fees<sup>(a)</sup> | 172905 | 168027 | 30360 |
|  Professional fees | 128896 | 138149 | 128322 |
|  Registration fees | 107410 | 153660 | 77538 |
|  Shareholder Administration fees<sup>(b)</sup> | 34941 |  | 4040 |
|  Trustee fees | 28076 | 31633 | 27484 |
|  Printing and mailing costs | 17924 | 107793 | 18181 |
|  Service fees — Class C | 6299 |  |  |
|  Other | 22962 | 87484 | 23106 |
|  **Total expenses** | 2983303 | 7582752 | 1115372 |
|  Less — expense reductions | (496232) | (1890600) | (243012) |
|  **Net expenses** | 2487071 | 5692152 | 872360 |
|  **NET INVESTMENT INCOME** | 15387416 | 94191328 | 6857923 |
| Realized and unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (738876) | 4797069 | 667802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options |  |  | (1903) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (858842) |  | (144061) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options |  |  | 3677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (524417) |  | (267432) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts |  |  | (24162) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  |  | 370 |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 2715220 | (3238277) | (618302) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1095034) |  | 184865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 675567 |  | 228792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts |  |  | 24251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation |  |  | 292 |
|  **Net realized and unrealized gain** | 173618 | 1558792 | 54189 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $15561034 | $95750120 | $6912112 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Distribution and/or Service (12b-1) Fees | Distribution and/or Service (12b-1) Fees | Distribution and/or Service (12b-1) Fees | Distribution and/or Service (12b-1) Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees |
| **Fund** | **Class A** | **Class C** | **Service** | **Class R** | **Class A** | **Class C** | **Institutional** | **Separate<br>Account<br>Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Short Duration Government Fund | $119067 | $18897 | $34941 | $— | $57152 | $3024 | $71063 | $— | $5591 | $19518 | $3990 | $— | $59143 |
|  Short-Term Conservative Income Fund | 168027 |  |  |  | 134421 |  | 330113 |  |  | 443093 | 33646 |  | 237217 |
|  U.S. Mortgages Fund | 21978 |  | 4040 | 4342 | 10549 |  | 21510 | 21861 | 646 | 32084 | 3585 | 1042 | 1563 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) Class specific Shareholder Administration fees is as follows:

---

| | |
|:---|:---|
|  | **Shareholder Administration Fees** |
| **Fund** | **Service** |
|  Short Duration Government Fund | $34941 |
|  U.S. Mortgages Fund | &nbsp;&nbsp;&nbsp;&nbsp;4040 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **53** |

---

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Enhanced Income Fund** | **Enhanced Income Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** |
|  | **For the Fiscal<br>Year Ended<br>March 31, 2026** | **For the Fiscal<br>Year Ended<br>March 31, 2025** | **For the Fiscal<br>Year Ended<br>March 31, 2026** | **For the Fiscal<br>Year Ended<br>March 31, 2025** |
| From operations: |  |  |  |  |
|  Net investment income | $23513915 | $22648587 | $7547670 | $10787430 |
|  Net realized gain (loss) | (1768976) | (1274376) | 2296970 | (1613166) |
|  Net change in unrealized gain (loss) | 544917 | 7180897 | (4736707) | 4240464 |
|  **Net increase in net assets resulting from operations** | 22289856 | 28555108 | 5107933 | 13414728 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (419271) | (413028) | (971976) | (1139491) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares |  |  | (22635) | (38085) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Shares | (113384) | (153598) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (7120747) | (7061553) | (1549074) | (2179654) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (997) | (6717) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (74867) | (107828) | (1001050) | (614844) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (116583) | (120295) | (3223436) | (4566682) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares |  |  | (637161) | (698225) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (15434720) | (14871025) | (581091) | (643324) |
|  Return of capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (3502) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Shares | (947) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (59476) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (8) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (625) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (974) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (128919) |  |  |  |
|  **Total distributions to shareholders** | (23475020) | (22734044) | (7986423) | (9880305) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 109896694 | 206446032 | 88341410 | 98259721 |
|  Reinvestment of distributions | 23418306 | 22637799 | 7562117 | 8764502 |
|  Cost of shares redeemed | (243158530) | (161398449) | (78845310) | (143517060) |
|  **Net increase (decrease) in net assets resulting from share transactions** | (109843530) | 67685382 | 17058217 | (36492837) |
|  **TOTAL INCREASE (DECREASE)** | (111028694) | 73506446 | 14179727 | (32958414) |
| Net assets: |  |  |  |  |
|  Beginning of year | 597971699 | 524465253 | 213209370 | 246167784 |
|  End of year | $486943005 | $597971699 | $227389097 | $213209370 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **54** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short Duration Bond Fund** | **Short Duration Bond Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** |
|  | **For the Fiscal<br>Year Ended<br>March 31, 2026** | **For the Fiscal<br>Year Ended<br>March 31, 2025** | **For the Fiscal<br>Year Ended<br>March 31, 2026** | **For the Fiscal<br>Year Ended<br>March 31, 2025** |
| From operations: |  |  |  |  |
|  Net investment income | $&nbsp;&nbsp;&nbsp;&nbsp;53266074 | $&nbsp;&nbsp;&nbsp;&nbsp;49800159 | $&nbsp;&nbsp;&nbsp;&nbsp;15387416 | $&nbsp;&nbsp;&nbsp;&nbsp;14334402 |
|  Net realized gain (loss) | 7269309 | 3666347 | (2122135) | (1496185) |
|  Net change in unrealized gain (loss) | (2846554) | 20388532 | 2295753 | 10091579 |
|  **Net increase in net assets resulting from operations** | 57688829 | 73855038 | 15561034 | 22929796 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (2983700) | (2077968) | (1429413) | (1381180) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (51644) | (63904) | (65548) | (76839) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (6653029) | (5884169) | (5919237) | (6677998) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares |  |  | (395787) | (403350) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (1477815) | (1471215) | (529058) | (779744) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (274874) | (246640) | (444928) | (422239) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (1194) | (30809) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (45385951) | (41377813) | (6598746) | (4674927) |
|  **Total distributions to shareholders** | (56828207) | (51152518) | (15382717) | (14416277) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 410459821 | 419640225 | 235546774 | 99155628 |
|  Reinvestment of distributions | 56133437 | 50741970 | 13940455 | 13015249 |
|  Cost of shares redeemed | (403978327) | (456575304) | (186667463) | (161771631) |
|  **Net increase (decrease) in net assets resulting from share transactions** | 62614931 | 13806891 | 62819766 | (49600754) |
|  **TOTAL INCREASE (DECREASE)** | 63475553 | 36509411 | 62998083 | (41087235) |
| Net assets: |  |  |  |  |
|  Beginning of year | 1271413697 | 1234904286 | 437738708 | 478825943 |
|  End of year | $1334889250 | $1271413697 | $500736791 | $437738708 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **55** |

---

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** |
|  | **For the Fiscal<br>Year Ended<br>March 31, 2026** | **For the Fiscal<br>Year Ended<br>March 31, 2025** | **For the Fiscal<br>Year Ended<br>March 31, 2026** | **For the Fiscal<br>Year Ended<br>March 31, 2025** |
| From operations: |  |  |  |  |
|  Net investment income | $94191328 | $97921099 | $6857923 | $7141007 |
|  Net realized gain (loss) | 4797069 | 6979957 | 234291 | (807597) |
|  Net change in unrealized gain (loss) | (3238277) | (1562174) | (180102) | 2995190 |
|  **Net increase in net assets resulting from operations** | 95750120 | 103338882 | 6912112 | 9328600 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (4549007) | (3290463) | (311641) | (319229) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (35725203) | (40507212) | (2149641) | (1794048) |
| &nbsp;&nbsp;&nbsp;&nbsp; Separate Account Institutional Shares |  |  | (2923388) | (3618723) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares<sup>(a)</sup> |  |  | (54537) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (15652388) | (14386362) | (1045328) | (1196081) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (4863509) | (6209435) | (477343) | (449558) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares<sup>(a)</sup> |  |  | (26445) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (34208487) | (33337226) | (197792) | (179160) |
|  Return of capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares |  |  | (1762) | (2301) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (12157) | (12931) |
| &nbsp;&nbsp;&nbsp;&nbsp; Separate Account Institutional Shares |  |  | (16532) | (26082) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares<sup>(a)</sup> |  |  | (308) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  |  | (5912) | (8621) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares |  |  | (2699) | (3240) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares<sup>(a)</sup> |  |  | (150) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares |  |  | (1119) | (1291) |
|  **Total distributions to shareholders** | (94998594) | (97730698) | (7226754) | (7611265) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 1550288655 | 1022438445 | 44671506 | 29776954 |
|  Proceeds received in connection with merger |  |  | 120487221 |  |
|  Reinvestment of distributions | 93980635 | 96643867 | 6473480 | 6970304 |
|  Cost of shares redeemed | (1644939889) | (1063335773) | (51370221) | (55805149) |
|  **Net increase (decrease) in net assets resulting from share transactions** | (670599) | 55746539 | 120261986 | (19057891) |
|  **TOTAL INCREASE (DECREASE)** | 80927 | 61354723 | 119947344 | (17340556) |
| Net assets: |  |  |  |  |
|  Beginning of year | 2029284313 | 1967929590 | 174083570 | 191424126 |
|  End of year | $2029365240 | $2029284313 | $294030914 | $174083570 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on February 20, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **56** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.56 | $9.46 | $9.25 | $9.37 | $9.56 |
|  Net investment income<sup>(a)</sup> | 0.38 | 0.37 | 0.31 | 0.15 | 0.04 |
|  Net realized and unrealized gain (loss) | (0.02) | 0.10 | 0.21 | (0.05) | (0.18) |
|  Total from investment operations | 0.36 | 0.47 | 0.52 | 0.10 | (0.14) |
|  Distributions to shareholders from net investment income | (0.38) | (0.37) | (0.31) | (0.16) | (0.05) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.05) |  |
|  Distributions to shareholders from return of capital | — <sup>(b)</sup> |  | — <sup>(b)</sup> | (0.01) |  |
|  Total distributions | (0.38) | (0.37) | (0.31) | (0.22) | (0.05) |
|  Net asset value, end of year | $9.54 | $9.56 | $9.46 | $9.25 | $9.37 |
|  **Total return<sup>(c)</sup>** | 3.67% | 5.20% | 5.65% | 1.14% | (1.48)% |
|  Net assets, end of year (in 000s) | $10708 | $10830 | $11649 | $13575 | $25272 |
|  Ratio of net expenses to average net assets | 0.58% | 0.58% | 0.58% | 0.58% | 0.57% |
|  Ratio of total expenses to average net assets | 0.60% | 0.60% | 0.63% | 0.60% | 0.58% |
|  Ratio of net investment income to average net assets | 3.93% | 3.90% | 3.29% | 1.67% | 0.46% |
|  Portfolio turnover rate<sup>(d)</sup> | 65% | 43% | 23% | 25% | 17% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **57** |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** |
|  | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** | **Administration Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.58 | $9.47 | $9.26 | $9.38 | $9.57 |
|  Net investment income<sup>(a)</sup> | 0.38 | 0.37 | 0.31 | 0.16 | 0.04 |
|  Net realized and unrealized gain (loss) | (0.04) | 0.11 | 0.20 | (0.06) | (0.18) |
|  Total from investment operations | 0.34 | 0.48 | 0.51 | 0.10 | (0.14) |
|  Distributions to shareholders from net investment income | (0.37) | (0.37) | (0.30) | (0.16) | (0.05) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.05) |  |
|  Distributions to shareholders from return of capital | — <sup>(b)</sup> |  | — <sup>(b)</sup> | (0.01) |  |
|  Total distributions | (0.37) | (0.37) | (0.30) | (0.22) | (0.05) |
|  Net asset value, end of year | $9.55 | $9.58 | $9.47 | $9.26 | $9.38 |
|  **Total return<sup>(c)</sup>** | 3.65% | 5.18% | 5.62% | 1.12% | (1.50)% |
|  Net assets, end of year (in 000s) | $2501 | $3098 | $5403 | $4992 | $4934 |
|  Ratio of net expenses to average net assets | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
|  Ratio of total expenses to average net assets | 0.63% | 0.62% | 0.65% | 0.63% | 0.60% |
|  Ratio of net investment income to average net assets | 3.92% | 3.87% | 3.28% | 1.74% | 0.39% |
|  Portfolio turnover rate<sup>(d)</sup> | 65% | 43% | 23% | 25% | 17% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **58** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.55 | $9.44 | $9.24 | $9.36 | $9.55 |
|  Net investment income<sup>(a)</sup> | 0.40 | 0.39 | 0.33 | 0.17 | 0.06 |
|  Net realized and unrealized gain (loss) | (0.02) | 0.11 | 0.20 | (0.05) | (0.16) |
|  Total from investment operations | 0.38 | 0.50 | 0.53 | 0.12 | (0.10) |
|  Distributions to shareholders from net investment income | (0.40) | (0.39) | (0.33) | (0.18) | (0.09) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.05) |  |
|  Distributions to shareholders from return of capital | — <sup>(b)</sup> |  | — <sup>(b)</sup> | (0.01) |  |
|  Total distributions | (0.40) | (0.39) | (0.33) | (0.24) | (0.09) |
|  Net asset value, end of year | $9.53 | $9.55 | $9.44 | $9.24 | $9.36 |
|  **Total return<sup>(c)</sup>** | 4.02% | 5.44% | 5.78% | 1.37% | (1.26)% |
|  Net assets, end of year (in 000s) | $125825 | $172687 | $175291 | $242734 | $408324 |
|  Ratio of net expenses to average net assets | 0.35% | 0.35% | 0.35% | 0.35% | 0.34% |
|  Ratio of total expenses to average net assets | 0.38% | 0.37% | 0.40% | 0.37% | 0.35% |
|  Ratio of net investment income to average net assets | 4.16% | 4.14% | 3.50% | 1.83% | 0.68% |
|  Portfolio turnover rate<sup>(d)</sup> | 65% | 43% | 23% | 25% | 17% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **59** |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Period Ended<br>March 31, 2022<sup>(a)</sup>** |
|  | <br> **2026** | <br> **2025** | <br> **2024** | <br> **2023** | **Period Ended<br>March 31, 2022<sup>(a)</sup>** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of period | $9.55 | $9.45 | $9.24 | $9.35 | $9.49 |
|  Net investment income<sup>(b)</sup> | 0.35 | 0.34 | 0.28 | 0.18 | 0.01 |
|  Net realized and unrealized gain (loss) | (0.02) | 0.11 | 0.21 | (0.09) | (0.15) |
|  Total from investment operations | 0.33 | 0.45 | 0.49 | 0.09 | (0.14) |
|  Distributions to shareholders from net investment income | (0.35) | (0.35) | (0.28) | (0.15) | — <sup>(c)</sup> |
|  Distributions to shareholders from net realized gains |  |  |  | (0.05) |  |
|  Distributions to shareholders from return of capital | — <sup>(d)</sup> |  | — <sup>(d)</sup> | — <sup>(d)</sup> |  |
|  Total distributions | (0.35) | (0.35) | (0.28) | (0.20) | — <sup>(c)</sup> |
|  Net asset value, end of period | $9.53 | $9.55 | $9.45 | $9.24 | $9.35 |
|  **Total return<sup>(e)</sup>** | 3.50% | 4.81% | 5.37% | 0.87% | (1.23)% |
|  Net assets, end of period (in 000s) | $27 | $28 | $284 | $275 | $28 |
|  Ratio of net expenses to average net assets | 0.85% | 0.85% | 0.85% | 0.85% | 0.85 %<sup>(f)</sup> |
|  Ratio of total expenses to average net assets | 0.87% | 0.87% | 0.90% | 0.89% | 0.85 %<sup>(f)</sup> |
|  Ratio of net investment income to average net assets | 3.66% | 3.58% | 3.03% | 1.98% | 0.22 %<sup>(f)</sup> |
|  Portfolio turnover rate<sup>(g)</sup> | 65% | 43% | 23% | 25% | 17% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on December 10, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **60** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.54 | $9.44 | $9.23 | $9.35 | $9.54 |
|  Net investment income<sup>(a)</sup> | 0.39 | 0.38 | 0.31 | 0.17 | 0.06 |
|  Net realized and unrealized gain (loss) | (0.02) | 0.11 | 0.22 | (0.05) | (0.17) |
|  Total from investment operations | 0.37 | 0.49 | 0.53 | 0.12 | (0.11) |
|  Distributions to shareholders from net investment income | (0.39) | (0.39) | (0.32) | (0.18) | (0.08) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.05) |  |
|  Distributions to shareholders from return of capital | — <sup>(b)</sup> |  | — <sup>(b)</sup> | (0.01) |  |
|  Total distributions | (0.39) | (0.39) | (0.32) | (0.24) | (0.08) |
|  Net asset value, end of year | $9.52 | $9.54 | $9.44 | $9.23 | $9.35 |
|  **Total return<sup>(c)</sup>** | 3.93% | 5.25% | 5.81% | 1.29% | (1.34)% |
|  Net assets, end of year (in 000s) | $1267 | $2321 | $3499 | $8894 | $11980 |
|  Ratio of net expenses to average net assets | 0.43% | 0.43% | 0.43% | 0.43% | 0.42% |
|  Ratio of total expenses to average net assets | 0.46% | 0.45% | 0.48% | 0.46% | 0.43% |
|  Ratio of net investment income to average net assets | 4.11% | 4.04% | 3.38% | 1.86% | 0.60% |
|  Portfolio turnover rate<sup>(d)</sup> | 65% | 43% | 23% | 25% | 17% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **61** |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.55 | $9.45 | $9.24 | $9.36 | $9.55 |
|  Net investment income<sup>(a)</sup> | 0.40 | 0.39 | 0.33 | 0.17 | 0.06 |
|  Net realized and unrealized gain (loss) | (0.02) | 0.11 | 0.21 | (0.04) | (0.17) |
|  Total from investment operations | 0.38 | 0.50 | 0.54 | 0.13 | (0.11) |
|  Distributions to shareholders from net investment income | (0.40) | (0.40) | (0.33) | (0.19) | (0.08) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.05) |  |
|  Distributions to shareholders from return of capital | — <sup>(b)</sup> |  | — <sup>(b)</sup> | (0.01) |  |
|  Total distributions | (0.40) | (0.40) | (0.33) | (0.25) | (0.08) |
|  Net asset value, end of year | $9.53 | $9.55 | $9.45 | $9.24 | $9.36 |
|  **Total return<sup>(c)</sup>** | 4.03% | 5.34% | 5.90% | 1.38% | (1.25)% |
|  Net assets, end of year (in 000s) | $2630 | $2859 | $2912 | $6539 | $14426 |
|  Ratio of net expenses to average net assets | 0.34% | 0.34% | 0.34% | 0.34% | 0.33% |
|  Ratio of total expenses to average net assets | 0.36% | 0.36% | 0.39% | 0.36% | 0.34% |
|  Ratio of net investment income to average net assets | 4.17% | 4.14% | 3.49% | 1.87% | 0.66% |
|  Portfolio turnover rate<sup>(d)</sup> | 65% | 43% | 23% | 25% | 17% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **62** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** | **Enhanced Income Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.55 | $9.44 | $9.24 | $9.36 | $9.55 |
|  Net investment income<sup>(a)</sup> | 0.40 | 0.40 | 0.33 | 0.18 | 0.07 |
|  Net realized and unrealized gain (loss) | (0.02) | 0.11 | 0.20 | (0.05) | (0.18) |
|  Total from investment operations | 0.38 | 0.51 | 0.53 | 0.13 | (0.11) |
|  Distributions to shareholders from net investment income | (0.40) | (0.40) | (0.33) | (0.19) | (0.08) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.05) |  |
|  Distributions to shareholders from return of capital | — <sup>(b)</sup> |  | — <sup>(b)</sup> | (0.01) |  |
|  Total distributions | (0.40) | (0.40) | (0.33) | (0.25) | (0.08) |
|  Net asset value, end of year | $9.53 | $9.55 | $9.44 | $9.24 | $9.36 |
|  **Total return<sup>(c)</sup>** | 4.03% | 5.45% | 5.79% | 1.38% | (1.25)% |
|  Net assets, end of year (in 000s) | $343985 | $406150 | $325427 | $337021 | $593178 |
|  Ratio of net expenses to average net assets | 0.34% | 0.34% | 0.34% | 0.34% | 0.33% |
|  Ratio of total expenses to average net assets | 0.36% | 0.36% | 0.38% | 0.37% | 0.34% |
|  Ratio of net investment income to average net assets | 4.18% | 4.15% | 3.54% | 1.97% | 0.71% |
|  Portfolio turnover rate<sup>(d)</sup> | 65% | 43% | 23% | 25% | 17% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **63** |

---

------

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.53 | $9.38 | $9.82 | $11.16 | $11.35 |
|  Net investment income<sup>(a)</sup> | 0.33 | 0.41 | 0.35 | 0.54 | 0.57 |
|  Net realized and unrealized gain (loss) | (0.09) | 0.11 | (0.37) | (1.27) | (0.14) |
|  Total from investment operations | 0.24 | 0.52 | (0.02) | (0.73) | 0.43 |
|  Distributions to shareholders from net investment income | (0.35) | (0.37) | (0.40) | (0.58) | (0.52) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.03) | (0.10) |
|  Distributions to shareholders from return of capital |  |  | (0.02) |  |  |
|  Total distributions | (0.35) | (0.37) | (0.42) | (0.61) | (0.62) |
|  Net asset value, end of year | $9.42 | $9.53 | $9.38 | $9.82 | $11.16 |
|  **Total return<sup>(b)</sup>** | 2.59% | 5.67% | (0.17)% | (6.36)% | 3.65% |
|  Net assets, end of year (in 000s) | $24689 | $28472 | $33182 | $43635 | $61867 |
|  Ratio of net expenses to average net assets | 0.67% | 0.67% | 0.68% | 0.67% | 0.67% |
|  Ratio of total expenses to average net assets | 0.83% | 0.82% | 0.79% | 0.74% | 0.71% |
|  Ratio of net investment income to average net assets | 3.51% | 4.35% | 3.64% | 5.32% | 4.89% |
|  Portfolio turnover rate<sup>(c)</sup> | 221% | 222% | 165% | 38% | 62% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **64** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.29 | $9.15 | $9.57 | $10.89 | $11.12 |
|  Net investment income<sup>(a)</sup> | 0.26 | 0.35 | 0.27 | 0.45 | 0.45 |
|  Net realized and unrealized gain (loss) | (0.09) | 0.08 | (0.36) | (1.23) | (0.12) |
|  Total from investment operations | 0.17 | 0.43 | (0.09) | (0.78) | 0.33 |
|  Distributions to shareholders from net investment income | (0.28) | (0.29) | (0.31) | (0.51) | (0.46) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.03) | (0.10) |
|  Distributions to shareholders from return of capital |  |  | (0.02) |  |  |
|  Total distributions | (0.28) | (0.29) | (0.33) | (0.54) | (0.56) |
|  Net asset value, end of year | $9.18 | $9.29 | $9.15 | $9.57 | $10.89 |
|  **Total return<sup>(b)</sup>** | 1.82% | 4.80% | (0.86)% | (7.12)% | 2.91% |
|  Net assets, end of year (in 000s) | $660 | $842 | $1584 | $3498 | $4327 |
|  Ratio of net expenses to average net assets | 1.42% | 1.42% | 1.43% | 1.42% | 1.42% |
|  Ratio of total expenses to average net assets | 1.58% | 1.57% | 1.54% | 1.49% | 1.46% |
|  Ratio of net investment income to average net assets | 2.86% | 3.82% | 2.94% | 4.58% | 4.00% |
|  Portfolio turnover rate<sup>(c)</sup> | 221% | 222% | 165% | 38% | 62% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **65** |

---

------

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.69 | $9.53 | $9.97 | $11.31 | $11.50 |
|  Net investment income<sup>(a)</sup> | 0.38 | 0.44 | 0.39 | 0.62 | 0.61 |
|  Net realized and unrealized gain (loss) | (0.10) | 0.12 | (0.38) | (1.32) | (0.14) |
|  Total from investment operations | 0.28 | 0.56 | 0.01 | (0.70) | 0.47 |
|  Distributions to shareholders from net investment income | (0.39) | (0.40) | (0.43) | (0.61) | (0.56) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.03) | (0.10) |
|  Distributions to shareholders from return of capital |  |  | (0.02) |  |  |
|  Total distributions | (0.39) | (0.40) | (0.45) | (0.64) | (0.66) |
|  Net asset value, end of year | $9.58 | $9.69 | $9.53 | $9.97 | $11.31 |
|  **Total return<sup>(b)</sup>** | 2.89% | 6.04% | 0.16% | (6.05)% | 4.04% |
|  Net assets, end of year (in 000s) | $35570 | $55757 | $45678 | $86504 | $170776 |
|  Ratio of net expenses to average net assets | 0.34% | 0.34% | 0.35% | 0.34% | 0.34% |
|  Ratio of total expenses to average net assets | 0.50% | 0.49% | 0.46% | 0.41% | 0.38% |
|  Ratio of net investment income to average net assets | 3.92% | 4.57% | 4.01% | 6.06% | 5.16% |
|  Portfolio turnover rate<sup>(c)</sup> | 221% | 222% | 165% | 38% | 62% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **66** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.61 | $9.46 | $9.89 | $11.24 | $11.43 |
|  Net investment income<sup>(a)</sup> | 0.31 | 0.44 | 0.38 | 0.61 | 0.60 |
|  Net realized and unrealized gain (loss) | (0.04) | 0.10 | (0.37) | (1.33) | (0.14) |
|  Total from investment operations | 0.27 | 0.54 | 0.01 | (0.72) | 0.46 |
|  Distributions to shareholders from net investment income | (0.38) | (0.39) | (0.42) | (0.60) | (0.55) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.03) | (0.10) |
|  Distributions to shareholders from return of capital |  |  | (0.02) |  |  |
|  Total distributions | (0.38) | (0.39) | (0.44) | (0.63) | (0.65) |
|  Net asset value, end of year | $9.50 | $9.61 | $9.46 | $9.89 | $11.24 |
|  **Total return<sup>(b)</sup>** | 2.85% | 5.88% | 0.17% | (6.17)% | 3.90% |
|  Net assets, end of year (in 000s) | $52476 | $13658 | $17699 | $43039 | $77500 |
|  Ratio of net expenses to average net assets | 0.42% | 0.42% | 0.43% | 0.42% | 0.42% |
|  Ratio of total expenses to average net assets | 0.54% | 0.57% | 0.54% | 0.49% | 0.46% |
|  Ratio of net investment income to average net assets | 3.22% | 4.67% | 4.00% | 5.98% | 5.16% |
|  Portfolio turnover rate<sup>(c)</sup> | 221% | 222% | 165% | 38% | 62% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **67** |

---

------

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.68 | $9.52 | $9.96 | $11.30 | $11.50 |
|  Net investment income<sup>(a)</sup> | 0.37 | 0.43 | 0.37 | 0.56 | 0.60 |
|  Net realized and unrealized gain (loss) | (0.09) | 0.13 | (0.36) | (1.26) | (0.14) |
|  Total from investment operations | 0.28 | 0.56 | 0.01 | (0.70) | 0.46 |
|  Distributions to shareholders from net investment income | (0.39) | (0.40) | (0.43) | (0.61) | (0.56) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.03) | (0.10) |
|  Distributions to shareholders from return of capital |  |  | (0.02) |  |  |
|  Total distributions | (0.39) | (0.40) | (0.45) | (0.64) | (0.66) |
|  Net asset value, end of year | $9.57 | $9.68 | $9.52 | $9.96 | $11.30 |
|  **Total return<sup>(b)</sup>** | 2.90% | 6.06% | 0.17% | (6.02)% | 3.96% |
|  Net assets, end of year (in 000s) | $80600 | $80457 | $115887 | $147866 | $150116 |
|  Ratio of net expenses to average net assets | 0.33% | 0.33% | 0.34% | 0.33% | 0.33% |
|  Ratio of total expenses to average net assets | 0.48% | 0.48% | 0.45% | 0.40% | 0.37% |
|  Ratio of net investment income to average net assets | 3.81% | 4.47% | 3.88% | 5.50% | 5.14% |
|  Portfolio turnover rate<sup>(c)</sup> | 221% | 222% | 165% | 38% | 62% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **68** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.47 | $9.32 | $9.76 | $11.09 | $11.29 |
|  Net investment income<sup>(a)</sup> | 0.30 | 0.36 | 0.31 | 0.49 | 0.53 |
|  Net realized and unrealized gain (loss) | (0.09) | 0.14 | (0.36) | (1.24) | (0.13) |
|  Total from investment operations | 0.21 | 0.50 | (0.05) | (0.75) | 0.40 |
|  Distributions to shareholders from net investment income | (0.33) | (0.35) | (0.37) | (0.55) | (0.50) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.03) | (0.10) |
|  Distributions to shareholders from return of capital |  |  | (0.02) |  |  |
|  Total distributions | (0.33) | (0.35) | (0.39) | (0.58) | (0.60) |
|  Net asset value, end of year | $9.35 | $9.47 | $9.32 | $9.76 | $11.09 |
|  **Total return<sup>(b)</sup>** | 2.25% | 5.47% | (0.41)% | (6.63)% | 3.45% |
|  Net assets, end of year (in 000s) | $18217 | $19023 | $15553 | $16584 | $18525 |
|  Ratio of net expenses to average net assets | 0.92% | 0.92% | 0.93% | 0.92% | 0.92% |
|  Ratio of total expenses to average net assets | 1.08% | 1.07% | 1.04% | 0.99% | 0.96% |
|  Ratio of net investment income to average net assets | 3.22% | 3.89% | 3.29% | 4.88% | 4.63% |
|  Portfolio turnover rate<sup>(c)</sup> | 221% | 222% | 165% | 38% | 62% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **69** |

---

------

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.69 | $9.53 | $9.96 | $11.31 | $11.50 |
|  Net investment income<sup>(a)</sup> | 0.37 | 0.44 | 0.39 | 0.58 | 0.60 |
|  Net realized and unrealized gain (loss) | (0.09) | 0.12 | (0.37) | (1.29) | (0.13) |
|  Total from investment operations | 0.28 | 0.56 | 0.02 | (0.71) | 0.47 |
|  Distributions to shareholders from net investment income | (0.39) | (0.40) | (0.43) | (0.61) | (0.56) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.03) | (0.10) |
|  Distributions to shareholders from return of capital |  |  | (0.02) |  |  |
|  Total distributions | (0.39) | (0.40) | (0.45) | (0.64) | (0.66) |
|  Net asset value, end of year | $9.58 | $9.69 | $9.53 | $9.96 | $11.31 |
|  **Total return<sup>(b)</sup>** | 2.90% | 6.05% | 0.27% | (6.11)% | 4.05% |
|  Net assets, end of year (in 000s) | $15176 | $15000 | $16584 | $26552 | $35167 |
|  Ratio of net expenses to average net assets | 0.33% | 0.33% | 0.34% | 0.33% | 0.33% |
|  Ratio of total expenses to average net assets | 0.48% | 0.48% | 0.45% | 0.40% | 0.37% |
|  Ratio of net investment income to average net assets | 3.80% | 4.59% | 4.01% | 5.69% | 5.15% |
|  Portfolio turnover rate<sup>(c)</sup> | 221% | 222% | 165% | 38% | 62% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **70** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration Bond Fund** | **Short Duration Bond Fund** | **Short Duration Bond Fund** | **Short Duration Bond Fund** | **Short Duration Bond Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.75 | $9.57 | $9.44 | $9.72 | $10.15 |
|  Net investment income<sup>(a)</sup> | 0.37 | 0.36 | 0.28 | 0.20 | 0.06 |
|  Net realized and unrealized gain (loss) | 0.04 | 0.19 | 0.14 | (0.26) | (0.38) |
|  Total from investment operations | 0.41 | 0.55 | 0.42 | (0.06) | (0.32) |
|  Distributions to shareholders from net investment income | (0.40) | (0.37) | (0.29) | (0.13) | (0.07) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.01) |
|  Distributions to shareholders from return of capital |  |  |  | (0.09) | (0.03) |
|  Total distributions | (0.40) | (0.37) | (0.29) | (0.22) | (0.11) |
|  Net asset value, end of year | $9.76 | $9.75 | $9.57 | $9.44 | $9.72 |
|  **Total return<sup>(b)</sup>** | 4.22% | 5.81% | 4.55% | (0.63)% | (3.24)% |
|  Net assets, end of year (in 000s) | $88905 | $63790 | $47737 | $48018 | $64658 |
|  Ratio of net expenses to average net assets | 0.72% | 0.75% | 0.75% | 0.74% | 0.73% |
|  Ratio of total expenses to average net assets | 0.82% | 0.81% | 0.81% | 0.80% | 0.78% |
|  Ratio of net investment income to average net assets | 3.77% | 3.69% | 3.01% | 2.10% | 0.59% |
|  Portfolio turnover rate<sup>(c)</sup> | 141% | 227% | 286% | 181% | 240% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **71** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration Bond Fund** | **Short Duration Bond Fund** | **Short Duration Bond Fund** | **Short Duration Bond Fund** | **Short Duration Bond Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.74 | $9.57 | $9.44 | $9.72 | $10.15 |
|  Net investment income<sup>(a)</sup> | 0.33 | 0.32 | 0.25 | 0.16 | 0.02 |
|  Net realized and unrealized gain (loss) | 0.04 | 0.18 | 0.14 | (0.26) | (0.38) |
|  Total from investment operations | 0.37 | 0.50 | 0.39 | (0.10) | (0.36) |
|  Distributions to shareholders from net investment income | (0.36) | (0.33) | (0.26) | (0.10) | (0.04) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.01) |
|  Distributions to shareholders from return of capital |  |  |  | (0.08) | (0.02) |
|  Total distributions | (0.36) | (0.33) | (0.26) | (0.18) | (0.07) |
|  Net asset value, end of year | $9.75 | $9.74 | $9.57 | $9.44 | $9.72 |
|  **Total return<sup>(b)</sup>** | 3.91% | 5.39% | 4.03% | (1.02)% | (3.63)% |
|  Net assets, end of year (in 000s) | $1143 | $1828 | $1922 | $2810 | $2895 |
|  Ratio of net expenses to average net assets | 1.13% | 1.15% | 1.15% | 1.14% | 1.12% |
|  Ratio of total expenses to average net assets | 1.57% | 1.56% | 1.56% | 1.55% | 1.53% |
|  Ratio of net investment income to average net assets | 3.37% | 3.29% | 2.60% | 1.72% | 0.21% |
|  Portfolio turnover rate<sup>(c)</sup> | 141% | 227% | 286% | 181% | 240% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **72** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration Bond Fund** | **Short Duration Bond Fund** | **Short Duration Bond Fund** | **Short Duration Bond Fund** | **Short Duration Bond Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.76 | $9.59 | $9.46 | $9.74 | $10.17 |
|  Net investment income<sup>(a)</sup> | 0.40 | 0.39 | 0.31 | 0.23 | 0.09 |
|  Net realized and unrealized gain (loss) | 0.05 | 0.18 | 0.14 | (0.26) | (0.38) |
|  Total from investment operations | 0.45 | 0.57 | 0.45 | (0.03) | (0.29) |
|  Distributions to shareholders from net investment income | (0.43) | (0.40) | (0.32) | (0.15) | (0.09) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.01) |
|  Distributions to shareholders from return of capital |  |  |  | (0.10) | (0.04) |
|  Total distributions | (0.43) | (0.40) | (0.32) | (0.25) | (0.14) |
|  Net asset value, end of year | $9.78 | $9.76 | $9.59 | $9.46 | $9.74 |
|  **Total return<sup>(b)</sup>** | 4.62% | 6.14% | 4.76% | (0.31)% | (2.92)% |
|  Net assets, end of year (in 000s) | $149465 | $154771 | $131635 | $150768 | $172910 |
|  Ratio of net expenses to average net assets | 0.43% | 0.44% | 0.44% | 0.43% | 0.41% |
|  Ratio of total expenses to average net assets | 0.49% | 0.48% | 0.48% | 0.47% | 0.45% |
|  Ratio of net investment income to average net assets | 4.06% | 3.99% | 3.32% | 2.46% | 0.89% |
|  Portfolio turnover rate<sup>(c)</sup> | 141% | 227% | 286% | 181% | 240% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **73** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration Bond Fund** | **Short Duration Bond Fund** | **Short Duration Bond Fund** | **Short Duration Bond Fund** | **Short Duration Bond Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.76 | $9.58 | $9.46 | $9.74 | $10.16 |
|  Net investment income<sup>(a)</sup> | 0.40 | 0.38 | 0.31 | 0.24 | 0.09 |
|  Net realized and unrealized gain (loss) | 0.03 | 0.19 | 0.13 | (0.28) | (0.37) |
|  Total from investment operations | 0.43 | 0.57 | 0.44 | (0.04) | (0.28) |
|  Distributions to shareholders from net investment income | (0.42) | (0.39) | (0.32) | (0.14) | (0.09) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.01) |
|  Distributions to shareholders from return of capital |  |  |  | (0.10) | (0.04) |
|  Total distributions | (0.42) | (0.39) | (0.32) | (0.24) | (0.14) |
|  Net asset value, end of year | $9.77 | $9.76 | $9.58 | $9.46 | $9.74 |
|  **Total return<sup>(b)</sup>** | 4.58% | 6.07% | 4.70% | (0.37)% | (2.89)% |
|  Net assets, end of year (in 000s) | $34913 | $34049 | $40149 | $64060 | $23825 |
|  Ratio of net expenses to average net assets | 0.47% | 0.50% | 0.50% | 0.49% | 0.47% |
|  Ratio of total expenses to average net assets | 0.57% | 0.56% | 0.56% | 0.55% | 0.53% |
|  Ratio of net investment income to average net assets | 4.02% | 3.94% | 3.25% | 2.50% | 0.85% |
|  Portfolio turnover rate<sup>(c)</sup> | 141% | 227% | 286% | 181% | 240% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **74** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration Bond Fund** | **Short Duration Bond Fund** | **Short Duration Bond Fund** | **Short Duration Bond Fund** | **Short Duration Bond Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.76 | $9.58 | $9.45 | $9.73 | $10.16 |
|  Net investment income<sup>(a)</sup> | 0.40 | 0.39 | 0.30 | 0.23 | 0.11 |
|  Net realized and unrealized gain (loss) | 0.04 | 0.19 | 0.15 | (0.26) | (0.40) |
|  Total from investment operations | 0.44 | 0.58 | 0.45 | (0.03) | (0.29) |
|  Distributions to shareholders from net investment income | (0.43) | (0.40) | (0.32) | (0.15) | (0.09) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.01) |
|  Distributions to shareholders from return of capital |  |  |  | (0.10) | (0.04) |
|  Total distributions | (0.43) | (0.40) | (0.32) | (0.25) | (0.14) |
|  Net asset value, end of year | $9.77 | $9.76 | $9.58 | $9.45 | $9.73 |
|  **Total return<sup>(b)</sup>** | 4.53% | 6.15% | 4.88% | (0.31)% | (2.92)% |
|  Net assets, end of year (in 000s) | $6809 | $5782 | $6065 | $81479 | $56824 |
|  Ratio of net expenses to average net assets | 0.42% | 0.43% | 0.43% | 0.42% | 0.40% |
|  Ratio of total expenses to average net assets | 0.48% | 0.47% | 0.47% | 0.46% | 0.44% |
|  Ratio of net investment income to average net assets | 4.07% | 4.00% | 3.24% | 2.47% | 1.07% |
|  Portfolio turnover rate<sup>(c)</sup> | 141% | 227% | 286% | 181% | 240% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **75** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration Bond Fund** | **Short Duration Bond Fund** | **Short Duration Bond Fund** | **Short Duration Bond Fund** | **Short Duration Bond Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.77 | $9.59 | $9.46 | $9.74 | $10.16 |
|  Net investment income<sup>(a)</sup> | 0.35 | 0.33 | 0.26 | 0.17 | 0.04 |
|  Net realized and unrealized gain (loss) | 0.03 | 0.19 | 0.14 | (0.26) | (0.38) |
|  Total from investment operations | 0.38 | 0.52 | 0.40 | (0.09) | (0.34) |
|  Distributions to shareholders from net investment income | (0.37) | (0.34) | (0.27) | (0.11) | (0.05) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.01) |
|  Distributions to shareholders from return of capital |  |  |  | (0.08) | (0.02) |
|  Total distributions | (0.37) | (0.34) | (0.27) | (0.19) | (0.08) |
|  Net asset value, end of year | $9.78 | $9.77 | $9.59 | $9.46 | $9.74 |
|  **Total return<sup>(b)</sup>** | 4.06% | 5.54% | 4.30% | (0.87)% | (3.38)% |
|  Net assets, end of year (in 000s) | $32 | $30 | $25 | $30 | $161 |
|  Ratio of net expenses to average net assets | 0.98% | 1.01% | 1.00% | 0.99% | 0.97% |
|  Ratio of total expenses to average net assets | 1.07% | 1.06% | 1.05% | 1.05% | 1.03% |
|  Ratio of net investment income to average net assets | 3.52% | 3.41% | 2.77% | 1.82% | 0.38% |
|  Portfolio turnover rate<sup>(c)</sup> | 141% | 227% | 286% | 181% | 240% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **76** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration Bond Fund** | **Short Duration Bond Fund** | **Short Duration Bond Fund** | **Short Duration Bond Fund** | **Short Duration Bond Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.76 | $9.58 | $9.45 | $9.74 | $10.16 |
|  Net investment income<sup>(a)</sup> | 0.40 | 0.39 | 0.32 | 0.22 | 0.09 |
|  Net realized and unrealized gain (loss) | 0.04 | 0.19 | 0.13 | (0.26) | (0.37) |
|  Total from investment operations | 0.44 | 0.58 | 0.45 | (0.04) | (0.28) |
|  Distributions to shareholders from net investment income | (0.43) | (0.40) | (0.32) | (0.15) | (0.09) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.01) |
|  Distributions to shareholders from return of capital |  |  |  | (0.10) | (0.04) |
|  Total distributions | (0.43) | (0.40) | (0.32) | (0.25) | (0.14) |
|  Net asset value, end of year | $9.77 | $9.76 | $9.58 | $9.45 | $9.74 |
|  **Total return<sup>(b)</sup>** | 4.53% | 6.15% | 4.77% | (0.30)% | (2.82)% |
|  Net assets, end of year (in 000s) | $1053623 | $1011164 | $1007371 | $1104122 | $2148459 |
|  Ratio of net expenses to average net assets | 0.42% | 0.43% | 0.43% | 0.42% | 0.40% |
|  Ratio of total expenses to average net assets | 0.48% | 0.47% | 0.47% | 0.46% | 0.44% |
|  Ratio of net investment income to average net assets | 4.07% | 4.01% | 3.33% | 2.37% | 0.94% |
|  Portfolio turnover rate<sup>(c)</sup> | 141% | 227% | 286% | 181% | 240% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **77** |

---

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.38 | $9.20 | $9.26 | $9.52 | $10.00 |
|  Net investment income (loss)<sup>(a)</sup> | 0.28 | 0.26 | 0.25 | 0.14 | (0.04) |
|  Net realized and unrealized gain (loss) |  | 0.18 | (0.05) | (0.25) | (0.41) |
|  Total from investment operations | 0.28 | 0.44 | 0.20 | (0.11) | (0.45) |
|  Distributions to shareholders from net investment income | (0.28) | (0.26) | (0.26) | (0.15) | (0.03) |
|  Net asset value, end of year | $9.38 | $9.38 | $9.20 | $9.26 | $9.52 |
|  **Total return<sup>(b)</sup>** | 3.04% | 4.77% | 2.26% | (1.22)% | (4.39)% |
|  Net assets, end of year (in 000s) | $47391 | $49316 | $51300 | $60857 | $70980 |
|  Ratio of net expenses to average net assets | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
|  Ratio of total expenses to average net assets | 0.92% | 0.92% | 0.92% | 0.90% | 0.88% |
|  Ratio of net investment income (loss) to average net assets | 3.00% | 2.82% | 2.74% | 1.48% | (0.39)% |
|  Portfolio turnover rate<sup>(c)</sup> | 643% | 913% | 782% | 655% | 466% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **78** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.30 | $9.13 | $9.18 | $9.45 | $9.93 |
|  Net investment income (loss)<sup>(a)</sup> | 0.24 | 0.22 | 0.21 | 0.10 | (0.08) |
|  Net realized and unrealized gain (loss) |  | 0.17 | (0.04) | (0.26) | (0.39) |
|  Total from investment operations | 0.24 | 0.39 | 0.17 | (0.16) | (0.47) |
|  Distributions to shareholders from net investment income | (0.24) | (0.22) | (0.22) | (0.11) | (0.01) |
|  Net asset value, end of year | $9.30 | $9.30 | $9.13 | $9.18 | $9.45 |
|  **Total return<sup>(b)</sup>** | 2.63% | 4.37% | 1.85% | (1.64)% | (4.77)% |
|  Net assets, end of year (in 000s) | $2279 | $2573 | $3783 | $6088 | $8916 |
|  Ratio of net expenses to average net assets | 1.21% | 1.21% | 1.21% | 1.21% | 1.21% |
|  Ratio of total expenses to average net assets | 1.67% | 1.67% | 1.67% | 1.65% | 1.63% |
|  Ratio of net investment income (loss) to average net assets | 2.60% | 2.43% | 2.33% | 1.06% | (0.78)% |
|  Portfolio turnover rate<sup>(c)</sup> | 643% | 913% | 782% | 655% | 466% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **79** |

---

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.34 | $9.17 | $9.23 | $9.49 | $9.97 |
|  Net investment income (loss)<sup>(a)</sup> | 0.31 | 0.29 | 0.28 | 0.17 | (0.01) |
|  Net realized and unrealized gain (loss) |  | 0.17 | (0.06) | (0.25) | (0.41) |
|  Total from investment operations | 0.31 | 0.46 | 0.22 | (0.08) | (0.42) |
|  Distributions to shareholders from net investment income | (0.31) | (0.29) | (0.28) | (0.18) | (0.06) |
|  Net asset value, end of year | $9.34 | $9.34 | $9.17 | $9.23 | $9.49 |
|  **Total return<sup>(b)</sup>** | 3.38% | 5.13% | 2.48% | (0.80)% | (4.09)% |
|  Net assets, end of year (in 000s) | $171112 | $193174 | $215245 | $225558 | $305174 |
|  Ratio of net expenses to average net assets | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
|  Ratio of total expenses to average net assets | 0.59% | 0.59% | 0.59% | 0.57% | 0.55% |
|  Ratio of net investment income (loss) to average net assets | 3.33% | 3.15% | 3.07% | 1.79% | (0.06)% |
|  Portfolio turnover rate<sup>(c)</sup> | 643% | 913% | 782% | 655% | 466% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **80** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.33 | $9.16 | $9.22 | $9.48 | $9.95 |
|  Net investment income (loss)<sup>(a)</sup> | 0.27 | 0.25 | 0.23 | 0.13 | (0.05) |
|  Net realized and unrealized gain (loss) |  | 0.17 | (0.05) | (0.25) | (0.40) |
|  Total from investment operations | 0.27 | 0.42 | 0.18 | (0.12) | (0.45) |
|  Distributions to shareholders from net investment income | (0.27) | (0.25) | (0.24) | (0.14) | (0.02) |
|  Net asset value, end of year | $9.33 | $9.33 | $9.16 | $9.22 | $9.48 |
|  **Total return<sup>(b)</sup>** | 2.87% | 4.61% | 2.08% | (1.40)% | (4.56)% |
|  Net assets, end of year (in 000s) | $13605 | $14822 | $15314 | $18289 | $17521 |
|  Ratio of net expenses to average net assets | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% |
|  Ratio of total expenses to average net assets | 1.09% | 1.09% | 1.09% | 1.07% | 1.05% |
|  Ratio of net investment income (loss) to average net assets | 2.83% | 2.65% | 2.57% | 1.36% | (0.53)% |
|  Portfolio turnover rate<sup>(c)</sup> | 643% | 913% | 782% | 655% | 466% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **81** |

---

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.39 | $9.21 | $9.27 | $9.53 | $10.01 |
|  Net investment income (loss)<sup>(a)</sup> | 0.31 | 0.29 | 0.27 | 0.17 | (0.01) |
|  Net realized and unrealized gain (loss) |  | 0.18 | (0.05) | (0.25) | (0.41) |
|  Total from investment operations | 0.31 | 0.47 | 0.22 | (0.08) | (0.42) |
|  Distributions to shareholders from net investment income | (0.31) | (0.29) | (0.28) | (0.18) | (0.06) |
|  Net asset value, end of year | $9.39 | $9.39 | $9.21 | $9.27 | $9.53 |
|  **Total return<sup>(b)</sup>** | 3.30% | 5.03% | 2.51% | (0.97)% | (4.15)% |
|  Net assets, end of year (in 000s) | $15147 | $16530 | $28339 | $35606 | $27635 |
|  Ratio of net expenses to average net assets | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
|  Ratio of total expenses to average net assets | 0.67% | 0.67% | 0.67% | 0.65% | 0.63% |
|  Ratio of net investment income (loss) to average net assets | 3.25% | 3.07% | 2.98% | 1.83% | (0.13)% |
|  Portfolio turnover rate<sup>(c)</sup> | 643% | 913% | 782% | 655% | 466% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **82** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.35 | $9.17 | $9.23 | $9.49 | $9.97 |
|  Net investment income<sup>(a)</sup> | 0.31 | 0.29 | 0.28 | 0.17 | —<sup>(b)</sup> |
|  Net realized and unrealized gain (loss) |  | 0.18 | (0.05) | (0.25) | (0.41) |
|  Total from investment operations | 0.31 | 0.47 | 0.23 | (0.08) | (0.41) |
|  Distributions to shareholders from net investment income | (0.31) | (0.29) | (0.29) | (0.18) | (0.07) |
|  Net asset value, end of year | $9.35 | $9.35 | $9.17 | $9.23 | $9.49 |
|  **Total return<sup>(c)</sup>** | 3.39% | 5.14% | 2.60% | (0.89)% | (3.98)% |
|  Net assets, end of year (in 000s) | $13843 | $12005 | $15608 | $13995 | $13385 |
|  Ratio of net expenses to average net assets | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
|  Ratio of total expenses to average net assets | 0.57% | 0.58% | 0.58% | 0.56% | 0.54% |
|  Ratio of net investment income (loss) to average net assets | 3.35% | 3.17% | 3.09% | 1.86% | (0.02)% |
|  Portfolio turnover rate<sup>(d)</sup> | 643% | 913% | 782% | 655% | 466% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **83** |

---

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** | **Short Duration Government Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.34 | $9.17 | $9.22 | $9.49 | $9.96 |
|  Net investment income<sup>(a)</sup> | 0.31 | 0.29 | 0.28 | 0.17 | —<sup>(b)</sup> |
|  Net realized and unrealized gain (loss) |  | 0.17 | (0.04) | (0.26) | (0.40) |
|  Total from investment operations | 0.31 | 0.46 | 0.24 | (0.09) | (0.40) |
|  Distributions to shareholders from net investment income | (0.31) | (0.29) | (0.29) | (0.18) | (0.07) |
|  Net asset value, end of year | $9.34 | $9.34 | $9.17 | $9.22 | $9.49 |
|  **Total return<sup>(c)</sup>** | 3.39% | 5.14% | 2.60% | (0.89)% | (4.08)% |
|  Net assets, end of year (in 000s) | $237361 | $149319 | $149238 | $178078 | $246221 |
|  Ratio of net expenses to average net assets | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
|  Ratio of total expenses to average net assets | 0.57% | 0.58% | 0.58% | 0.56% | 0.54% |
|  Ratio of net investment income (loss) to average net assets | 3.35% | 3.16% | 3.08% | 1.83% | (0.03)% |
|  Portfolio turnover rate<sup>(d)</sup> | 643% | 913% | 782% | 655% | 466% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **84** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.10 | $10.07 | $10.02 | $10.01 | $10.07 |
|  Net investment income<sup>(a)</sup> | 0.41 | 0.48 | 0.51 | 0.23 | —<sup>(b)</sup> |
|  Net realized and unrealized gain (loss) |  | 0.03 | 0.05 | 0.02 | (0.05) |
|  Total from investment operations | 0.41 | 0.51 | 0.56 | 0.25 | (0.05) |
|  Distributions to shareholders from net investment income | (0.41) | (0.48) | (0.51) | (0.24) | (0.01) |
|  Net asset value, end of year | $10.10 | $10.10 | $10.07 | $10.02 | $10.01 |
|  **Total return<sup>(c)</sup>** | 4.18% | 5.19% | 5.68% | 2.57% | (0.54)% |
|  Net assets, end of year (in 000s) | $138963 | $89054 | $50595 | $33870 | $50104 |
|  Ratio of net expenses to average net assets | 0.47% | 0.46% | 0.47% | 0.47% | 0.44% |
|  Ratio of total expenses to average net assets | 0.55% | 0.55% | 0.56% | 0.55% | 0.54% |
|  Ratio of net investment income to average net assets | 4.03% | 4.74% | 5.06% | 2.31% | —%<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 115% | 117% | 180% | 86% | 102% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount is less than 0.005% per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **85** |

---

------

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.11 | $10.08 | $10.03 | $10.01 | $10.07 |
|  Net investment income<sup>(a)</sup> | 0.43 | 0.51 | 0.53 | 0.24 | 0.02 |
|  Net realized and unrealized gain (loss) | 0.01 | 0.03 | 0.05 | 0.05 | (0.05) |
|  Total from investment operations | 0.44 | 0.54 | 0.58 | 0.29 | (0.03) |
|  Distributions to shareholders from net investment income | (0.44) | (0.51) | (0.53) | (0.27) | (0.03) |
|  Net asset value, end of year | $10.11 | $10.11 | $10.08 | $10.03 | $10.01 |
|  **Total return<sup>(b)</sup>** | 4.41% | 5.43% | 5.92% | 2.90% | (0.32)% |
|  Net assets, end of year (in 000s) | $603356 | $767057 | $927495 | $950889 | $1954768 |
|  Ratio of net expenses to average net assets | 0.24% | 0.23% | 0.24% | 0.24% | 0.22% |
|  Ratio of total expenses to average net assets | 0.32% | 0.32% | 0.33% | 0.32% | 0.31% |
|  Ratio of net investment income to average net assets | 4.29% | 5.03% | 5.27% | 2.39% | 0.22% |
|  Portfolio turnover rate<sup>(c)</sup> | 115% | 117% | 180% | 86% | 102% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **86** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.11 | $10.08 | $10.02 | $10.01 | $10.07 |
|  Net investment income<sup>(a)</sup> | 0.43 | 0.50 | 0.52 | 0.29 | 0.01 |
|  Net realized and unrealized gain (loss) |  | 0.03 | 0.06 | (0.02) | (0.05) |
|  Total from investment operations | 0.43 | 0.53 | 0.58 | 0.27 | (0.04) |
|  Distributions to shareholders from net investment income | (0.43) | (0.50) | (0.52) | (0.26) | (0.02) |
|  Net asset value, end of year | $10.11 | $10.11 | $10.08 | $10.02 | $10.01 |
|  **Total return<sup>(b)</sup>** | 4.43% | 5.24% | 5.94% | 2.72% | (0.40)% |
|  Net assets, end of year (in 000s) | $381884 | $332776 | $247017 | $248024 | $112830 |
|  Ratio of net expenses to average net assets | 0.32% | 0.31% | 0.32% | 0.32% | 0.30% |
|  Ratio of total expenses to average net assets | 0.40% | 0.40% | 0.41% | 0.40% | 0.39% |
|  Ratio of net investment income to average net assets | 4.20% | 4.92% | 5.20% | 2.89% | 0.15% |
|  Portfolio turnover rate<sup>(c)</sup> | 115% | 117% | 180% | 86% | 102% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **87** |

---

------

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.11 | $10.08 | $10.02 | $10.01 | $10.08 |
|  Net investment income<sup>(a)</sup> | 0.43 | 0.51 | 0.53 | 0.22 | 0.02 |
|  Net realized and unrealized gain (loss) | 0.01 | 0.03 | 0.06 | 0.06 | (0.06) |
|  Total from investment operations | 0.44 | 0.54 | 0.59 | 0.28 | (0.04) |
|  Distributions to shareholders from net investment income | (0.44) | (0.51) | (0.53) | (0.27) | (0.03) |
|  Net asset value, end of year | $10.11 | $10.11 | $10.08 | $10.02 | $10.01 |
|  **Total return<sup>(b)</sup>** | 4.53% | 5.34% | 6.03% | 2.81% | (0.41)% |
|  Net assets, end of year (in 000s) | $113398 | $110806 | $93343 | $72414 | $180045 |
|  Ratio of net expenses to average net assets | 0.23% | 0.22% | 0.23% | 0.23% | 0.21% |
|  Ratio of total expenses to average net assets | 0.31% | 0.31% | 0.32% | 0.31% | 0.30% |
|  Ratio of net investment income to average net assets | 4.30% | 5.01% | 5.29% | 2.22% | 0.24% |
|  Portfolio turnover rate<sup>(c)</sup> | 115% | 117% | 180% | 86% | 102% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **88** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** | **Short-Term Conservative Income Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.10 | $10.07 | $10.02 | $10.00 | $10.07 |
|  Net investment income<sup>(a)</sup> | 0.43 | 0.51 | 0.53 | 0.24 | 0.02 |
|  Net realized and unrealized gain (loss) | 0.01 | 0.03 | 0.05 | 0.05 | (0.06) |
|  Total from investment operations | 0.44 | 0.54 | 0.58 | 0.29 | (0.04) |
|  Distributions to shareholders from net investment income | (0.44) | (0.51) | (0.53) | (0.27) | (0.03) |
|  Net asset value, end of year | $10.10 | $10.10 | $10.07 | $10.02 | $10.00 |
|  **Total return<sup>(b)</sup>** | 4.42% | 5.44% | 5.93% | 2.91% | (0.41)% |
|  Net assets, end of year (in 000s) | $791764 | $729591 | $649480 | $802487 | $1716714 |
|  Ratio of net expenses to average net assets | 0.23% | 0.22% | 0.23% | 0.23% | 0.21% |
|  Ratio of total expenses to average net assets | 0.31% | 0.31% | 0.32% | 0.31% | 0.30% |
|  Ratio of net investment income to average net assets | 4.29% | 5.02% | 5.28% | 2.40% | 0.23% |
|  Portfolio turnover rate<sup>(c)</sup> | 115% | 117% | 180% | 86% | 102% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **89** |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.93 | $8.84 | $9.06 | $9.87 | $10.56 |
|  Net investment income (loss)<sup>(a)</sup> | 0.30 | 0.32 | 0.30 | 0.20 | (0.01) |
|  Net realized and unrealized gain (loss) | 0.15 | 0.12 | (0.20) | (0.77) | (0.57) |
|  Total from investment operations | 0.45 | 0.44 | 0.10 | (0.57) | (0.58) |
|  Distributions to shareholders from net investment income | (0.33) | (0.35) | (0.32) | (0.24) | (0.10) |
|  Distributions to shareholders from return of capital | — <sup>(b)</sup> | — <sup>(b)</sup> |  |  | (0.01) |
|  Total distributions | (0.33) | (0.35) | (0.32) | (0.24) | (0.11) |
|  Net asset value, end of year | $9.05 | $8.93 | $8.84 | $9.06 | $9.87 |
|  **Total return<sup>(c)</sup>** | 5.02% | 5.05% | 1.15% | (5.73)% | (5.48)% |
|  Net assets, end of year (in 000s) | $38378 | $5754 | $14053 | $19159 | $30488 |
|  Ratio of net expenses to average net assets | 0.78% | 0.78% | 0.79% | 0.78% | 0.77% |
|  Ratio of total expenses to average net assets | 0.88% | 0.93% | 0.91% | 0.88% | 0.84% |
|  Ratio of net investment income (loss) to average net assets | 3.36% | 3.66% | 3.35% | 2.12% | (0.08)% |
|  Portfolio turnover rate<sup>(d)</sup> | 1219% | 1896% | 1369% | 1386% | 1,242% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **90** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.96 | $8.87 | $9.08 | $9.89 | $10.58 |
|  Net investment income<sup>(a)</sup> | 0.34 | 0.35 | 0.32 | 0.24 | 0.02 |
|  Net realized and unrealized gain (loss) | 0.13 | 0.12 | (0.18) | (0.78) | (0.57) |
|  Total from investment operations | 0.47 | 0.47 | 0.14 | (0.54) | (0.55) |
|  Distributions to shareholders from net investment income | (0.36) | (0.38) | (0.35) | (0.27) | (0.13) |
|  Distributions to shareholders from return of capital | — <sup>(b)</sup> | — <sup>(b)</sup> |  |  | (0.01) |
|  Total distributions | (0.36) | (0.38) | (0.35) | (0.27) | (0.14) |
|  Net asset value, end of year | $9.07 | $8.96 | $8.87 | $9.08 | $9.89 |
|  **Total return<sup>(c)</sup>** | 5.37% | 5.51% | 1.49% | (5.40)% | (5.24)% |
|  Net assets, end of year (in 000s) | $76301 | $47481 | $41265 | $65787 | $66445 |
|  Ratio of net expenses to average net assets | 0.45% | 0.45% | 0.46% | 0.45% | 0.44% |
|  Ratio of total expenses to average net assets | 0.58% | 0.61% | 0.58% | 0.55% | 0.51% |
|  Ratio of net investment income to average net assets | 3.80% | 3.97% | 3.66% | 2.56% | 0.16% |
|  Portfolio turnover rate<sup>(d)</sup> | 1219% | 1896% | 1369% | 1386% | 1,242% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **91** |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** |
|  | **Separate Account Institutional Shares** | **Separate Account Institutional Shares** | **Separate Account Institutional Shares** | **Separate Account Institutional Shares** | **Separate Account Institutional Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.93 | $8.84 | $9.06 | $9.87 | $10.56 |
|  Net investment income<sup>(a)</sup> | 0.35 | 0.35 | 0.32 | 0.23 | 0.03 |
|  Net realized and unrealized gain (loss) | 0.13 | 0.12 | (0.19) | (0.77) | (0.58) |
|  Total from investment operations | 0.48 | 0.47 | 0.13 | (0.54) | (0.55) |
|  Distributions to shareholders from net investment income | (0.36) | (0.38) | (0.35) | (0.27) | (0.13) |
|  Distributions to shareholders from return of capital | — <sup>(b)</sup> | — <sup>(b)</sup> |  |  | (0.01) |
|  Total distributions | (0.36) | (0.38) | (0.35) | (0.27) | (0.14) |
|  Net asset value, end of year | $9.05 | $8.93 | $8.84 | $9.06 | $9.87 |
|  **Total return<sup>(c)</sup>** | 5.50% | 5.41% | 1.49% | (5.41)% | (5.25)% |
|  Net assets, end of year (in 000s) | $76086 | $77118 | $91446 | $97749 | $115063 |
|  Ratio of net expenses to average net assets | 0.44% | 0.44% | 0.45% | 0.44% | 0.43% |
|  Ratio of total expenses to average net assets | 0.58% | 0.59% | 0.57% | 0.54% | 0.50% |
|  Ratio of net investment income to average net assets | 3.83% | 3.99% | 3.69% | 2.54% | 0.25% |
|  Portfolio turnover rate<sup>(d)</sup> | 1219% | 1896% | 1369% | 1386% | 1,242% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **92** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout The Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **U.S. Mortgages Fund** |
|  | **Service Shares** |
|  | **Period Ended** |
|  | **March 31, 2026<sup>(a)</sup>** |
| Per Share Data |  |
|  Net asset value, beginning of period | $9.20 |
|  Net investment income<sup>(b)</sup> | 0.03 |
|  Net realized and unrealized loss | (0.14) |
|  Total from investment operations | (0.11) |
|  Distributions to shareholders from net investment income | (0.04) |
|  Distributions to shareholders from return of capital | —<sup>(c)</sup> |
|  Total distributions | (0.04) |
|  Net asset value, end of period | $9.05 |
|  **Total return<sup>(d)</sup>** | (1.35)% |
|  Net assets, end of period (in 000s) | $17773 |
|  Ratio of net expenses to average net assets | 0.94%<sup>(e)</sup> |
|  Ratio of total expenses to average net assets | 0.97%<sup>(e)</sup> |
|  Ratio of net investment income to average net assets | 2.94%<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | 1,219% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on February 20, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **93** |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.95 | $8.86 | $9.08 | $9.89 | $10.58 |
|  Net investment income<sup>(a)</sup> | 0.34 | 0.35 | 0.32 | 0.23 | 0.01 |
|  Net realized and unrealized gain (loss) | 0.13 | 0.11 | (0.20) | (0.77) | (0.57) |
|  Total from investment operations | 0.47 | 0.46 | 0.12 | (0.54) | (0.56) |
|  Distributions to shareholders from net investment income | (0.35) | (0.37) | (0.34) | (0.27) | (0.12) |
|  Distributions to shareholders from return of capital | — <sup>(b)</sup> | — <sup>(b)</sup> |  |  | (0.01) |
|  Total distributions | (0.35) | (0.37) | (0.34) | (0.27) | (0.13) |
|  Net asset value, end of year | $9.07 | $8.95 | $8.86 | $9.08 | $9.89 |
|  **Total return<sup>(c)</sup>** | 5.40% | 5.31% | 1.52% | (5.58)% | (5.32)% |
|  Net assets, end of year (in 000s) | $25359 | $30810 | $26297 | $25775 | $30695 |
|  Ratio of net expenses to average net assets | 0.53% | 0.53% | 0.54% | 0.53% | 0.52% |
|  Ratio of total expenses to average net assets | 0.67% | 0.69% | 0.66% | 0.63% | 0.59% |
|  Ratio of net investment income to average net assets | 3.76% | 3.89% | 3.60% | 2.45% | 0.10% |
|  Portfolio turnover rate<sup>(d)</sup> | 1219% | 1896% | 1369% | 1386% | 1,242% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **94** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.95 | $8.86 | $9.08 | $9.89 | $10.58 |
|  Net investment income<sup>(a)</sup> | 0.35 | 0.35 | 0.33 | 0.24 | 0.05 |
|  Net realized and unrealized gain (loss) | 0.13 | 0.12 | (0.20) | (0.78) | (0.60) |
|  Total from investment operations | 0.48 | 0.47 | 0.13 | (0.54) | (0.55) |
|  Distributions to shareholders from net investment income | (0.36) | (0.38) | (0.35) | (0.27) | (0.13) |
|  Distributions to shareholders from return of capital | — <sup>(b)</sup> | — <sup>(b)</sup> |  |  | (0.01) |
|  Total distributions | (0.36) | (0.38) | (0.35) | (0.27) | (0.14) |
|  Net asset value, end of year | $9.07 | $8.95 | $8.86 | $9.08 | $9.89 |
|  **Total return<sup>(c)</sup>** | 5.49% | 5.40% | 1.50% | (5.39)% | (5.23)% |
|  Net assets, end of year (in 000s) | $18553 | $10236 | $11969 | $17665 | $19337 |
|  Ratio of net expenses to average net assets | 0.44% | 0.44% | 0.45% | 0.44% | 0.43% |
|  Ratio of total expenses to average net assets | 0.57% | 0.59% | 0.57% | 0.54% | 0.50% |
|  Ratio of net investment income to average net assets | 3.81% | 3.99% | 3.68% | 2.56% | 0.47% |
|  Portfolio turnover rate<sup>(d)</sup> | 1219% | 1896% | 1369% | 1386% | 1,242% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **95** |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout The Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **U.S. Mortgages Fund** |
|  | **Class R Shares** |
|  | **Period Ended**<br> **March 31, 2026<sup>(a)</sup>** |
|  | **Period Ended**<br> **March 31, 2026<sup>(a)</sup>** |
| Per Share Data |  |
|  Net asset value, beginning of period | $9.20 |
|  Net investment income<sup>(b)</sup> | 0.03 |
|  Net realized and unrealized loss | (0.15) |
|  Total from investment operations | (0.12) |
|  Distributions to shareholders from net investment income | (0.03) |
|  Distributions to shareholders from return of capital | —<sup>(c)</sup> |
|  Total distributions | (0.03) |
|  Net asset value, end of period | $9.05 |
|  **Total return<sup>(d)</sup>** | (1.29)% |
|  Net assets, end of period (in 000s) | $9395 |
|  Ratio of net expenses to average net assets | 1.02%<sup>(e)</sup> |
|  Ratio of total expenses to average net assets | 1.05%<sup>(e)</sup> |
|  Ratio of net investment income to average net assets | 2.86%<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | 1,219% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on February 20, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **96** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** | **U.S. Mortgages Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.95 | $8.86 | $9.07 | $9.89 | $10.58 |
|  Net investment income<sup>(a)</sup> | 0.33 | 0.36 | 0.33 | 0.25 | 0.02 |
|  Net realized and unrealized gain (loss) | 0.15 | 0.11 | (0.19) | (0.80) | (0.57) |
|  Total from investment operations | 0.48 | 0.47 | 0.14 | (0.55) | (0.55) |
|  Distributions to shareholders from net investment income | (0.36) | (0.38) | (0.35) | (0.27) | (0.13) |
|  Distributions to shareholders from return of capital | — <sup>(b)</sup> | — <sup>(b)</sup> |  |  | (0.01) |
|  Total distributions | (0.36) | (0.38) | (0.35) | (0.27) | (0.14) |
|  Net asset value, end of year | $9.07 | $8.95 | $8.86 | $9.07 | $9.89 |
|  **Total return<sup>(c)</sup>** | 5.38% | 5.40% | 1.61% | (5.50)% | (5.23)% |
|  Net assets, end of year (in 000s) | $32186 | $2686 | $6394 | $6959 | $4471 |
|  Ratio of net expenses to average net assets | 0.43% | 0.44% | 0.45% | 0.44% | 0.43% |
|  Ratio of total expenses to average net assets | 0.52% | 0.59% | 0.57% | 0.55% | 0.50% |
|  Ratio of net investment income to average net assets | 3.63% | 4.02% | 3.69% | 2.78% | 0.17% |
|  Portfolio turnover rate<sup>(d)</sup> | 1219% | 1896% | 1369% | 1386% | 1,242% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than ($0.005) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **97** |

---

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs Trust (the "Trust") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund"), along with their corresponding share classes and respective diversification status under the Act:

---

| | | |
|:---|:---|:---|
| **Fund** | **Share Classes Offered** | **Diversified/ Non-diversified** |
| Goldman Sachs Enhanced Income Fund | A, Administration, Institutional, Service, Investor, R6 and P | Diversified |
| Goldman Sachs Inflation Protected Securities Fund | A, C, Institutional, Investor, R6, R and P | Diversified |
| Goldman Sachs Short Duration Bond Fund | A, C, Institutional, Investor, R6, R and P | Diversified |
| Goldman Sachs Short Duration Government Fund | A, C, Institutional, Service, Investor, R6 and P | Diversified |
| Goldman Sachs Short-Term Conservative Income Fund | A, Institutional, Investor, R6 and P | Diversified |
| Goldman Sachs U.S. Mortgages Fund | A, Institutional, Service, Separate Account Institutional, Investor, R6, R and P | Diversified |

---

Class A Shares of the Inflation Protected Securities, Short Duration Bond, Short Duration Government and U.S. Mortgages Funds are sold with a front-end sales charge of up to 3.75%, 1.50%, 1.50% and 3.75%, respectively. Class C Shares are generally sold with a contingent deferred sales charge ("CDSC") of 1.00% (0.65% for Short Duration Bond and Short Duration Government Funds), which is imposed on redemptions made within 12 months of purchase. Class A Shares of the Enhanced Income and Short-Term Conservative Income Funds are not subject to a sales charge. Similarly, Administration, Institutional, Service, Separate Account Institutional, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to management agreements (each, an "Agreement") with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract's term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**98**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. For treasury inflation protected securities ("TIPS"), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

&nbsp;&nbsp;&nbsp;&nbsp;C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment Income Dividends**<br>| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>| **Capital Gains Distributions**<br>|
| **Fund** | **Declared/Paid** |  | **Declared/Paid** |
| Enhanced Income Fund | Daily/Monthly |  | Annually |
| Inflation Protected Securities Fund | Quarterly/Quarterly |  | Annually |
| Short Duration Bond Fund | Daily/Monthly |  | Annually |
| Short Duration Government Fund | Daily/Monthly |  | Annually |
| Short-Term Conservative Income Fund | Daily/Monthly |  | Annually |
| U.S. Mortgages Fund | Daily/Monthly | | Annually |

---

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;F. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**99**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the portfolio management team within the Funds' Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment is consistent with that presented within the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds ("Valuation Procedures"), including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

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

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**100**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund ("Underlying Money Market Fund") are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund's accounting policies and investment holdings, please see the Underlying Money Market Fund's financial statements at SEC.gov.

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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Inverse Floaters — The interest rate on inverse floating rate securities ("inverse floaters") resets in the opposite direction from the market rate of interest to which the inverse floaters are indexed. An inverse floater may be considered to be leveraged to the extent that its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate of interest. The higher the degree of leverage of an inverse floater, the greater the volatility of its market value.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Treasury Inflation Protected Securities — TIPS are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. When-Issued Securities and Forward Commitments — When-issued securities, including TBA ("To Be Announced") securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**101**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller's agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement ("MRA"). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds' custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default, and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund's costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund's interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements' counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**102**

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**103**

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (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.

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

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **ENHANCED INCOME FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $289722302 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 94243606 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 35482859 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations |  | 24883437 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agency Debentures |  | 13137283 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 2302090 |  |
|  Investment Company | 121 |  |  |
|  Short-term Investments |  | 19779958 |  |
|  **Total** | $35482980 | $444068676 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**104**

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **ENHANCED INCOME FUND (continued)** |  |  |  |
| Derivative Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $46458 | $— |
|  Futures Contracts | 106661 |  |  |
|  Interest Rate Swap Contracts |  | 931891 |  |
|  **Total** | $106661 | $978349 | $— |
|  **Liabilities<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $(372840) | $— | $— |
|  Interest Rate Swap Contracts |  | (648865) |  |
|  **Total** | $(372840) | $(648865) | $— |
| **INFLATION PROTECTED SECURITIES FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | $210713799 | $— | $— |
|  Investment Company | 11124785 |  |  |
|  **Total** | $221838584 | $— | $— |
| Derivative Type |  |  |  |
|  **Assets<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $857435 | $— | $— |
|  Interest Rate Swap Contracts |  | 535304 |  |
|  **Total** | $857435 | $535304 | $— |
|  **Liabilities<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $(927837) | $— | $— |
|  Interest Rate Swap Contracts |  | (1013734) |  |
|  **Total** | $(927837) | $(1013734) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**105**

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **SHORT DURATION BOND FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $594760301 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations |  | 272347282 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 219303382 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 110331951 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agency Debentures |  | 25971460 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 21911124 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 1493790 |  |
|  Common Stock and/or Other Equity Investments<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia |  | 2393 |  |
|  Investment Company | 1612 |  |  |
|  Short-term Investments |  | 76696035 |  |
|  **Total** | $110333563 | $1212485767 | $— |
|  **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $(14031665) | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $2275080 | $— |
|  Futures Contracts<sup>(a)</sup> | 708243 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | 5263998 |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | 613205 |  |
|  Purchased Option Contracts |  | 202834 |  |
|  **Total** | $708243 | $8355117 | $— |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $(1423424) | $— |
|  Futures Contracts<sup>(a)</sup> | (5274795) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | (2715315) |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | (1187368) |  |
|  Written Option Contracts |  | (21847) |  |
|  **Total** | $(5274795) | $(5347954) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**106**

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **SHORT DURATION GOVERNMENT FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | $293405620 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations |  | 232878670 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agency Debentures |  | 19396050 |  |
|  Investment Company | 42515853 |  |  |
|  **Total** | $335921473 | $252274720 | $— |
|  **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $— | $— |
| Derivative Type |  |  |  |
|  **Assets<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $1400631 | $— | $— |
|  Interest Rate Swap Contracts |  | 445216 |  |
|  **Total** | $1400631 | $445216 | $— |
|  **Liabilities<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $(2146317) | $— | $— |
|  Interest Rate Swap Contracts |  | (76465) |  |
|  **Total** | $(2146317) | $(76465) | $— |
| **SHORT-TERM CONSERVATIVE INCOME FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $1316816314 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 78600136 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 50447981 |  |
|  Investment Company | 117194758 |  |  |
|  Short-term Investments |  | 472832650 |  |
|  **Total** | $195794894 | $1840096945 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**107**

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **U.S. MORTGAGES FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations | $— | $372422256 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 6375709 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 5467993 |  |
|  Investment Company | 5276280 |  |  |
|  **Total** | $11651989 | $377890249 | $— |
|  **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $(36352639) | $— |
| Derivative Type |  |  |  |
|  **Assets<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $166952 | $— | $— |
|  Interest Rate Swap Contracts |  | 148438 |  |
|  **Total** | $166952 | $148438 | $— |
|  **Liabilities<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $(35260) | $— | $— |
|  Interest Rate Swap Contracts |  | (44388) |  |
|  **Total** | $(35260) | $(44388) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount shown represents unrealized gain (loss) at period end.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Fund utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of March 31, 2026. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Enhanced Income Fund** | **Enhanced Income Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Currency | Receivable for unrealized gain on forward<br>foreign currency exchange contracts | $46458 |  | $— |
| Interest rate | Variation margin on futures contracts;<br>Variation margin on swap contracts | 1038552 <sup>(a)</sup> | Variation margin on futures contracts;<br>Variation margin on swap contracts | (1021705)<sup>(a)</sup> |
|  **Total** |  | $1085010 |  | $(1021705) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**108**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Interest rate | Variation margin on futures contracts;<br>Variation margin on swap contracts | $1392739 <sup>(a)</sup> | Variation margin on futures contracts;<br>Variation margin on swap contracts | $(1941571)<sup>(a)</sup> |
| **Short Duration Bond Fund** | **Short Duration Bond Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Credit | Variation margin on swap contracts | $613205 <sup>(a)</sup> | Payable for unrealized loss on swap contracts; Variation margin on swap contracts | $(1187368 <sup>)(a)(b)</sup> |
| Currency | Receivable for unrealized gain on forward<br>foreign currency exchange contracts | 2275080 | Payable for unrealized loss on forward foreign currency exchange contracts | (1423424) |
| Interest rate | Variation margin on futures contracts;<br>Variation margin on swap contracts;<br>Purchased options, at value | 6175075 <sup>(a)</sup> | Variation margin on futures contracts;<br>Variation margin on swap contracts;<br> Written options, at value | (8011957)<sup>(a)</sup> |
| Total |  | $9063360 |  | $(10622749) |
| **Short Duration Government Fund** | **Short Duration Government Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Interest rate | Variation margin on futures contracts;<br>Variation margin on swap contracts | $1845847 <sup>(a)</sup> | Variation margin on futures contracts;<br>Variation margin on swap contracts | $(2222782)<sup>(a)</sup> |
| **U.S. Mortgages Fund** | **U.S. Mortgages Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Interest rate | Variation margin on futures contracts;<br>Variation margin on swap contracts | $315390 <sup>(a)</sup> | Variation margin on futures contracts;<br>Variation margin on swap contracts | $(79648)<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes unrealized gain (loss) on futures contracts and centrally cleared swaps described in the Additional Investment Information section of the Schedules of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Aggregate of amounts includes $9,386 for the Short Duration Bond Fund which represents the payments to be made pursuant to bilateral agreements should counterparties exercise their "right to terminate" provisions based on, among others, the Fund's performance, its failure to pay on its obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Fund is entitled to a full return.

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended March 31, 2026. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**109**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

---

| | | | |
|:---|:---|:---|:---|
| **Enhanced Income Fund** | **Enhanced Income Fund** |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized**<br> **Gain (Loss)** |
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts | $(269198) | $175147 |
| Interest rate | Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts | (2199803) | 480097 |
|  **Total** |  | $(2469001) | $655244 |
| **Inflation Protected Securities Fund** | **Inflation Protected Securities Fund** |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized**<br> **Gain (Loss)** |
| Interest rate | Net realized gain (loss) from futures contracts, swap contracts, purchased option contracts and written option contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts | $922756 | $(636707) |
| **Short Duration Bond Fund** | **Short Duration Bond Fund** |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized**<br> **Gain (Loss)** |
| Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $4453885 | $(998003) |
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts | (2395749) | 1100883 |
| Interest rate | Net realized gain (loss) from futures contracts, swap contracts, purchased option contracts and written option contracts/Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased options contracts and written options contracts | 2426122 | (4563004) |
|  **Total** |  | $4484258 | $(4460124) |
| **Short Duration Government Fund** | **Short Duration Government Fund** |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized**<br> **Gain (Loss)** |
| Interest rate | Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts | $(1383259) | $(419467) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**110**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | |
|:---|:---|:---|:---|
| **U.S. Mortgages Fund** | **U.S. Mortgages Fund** |  |  |
| **Risk** | **Statements of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $(6186) | $9005 |
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts | (24162) | 24251 |
| Interest rate | Net realized gain (loss) from futures contracts, swap contracts, purchased option contracts and written option contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts | (403533) | 404652 |
|  **Total** |  | $(433881) | $437908 |

---

For the fiscal year ended March 31, 2026, the relevant values for each derivative type were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** |
| **Fund** | **Futures<br>Contracts** | **Forward<br>Contracts** | **Swap<br>Agreements** | **Purchased<br>Swaptions** | **Written<br>Swaptions** |
|  Enhanced Income Fund | 932 | $2180877 | $520497500 | $— | $— |
|  Inflation Protected Securities Fund | 1024 |  | 235676667 | 4090000 | 4220000 |
|  Short Duration Bond Fund | 4764 | 439120750 | 2209706208 | 87670322 | 34896425 |
|  Short Duration Government Fund | 2331 |  | 209648333 |  |  |
|  U.S. Mortgages Fund | 155 |  | 61351796 | 2086667 | 1250000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent weighted average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, purchased and written swaptions, based on absolute values, which is indicative of volume for this derivative type, for the months that each Fund held such derivatives during the fiscal year ended March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**111**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended March 31, 2026, contractual and effective net management fees with GSAM were at the following rates:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Effective<br>Rate** | **Effective Net**<br> **Management**<br> **Rate<sup>^</sup>**  |
| **Fund** | **First<br>$1 billion** | **Next<br>$1 billion** | **Next<br>$3 billion** | **Next<br>$3 billion** | **Over<br>$8 billion** | **Effective<br>Rate** | **Effective Net**<br> **Management**<br> **Rate<sup>^</sup>**  |
|  Enhanced Income Fund | 0.25% | 0.23% | 0.22% | 0.22% | 0.22% | 0.25% | 0.25% |
|  Inflation Protected Securities Fund | 0.26 | 0.23 | 0.22 | 0.22 | 0.21 | 0.26 | 0.26 |
|  Short Duration Bond Fund | 0.40 | 0.36 | 0.34 | 0.33 | 0.32 | 0.39 | 0.39 |
|  Short Duration Government Fund | 0.44 | 0.40 | 0.38 | 0.37 | 0.36 | 0.44 | 0.44 |
|  Short-Term Conservative Income Fund | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.19\* |
|  U.S. Mortgages Fund | 0.34 | 0.31 | 0.29 | 0.28 | 0.28 | 0.34 | 0.34 |

---

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any.

\* The Investment Adviser agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.20% as an annual percentage rate of the Fund's average daily net assets. This arrangement will remain in effect through at least July 29, 2026. 

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest. For the fiscal year ended March 31, 2026, the management fee waived by GSAM for each Fund was as follows:

---

| | |
|:---|:---|
| **Fund** | **Management<br>Fee Waived** |
|  Enhanced Income Fund | $11356 |
|  Inflation Protected Securities Fund | 6962 |
|  Short Duration Bond Fund | 56561 |
|  Short Duration Government Fund | 17385 |
|  Short-Term Conservative Income Fund | 159003 |
|  U.S. Mortgages Fund | 7387 |

---

&nbsp;&nbsp;&nbsp;&nbsp;B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the "Distributor"), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**112**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service Plan Rates**  | **Distribution and/or Service Plan Rates**  | **Distribution and/or Service Plan Rates**  | **Distribution and/or Service Plan Rates**  |
| **Fund** | **Class A\*** | **Class C** | **Service** | **Class R\*** |
|  Enhanced Income Fund | 0.15% | —% | 0.25% | —% |
|  Inflation Protected Securities Fund | 0.25 | 0.75 |  | 0.50 |
|  Short Duration Bond Fund | 0.25 | 0.75 |  | 0.50 |
|  Short Duration Government Fund | 0.25 | 0.75 | 0.25 |  |
|  Short-Term Conservative Income Fund | 0.15 |  |  |  |
|  U.S. Mortgages Fund | 0.25 |  | 0.25 | 0.50 |

---

\* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on "service fees" imposed by the Financial Industry Regulatory Authority. 

Goldman Sachs has agreed to waive a portion of the distribution (12b-1) and service fees applicable to the Short Duration Government Fund's and Short Duration Bond Fund's Class C Shares in an amount equal to 0.35% of the average daily net assets. These arrangements will remain in place through at least July 29, 2026, and prior to such date Goldman Sachs may not terminate the arrangements without the approval of the Board of Trustees. These fee waivers may be modified or terminated by Goldman Sachs at its discretion and without shareholder approval after such date, although Goldman Sachs does not presently intend to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares' front end sales charge and Class C Shares' CDSC. During the fiscal year ended March 31, 2026, Goldman Sachs retained the following amounts:

---

| | |
|:---|:---|
|  | **Front End<br>Sales Charge**  |
| **Fund** | **Class A** |
|  Inflation Protected Securities Fund | $614 |
|  Short Duration Bond Fund | 1700 |
|  Short Duration Government Fund | 418 |
|  U.S. Mortgages Fund | 2048 |

---

During the fiscal year ended March 31, 2026, Goldman Sachs did not retain any portion of Class C Shares' CDSC.

&nbsp;&nbsp;&nbsp;&nbsp;D. Administration, Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Administration, Service and/or Shareholder Administration Plans to allow Administration, Class C and Service Shares, as applicable, to compensate service organizations (including Goldman Sachs) for providing varying levels of account administration and/or personal and account maintenance services to their customers who are beneficial owners of such shares. The Administration, Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**113**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

an annual percentage rate of 0.25%, 0.25% and 0.25% of the average daily net assets attributable to Administration, Class C and Service Shares of the Funds, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.12% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Administration, Institutional, Service Shares and 0.03% of the average daily net assets with respect to the U.S. Mortgages Fund's Separate Account Institutional Shares.

Goldman Sachs has agreed to waive a portion of its transfer agency fee (a component of "Other Expenses") equal to 0.05% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor, and Class R Shares of the Short Duration Bond Fund. This arrangement will remain in effect through at least July 29, 2026, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees. Prior to July 29, 2025, Goldman Sachs had agreed to waive a portion of its transfer agency fee equal to 0.02% as an annual percentage rate of the average net assets attributable to Class A, Class C, Investor and Class R Shares of the Short Duration Bond Fund.

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Enhanced Income, Inflation Protected Securities, Short Duration Bond, Short Duration Government, Short-Term Conservative Income and U.S. Mortgages Funds are 0.064%, 0.044%, 0.004%, 0.004%, 0.004% and 0.074%, respectively. Prior to July 29, 2025, the Other Expense limitations as an annual percentage rate of average daily net assets for Short Duration Bond Fund was 0.014%. These Other Expense limitations will remain in place through at least July 29, 2026, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds' expenses and are received irrespective of the application of the "Other Expense" limitations described above.

For the fiscal year ended March 31, 2026, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Management<br>Fee Waiver** | **Class C<br>Distributions and<br>Service Fees<br>Waiver** | **Transfer Agency<br>Waivers/Credits** | **Other**<br> **Expense<br>Reimbursements** | **Total**<br> **Expense<br>Reductions** |
|  Enhanced Income Fund | $11356 | $— | $97 | $114172 | $125625 |
|  Inflation Protected Securities Fund | 6962 |  | 424 | 304103 | 311489 |
|  Short Duration Bond Fund | 56561 | 4973 | 45567 | 635239 | 742340 |
|  Short Duration Government Fund | 17385 | 8818 | 441 | 469588 | 496232 |
|  Short-Term Conservative Income Fund | 1263714 |  | 2582 | 624304 | 1890600 |
|  U.S. Mortgages Fund | 7387 |  | 210 | 235415 | 243012 |

---

&nbsp;&nbsp;&nbsp;&nbsp;G. Line of Credit Facility — As of March 31, 2026, the Funds participated in a $1,300,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**114**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended March 31, 2026, the Funds did not have any borrowings under the facility. Prior to April 14, 2025, the facility was $1,150,000,000. The facility was changed to $1,550,000,000 on April 10, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates — For the fiscal year ended March 31, 2026, Goldman Sachs earned $23,265, $31,774, $131,441, $51,601 and $14,850 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Enhanced Income, Inflation Protected Securities, Short Duration Bond, Short Duration Government and U.S. Mortgages Funds, respectively.

As of March 31, 2026, the following Funds were the beneficial owners of 5% or more of total outstanding shares of the following Funds:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Goldman Sachs Conservative<br>Allocation Fund** | **Goldman Sachs<br>Moderate Allocation Fund** | **Goldman Sachs<br>Collective Trust<br>Tactical Exposure Fund** |
|  Inflation Protected Securities Fund | 8% | 14% | —% |
|  Short-Term Conservative Income Fund |  |  | 5 |

---

As of March 31, 2026, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the following Funds:

---

| | | |
|:---|:---|:---|
| **Fund** | **Service** | **Class R** |
|  Enhanced Income Fund | 43% | —% |
|  Short Duration Bond Fund |  | 40 |

---

The table below shows the transactions in and earnings from investments in the Underlying Funds for the fiscal year ended March 31, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Underlying Fund** | **Beginning<br> Value as of** <br> **March 31, 2025** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases** <br> **at Cost** | **Proceeds**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from Sales**  | **Ending<br> Value as of** <br> **March 31, 2026** | **Shares as of <br>March 31, 2026** | **Dividend <br>Income** |
|  Enhanced Income<br>Fund | Goldman Sachs Financial Square Government Fund — Institutional Shares | $35629321 | $399727575 | $(435356775) | $121 | 121 | $280001 |
|  Inflation Protected<br>Securities Fund | Goldman Sachs Financial Square Government Fund — Institutional Shares | 3168972 | 115604642 | (107648829) | 11124785 | 11124785 | 172276 |
|  Short Duration Bond<br>Fund | Goldman Sachs Financial Square Government Fund — Institutional Shares | 51061035 | 1369272201 | (1420331624) | 1612 | 1612 | 1434996 |
|  Short Duration<br>Government Fund | Goldman Sachs Financial Square Government Fund — Institutional Shares |  | 295992165 | (253476312) | 42515853 | 42515853 | 449253 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**115**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Underlying Fund** | **Beginning<br> Value as of** <br> **March 31, 2025** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases** <br> **at Cost** | **Proceeds**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from Sales**  | **Ending<br> Value as of** <br> **March 31, 2026** | **Shares as of <br>March 31, 2026** | **Dividend <br>Income** |
|  Short-Term Conservative Income Fund | Goldman Sachs Financial Square Government Fund — Institutional Shares | $40812045 | $2651771645 | $(2575388932) | $117194758 | 117194758 | $3822047 |
|  U.S. Mortgages Fund | Goldman Sachs Financial Square Government Fund — Institutional Shares | 675553 | 97028623 | (92427896) | 5276280 | 5276280 | 175110 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchases of<br>U.S. Government and<br>Agency Obligations** | **Purchases (Excluding<br>U.S. Government and<br>Agency Obligations)** | **Sales and**<br> **Maturities of**<br> **U.S. Government and<br>Agency Obligations** | **Sales and<br>Maturities of (Excluding<br>U.S. Government and<br>Agency Obligations)** |
|  Enhanced Income Fund | $113645690 | $212168609 | $68162925 | $219847829 |
|  Inflation Protected Securities Fund | 463163032 |  | 450725879 |  |
|  Short Duration Bond Fund | 1138362306 | 504246341 | 1111673350 | 493642830 |
|  Short Duration Government Fund | 2977540048 |  | 2899555474 |  |
|  Short-Term Conservative Income Fund | 130230071 | 1688265188 | 149334277 | 1583997575 |
|  U.S. Mortgages Fund | 2748576696 | 17509637 | 2715295848 | 16626640 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended March 31, 2026 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Enhanced<br>Income** | **Inflation<br>Protected<br>Securities** | **Short<br>Duration<br>Bond** | **Short<br>Duration<br>Government** | **Short-Term<br>Conservative<br>Income** | **U.S.<br>Mortgages** |
|  Distributions paid from: |  |  |  |  |  |  |
|  Ordinary income | $23280569 | $7986423 | $56828207 | $15382717 | $94998594 | $7186115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $23280569 | $7986423 | $56828207 | $15382717 | $94998594 | $7186115 |
|  Tax return of capital | $194451 | $— | $— | $— | $— | $40639 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**116**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TAX INFORMATION (continued)

The tax character of distributions paid during the fiscal year ended March 31, 2025 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Enhanced<br>Income** | **Inflation<br>Protected<br>Securities** | **Short<br>Duration<br>Bond** | **Short<br>Duration<br>Government** | **Short-Term<br>Conservative<br>Income** | **U.S.<br>Mortgages** |
|  Distributions paid from: |  |  |  |  |  |  |
|  Ordinary income | $22734044 | $9880305 | $51152518 | $14416277 | $97730698 | $7556799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $22734044 | $9880305 | $51152518 | $14416277 | $97730698 | $7556799 |
|  Tax return of capital | $— | $— | $— | $— | $— | $54466 |

---

As of March 31, 2026, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Enhanced<br>Income** | **Inflation<br>Protected<br>Securities** | **Short Duration<br>Bond** | **Short<br>Duration<br>Government** | **Short-Term<br>Conservative<br>Income** | **U.S.<br>Mortgages** |
|  Undistributed ordinary income — net | $— | $485988 | $230587 | $1737632 | $206989 | $— |
|  Capital loss carryforwards<sup>(1)</sup>: |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perpetual Short-Term | (11425441) | (24520077) | (36166318) | (26344313) | (5860515) | (20772654) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perpetual Long-Term | (14388032) | (44335245) | (73523641) | (42980502) | (4890351) | (17832022) |
|  Total capital loss carryforwards | (25813473) | (68855322) | (109689959) | (69324815) | (10750866) | (38604676) |
|  Timing differences (Dividends Payable, Post October Capital Loss Deferral/Late Year Ordinary Loss Deferral and Straddle Loss Deferrals) | $(31038) | $(1018507) | $(1486683) | $(2601136) | $(67353) | $(39942229) |
|  Unrealized gains (loss) — net | 1143835 | (2118877) | 8210601 | (5491352) | 609769 | (8452291) |
|  Total accumulated earnings (loss) net | $(24700676) | $(71506718) | $(102735454) | $(75679671) | $(10001461) | $(86999196) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Short Duration Bond and Short-Term Conservative Income Funds utilized $264,957 and $4,333,767, respectively, of capital losses in the current fiscal year.

As of March 31, 2026, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Enhanced<br>Income** | **Inflation<br>Protected<br>Securities** | **Short Duration<br>Bond** | **Short<br>Duration<br>Government** | **Short-Term<br>Conservative<br>Income** | **U.S.<br>Mortgages** |
|  Tax Cost | $478471190 | $223408674 | $1313101671 | $594107662 | $2035282070 | $399031434 |
|  Gross unrealized gain | 2294936 | 875701 | 14615547 | 1725810 | 2700564 | 2292726 |
|  Gross unrealized loss | (1151101) | (2994578) | (6404946) | (7217162) | (2090795) | (10745017) |
|  Net unrealized gain (loss) | $1143835 | $(2118877) | $8210601 | $(5491352) | $609769 | $(8452291) |

---

The difference between GAAP- basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts and net mark to market gains (losses) on foreign currency contracts, and differences in the tax treatment of market discount accretion and premium amortization and swap transactions.

The U.S. Mortagages Fund reclassed $39,827,367 from distributable earnings to paid-in capital for the year ending March 31, 2026. In order to present certain components of the Fund's capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund's accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from merger related adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**117**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TAX INFORMATION (continued)

GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS

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

Asset-Backed Securities Risk — Asset-backed securities are subject to credit/default, interest rate and certain additional risks, including "extension risk" (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and "prepayment risk" (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Funds to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

Call/Prepayment Risk — An issuer could exercise its right to pay principal on an obligation held by a Fund (such as a Mortgage-Backed Security) earlier than expected. This may happen when there is a decline in interest rates, when credit spreads change, or when an issuer's credit quality improves. Under these circumstances, a Fund may be unable to recoup all of its initial investment and will also suffer from having to reinvest in lower-yielding securities.

Derivatives Risk — The Funds' use of derivatives and other similar instruments (collectively referred to in this paragraph as "derivatives") may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

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, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**118**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS (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 a Fund's expense ratio. Similarly, large Fund share purchases may adversely affect a Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect a Fund's NAV and dilute remaining investors' interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Funds' investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

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

Mortgage-Backed and Other Asset-Backed Securities Risk — Mortgage-related and other asset-backed securities are subject to credit/ default, interest rate and certain additional risks, including "extension risk" (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and "prepayment risk" (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Funds to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities, particularly during periods of rising interest rates. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

Portfolio Turnover Rate Risk — A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Funds and their shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**119**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS (continued)

U.S. Government Securities Risk — The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by the Federal National Mortgage Association ("Fannie Mae"), Federal Home Loan Mortgage Corporation ("Freddie Mac") and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by the Funds may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future.

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. OTHER MATTERS

Mergers and Reorganizations — At a meeting held on December 9, 2025, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (the "Reorganization Agreement") providing for the tax-free acquisition by the Goldman Sachs U.S. Mortgages Fund ("Survivor Fund") of the assets and liabilities of the Goldman Sachs Government Income Fund ("Acquired Fund"). The acquisition was completed as of the close of business on February 27, 2026.

The reorganization was recommended by the Funds' investment adviser in connection with an effort to optimize the Goldman Sachs Funds and eliminate overlapping products.

Pursuant to the Reorganization Agreement, the assets and liabilities of the Acquired Fund were transferred in exchange for the Survivor Fund's Class A, Institutional, Service, Investor, R6, R and P Shares, which were then redistributed to the Acquired Fund's shareholders, in a tax-free exchange as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Acquired Fund/Survivor Fund** | **Exchanged**<br>**Shares of**<br>**Survivor Fund Issued** | **Value of**<br>**Exchanged**<br>**Shares** | **Acquired Fund's Shares**<br>**Outstanding as of**<br>**February 27, 2026** |
|  Government Income, Class A/ U.S. Mortgages, Class A | 3654390 | $33766560 | 4314841 |
|  Government Income, Institutional/ U.S. Mortgages, Institutional | 2143606 | 19871229 | 8754528 |
|  Government Income, Service/ U.S. Mortgages, Service | 1959421 | 18105050 | 1962837 |
|  Government Income, Investor/ U.S. Mortgages, Investor | 65563 | 607111 | 2724022 |
|  Government Income, Class R6/ U.S. Mortgages, Class R6 | 674703 | 6247754 | 2007332 |
|  Government Income, Class R/ U.S. Mortgages, Class R | 1069389 | 9881155 | 1070649 |
|  Government Income, Class P/ U.S. Mortgages, Class P | 3456627 | 32008362 | 3587150 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**120**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. OTHER MATTERS (continued)

The following chart shows the Survivor Fund's and Acquired Fund's aggregate net assets (immediately before and after the completion of the acquisition) and the Acquired Fund's unrealized appreciation or depreciation:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Acquired Fund/Survivor Fund** | **Survivor<br>Fund's**<br>**Aggregate Net**<br>**Assets before**<br>**Reorganization** | **Acquired<br>Fund's**<br>**Aggregate Net**<br>**Assets before**<br>**Reorganization** | **Survivor Fund's**<br>**Aggregate Net Assets**<br>**Immediately after**<br>**Reorganization** | **Acquired<br>Fund's**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation)<sup>(a)</sup> | **Acquired**<br>**Fund's Capital**<br>**Loss**<br>**Carryforward<sup>(b)</sup>** |
|  Government Income Fund/U.S. Mortgages Fund | $180278871 | $120487221 | $300766092 | $(370139) | $(37469718) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Survivor Fund has elected to carry forward the assets of the Acquired Fund at the Acquired Fund's historical cost basis for purposes of measuring unrealized appreciation and future realized gain or loss of those acquired assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Due to Fund reorganization, utilization of acquired losses may be substantially limited under the Code.

Pro-Forma Financial Information (Unaudited)

Assuming the acquisition had been completed on April 1, 2025, the Fund's pro-forma results of operations for the year ended March 31, 2026 are as follows:

---

| | |
|:---|:---|
|  Net Investment Income<sup>(a)</sup> | $2869854 |
|  Net realized and unrealized gain on investments<sup>(b)</sup> | $1853543 |
|  **Net increase in net assets from operations** | $**4723397** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) $6,857,923 net investment income as reported at March 31, 2026, minus $3,988,069 from Acquired Fund pre-merger net investment income.

&nbsp;&nbsp;&nbsp;&nbsp;(b) $234,291 realized gain as reported at March 31, 2026, plus $(550,241) pro-forma March 31, 2026 unrealized depreciation, minus $(1,799,354) net realized loss as reported at February 27, 2026, minus $(370,139) in net unrealized loss from Acquired Fund pre-merger.

Because the combined Survivor Fund has been managed as a single integrated fund since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Survivor Fund's Statement of Operations since February 27, 2026.

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**121**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Enhanced Income Fund**  | **Enhanced Income Fund**  | **Enhanced Income Fund**  | **Enhanced Income Fund**  |
|  | **For the Fiscal Year Ended<br>March 31, 2026** | **For the Fiscal Year Ended<br>March 31, 2026** | **For the Fiscal Year Ended<br>March 31, 2025** | **For the Fiscal Year Ended<br>March 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 224777 | $2152561 | 171337 | $1635751 |
|  Reinvestment of distributions | 43653 | 417810 | 42836 | 408300 |
|  Shares redeemed | (278571) | (2667104) | (313319) | (2981148) |
|  | (10141) | (96733) | (99146) | (937097) |
|  **Administration Shares** |  |  |  |  |
|  Shares sold |  |  | 95 | 898 |
|  Reinvestment of distributions | 11931 | 114331 | 16097 | 153598 |
|  Shares redeemed | (73583) | (706394) | (263273) | (2500470) |
|  | (61652) | (592063) | (247081) | (2345974) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 5285457 | 50520269 | 3788927 | 36087925 |
|  Reinvestment of distributions | 746056 | 7128932 | 732455 | 6971107 |
|  Shares redeemed | (10910694) | (104195550) | (4997960) | (47458064) |
|  | (4879181) | (46546349) | (476578) | (4399032) |
|  **Service Shares** |  |  |  |  |
|  Reinvestment of distributions | 105 | 1005 | 707 | 6717 |
|  Shares redeemed | (215) | (2059) | (27832) | (265240) |
|  | (110) | (1054) | (27125) | (258523) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 16432 | 156711 | 31562 | 299720 |
|  Reinvestment of distributions | 7907 | 75492 | 11251 | 106969 |
|  Shares redeemed | (134507) | (1284806) | (170317) | (1612857) |
|  | (110168) | (1052603) | (127504) | (1206168) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 47395 | 453181 | 84131 | 799243 |
|  Reinvestment of distributions | 12298 | 117558 | 12635 | 120291 |
|  Shares redeemed | (82938) | (793169) | (105771) | (1005829) |
|  | (23245) | (222430) | (9005) | (86295) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 5924639 | 56613972 | 17614256 | 167622495 |
|  Reinvestment of distributions | 1628506 | 15563178 | 1561950 | 14870817 |
|  Shares redeemed | (13976628) | (133509448) | (11103577) | (105574841) |
|  | (6423483) | (61332298) | 8072629 | 76918471 |
|  **NET INCREASE (DECREASE)** | (11507980) | $(109843530) | 7086190 | $67685382 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**122**

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Inflation Protected Securities Fund**  | **Inflation Protected Securities Fund**  | **Inflation Protected Securities Fund**  | **Inflation Protected Securities Fund**  |
|  | **For the Fiscal Year Ended<br>March 31, 2026** | **For the Fiscal Year Ended<br>March 31, 2026** | **For the Fiscal Year Ended<br>March 31, 2025** | **For the Fiscal Year Ended<br>March 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 568629 | $5398947 | 556875 | $5249623 |
|  Reinvestment of distributions | 87029 | 822410 | 99920 | 937615 |
|  Shares redeemed | (1021877) | (9662279) | (1206159) | (11333378) |
|  | (366219) | (3440922) | (549364) | (5146140) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 14640 | 135750 | 1790 | 16413 |
|  Reinvestment of distributions | 2459 | 22635 | 4132 | 37731 |
|  Shares redeemed | (35797) | (331925) | (88521) | (813023) |
|  | (18698) | (173540) | (82599) | (758879) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 1245607 | 12021725 | 2974508 | 28365454 |
|  Reinvestment of distributions | 140841 | 1353409 | 142675 | 1361045 |
|  Shares redeemed | (3428918) | (32863139) | (2154476) | (20551840) |
|  | (2042470) | (19488005) | 962707 | 9174659 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 4895765 | 46974677 | 246409 | 2344108 |
|  Reinvestment of distributions | 105021 | 1001036 | 64974 | 614844 |
|  Shares redeemed | (897458) | (8612466) | (761695) | (7209760) |
|  | 4103328 | 39363247 | (450312) | (4250808) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 1810537 | 17456936 | 5206287 | 49596214 |
|  Reinvestment of distributions | 327766 | 3146538 | 470144 | 4473982 |
|  Shares redeemed | (2029610) | (19558922) | (9535679) | (90931827) |
|  | 108693 | 1044552 | (3859248) | (36861631) |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 505450 | 4767097 | 983983 | 9150556 |
|  Reinvestment of distributions | 67688 | 634998 | 74660 | 695961 |
|  Shares redeemed | (634908) | (5993582) | (717326) | (6700458) |
|  | (61770) | (591487) | 341317 | 3146059 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 164489 | 1586278 | 368650 | 3537353 |
|  Reinvestment of distributions | 60517 | 581091 | 67452 | 643324 |
|  Shares redeemed | (189194) | (1822997) | (627871) | (5976774) |
|  | 35812 | 344372 | (191769) | (1796097) |
|  **NET INCREASE (DECREASE)** | 1758676 | $17058217 | (3829268) | $(36492837) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**123**

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short Duration Bond Fund**  | **Short Duration Bond Fund**  | **Short Duration Bond Fund**  | **Short Duration Bond Fund**  |
|  | **For the Fiscal Year Ended<br>March 31, 2026** | **For the Fiscal Year Ended<br>March 31, 2026** | **For the Fiscal Year Ended<br>March 31, 2025** | **For the Fiscal Year Ended<br>March 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 4026473 | $39598096 | 2921286 | $28277030 |
|  Reinvestment of distributions | 303239 | 2980528 | 214474 | 2075787 |
|  Shares redeemed | (1765802) | (17334080) | (1579681) | (15273961) |
|  | 2563910 | 25244544 | 1556079 | 15078856 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 32121 | 314356 | 49686 | 480002 |
|  Reinvestment of distributions | 5250 | 51539 | 6581 | 63630 |
|  Shares redeemed | (107816) | (1057398) | (69643) | (671747) |
|  | (70445) | (691503) | (13376) | (128115) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 3707032 | 36449883 | 6275489 | 60688454 |
|  Reinvestment of distributions | 605476 | 5960619 | 565276 | 5478073 |
|  Shares redeemed | (4877411) | (48056872) | (4721534) | (45724064) |
|  | (564903) | (5646370) | 2119231 | 20442463 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 897208 | 8814034 | 2048492 | 19854343 |
|  Reinvestment of distributions | 150165 | 1477729 | 151970 | 1471202 |
|  Shares redeemed | (963954) | (9473704) | (2901657) | (28051053) |
|  | 83419 | 818059 | (701195) | (6725508) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 219548 | 2157889 | 91734 | 889910 |
|  Reinvestment of distributions | 27934 | 274871 | 25467 | 246608 |
|  Shares redeemed | (143249) | (1409885) | (157754) | (1529057) |
|  | 104233 | 1022875 | (40553) | (392539) |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 164 | 1598 | 201858 | 1937611 |
|  Reinvestment of distributions | 121 | 1194 | 3087 | 29978 |
|  Shares redeemed | (84) | (825) | (204451) | (1983303) |
|  | 201 | 1967 | 494 | (15714) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 32829005 | 323123965 | 31723376 | 307512875 |
|  Reinvestment of distributions | 4612547 | 45386957 | 4272517 | 41376692 |
|  Shares redeemed | (33242955) | (326645563) | (37523163) | (363342119) |
|  | 4198597 | 41865359 | (1527270) | (14452552) |
|  **NET INCREASE** | 6315012 | $62614931 | 1393410 | $13806891 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**124**

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short Duration Government Fund**  | **Short Duration Government Fund**  | **Short Duration Government Fund**  | **Short Duration Government Fund**  |
|  | **For the Fiscal Year Ended<br>March 31, 2026** | **For the Fiscal Year Ended<br>March 31, 2026** | **For the Fiscal Year Ended<br>March 31, 2025** | **For the Fiscal Year Ended<br>March 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 855999 | $8054185 | 1269146 | $11832269 |
|  Reinvestment of distributions | 91601 | 862418 | 97541 | 905723 |
|  Shares redeemed | (1152894) | (10847918) | (1680449) | (15624147) |
|  | (205294) | (1931315) | (313762) | (2886155) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 34373 | 320244 | 30589 | 280909 |
|  Reinvestment of distributions | 6810 | 63603 | 7559 | 69605 |
|  Shares redeemed | (72758) | (680613) | (175861) | (1618733) |
|  | (31575) | (296766) | (137713) | (1268219) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 5610839 | 52643597 | 5854344 | 54216224 |
|  Reinvestment of distributions | 566726 | 5317507 | 653562 | 6049227 |
|  Shares redeemed | (8538571) | (80009481) | (9300003) | (86128124) |
|  | (2361006) | (22048377) | (2792097) | (25862673) |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 72105 | 677001 | 91782 | 844835 |
|  Reinvestment of distributions | 14912 | 139747 | 15854 | 146584 |
|  Shares redeemed | (217373) | (2034422) | (191040) | (1763674) |
|  | (130356) | (1217674) | (83404) | (772255) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 592901 | 5569676 | 1139840 | 10565830 |
|  Reinvestment of distributions | 56117 | 529021 | 83850 | 779713 |
|  Shares redeemed | (796299) | (7495489) | (2538284) | (23630890) |
|  | (147281) | (1396792) | (1314594) | (12285347) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 528144 | 4950002 | 478868 | 4437120 |
|  Reinvestment of distributions | 45961 | 431415 | 45624 | 422118 |
|  Shares redeemed | (377310) | (3540530) | (941181) | (8737208) |
|  | 196795 | 1840887 | (416689) | (3877970) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 17462977 | 163332069 | 1835899 | 16978441 |
|  Reinvestment of distributions | 702783 | 6596744 | 501531 | 4642279 |
|  Shares redeemed | (8737138) | (82059010) | (2627509) | (24268855) |
|  | 9428622 | 87869803 | (290079) | (2648135) |
|  **NET INCREASE (DECREASE)** | 6749905 | $62819766 | (5348338) | $(49600754) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**125**

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short-Term Conservative Income Fund**  | **Short-Term Conservative Income Fund**  | **Short-Term Conservative Income Fund**  | **Short-Term Conservative Income Fund**  |
|  | **For the Fiscal Year Ended<br>March 31, 2026** | **For the Fiscal Year Ended<br>March 31, 2026** | **For the Fiscal Year Ended<br>March 31, 2025** | **For the Fiscal Year Ended<br>March 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 9443385 | $95477058 | 5980037 | $60353114 |
|  Reinvestment of distributions | 449989 | 4548909 | 326004 | 3290413 |
|  Shares redeemed | (4954291) | (50087362) | (2512841) | (25362812) |
|  | 4939083 | 49938605 | 3793200 | 38280715 |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 68889969 | 696760654 | 31110386 | 314219126 |
|  Reinvestment of distributions | 3439607 | 34793537 | 3912721 | 39503422 |
|  Shares redeemed | (88527062) | (895835263) | (51156565) | (516488462) |
|  | (16197486) | (164281072) | (16133458) | (162765914) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 21654616 | 218938316 | 25621073 | 258640808 |
|  Reinvestment of distributions | 1547314 | 15649427 | 1424908 | 14384703 |
|  Shares redeemed | (18345356) | (185535144) | (18629998) | (188133086) |
|  | 4856574 | 49052599 | 8415983 | 84892425 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 15069 | 152181 | 4445617 | 44834064 |
|  Reinvestment of distributions | 472610 | 4779810 | 606982 | 6128326 |
|  Shares redeemed | (232209) | (2348860) | (3351364) | (33866422) |
|  | 255470 | 2583131 | 1701235 | 17095968 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 53336522 | 538960446 | 34129243 | 344391333 |
|  Reinvestment of distributions | 3385048 | 34208952 | 3305132 | 33337003 |
|  Shares redeemed | (50573459) | (511133260) | (29684420) | (299484991) |
|  | 6148111 | 62036138 | 7749955 | 78243345 |
|  **NET INCREASE (DECREASE)** | 1752 | $(670599) | 5526915 | $55746539 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**126**

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Mortgages Fund**  | **U.S. Mortgages Fund**  | **U.S. Mortgages Fund**  | **U.S. Mortgages Fund**  |
|  | **For the Fiscal Year Ended<br>March 31, 2026** | **For the Fiscal Year Ended<br>March 31, 2026** | **For the Fiscal Year Ended<br>March 31, 2025** | **For the Fiscal Year Ended<br>March 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 260090 | $2361800 | 155464 | $1370760 |
|  Proceeds received in connection with merger | 3654390 | 33766560 |  |  |
|  Reinvestment of distributions | 33762 | 305211 | 34285 | 303924 |
|  Shares redeemed | (350199) | (3172632) | (1134976) | (10011394) |
|  | 3598043 | 33260939 | (945227) | (8336710) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 2848984 | 25903857 | 1559716 | 13859783 |
|  Proceeds received in connection with merger | 2143606 | 19871229 |  |  |
|  Reinvestment of distributions | 172358 | 1564320 | 159117 | 1415211 |
|  Shares redeemed | (2057910) | (18758971) | (1071933) | (9451685) |
|  | 3107038 | 28580435 | 646900 | 5823309 |
|  **Separate Account Institutional Shares** |  |  |  |  |
|  Shares sold | 637542 | 5756634 | 433733 | 3818520 |
|  Reinvestment of distributions | 309414 | 2797775 | 385571 | 3418314 |
|  Shares redeemed | (1173056) | (10547770) | (2528136) | (22362578) |
|  | (226100) | (1993361) | (1708832) | (15125744) |
|  **Service Shares<sup>(a)</sup>** |  |  |  |  |
|  Shares sold | 40528 | 371410 |  |  |
|  Proceeds received in connection with merger | 1959421 | 18105050 |  |  |
|  Reinvestment of distributions | 6039 | 54595 |  |  |
|  Shares redeemed | (41353) | (376837) |  |  |
|  | 1964635 | 18154218 |  |  |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 654837 | 5913174 | 1011746 | 8947048 |
|  Proceeds received in connection with merger | 65563 | 607111 |  |  |
|  Reinvestment of distributions | 115746 | 1047477 | 135033 | 1200802 |
|  Shares redeemed | (1481742) | (13344736) | (672748) | (5956846) |
|  | (645596) | (5776974) | 474031 | 4191004 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 411253 | 3712779 | 192312 | 1725843 |
|  Proceeds received in connection with merger | 674703 | 6247754 |  |  |
|  Reinvestment of distributions | 52817 | 478694 | 50827 | 451602 |
|  Shares redeemed | (236352) | (2131516) | (450521) | (3970753) |
|  | 902421 | 8307711 | (207382) | (1793308) |
|  **Class R Shares<sup>(a)</sup>** |  |  |  |  |
|  Shares sold | 34347 | 313534 |  |  |
|  Proceeds received in connection with merger | 1069389 | 9881155 |  |  |
|  Reinvestment of distributions | 2930 | 26519 |  |  |
|  Shares redeemed | (68069) | (619531) |  |  |
|  | 1038597 | 9601677 |  |  |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 36619 | 338318 | 6279 | 55000 |
|  Proceeds received in connection with merger | 3456627 | 32008362 |  |  |
|  Reinvestment of distributions | 21968 | 198889 | 20336 | 180451 |
|  Shares redeemed | (265128) | (2418228) | (448460) | (4051893) |
|  | 3250086 | 30127341 | (421845) | (3816442) |
|  **NET INCREASE (DECREASE)** | 12989124 | $120261986 | (2162355) | $(19057891) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on February 20, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**127**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Enhanced Income Fund, Goldman Sachs Inflation Protected Securities Fund, Goldman Sachs Short Duration Bond Fund, Goldman Sachs Short Duration Government Fund, Goldman Sachs Short-Term Conservative Income Fund and Goldman Sachs U.S. Mortgages Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Enhanced Income Fund, Goldman Sachs Inflation Protected Securities Fund, Goldman Sachs Short Duration Bond Fund, Goldman Sachs Short Duration Government Fund, Goldman Sachs Short-Term Conservative Income Fund and Goldman Sachs U.S. Mortgages Fund (six of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the "Funds") as of March 31, 2026, the related statements of operations for the year ended March 31, 2026, the statements of changes in net assets for each of the two years in the period ended March 31, 2026, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2026, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2026 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

May 22, 2026

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**128**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Short Duration and Government Fixed Income Funds Tax Information (Unaudited)
Pursuant to Section 871(k) of the Internal Revenue Code, the Inflation Protected Securities Fund designates $7,986,423 as interest-related dividends paid during the fiscal year ended March 31, 2026.

For the fiscal year ended March 31, 2026, the Enhanced Income, Inflation Protected Securities, Short Duration Government, Short Duration Bond, Short-Term Conservative Income, and U.S. Mortgages Funds designate 99.06%, 94.31%, 100%, 93.55%, 99.88%, 99.74% of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**129**

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![LOGO](g152978g32g32.jpg)

TRUSTEES OFFICERS Gregory G. Weaver, Chair James A. McNamara, President and Principal Executive Cheryl K. Beebe Officer Dwight L. Bush Joseph F. DiMaria, Principal Financial Officer, Principal Kathryn A. Cassidy Accounting Officer and Treasurer John G. Chou Robert Griffith, Secretary Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener Brian J. Wildman\* \*Effective April 1, 2026. GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282© 2026 Goldman Sachs. All rights reserved. SDFIAR-26

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![LOGO](g153080g01g01.jpg)

Goldman Sachs Funds Annual Financial Statements March 31, 2026 Single Sector Fixed Income Funds Goldman Sachs Emerging Markets Credit Fund Goldman Sachs Emerging Markets Debt Fund Goldman Sachs High Yield Fund Goldman Sachs High Yield Floating Rate Fund Goldman Sachs Investment Grade Credit Fund Goldman Sachs Short Duration High Yield Fund

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Goldman Sachs Single Sector Fixed Income Funds

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  **[Schedules of Investments](#ssfi153080_1)** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Emerging Markets Credit Fund](#ssfi153080_2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Emerging Markets Debt Fund](#ssfi153080_3) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs High Yield Fund](#ssfi153080_4) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs High Yield Floating Rate Fund](#ssfi153080_5) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Investment Grade Credit Fund](#ssfi153080_6) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Short Duration High Yield Fund](#ssfi153080_7) | 64 |
|  **[Financial Statements](#ssfi153080_8)** | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#ssfi153080_9) | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#ssfi153080_10) | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#ssfi153080_11) | 77 |
|  **[Financial Highlights](#ssfi153080_12)** | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Emerging Markets Credit Fund](#ssfi153080_13) | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Emerging Markets Debt Fund](#ssfi153080_14) | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs High Yield Fund](#ssfi153080_15) | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs High Yield Floating Rate Fund](#ssfi153080_16) | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Investment Grade Credit Fund](#ssfi153080_17) | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Short Duration High Yield Fund](#ssfi153080_18) | 113 |
|  **[Notes to Financial Statements](#ssfi153080_19)** | 119 |
|  **[Report of Independent Registered Public Accounting Firm](#ssfi153080_20)** | 151 |
|  **[Other Information](#ssfi153080_21)** | 152 |

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GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – 93.1% | Corporate Obligations – 93.1% | Corporate Obligations – 93.1% | Corporate Obligations – 93.1% |
| Angola<sup>(a)(b)</sup> – 1.0% | Angola<sup>(a)(b)</sup> – 1.0% | Angola<sup>(a)(b)</sup> – 1.0% | Angola<sup>(a)(b)</sup> – 1.0% |
| Azule Energy Finance PLC (NR/B2) | Azule Energy Finance PLC (NR/B2) | Azule Energy Finance PLC (NR/B2) |  |
| $200000 | 8.125% | 01/23/30 | $&nbsp;&nbsp;&nbsp;&nbsp;201960 |
| Argentina<sup>(a)</sup> – 3.8% | Argentina<sup>(a)</sup> – 3.8% | Argentina<sup>(a)</sup> – 3.8% |  |
| Arcor SAIC (NR/NR) | Arcor SAIC (NR/NR) | Arcor SAIC (NR/NR) |  |
| 80000 | 7.600 <sup>(b)</sup> | 07/31/33 | 81771 |
| Pluspetrol SA (NR/B1) | Pluspetrol SA (NR/B1) | Pluspetrol SA (NR/B1) |  |
| 80000 | 8.500 <sup>(b)</sup> | 05/30/32 | 83080 |
| Tecpetrol SA (NR/B1) | Tecpetrol SA (NR/B1) | Tecpetrol SA (NR/B1) |  |
| 90000 | 7.625 <sup>(b)</sup> | 11/03/30 | 90901 |
| Telecom Argentina SA (NR/B2) | Telecom Argentina SA (NR/B2) | Telecom Argentina SA (NR/B2) |  |
| 80000 | 8.500 <sup>(b)</sup> | 01/20/36 | 79976 |
| Telecom Argentina SA (NR/NR) | Telecom Argentina SA (NR/NR) | Telecom Argentina SA (NR/NR) |  |
| 90000 | 9.250 <sup>(b)</sup> | 05/28/33 | 93185 |
| Vista Energy Argentina SAU (NR/NR) | Vista Energy Argentina SAU (NR/NR) | Vista Energy Argentina SAU (NR/NR) |  |
| 70000 | 8.500 <sup>(b)</sup> | 06/10/33 | 73210 |
| YPF SA (B-/B2) | YPF SA (B-/B2) | YPF SA (B-/B2) |  |
| 60000 | 8.250 <sup>(b)</sup> | 01/17/34 | 61143 |
| 10000 | 8.250 | 01/17/34 | 10191 |
| YPF SA (NR/B2) | YPF SA (NR/B2) | YPF SA (NR/B2) |  |
| 190000 | 9.500 <sup>(b)</sup> | 01/17/31 | 199728 |
|  |  |  | 773185 |
| Australia<sup>(a)(b)</sup> – 0.5% | Australia<sup>(a)(b)</sup> – 0.5% | Australia<sup>(a)(b)</sup> – 0.5% |  |
| Santos Finance Ltd. (BBB-/Baa3) | Santos Finance Ltd. (BBB-/Baa3) | Santos Finance Ltd. (BBB-/Baa3) |  |
| 100000 | 5.750 | 11/13/35 | 99967 |
| Brazil – 8.7% | Brazil – 8.7% | Brazil – 8.7% |  |
| Acu Petroleo Luxembourg SARL (NR/Ba1) | Acu Petroleo Luxembourg SARL (NR/Ba1) | Acu Petroleo Luxembourg SARL (NR/Ba1) |  |
| 210909 | 7.500 <sup>(a)</sup> | 07/13/35 | 214073 |
| CSN Inova Ventures (NR/B2) | CSN Inova Ventures (NR/B2) | CSN Inova Ventures (NR/B2) |  |
| 200000 | 6.750 <sup>(a)</sup> | 01/28/28 | 146250 |
| MC Brazil Downstream Trading SARL (NR/B1) | MC Brazil Downstream Trading SARL (NR/B1) | MC Brazil Downstream Trading SARL (NR/B1) |  |
| 181234 | 7.250 | 06/30/31 | 161986 |
| MV24 Capital BV (NR/Baa3) | MV24 Capital BV (NR/Baa3) | MV24 Capital BV (NR/Baa3) |  |
| 277612 | 6.748 | 06/01/34 | 277265 |
| Nova Securitisation SARL (BB/NR) | Nova Securitisation SARL (BB/NR) | Nova Securitisation SARL (BB/NR) |  |
| 270000 | 5.750 <sup>(a)(b)</sup> | 02/03/31 | 260360 |
| Samarco Mineracao SA (NR/B2) (PIK 9.049%, Cash 9.000%) | Samarco Mineracao SA (NR/B2) (PIK 9.049%, Cash 9.000%) | Samarco Mineracao SA (NR/B2) (PIK 9.049%, Cash 9.000%) | Samarco Mineracao SA (NR/B2) (PIK 9.049%, Cash 9.000%) |
| 286019 | 9.500 <sup>(a)(c)</sup> | 06/30/31 | 281729 |
| St. Mary's Cement, Inc. (BBB/Baa3) | St. Mary's Cement, Inc. (BBB/Baa3) | St. Mary's Cement, Inc. (BBB/Baa3) |  |
| 200000 | 5.750 <sup>(a)(b)</sup> | 04/02/34 | 204626 |
| Vale Overseas Ltd. (BB+/Baa3) (5 yr. CMT + 2.431%) | Vale Overseas Ltd. (BB+/Baa3) (5 yr. CMT + 2.431%) | Vale Overseas Ltd. (BB+/Baa3) (5 yr. CMT + 2.431%) |  |
| 200000 | 6.000 <sup>(a)(b)(d)</sup> | 02/25/56 | 197380 |
|  |  |  | 1743669 |
| Chile<sup>(a)</sup> – 4.0% | Chile<sup>(a)</sup> – 4.0% | Chile<sup>(a)</sup> – 4.0% |  |
| ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower Partners C (BB-/Ba3) | ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower Partners C (BB-/Ba3) | ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower Partners C (BB-/Ba3) | ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower Partners C (BB-/Ba3) |
| 200000 | 7.875 <sup>(b)</sup> | 02/03/30 | 202750 |
| Banco del Estado de Chile (BBB-/Baa3) (5 yr. CMT + 3.228%) | Banco del Estado de Chile (BBB-/Baa3) (5 yr. CMT + 3.228%) | Banco del Estado de Chile (BBB-/Baa3) (5 yr. CMT + 3.228%) | Banco del Estado de Chile (BBB-/Baa3) (5 yr. CMT + 3.228%) |
| 200000 | 7.950 <sup>(b)(d)</sup> | 05/02/29 | 209812 |
| Banco Santander Chile (A-/A2) | Banco Santander Chile (A-/A2) | Banco Santander Chile (A-/A2) |  |
| 150000 | 4.550 <sup>(b)</sup> | 11/20/30 | 148215 |
| Latam Airlines Group SA (BBB-/Ba2) | Latam Airlines Group SA (BBB-/Ba2) | Latam Airlines Group SA (BBB-/Ba2) |  |
| 200000 | 7.875 <sup>(b)</sup> | 04/15/30 | 201560 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) |
| Chile<sup>(a)</sup> (continued) | Chile<sup>(a)</sup> (continued) | Chile<sup>(a)</sup> (continued) | Chile<sup>(a)</sup> (continued) |
| 20000 | 7.875% | 04/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20156 |
| 30000 | 7.625 <sup>(b)</sup> | 01/07/31 | 30187 |
|  |  |  | 812680 |
| China<sup>(a)</sup> – 0.9% | China<sup>(a)</sup> – 0.9% |  |  |
| Prosus NV (BBB/Baa2) | Prosus NV (BBB/Baa2) | Prosus NV (BBB/Baa2) |  |
| 200000 | 3.680 | 01/21/30 | 188530 |
| Colombia<sup>(a)</sup> – 5.5% | Colombia<sup>(a)</sup> – 5.5% |  |  |
| Banco Davivienda SA (NR/B2) (10 yr. CMT + 5.097%) | Banco Davivienda SA (NR/B2) (10 yr. CMT + 5.097%) | Banco Davivienda SA (NR/B2) (10 yr. CMT + 5.097%) | Banco Davivienda SA (NR/B2) (10 yr. CMT + 5.097%) |
| 200000 | 6.650 <sup>(d)</sup> | 04/22/31 | 176430 |
| Ecopetrol SA (BB/Ba1) | Ecopetrol SA (BB/Ba1) | Ecopetrol SA (BB/Ba1) | Ecopetrol SA (BB/Ba1) |
| 200000 | 8.625 | 01/19/29 | 211070 |
| 170000 | 4.625 | 11/02/31 | 150775 |
| 50000 | 7.750 | 02/01/32 | 50550 |
| EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA (BBB-/Ba3) | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA (BBB-/Ba3) | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA (BBB-/Ba3) | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA (BBB-/Ba3) |
| 198071 | 5.375 | 12/30/30 | 180645 |
| Grupo Nutresa SA (NR/Baa3) | Grupo Nutresa SA (NR/Baa3) | Grupo Nutresa SA (NR/Baa3) | Grupo Nutresa SA (NR/Baa3) |
| 330000 | 8.000 <sup>(b)</sup> | 05/12/30 | 347077 |
|  |  |  | 1116547 |
| Dominican Republic<sup>(a)(b)</sup> – 1.3% | Dominican Republic<sup>(a)(b)</sup> – 1.3% | Dominican Republic<sup>(a)(b)</sup> – 1.3% | Dominican Republic<sup>(a)(b)</sup> – 1.3% |
| Aeropuertos Dominicanos Siglo XXI SA (NR/Ba1) | Aeropuertos Dominicanos Siglo XXI SA (NR/Ba1) | Aeropuertos Dominicanos Siglo XXI SA (NR/Ba1) | Aeropuertos Dominicanos Siglo XXI SA (NR/Ba1) |
| 260000 | 7.000 | 06/30/34 | 264406 |
| Ecuador<sup>(a)(b)</sup> – 1.1% | Ecuador<sup>(a)(b)</sup> – 1.1% | Ecuador<sup>(a)(b)</sup> – 1.1% | Ecuador<sup>(a)(b)</sup> – 1.1% |
| Corp. Quiport SA (B/NR) | Corp. Quiport SA (B/NR) | Corp. Quiport SA (B/NR) | Corp. Quiport SA (B/NR) |
| 200000 | 9.000 | 12/15/37 | 214122 |
| Ghana<sup>(a)</sup> – 1.1% | Ghana<sup>(a)</sup> – 1.1% | Ghana<sup>(a)</sup> – 1.1% | Ghana<sup>(a)</sup> – 1.1% |
| Kosmos Energy Ltd. (CCC/Caa3u) | Kosmos Energy Ltd. (CCC/Caa3u) | Kosmos Energy Ltd. (CCC/Caa3u) | Kosmos Energy Ltd. (CCC/Caa3u) |
| 240000 | 7.500 | 03/01/28 | 230700 |
| Guatemala<sup>(a)</sup> – 2.0% | Guatemala<sup>(a)</sup> – 2.0% | Guatemala<sup>(a)</sup> – 2.0% | Guatemala<sup>(a)</sup> – 2.0% |
| Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (NR/Ba2) | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (NR/Ba2) | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (NR/Ba2) | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (NR/Ba2) |
| 200000 | 5.250 | 04/27/29 | 195140 |
| Industrial Subordinated Trust 2 0 (BB-/NR) (5 yr. CMT + 2.864%) | Industrial Subordinated Trust 2 0 (BB-/NR) (5 yr. CMT + 2.864%) | Industrial Subordinated Trust 2 0 (BB-/NR) (5 yr. CMT + 2.864%) | Industrial Subordinated Trust 2 0 (BB-/NR) (5 yr. CMT + 2.864%) |
| 200000 | 6.550 <sup>(b)(d)</sup> | 04/15/36 | 199350 |
|  |  |  | 394490 |
| Hong Kong<sup>(a)</sup> – 1.3% | Hong Kong<sup>(a)</sup> – 1.3% | Hong Kong<sup>(a)</sup> – 1.3% | Hong Kong<sup>(a)</sup> – 1.3% |
| Melco Resorts Finance Ltd. (BB-/Ba3) | Melco Resorts Finance Ltd. (BB-/Ba3) | Melco Resorts Finance Ltd. (BB-/Ba3) | Melco Resorts Finance Ltd. (BB-/Ba3) |
| 260000 | 5.625 | 07/17/27 | 257569 |
| Hungary<sup>(a)(d)</sup> – 1.0% | Hungary<sup>(a)(d)</sup> – 1.0% | Hungary<sup>(a)(d)</sup> – 1.0% | Hungary<sup>(a)(d)</sup> – 1.0% |
| OTP Bank Nyrt (BB/Ba1) (5 yr. CMT + 5.060%) | OTP Bank Nyrt (BB/Ba1) (5 yr. CMT + 5.060%) | OTP Bank Nyrt (BB/Ba1) (5 yr. CMT + 5.060%) | OTP Bank Nyrt (BB/Ba1) (5 yr. CMT + 5.060%) |
| 200000 | 8.750 | 05/15/33 | 208030 |
| India – 6.5% | India – 6.5% | India – 6.5% | India – 6.5% |
| Adani Ports & Special Economic Zone Ltd. (BBB-/Baa3) | Adani Ports & Special Economic Zone Ltd. (BBB-/Baa3) | Adani Ports & Special Economic Zone Ltd. (BBB-/Baa3) | Adani Ports & Special Economic Zone Ltd. (BBB-/Baa3) |
| 200000 | 4.200 <sup>(a)</sup> | 08/04/27 | 195538 |
| Continuum Energy Aura Pte. Ltd. (BB-/NR) | Continuum Energy Aura Pte. Ltd. (BB-/NR) | Continuum Energy Aura Pte. Ltd. (BB-/NR) | Continuum Energy Aura Pte. Ltd. (BB-/NR) |
| 200000 | 9.500 <sup>(a)</sup> | 02/24/27 | 201187 |
| IRB Infrastructure Developers Ltd. (NR/Ba2) | IRB Infrastructure Developers Ltd. (NR/Ba2) | IRB Infrastructure Developers Ltd. (NR/Ba2) | IRB Infrastructure Developers Ltd. (NR/Ba2) |
| 200000 | 7.110 <sup>(a)(b)</sup> | 03/11/32 | 200000 |
| JSW Hydro Energy Ltd. (NR/Ba1) | JSW Hydro Energy Ltd. (NR/Ba1) | JSW Hydro Energy Ltd. (NR/Ba1) | JSW Hydro Energy Ltd. (NR/Ba1) |
| 139000 | 4.125 <sup>(a)</sup> | 05/18/31 | 127255 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>1</sub>

------

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) |
| India (continued) | India (continued) | India (continued) | India (continued) |
| JSW Infrastructure Ltd. (NR/Ba1) | JSW Infrastructure Ltd. (NR/Ba1) | JSW Infrastructure Ltd. (NR/Ba1) | JSW Infrastructure Ltd. (NR/Ba1) |
| 200000 | 4.950 %<sup>(a)</sup> | 01/21/29 | &nbsp;&nbsp;&nbsp;&nbsp;195226 |
| UPL Corp. Ltd. (BB/Ba2) | UPL Corp. Ltd. (BB/Ba2) | UPL Corp. Ltd. (BB/Ba2) | UPL Corp. Ltd. (BB/Ba2) |
| 200000 | 4.625 | 06/16/30 | 176726 |
| Vedanta Resources Finance II PLC (B/NR) | Vedanta Resources Finance II PLC (B/NR) | Vedanta Resources Finance II PLC (B/NR) | Vedanta Resources Finance II PLC (B/NR) |
| 200000 | 11.250 <sup>(a)(b)</sup> | 12/03/31 | 212812 |
|  |  |  | 1308744 |
| Indonesia – 1.5% | Indonesia – 1.5% | Indonesia – 1.5% | Indonesia – 1.5% |
| LLPL Capital Pte. Ltd. (NR/Baa3) | LLPL Capital Pte. Ltd. (NR/Baa3) | LLPL Capital Pte. Ltd. (NR/Baa3) | LLPL Capital Pte. Ltd. (NR/Baa3) |
| 168450 | 6.875 | 02/04/39 | 169924 |
| Minejesa Capital BV (NR/Baa3) | Minejesa Capital BV (NR/Baa3) | Minejesa Capital BV (NR/Baa3) | Minejesa Capital BV (NR/Baa3) |
| 129800 | 4.625 | 08/10/30 | 127853 |
|  |  |  | 297777 |
| Ivory Coast<sup>(a)(b)</sup> – 1.0% | Ivory Coast<sup>(a)(b)</sup> – 1.0% | Ivory Coast<sup>(a)(b)</sup> – 1.0% | Ivory Coast<sup>(a)(b)</sup> – 1.0% |
| Endeavour Mining PLC (BB-/NR) | Endeavour Mining PLC (BB-/NR) | Endeavour Mining PLC (BB-/NR) | Endeavour Mining PLC (BB-/NR) |
| 200000 | 7.000 | 05/28/30 | 203000 |
| Jamaica<sup>(a)(b)</sup> – 2.0% | Jamaica<sup>(a)(b)</sup> – 2.0% | Jamaica<sup>(a)(b)</sup> – 2.0% | Jamaica<sup>(a)(b)</sup> – 2.0% |
| Digicel International Finance Ltd./Difl U.S. LLC (B/B2) | Digicel International Finance Ltd./Difl U.S. LLC (B/B2) | Digicel International Finance Ltd./Difl U.S. LLC (B/B2) | Digicel International Finance Ltd./Difl U.S. LLC (B/B2) |
| 200000 | 8.625 | 08/01/32 | 202959 |
| Kingston Airport Revenue Finance Ltd. (BB+/Ba3) | Kingston Airport Revenue Finance Ltd. (BB+/Ba3) | Kingston Airport Revenue Finance Ltd. (BB+/Ba3) | Kingston Airport Revenue Finance Ltd. (BB+/Ba3) |
| 200000 | 6.750 | 12/15/36 | 198670 |
|  |  |  | 401629 |
| Kuwait<sup>(a)(b)(d)</sup> – 1.3% | Kuwait<sup>(a)(b)(d)</sup> – 1.3% | Kuwait<sup>(a)(b)(d)</sup> – 1.3% | Kuwait<sup>(a)(b)(d)</sup> – 1.3% |
| NBK Tier 1 Ltd. (NR/Baa3) (6 yr. CMT + 2.403%) | NBK Tier 1 Ltd. (NR/Baa3) (6 yr. CMT + 2.403%) | NBK Tier 1 Ltd. (NR/Baa3) (6 yr. CMT + 2.403%) | NBK Tier 1 Ltd. (NR/Baa3) (6 yr. CMT + 2.403%) |
| 260000 | 6.375 | 01/10/31 | 253989 |
| Macau<sup>(a)</sup> – 1.3% | Macau<sup>(a)</sup> – 1.3% | Macau<sup>(a)</sup> – 1.3% | Macau<sup>(a)</sup> – 1.3% |
| Wynn Macau Ltd. (BB-/B1) | Wynn Macau Ltd. (BB-/B1) | Wynn Macau Ltd. (BB-/B1) | Wynn Macau Ltd. (BB-/B1) |
| 270000 | 5.500 | 10/01/27 | 267195 |
| Malaysia<sup>(a)</sup> – 0.9% | Malaysia<sup>(a)</sup> – 0.9% | Malaysia<sup>(a)</sup> – 0.9% | Malaysia<sup>(a)</sup> – 0.9% |
| GENM Capital Labuan Ltd. (BBB-/NR) | GENM Capital Labuan Ltd. (BBB-/NR) | GENM Capital Labuan Ltd. (BBB-/NR) | GENM Capital Labuan Ltd. (BBB-/NR) |
| 200000 | 3.882 | 04/19/31 | 178050 |
| Mexico – 9.0% | Mexico – 9.0% | Mexico – 9.0% | Mexico – 9.0% |
| Banco Mercantil del Norte SA (BB-/Ba2) (10 yr. CMT + 4.299%) | Banco Mercantil del Norte SA (BB-/Ba2) (10 yr. CMT + 4.299%) | Banco Mercantil del Norte SA (BB-/Ba2) (10 yr. CMT + 4.299%) | Banco Mercantil del Norte SA (BB-/Ba2) (10 yr. CMT + 4.299%) |
| 300000 | 8.750 <sup>(a)(b)(d)</sup> | 05/20/35 | 312600 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico (BB/NR) (5 yr. CMT + 2.650%) | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico (BB/NR) (5 yr. CMT + 2.650%) | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico (BB/NR) (5 yr. CMT + 2.650%) | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico (BB/NR) (5 yr. CMT + 2.650%) |
| 200000 | 5.125 <sup>(a)(d)</sup> | 01/18/33 | 195241 |
| Becle SAB de CV (BBB-/NR) | Becle SAB de CV (BBB-/NR) | Becle SAB de CV (BBB-/NR) | Becle SAB de CV (BBB-/NR) |
| 250000 | 2.500 <sup>(a)</sup> | 10/14/31 | 213917 |
| Fibra Soma Trust F/6185 (NR/Ba1) | Fibra Soma Trust F/6185 (NR/Ba1) | Fibra Soma Trust F/6185 (NR/Ba1) | Fibra Soma Trust F/6185 (NR/Ba1) |
| 200000 | 4.375 <sup>(a)</sup> | 07/22/31 | 181200 |
| FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (BBB/Baa3) | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (BBB/Baa3) | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (BBB/Baa3) | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (BBB/Baa3) |
| 198101 | 7.250 <sup>(a)</sup> | 01/31/41 | 198101 |
| Mexico City Airport Trust (BBB/Baa3) | Mexico City Airport Trust (BBB/Baa3) | Mexico City Airport Trust (BBB/Baa3) | Mexico City Airport Trust (BBB/Baa3) |
| 200000 | 5.500 <sup>(a)</sup> | 07/31/47 | 166180 |
| Orbia Advance Corp. SAB de CV (BBB-/Ba2) | Orbia Advance Corp. SAB de CV (BBB-/Ba2) | Orbia Advance Corp. SAB de CV (BBB-/Ba2) | Orbia Advance Corp. SAB de CV (BBB-/Ba2) |
| 200000 | 6.800 <sup>(a)(b)</sup> | 05/13/30 | 194775 |
| Petroleos Mexicanos (BBB/B1) | Petroleos Mexicanos (BBB/B1) | Petroleos Mexicanos (BBB/B1) | Petroleos Mexicanos (BBB/B1) |
| 30000 | 6.500 | 01/23/29 | 30078 |

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) |
| Mexico (continued) | Mexico (continued) | Mexico (continued) | Mexico (continued) |
| 20000 | 8.750 %<sup>(a)</sup> | 06/02/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21028 |
| 70000 | 6.840 <sup>(a)</sup> | 01/23/30 | 70238 |
| 180000 | 5.950 <sup>(a)</sup> | 01/28/31 | 172161 |
| 20000 | 6.375 | 01/23/45 | 15760 |
| 40000 | 6.750 | 09/21/47 | 31938 |
| 10000 | 6.950 <sup>(a)</sup> | 01/28/60 | 7861 |
|  |  |  | 1811078 |
| Moldova<sup>(a)(b)</sup> – 0.9% | Moldova<sup>(a)(b)</sup> – 0.9% | Moldova<sup>(a)(b)</sup> – 0.9% | Moldova<sup>(a)(b)</sup> – 0.9% |
| Aragvi Finance International DAC (B/NR) | Aragvi Finance International DAC (B/NR) | Aragvi Finance International DAC (B/NR) | Aragvi Finance International DAC (B/NR) |
| 200000 | 11.125 | 11/20/29 | 190000 |
| Mongolia<sup>(a)</sup> – 1.0% | Mongolia<sup>(a)</sup> – 1.0% | Mongolia<sup>(a)</sup> – 1.0% | Mongolia<sup>(a)</sup> – 1.0% |
| Mongolian Mining Corp. (NR/B2) | Mongolian Mining Corp. (NR/B2) | Mongolian Mining Corp. (NR/B2) | Mongolian Mining Corp. (NR/B2) |
| 200000 | 8.440 | 04/03/30 | 198250 |
| Morocco<sup>(a)</sup> – 2.0% | Morocco<sup>(a)</sup> – 2.0% | Morocco<sup>(a)</sup> – 2.0% | Morocco<sup>(a)</sup> – 2.0% |
| OCP SA (BBB-/Baa3) | OCP SA (BBB-/Baa3) | OCP SA (BBB-/Baa3) | OCP SA (BBB-/Baa3) |
| 260000 | 5.125 | 06/23/51 | 202116 |
| Vivo Energy Investments BV (BB+/Ba1) | Vivo Energy Investments BV (BB+/Ba1) | Vivo Energy Investments BV (BB+/Ba1) | Vivo Energy Investments BV (BB+/Ba1) |
| 210000 | 5.125 | 09/24/27 | 207371 |
|  |  |  | 409487 |
| Nigeria – 3.6% | Nigeria – 3.6% | Nigeria – 3.6% | Nigeria – 3.6% |
| Access Bank PLC (NR/B3) | Access Bank PLC (NR/B3) | Access Bank PLC (NR/B3) | Access Bank PLC (NR/B3) |
| 370000 | 6.125 | 09/21/26 | 368890 |
| SEPLAT Energy PLC (B/NR) | SEPLAT Energy PLC (B/NR) | SEPLAT Energy PLC (B/NR) | SEPLAT Energy PLC (B/NR) |
| 330000 | 9.125 <sup>(a)(b)</sup> | 03/21/30 | 349594 |
|  |  |  | 718484 |
| Norway<sup>(a)</sup> – 1.0% | Norway<sup>(a)</sup> – 1.0% | Norway<sup>(a)</sup> – 1.0% | Norway<sup>(a)</sup> – 1.0% |
| DNO ASA (NR/NR) | DNO ASA (NR/NR) | DNO ASA (NR/NR) | DNO ASA (NR/NR) |
| 200000 | 8.500 | 03/27/30 | 204000 |
| Panama<sup>(a)</sup> – 3.4% | Panama<sup>(a)</sup> – 3.4% | Panama<sup>(a)</sup> – 3.4% | Panama<sup>(a)</sup> – 3.4% |
| Aeropuerto Internacional de Tocumen SA (BBB-/Baa3) | Aeropuerto Internacional de Tocumen SA (BBB-/Baa3) | Aeropuerto Internacional de Tocumen SA (BBB-/Baa3) | Aeropuerto Internacional de Tocumen SA (BBB-/Baa3) |
| 200000 | 5.125 | 08/11/61 | 158850 |
| AES Panama Generation Holdings SRL (NR/Baa3) | AES Panama Generation Holdings SRL (NR/Baa3) | AES Panama Generation Holdings SRL (NR/Baa3) | AES Panama Generation Holdings SRL (NR/Baa3) |
| 373404 | 4.375 | 05/31/30 | 346425 |
| Telecomunicaciones Digitales SA (NR/Ba2) | Telecomunicaciones Digitales SA (NR/Ba2) | Telecomunicaciones Digitales SA (NR/Ba2) | Telecomunicaciones Digitales SA (NR/Ba2) |
| 200000 | 4.500 | 01/30/30 | 187570 |
|  |  |  | 692845 |
| Paraguay<sup>(a)</sup> – 1.0% | Paraguay<sup>(a)</sup> – 1.0% | Paraguay<sup>(a)</sup> – 1.0% | Paraguay<sup>(a)</sup> – 1.0% |
| Telefonica Celular del Paraguay SA (NR/Ba2) | Telefonica Celular del Paraguay SA (NR/Ba2) | Telefonica Celular del Paraguay SA (NR/Ba2) | Telefonica Celular del Paraguay SA (NR/Ba2) |
| 200000 | 5.875 | 04/15/27 | 198908 |
| Peru<sup>(a)</sup> – 3.6% | Peru<sup>(a)</sup> – 3.6% | Peru<sup>(a)</sup> – 3.6% | Peru<sup>(a)</sup> – 3.6% |
| Hunt Oil Co. of Peru LLC Sucursal Del Peru (NR/Ba1) | Hunt Oil Co. of Peru LLC Sucursal Del Peru (NR/Ba1) | Hunt Oil Co. of Peru LLC Sucursal Del Peru (NR/Ba1) | Hunt Oil Co. of Peru LLC Sucursal Del Peru (NR/Ba1) |
| 210000 | 7.750 <sup>(b)</sup> | 11/05/38 | 224448 |
| Niagara Energy SAC (BBB-/Baa3) | Niagara Energy SAC (BBB-/Baa3) | Niagara Energy SAC (BBB-/Baa3) | Niagara Energy SAC (BBB-/Baa3) |
| 200000 | 5.746 | 10/03/34 | 200130 |
| SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA (NR/Ba2) | SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA (NR/Ba2) | SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA (NR/Ba2) | SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA (NR/Ba2) |
| 320000 | 3.750 | 08/02/28 | 308122 |
|  |  |  | 732700 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **2** | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) |
| Philippines<sup>(a)(d)</sup> – 1.2% | Philippines<sup>(a)(d)</sup> – 1.2% | Philippines<sup>(a)(d)</sup> – 1.2% | Philippines<sup>(a)(d)</sup> – 1.2% |
| San Miguel Global Power Holdings Corp. (NR/NR) (5 yr. CMT + 7.732%) | San Miguel Global Power Holdings Corp. (NR/NR) (5 yr. CMT + 7.732%) | San Miguel Global Power Holdings Corp. (NR/NR) (5 yr. CMT + 7.732%) | San Miguel Global Power Holdings Corp. (NR/NR) (5 yr. CMT + 7.732%) |
| $250000 | 8.750% | 06/12/29 | $&nbsp;&nbsp;&nbsp;&nbsp;247580 |
| Romania<sup>(a)(d)</sup> – 1.2% | Romania<sup>(a)(d)</sup> – 1.2% | Romania<sup>(a)(d)</sup> – 1.2% | Romania<sup>(a)(d)</sup> – 1.2% |
| Banca Transilvania SA (NR/Ba1) (1 yr. EURIBOR ICE Swap + 5.580%) | Banca Transilvania SA (NR/Ba1) (1 yr. EURIBOR ICE Swap + 5.580%) | Banca Transilvania SA (NR/Ba1) (1 yr. EURIBOR ICE Swap + 5.580%) | Banca Transilvania SA (NR/Ba1) (1 yr. EURIBOR ICE Swap + 5.580%) |
| 200000 | 8.875 | 04/27/27 | 231286 |
| South Africa – 3.2% | South Africa – 3.2% | South Africa – 3.2% | South Africa – 3.2% |
| Absa Group Ltd. (NR/B2) (5 yr. CMT + 5.411%) | Absa Group Ltd. (NR/B2) (5 yr. CMT + 5.411%) | Absa Group Ltd. (NR/B2) (5 yr. CMT + 5.411%) | Absa Group Ltd. (NR/B2) (5 yr. CMT + 5.411%) |
| $240000 | 6.375 <sup>(a)(d)</sup> | 05/27/26 | 238800 |
| Bidvest Group U.K. PLC (NR/Ba2) | Bidvest Group U.K. PLC (NR/Ba2) | Bidvest Group U.K. PLC (NR/Ba2) | Bidvest Group U.K. PLC (NR/Ba2) |
| 200000 | 6.200 <sup>(a)(b)</sup> | 09/17/32 | 199460 |
| Transnet (B+/Ba3) | Transnet (B+/Ba3) | Transnet (B+/Ba3) | Transnet (B+/Ba3) |
| 200000 | 8.250 | 02/06/28 | 206800 |
|  |  |  | 645060 |
| Turkey – 9.3% | Turkey – 9.3% | Turkey – 9.3% | Turkey – 9.3% |
| Akbank TAS (NR/Ba3) | Akbank TAS (NR/Ba3) | Akbank TAS (NR/Ba3) | Akbank TAS (NR/Ba3) |
| 210000 | 7.498 <sup>(b)</sup> | 01/20/30 | 213973 |
| Akbank TAS (NR/NR) (5 yr. CMT + 4.221%) | Akbank TAS (NR/NR) (5 yr. CMT + 4.221%) | Akbank TAS (NR/NR) (5 yr. CMT + 4.221%) | Akbank TAS (NR/NR) (5 yr. CMT + 4.221%) |
| 200000 | 7.950 <sup>(a)(b)(d)</sup> | 02/19/31 | 189900 |
| Anadolu Efes Biracilik Ve Malt Sanayii AS (BB/NR) | Anadolu Efes Biracilik Ve Malt Sanayii AS (BB/NR) | Anadolu Efes Biracilik Ve Malt Sanayii AS (BB/NR) | Anadolu Efes Biracilik Ve Malt Sanayii AS (BB/NR) |
| 320000 | 3.375 <sup>(a)</sup> | 06/29/28 | 293238 |
| Limak Cimento Sanayi ve Ticaret AS (NR/B2) | Limak Cimento Sanayi ve Ticaret AS (NR/B2) | Limak Cimento Sanayi ve Ticaret AS (NR/B2) | Limak Cimento Sanayi ve Ticaret AS (NR/B2) |
| 200000 | 9.750 <sup>(a)</sup> | 07/25/29 | 195970 |
| Limak Iskenderun Uluslararasi Liman Isletmeciligi AS (NR/B3) | Limak Iskenderun Uluslararasi Liman Isletmeciligi AS (NR/B3) | Limak Iskenderun Uluslararasi Liman Isletmeciligi AS (NR/B3) | Limak Iskenderun Uluslararasi Liman Isletmeciligi AS (NR/B3) |
| 259340 | 9.500 <sup>(a)</sup> | 07/10/36 | 254153 |
| Mersin Uluslararasi Liman Isletmeciligi AS (BB/NR) | Mersin Uluslararasi Liman Isletmeciligi AS (BB/NR) | Mersin Uluslararasi Liman Isletmeciligi AS (BB/NR) | Mersin Uluslararasi Liman Isletmeciligi AS (BB/NR) |
| 200000 | 8.250 <sup>(a)(b)</sup> | 11/15/28 | 204188 |
| Turkiye Garanti Bankasi AS (NR/B1) (5 yr. CMT + 4.090%) | Turkiye Garanti Bankasi AS (NR/B1) (5 yr. CMT + 4.090%) | Turkiye Garanti Bankasi AS (NR/B1) (5 yr. CMT + 4.090%) | Turkiye Garanti Bankasi AS (NR/B1) (5 yr. CMT + 4.090%) |
| 200000 | 8.375 <sup>(a)(b)(d)</sup> | 02/28/34 | 201500 |
| Yapi ve Kredi Bankasi AS (NR/NR) | Yapi ve Kredi Bankasi AS (NR/NR) | Yapi ve Kredi Bankasi AS (NR/NR) | Yapi ve Kredi Bankasi AS (NR/NR) |
| 310000 | 7.250 <sup>(b)</sup> | 03/03/30 | 310651 |
|  |  |  | 1863573 |
| United Arab Emirates<sup>(a)(b)(d)</sup> – 0.9% | United Arab Emirates<sup>(a)(b)(d)</sup> – 0.9% | United Arab Emirates<sup>(a)(b)(d)</sup> – 0.9% | United Arab Emirates<sup>(a)(b)(d)</sup> – 0.9% |
| Aldar Properties PJSC (NR/Baa3) (5 yr. CMT + 2.018%) | Aldar Properties PJSC (NR/Baa3) (5 yr. CMT + 2.018%) | Aldar Properties PJSC (NR/Baa3) (5 yr. CMT + 2.018%) | Aldar Properties PJSC (NR/Baa3) (5 yr. CMT + 2.018%) |
| 200000 | 5.875 | 04/14/56 | 183122 |
| United Kingdom<sup>(a)(b)</sup> – 0.9% | United Kingdom<sup>(a)(b)</sup> – 0.9% | United Kingdom<sup>(a)(b)</sup> – 0.9% | United Kingdom<sup>(a)(b)</sup> – 0.9% |
| Avianca Midco 2 PLC (NR/B1) | Avianca Midco 2 PLC (NR/B1) | Avianca Midco 2 PLC (NR/B1) | Avianca Midco 2 PLC (NR/B1) |
| 200000 | 9.500 | 01/28/31 | 183810 |
| United States<sup>(a)</sup> – 0.3% | United States<sup>(a)</sup> – 0.3% | United States<sup>(a)</sup> – 0.3% | United States<sup>(a)</sup> – 0.3% |
| Las Vegas Sands Corp. (BB+/Baa3) | Las Vegas Sands Corp. (BB+/Baa3) | Las Vegas Sands Corp. (BB+/Baa3) | Las Vegas Sands Corp. (BB+/Baa3) |
| 40000 | 5.625 | 06/15/28 | 40495 |
| 10000 | 6.000 | 06/14/30 | 10273 |
|  |  |  | 50768 |
| Uzbekistan<sup>(b)</sup> – 2.1% | Uzbekistan<sup>(b)</sup> – 2.1% | Uzbekistan<sup>(b)</sup> – 2.1% | Uzbekistan<sup>(b)</sup> – 2.1% |
| Navoi Mining & Metallurgical Combinat (BB/NR) | Navoi Mining & Metallurgical Combinat (BB/NR) | Navoi Mining & Metallurgical Combinat (BB/NR) | Navoi Mining & Metallurgical Combinat (BB/NR) |
| 200000 | 6.950 | 10/17/31 | 208000 |
| Uzbek Industrial & Construction Bank ATB (BB-/NR) | Uzbek Industrial & Construction Bank ATB (BB-/NR) | Uzbek Industrial & Construction Bank ATB (BB-/NR) | Uzbek Industrial & Construction Bank ATB (BB-/NR) |
| 200000 | 8.950 | 07/24/29 | 211237 |
|  |  |  | 419237 |

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) |
| Vietnam<sup>(a)</sup> – 0.8% | Vietnam<sup>(a)</sup> – 0.8% | Vietnam<sup>(a)</sup> – 0.8% | Vietnam<sup>(a)</sup> – 0.8% |
| Mong Duong Finance Holdings BV (NR/Ba2) | Mong Duong Finance Holdings BV (NR/Ba2) | Mong Duong Finance Holdings BV (NR/Ba2) | Mong Duong Finance Holdings BV (NR/Ba2) |
| $156432 | 5.125% | 05/07/29 | $153743 |
| Zambia<sup>(a)(b)</sup> – 1.0% | Zambia<sup>(a)(b)</sup> – 1.0% | Zambia<sup>(a)(b)</sup> – 1.0% | Zambia<sup>(a)(b)</sup> – 1.0% |
| First Quantum Minerals Ltd. (B/NR) | First Quantum Minerals Ltd. (B/NR) | First Quantum Minerals Ltd. (B/NR) | First Quantum Minerals Ltd. (B/NR) |
| 200000 | 6.375 | 02/15/36 | 191361 |
| TOTAL CORPORATE OBLIGATIONS<br>(Cost $18,209,503) | TOTAL CORPORATE OBLIGATIONS<br>(Cost $18,209,503) | TOTAL CORPORATE OBLIGATIONS<br>(Cost $18,209,503) | $18741531 |
| Sovereign Debt Obligations – 4.1% | Sovereign Debt Obligations – 4.1% | Sovereign Debt Obligations – 4.1% | Sovereign Debt Obligations – 4.1% |
| Colombia<sup>(a)</sup> – 1.0% | Colombia<sup>(a)</sup> – 1.0% | Colombia<sup>(a)</sup> – 1.0% | Colombia<sup>(a)</sup> – 1.0% |
| Colombia Government International Bonds (BB-/Baa3) | Colombia Government International Bonds (BB-/Baa3) | Colombia Government International Bonds (BB-/Baa3) | Colombia Government International Bonds (BB-/Baa3) |
| $200000 | 5.375% | 01/21/29 | $198500 |
| Ivory Coast<sup>(b)</sup> – 1.0% | Ivory Coast<sup>(b)</sup> – 1.0% | Ivory Coast<sup>(b)</sup> – 1.0% | Ivory Coast<sup>(b)</sup> – 1.0% |
| Ivory Coast Government International Bonds (BB/Ba2) | Ivory Coast Government International Bonds (BB/Ba2) | Ivory Coast Government International Bonds (BB/Ba2) | Ivory Coast Government International Bonds (BB/Ba2) |
| 200000 | 8.075 | 04/01/36 | 203217 |
| Nigeria – 1.0% | Nigeria – 1.0% | Nigeria – 1.0% | Nigeria – 1.0% |
| Nigeria Government International Bonds (B-/B3) | Nigeria Government International Bonds (B-/B3) | Nigeria Government International Bonds (B-/B3) | Nigeria Government International Bonds (B-/B3) |
| 200000 | 8.747 | 01/21/31 | 210850 |
| Romania<sup>(b)</sup> – 0.8% | Romania<sup>(b)</sup> – 0.8% | Romania<sup>(b)</sup> – 0.8% | Romania<sup>(b)</sup> – 0.8% |
| Romania Government International Bonds (BBB-/Baa3) | Romania Government International Bonds (BBB-/Baa3) | Romania Government International Bonds (BBB-/Baa3) | Romania Government International Bonds (BBB-/Baa3) |
| 10000 | 4.625 | 03/04/33 | 10785 |
| $120000 | 6.625 | 05/16/36 | 119045 |
| 30000 | 5.750 | 07/04/36 | 27784 |
|  |  |  | 157614 |
| Sri Lanka<sup>(e)</sup> – 0.2% | Sri Lanka<sup>(e)</sup> – 0.2% | Sri Lanka<sup>(e)</sup> – 0.2% | Sri Lanka<sup>(e)</sup> – 0.2% |
| Sri Lanka Government International Bonds (NR/Caa1) | Sri Lanka Government International Bonds (NR/Caa1) | Sri Lanka Government International Bonds (NR/Caa1) | Sri Lanka Government International Bonds (NR/Caa1) |
| 60000 | 3.350 | 03/15/33 | 49905 |
| Venezuela<sup>(f)</sup> – 0.1% | Venezuela<sup>(f)</sup> – 0.1% | Venezuela<sup>(f)</sup> – 0.1% | Venezuela<sup>(f)</sup> – 0.1% |
| Venezuela Government International Bonds (NR/Cu) | Venezuela Government International Bonds (NR/Cu) | Venezuela Government International Bonds (NR/Cu) | Venezuela Government International Bonds (NR/Cu) |
| 20000 | 11.750 | 10/21/26 | 10150 |
| TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $820,989) | TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $820,989) | TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $820,989) | $830236 |

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| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(g)</sup> – 0.7% | Investment Company<sup>(g)</sup> – 0.7% | Investment Company<sup>(g)</sup> – 0.7% |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 135035 | 3.553% | $&nbsp;&nbsp;&nbsp;&nbsp;135035 |
| (Cost $135,035) | (Cost $135,035) | (Cost $135,035) |
| **TOTAL INVESTMENTS – 97.9%**<br> **(Cost $19,165,527)** | **TOTAL INVESTMENTS – 97.9%**<br> **(Cost $19,165,527)** | $19706802 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES – 2.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 2.1%** | 424048 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $20130850 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>3</sub>

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GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (b) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (c) | Pay-in-kind securities. |
| (d) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2026. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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|:---|:---|
| (e) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2026. |
| (f) | Security is currently in default and/or non-income producing. |
| (g) | Represents an affiliated issuer. |
| Security ratings disclosed, if any, are obtained from S&P's/Moody's Investor Service and are unaudited. A brief description of the ratings is available in the Fund's Statement of Additional Information. | Security ratings disclosed, if any, are obtained from S&P's/Moody's Investor Service and are unaudited. A brief description of the ratings is available in the Fund's Statement of Additional Information. |

---

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2026, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized<br>Gain** |
|  JPMorgan Securities, Inc. | USD | 256223 | EUR | 216300 | 05/22/26 | $5591 |

---

FUTURES CONTRACTS — At March 31, 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | 5 | 06/18/26 | $555235 | $(7405) |
|  2 Year U.S. Treasury Notes | 6 | 06/30/26 | 1244672 | (8039) |
|  20 Year U.S. Treasury Bonds | 3 | 06/18/26 | 341625 | (10638) |
|  Ultra Long U.S. Treasury Bonds | 4 | 06/18/26 | 466250 | (11522) |
| Total |  |  |  | $(37604) |
|  **Short position contracts:** |  |  |  |  |
|  5 Year U.S. Treasury Notes | (13) | 06/30/26 | (1406336) | 18673 |
|  Ultra 10-Year U.S. Treasury Notes | (1) | 06/18/26 | (113516) | 2569 |
| Total |  |  |  | $21242 |
| TOTAL FUTURES CONTRACTS |  |  |  | $(16362) |

---

SWAP CONTRACTS — At March 31, 2026, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)<sup>(a)</sup>** | **Notional<br>Amount<br>(000s)<sup>(a)</sup>** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  6M EURO<sup>(b)</sup> <br> 2.250%<sup>(c)</sup> | 06/17/28 | EUR | 160 | $(2282) | $112 | $(2394) |
|  2.500%<sup>(c)</sup> <br> 6M EURO<sup>(b)</sup> | 06/17/31 | EUR | 90 | 1978 | (317) | 2295 |
| 2.500<sup>(c)</sup> <br> 6M EURO<sup>(b)</sup> | 06/17/33 | EUR | 100 | 3466 | 530 | 2936 |
|  6M EURO<sup>(b)</sup> <br> 2.750<sup>(c)</sup> | 06/17/36 | EUR | 130 | (4365) | 65 | (4430) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **4** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)<sup>(a)</sup>** | **Notional<br>Amount<br>(000s)<sup>(a)</sup>** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3.000%<sup>(c)</sup> <br> 6M EURO<sup>(b)</sup> | 06/17/41 | EUR | 110 | $3417 | $(687) | $4104 |
| TOTAL |  |  |  | $2214 | $(297) | $2511 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made semi-annually.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Payments made annually.

---

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

---

---

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

---

---

| | |
|:---|:---|
| Abbreviation: | Abbreviation: |
| EURO | —Euro Offered Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>5</sub>

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations – 68.5% | Sovereign Debt Obligations – 68.5% | Sovereign Debt Obligations – 68.5% | Sovereign Debt Obligations – 68.5% |
| Angola – 1.5% | Angola – 1.5% | Angola – 1.5% | Angola – 1.5% |
| Angola Government International Bonds (B-/B3) | Angola Government International Bonds (B-/B3) | Angola Government International Bonds (B-/B3) | Angola Government International Bonds (B-/B3) |
| $620000 | 8.000% | 11/26/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611010 |
| 1110000 | 9.244 <sup>(a)</sup> | 01/15/31 | 1122140 |
| 450000 | 8.750 <sup>(a)</sup> | 04/14/32 | 436725 |
| 940000 | 9.375 <sup>(a)</sup> | 03/31/33 | 924098 |
| 650000 | 9.875 <sup>(a)</sup> | 10/15/35 | 650975 |
| 550000 | 9.125 | 11/26/49 | 476391 |
| Angola Government International Bonds (NR/B3) | Angola Government International Bonds (NR/B3) | Angola Government International Bonds (NR/B3) | Angola Government International Bonds (NR/B3) |
| 410000 | 8.250 | 05/09/28 | 413280 |
| 880000 | 8.250 <sup>(a)</sup> | 05/09/28 | 887040 |
| 990000 | 9.375 | 05/08/48 | 876534 |
|  |  |  | 6398193 |
| Argentina<sup>(b)</sup> – 3.0% | Argentina<sup>(b)</sup> – 3.0% | Argentina<sup>(b)</sup> – 3.0% | Argentina<sup>(b)</sup> – 3.0% |
| Argentina Republic Government International Bonds (CCC+/NR) | Argentina Republic Government International Bonds (CCC+/NR) | Argentina Republic Government International Bonds (CCC+/NR) | Argentina Republic Government International Bonds (CCC+/NR) |
| 84062 | 0.500 | 07/09/29 | 83754 |
| $1973031 | 0.750 <sup>(c)</sup> | 07/09/30 | 1653400 |
| 9105877 | 4.125 <sup>(c)</sup> | 07/09/35 | 6583549 |
| 4031111 | 5.000 <sup>(c)</sup> | 01/09/38 | 3039458 |
| 2574455 | 3.500 <sup>(c)</sup> | 07/09/41 | 1722310 |
|  |  |  | 13082471 |
| Azerbaijan – 0.6% | Azerbaijan – 0.6% | Azerbaijan – 0.6% | Azerbaijan – 0.6% |
| Republic of Azerbaijan International Bonds (NR/Baa3) | Republic of Azerbaijan International Bonds (NR/Baa3) | Republic of Azerbaijan International Bonds (NR/Baa3) | Republic of Azerbaijan International Bonds (NR/Baa3) |
| 2790000 | 3.500 | 09/01/32 | 2555971 |
| Bahamas<sup>(a)</sup> – 0.2% | Bahamas<sup>(a)</sup> – 0.2% | Bahamas<sup>(a)</sup> – 0.2% | Bahamas<sup>(a)</sup> – 0.2% |
| Bahamas Government International Bonds (BB-/B1) | Bahamas Government International Bonds (BB-/B1) | Bahamas Government International Bonds (BB-/B1) | Bahamas Government International Bonds (BB-/B1) |
| 800000 | 8.250 | 06/24/36 | 856223 |
| Bahrain – 1.0% | Bahrain – 1.0% | Bahrain – 1.0% | Bahrain – 1.0% |
| Bahrain Government International Bonds (B/B2u) | Bahrain Government International Bonds (B/B2u) | Bahrain Government International Bonds (B/B2u) | Bahrain Government International Bonds (B/B2u) |
| 630000 | 7.375 <sup>(a)</sup> | 05/14/30 | 631184 |
| 560000 | 5.625 <sup>(a)</sup> | 09/30/31 | 519042 |
| 1510000 | 5.625 | 09/30/31 | 1399559 |
| 230000 | 5.450 | 09/16/32 | 206741 |
| 820000 | 5.450 <sup>(a)</sup> | 09/16/32 | 737077 |
| Bahrain Government International Bonds (B/NR) | Bahrain Government International Bonds (B/NR) | Bahrain Government International Bonds (B/NR) | Bahrain Government International Bonds (B/NR) |
| 990000 | 5.625 | 05/18/34 | 872190 |
|  |  |  | 4365793 |
| Benin – 0.7% | Benin – 0.7% | Benin – 0.7% | Benin – 0.7% |
| Benin Government International Bonds (BB-/B1) | Benin Government International Bonds (BB-/B1) | Benin Government International Bonds (BB-/B1) | Benin Government International Bonds (BB-/B1) |
| 660000 | 7.960 <sup>(a)</sup> | 02/13/38 | 645695 |
| 520000 | 7.960 | 02/13/38 | 508730 |
| Benin Government International Bonds (BB-/B1u) | Benin Government International Bonds (BB-/B1u) | Benin Government International Bonds (BB-/B1u) | Benin Government International Bonds (BB-/B1u) |
| 430000 | 8.375 <sup>(a)</sup> | 01/23/41 | 424229 |
| 320000 | 8.375 | 01/23/41 | 315706 |
| Benin Government International Bonds (BB-/NR) | Benin Government International Bonds (BB-/NR) | Benin Government International Bonds (BB-/NR) | Benin Government International Bonds (BB-/NR) |
| 530000 | 4.875 <sup>(a)</sup> | 01/19/32 | 574313 |
| Benin Sukuk SA (BB-/B1) | Benin Sukuk SA (BB-/B1) | Benin Sukuk SA (BB-/B1) | Benin Sukuk SA (BB-/B1) |
| $460000 | 6.200 <sup>(a)</sup> | 01/29/33 | 427004 |
|  |  |  | 2895677 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) |
| Brazil – 2.4% | Brazil – 2.4% | Brazil – 2.4% | Brazil – 2.4% |
| Brazil Government International Bonds (BB/Ba1) | Brazil Government International Bonds (BB/Ba1) | Brazil Government International Bonds (BB/Ba1) | Brazil Government International Bonds (BB/Ba1) |
| $720000 | 5.500% | 11/06/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732240 |
| 710000 | 6.250 | 03/18/31 | 739820 |
| 1290000 | 6.000 | 10/20/33 | 1290968 |
| 1910000 | 6.625 | 03/15/35 | 1953930 |
| 875000 | 6.250 | 05/22/36 | 858834 |
| 1518000 | 5.625 | 01/07/41 | 1382974 |
| 985000 | 4.750 <sup>(b)</sup> | 01/14/50 | 710234 |
| 710000 | 7.125 | 05/13/54 | 695800 |
| 2164000 | 7.250 | 01/12/56 | 2118556 |
|  |  |  | 10483356 |
| Chile<sup>(b)</sup> – 1.1% | Chile<sup>(b)</sup> – 1.1% | Chile<sup>(b)</sup> – 1.1% | Chile<sup>(b)</sup> – 1.1% |
| Chile Government International Bonds (A/A2) | Chile Government International Bonds (A/A2) | Chile Government International Bonds (A/A2) | Chile Government International Bonds (A/A2) |
| 600000 | 4.350 | 04/13/31 | 589200 |
| 310000 | 3.500 | 01/31/34 | 279620 |
| 550000 | 4.340 | 03/07/42 | 482350 |
| 390000 | 3.500 | 01/25/50 | 279630 |
| 890000 | 4.000 | 01/31/52 | 691308 |
| 280000 | 5.330 | 01/05/54 | 264600 |
| 1434000 | 3.100 | 01/22/61 | 886212 |
| 2500000 | 3.250 | 09/21/71 | 1547500 |
|  |  |  | 5020420 |
| Colombia<sup>(b)</sup> – 3.3% | Colombia<sup>(b)</sup> – 3.3% | Colombia<sup>(b)</sup> – 3.3% | Colombia<sup>(b)</sup> – 3.3% |
| Colombia Government International Bonds (BB/Baa3) | Colombia Government International Bonds (BB/Baa3) | Colombia Government International Bonds (BB/Baa3) | Colombia Government International Bonds (BB/Baa3) |
| 870000 | 3.750 | 09/19/28 | 984473 |
| $570000 | 4.500 | 03/15/29 | 551190 |
| 2290000 | 3.000 | 01/30/30 | 2056420 |
| 2810000 | 3.125 | 04/15/31 | 2399740 |
| 2880000 | 3.250 | 04/22/32 | 2401920 |
| 300000 | 5.000 | 09/19/32 | 326168 |
| $580000 | 7.500 | 02/02/34 | 593195 |
| 720000 | 5.625 | 02/19/36 | 760750 |
| $720000 | 5.625 | 02/26/44 | 568080 |
| 1380000 | 5.000 | 06/15/45 | 988425 |
| 1480000 | 4.125 | 05/15/51 | 897250 |
| 1550000 | 3.875 | 02/15/61 | 874975 |
| Colombia Government International Bonds (BB-/Baa3) | Colombia Government International Bonds (BB-/Baa3) | Colombia Government International Bonds (BB-/Baa3) | Colombia Government International Bonds (BB-/Baa3) |
| 1350000 | 5.375 | 01/21/29 | 1339875 |
|  |  |  | 14742461 |
| Congo – 0.5% | Congo – 0.5% | Congo – 0.5% | Congo – 0.5% |
| Congolese International Bonds (CCC+/NR) | Congolese International Bonds (CCC+/NR) | Congolese International Bonds (CCC+/NR) | Congolese International Bonds (CCC+/NR) |
| 2370000 | 9.875 | 11/07/32 | 2213817 |
| Costa Rica – 1.3% | Costa Rica – 1.3% | Costa Rica – 1.3% | Costa Rica – 1.3% |
| Costa Rica Government International Bonds (BB/Ba2) | Costa Rica Government International Bonds (BB/Ba2) | Costa Rica Government International Bonds (BB/Ba2) | Costa Rica Government International Bonds (BB/Ba2) |
| 1250000 | 6.125 | 02/19/31 | 1277500 |
| 1743000 | 6.550 <sup>(a)(b)</sup> | 04/03/34 | 1838429 |
| 470000 | 5.625 | 04/30/43 | 437100 |
| 1390000 | 7.000 | 04/04/44 | 1466450 |
| 460000 | 7.300 <sup>(a)(b)</sup> | 11/13/54 | 499100 |
|  |  |  | 5518579 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **6** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) |
| Dominican Republic – 2.6% | Dominican Republic – 2.6% | Dominican Republic – 2.6% | Dominican Republic – 2.6% |
| Dominican Republic International Bonds (BB/Ba2) | Dominican Republic International Bonds (BB/Ba2) | Dominican Republic International Bonds (BB/Ba2) | Dominican Republic International Bonds (BB/Ba2) |
| $940000 | 5.500 %<sup>(a)(b)</sup> | 02/22/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930600 |
| 610000 | 5.500 <sup>(b)</sup> | 02/22/29 | 603900 |
| 620000 | 4.500 <sup>(a)</sup> | 01/30/30 | 589000 |
| 350000 | 4.500 | 01/30/30 | 332500 |
| 150000 | 7.050 <sup>(b)</sup> | 02/03/31 | 155100 |
| 2020000 | 7.050 <sup>(a)(b)</sup> | 02/03/31 | 2088680 |
| 1260000 | 4.875 | 09/23/32 | 1161405 |
| 490000 | 5.750 <sup>(a)(b)</sup> | 03/17/34 | 466480 |
| 540000 | 6.600 <sup>(b)</sup> | 06/01/36 | 541485 |
| 2419000 | 6.950 <sup>(a)(b)</sup> | 03/15/37 | 2460066 |
| 490000 | 6.150 <sup>(a)(b)</sup> | 05/17/38 | 462338 |
| 199000 | 6.850 | 01/27/45 | 193527 |
| 360000 | 6.400 <sup>(a)</sup> | 06/05/49 | 331920 |
| 440000 | 7.150 <sup>(b)</sup> | 02/24/55 | 445445 |
| 840000 | 5.875 | 01/30/60 | 701362 |
|  |  |  | 11463808 |
| Ecuador – 1.8% | Ecuador – 1.8% |  |  |
| Ecuador Government International Bonds (B-/NR) | Ecuador Government International Bonds (B-/NR) | Ecuador Government International Bonds (B-/NR) | Ecuador Government International Bonds (B-/NR) |
| 596124 | 0.000 <sup>(a)(d)</sup> | 07/31/30 | 498360 |
| 1178100 | 0.000 <sup>(d)</sup> | 07/31/30 | 984892 |
| 1450000 | 8.750 <sup>(a)</sup> | 01/29/34 | 1423537 |
| 1992467 | 6.900 <sup>(a)(c)</sup> | 07/31/35 | 1747393 |
| 240000 | 6.900 <sup>(c)</sup> | 07/31/35 | 210480 |
| 600000 | 9.250 <sup>(a)</sup> | 01/29/39 | 588600 |
| 3140000 | 5.000 <sup>(c)</sup> | 07/31/40 | 2446060 |
|  |  |  | 7899322 |
| Egypt – 2.5% | Egypt – 2.5% | Egypt – 2.5% | Egypt – 2.5% |
| Egypt Government International Bonds (B/Caa1) | Egypt Government International Bonds (B/Caa1) | Egypt Government International Bonds (B/Caa1) | Egypt Government International Bonds (B/Caa1) |
| 1750000 | 5.875 | 02/16/31 | 1608285 |
| 1100000 | 7.300 | 09/30/33 | 1020800 |
| 200000 | 8.750 | 09/30/51 | 174800 |
| Egypt Government International Bonds (B/Caa1u) | Egypt Government International Bonds (B/Caa1u) | Egypt Government International Bonds (B/Caa1u) | Egypt Government International Bonds (B/Caa1u) |
| 1240000 | 7.625 | 05/29/32 | 1189780 |
| 700000 | 7.625 <sup>(a)</sup> | 05/29/32 | 671650 |
| 710000 | 8.700 | 03/01/49 | 619646 |
| 1870000 | 8.875 <sup>(a)</sup> | 05/29/50 | 1646823 |
| Egypt Government International Bonds (B/NR) | Egypt Government International Bonds (B/NR) | Egypt Government International Bonds (B/NR) | Egypt Government International Bonds (B/NR) |
| 1090000 | 8.625 <sup>(a)</sup> | 02/04/30 | 1125850 |
| 270000 | 9.450 <sup>(a)</sup> | 02/04/33 | 282504 |
| 1010000 | 9.450 | 02/04/33 | 1056773 |
| Egypt Government International Bonds (NR/Caa1) | Egypt Government International Bonds (NR/Caa1) | Egypt Government International Bonds (NR/Caa1) | Egypt Government International Bonds (NR/Caa1) |
| 210000 | 8.500 | 01/31/47 | 180994 |
| Egyptian Financial Co. for Sovereign Taskeek (B/NR)<sup>(a)</sup>  | Egyptian Financial Co. for Sovereign Taskeek (B/NR)<sup>(a)</sup>  | Egyptian Financial Co. for Sovereign Taskeek (B/NR)<sup>(a)</sup>  | Egyptian Financial Co. for Sovereign Taskeek (B/NR)<sup>(a)</sup>  |
| 940000 | 6.375 | 04/07/29 | 916901 |
| 580000 | 7.950 | 10/07/32 | 582610 |
|  |  |  | 11077416 |
| El Salvador – 1.1% | El Salvador – 1.1% | El Salvador – 1.1% | El Salvador – 1.1% |
| El Salvador Government International Bonds (B-/B3)<sup>(b)</sup>  | El Salvador Government International Bonds (B-/B3)<sup>(b)</sup>  | El Salvador Government International Bonds (B-/B3)<sup>(b)</sup>  | El Salvador Government International Bonds (B-/B3)<sup>(b)</sup>  |
| 470000 | 9.650 <sup>(a)</sup> | 11/21/54 | 501020 |
| 590000 | 9.650 | 11/21/54 | 628940 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) |
| El Salvador (continued) | El Salvador (continued) | El Salvador (continued) | El Salvador (continued) |
| El Salvador Government International Bonds (B-/B3u) | El Salvador Government International Bonds (B-/B3u) | El Salvador Government International Bonds (B-/B3u) | El Salvador Government International Bonds (B-/B3u) |
| 370000 | 8.625% | 02/28/29 | $386095 |
| 1030000 | 8.250 | 04/10/32 | 1055750 |
| 610000 | 7.650 | 06/15/35 | 597190 |
| 410000 | 7.625 | 02/01/41 | 388680 |
| 830000 | 7.125 <sup>(b)</sup> | 01/20/50 | 705500 |
| 310000 | 9.500 <sup>(a)(b)</sup> | 07/15/52 | 328720 |
| El Salvador Government International Bonds (B-/NR) | El Salvador Government International Bonds (B-/NR) | El Salvador Government International Bonds (B-/NR) | El Salvador Government International Bonds (B-/NR) |
| 240000 | 9.250 <sup>(b)</sup> | 04/17/30 | 249960 |
|  |  |  | 4841855 |
| Ghana – 1.0% | Ghana – 1.0% |  |  |
| Ghana Government International Bonds (B-/Caa1) | Ghana Government International Bonds (B-/Caa1) | Ghana Government International Bonds (B-/Caa1) | Ghana Government International Bonds (B-/Caa1) |
| 75224 | 0.000 <sup>(a)(d)</sup> | 07/03/26 | 73908 |
| 1159835 | 5.000 <sup>(a)(c)</sup> | 07/03/29 | 1105323 |
| 665000 | 5.000 <sup>(c)</sup> | 07/03/29 | 632581 |
| 303632 | 0.000 <sup>(a)(d)</sup> | 01/03/30 | 255431 |
| 2132244 | 5.000 <sup>(a)(c)</sup> | 07/03/35 | 1812407 |
| 660000 | 5.000 <sup>(c)</sup> | 07/03/35 | 561000 |
|  |  |  | 4440650 |
| Guatemala – 1.7% | Guatemala – 1.7% |  |  |
| Guatemala Government Bonds (BB+/Ba1) | Guatemala Government Bonds (BB+/Ba1) | Guatemala Government Bonds (BB+/Ba1) |  |
| 1030000 | 4.375 <sup>(a)</sup> | 06/05/27 | 1019700 |
| 416000 | 5.250 <sup>(a)(b)</sup> | 08/10/29 | 414336 |
| 470000 | 5.250 <sup>(b)</sup> | 08/10/29 | 468120 |
| 440000 | 4.900 <sup>(b)</sup> | 06/01/30 | 433202 |
| 220000 | 6.050 <sup>(a)(b)</sup> | 08/06/31 | 224400 |
| 703000 | 5.375 <sup>(b)</sup> | 04/24/32 | 695408 |
| 430000 | 7.050 <sup>(b)</sup> | 10/04/32 | 460100 |
| 350000 | 7.050 <sup>(a)(b)</sup> | 10/04/32 | 374500 |
| 1890000 | 6.250 <sup>(a)(b)</sup> | 08/15/36 | 1921657 |
| 200000 | 6.550 <sup>(a)(b)</sup> | 02/06/37 | 207600 |
| 1090000 | 6.125 <sup>(a)(b)</sup> | 06/01/50 | 1039728 |
| 381000 | 6.125 <sup>(b)</sup> | 06/01/50 | 363428 |
|  |  |  | 7622179 |
| Hungary – 2.5% | Hungary – 2.5% |  |  |
| Hungary Government International Bonds (BBB-/Baa2) | Hungary Government International Bonds (BBB-/Baa2) | Hungary Government International Bonds (BBB-/Baa2) | Hungary Government International Bonds (BBB-/Baa2) |
| 440000 | 5.250 <sup>(a)</sup> | 06/16/29 | 440869 |
| 200000 | 5.375 <sup>(a)</sup> | 09/26/30 | 200750 |
| 540000 | 5.375 | 09/26/30 | 542025 |
| 1360000 | 6.250 <sup>(a)</sup> | 09/22/32 | 1414957 |
| 2600000 | 5.500 | 06/16/34 | 2565472 |
| 1450000 | 5.500 <sup>(a)</sup> | 03/26/36 | 1410125 |
| 1310000 | 5.500 | 03/26/36 | 1273975 |
| 2410000 | 3.125 | 09/21/51 | 1421900 |
| 580000 | 6.750 <sup>(a)</sup> | 09/25/52 | 597899 |
| 200000 | 6.750 | 09/25/52 | 206172 |
| 490000 | 6.750 <sup>(a)</sup> | 09/23/55 | 498124 |
| Magyar Export-Import Bank Zrt (BBB-/NR) | Magyar Export-Import Bank Zrt (BBB-/NR) | Magyar Export-Import Bank Zrt (BBB-/NR) | Magyar Export-Import Bank Zrt (BBB-/NR) |
| 590000 | 6.125 <sup>(a)(b)</sup> | 12/04/27<sup>(e)</sup> | 596089 |
|  |  |  | 11168357 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>7</sub>

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) |
| Indonesia – 1.2% | Indonesia – 1.2% | Indonesia – 1.2% | Indonesia – 1.2% |
| Indonesia Government International Bonds (BBB/Baa2) | Indonesia Government International Bonds (BBB/Baa2) | Indonesia Government International Bonds (BBB/Baa2) | Indonesia Government International Bonds (BBB/Baa2) |
| 960000 | 4.100 %<sup>(b)</sup> | 03/04/34 | $&nbsp;&nbsp;&nbsp;&nbsp;1064544 |
| $926000 | 6.625 | 02/17/37 | 1006122 |
| 450000 | 4.625 | 04/15/43 | 396900 |
| 1210000 | 4.200 | 10/15/50 | 938597 |
| 1260000 | 3.200 <sup>(b)</sup> | 09/23/61 | 757033 |
| 1490000 | 3.350 | 03/12/71 | 899587 |
|  |  |  | 5062783 |
| Iraq<sup>(b)</sup> – 0.2% | Iraq<sup>(b)</sup> – 0.2% | Iraq<sup>(b)</sup> – 0.2% | Iraq<sup>(b)</sup> – 0.2% |
| Iraq International Bonds (NR/NR) | Iraq International Bonds (NR/NR) | Iraq International Bonds (NR/NR) | Iraq International Bonds (NR/NR) |
| 1087500 | 5.800 | 01/15/28 | 1058273 |
| Ivory Coast – 1.4% | Ivory Coast – 1.4% | Ivory Coast – 1.4% | Ivory Coast – 1.4% |
| Ivory Coast Government International Bonds (BB/Ba2) | Ivory Coast Government International Bonds (BB/Ba2) | Ivory Coast Government International Bonds (BB/Ba2) | Ivory Coast Government International Bonds (BB/Ba2) |
| 241454 | 6.375 | 03/03/28 | 242903 |
| 1330000 | 7.625 | 01/30/33 | 1352277 |
| 1000000 | 6.125 | 06/15/33 | 939250 |
| 370000 | 8.075 <sup>(a)</sup> | 04/01/36 | 375952 |
| 680000 | 8.250 <sup>(a)</sup> | 01/30/37 | 696052 |
| 1190000 | 8.250 | 01/30/37 | 1218091 |
| 1380000 | 6.750 <sup>(a)</sup> | 02/25/41 | 1207500 |
|  |  |  | 6032025 |
| Jamaica – 0.5% | Jamaica – 0.5% | Jamaica – 0.5% | Jamaica – 0.5% |
| Jamaica Government International Bonds (BB/Ba3) | Jamaica Government International Bonds (BB/Ba3) | Jamaica Government International Bonds (BB/Ba3) | Jamaica Government International Bonds (BB/Ba3) |
| 650000 | 8.000 | 03/15/39 | 747500 |
| 1380000 | 7.875 | 07/28/45 | 1580100 |
|  |  |  | 2327600 |
| Jordan – 0.2% | Jordan – 0.2% | Jordan – 0.2% | Jordan – 0.2% |
| Jordan Government International Bonds (BB-/Ba3) | Jordan Government International Bonds (BB-/Ba3) | Jordan Government International Bonds (BB-/Ba3) | Jordan Government International Bonds (BB-/Ba3) |
| 330000 | 7.750 | 01/15/28 | 337379 |
| 390000 | 7.500 | 01/13/29 | 400992 |
| 300000 | 5.850 <sup>(a)</sup> | 07/07/30 | 294375 |
|  |  |  | 1032746 |
| Kazakhstan<sup>(a)</sup> – 0.1% | Kazakhstan<sup>(a)</sup> – 0.1% | Kazakhstan<sup>(a)</sup> – 0.1% | Kazakhstan<sup>(a)</sup> – 0.1% |
| Kazakhstan Government International Bonds (BBB-/Baa1) | Kazakhstan Government International Bonds (BBB-/Baa1) | Kazakhstan Government International Bonds (BBB-/Baa1) | Kazakhstan Government International Bonds (BBB-/Baa1) |
| 617000 | 5.000 | 07/01/32 | 614224 |
| Kenya – 1.2% | Kenya – 1.2% | Kenya – 1.2% | Kenya – 1.2% |
| Republic of Kenya Government International Bonds (B/B3u) | Republic of Kenya Government International Bonds (B/B3u) | Republic of Kenya Government International Bonds (B/B3u) | Republic of Kenya Government International Bonds (B/B3u) |
| 550000 | 9.750 <sup>(a)</sup> | 02/16/31 | 564272 |
| 470000 | 9.750 | 02/16/31 | 482197 |
| 1090000 | 6.300 | 01/23/34 | 903632 |
| 653000 | 9.500 <sup>(a)</sup> | 03/05/36 | 635565 |
| 420000 | 8.250 | 02/28/48 | 363539 |
| Republic of Kenya Government International Bonds (B/NR)<sup>(a)</sup>  | Republic of Kenya Government International Bonds (B/NR)<sup>(a)</sup>  | Republic of Kenya Government International Bonds (B/NR)<sup>(a)</sup>  | Republic of Kenya Government International Bonds (B/NR)<sup>(a)</sup>  |
| 720000 | 7.875 | 10/09/33 | 668700 |
| 620000 | 7.875 | 02/26/34 | 563332 |
| 1100000 | 8.800 | 10/09/38 | 1007600 |
| 240000 | 8.700 | 02/26/39 | 216780 |
|  |  |  | 5405617 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) |
| Lebanon<sup>(f)</sup> – 0.3% | Lebanon<sup>(f)</sup> – 0.3% | Lebanon<sup>(f)</sup> – 0.3% | Lebanon<sup>(f)</sup> – 0.3% |
| Lebanon Government International Bonds (D/NR) | Lebanon Government International Bonds (D/NR) | Lebanon Government International Bonds (D/NR) | Lebanon Government International Bonds (D/NR) |
| $245000 | 6.850% | 03/23/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57698 |
| 173000 | 6.650 | 11/03/28 | 40742 |
| 1685000 | 6.850 | 05/25/29 | 396817 |
| Lebanon Government International Bonds (NR/NR) | Lebanon Government International Bonds (NR/NR) | Lebanon Government International Bonds (NR/NR) | Lebanon Government International Bonds (NR/NR) |
| 270000 | 6.750 | 11/29/27 | 63585 |
| 1395000 | 7.000 | 03/20/28 | 328522 |
| 1083000 | 7.150 | 11/20/31 | 257213 |
|  |  |  | 1144577 |
| Mexico – 3.0% | Mexico – 3.0% |  |  |
| Mexico Bonos (NR/NR) | Mexico Bonos (NR/NR) |  |  |
| 64000000 | 8.500 | 03/01/29 | 3572258 |
| Mexico Government International Bonds (BBB/Baa2)<sup>(b)</sup>  | Mexico Government International Bonds (BBB/Baa2)<sup>(b)</sup>  | Mexico Government International Bonds (BBB/Baa2)<sup>(b)</sup>  | Mexico Government International Bonds (BBB/Baa2)<sup>(b)</sup>  |
| $1136000 | 4.750 | 04/27/32 | 1090560 |
| 200000 | 5.375 | 03/22/33 | 195400 |
| 1470000 | 5.625 | 02/09/34 | 1443540 |
| 610000 | 6.350 | 02/09/35 | 623725 |
| 550000 | 5.625 | 09/22/35 | 531850 |
| 680000 | 6.000 | 05/07/36 | 675580 |
| 1240000 | 4.280 | 08/14/41 | 971850 |
| 1110000 | 2.125 | 10/25/51 | 663308 |
| $640000 | 4.400 | 02/12/52 | 453312 |
| 1250000 | 6.338 | 05/04/53 | 1164213 |
| 2125000 | 3.771 | 05/24/61 | 1267562 |
| 760000 | 3.750 | 04/19/71 | 435480 |
|  |  |  | 13088638 |
| Mongolia – 0.7% | Mongolia – 0.7% |  |  |
| Mongolia Government International Bonds (BB-/B1u) | Mongolia Government International Bonds (BB-/B1u) | Mongolia Government International Bonds (BB-/B1u) | Mongolia Government International Bonds (BB-/B1u) |
| 500000 | 3.500 | 07/07/27 | 484500 |
| 460000 | 3.500 <sup>(a)</sup> | 07/07/27 | 445740 |
| 720000 | 8.650 <sup>(a)</sup> | 01/19/28 | 750960 |
| 930000 | 8.650 | 01/19/28 | 969990 |
| 200000 | 7.875 <sup>(a)</sup> | 06/05/29 | 209000 |
| 400000 | 4.450 | 07/07/31 | 368325 |
|  |  |  | 3228515 |
| Morocco – 0.9% | Morocco – 0.9% |  |  |
| Morocco Government International Bonds (BBB-/Ba1u) | Morocco Government International Bonds (BBB-/Ba1u) | Morocco Government International Bonds (BBB-/Ba1u) | Morocco Government International Bonds (BBB-/Ba1u) |
| 420000 | 2.375 <sup>(a)</sup> | 12/15/27 | 403263 |
| 670000 | 5.950 <sup>(a)</sup> | 03/08/28 | 681189 |
| 100000 | 1.500 <sup>(a)</sup> | 11/27/31 | 99110 |
| $500000 | 3.000 | 12/15/32 | 428750 |
| 490000 | 3.000 <sup>(a)</sup> | 12/15/32 | 420175 |
| 280000 | 6.500 | 09/08/33 | 294490 |
| 1380000 | 4.000 | 12/15/50 | 949440 |
| Morocco Government International Bonds (BBB-/NR) | Morocco Government International Bonds (BBB-/NR) | Morocco Government International Bonds (BBB-/NR) | Morocco Government International Bonds (BBB-/NR) |
| 510000 | 5.500 | 12/11/42 | 467435 |
|  |  |  | 3743852 |
| Nigeria – 2.5% | Nigeria – 2.5% |  |  |
| Nigeria Government International Bonds (B-/B3) | Nigeria Government International Bonds (B-/B3) | Nigeria Government International Bonds (B-/B3) | Nigeria Government International Bonds (B-/B3) |
| 1815000 | 6.500 | 11/28/27 | 1824075 |
| 1320000 | 6.125 | 09/28/28 | 1309440 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **8** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) |
| Nigeria (continued) | Nigeria (continued) | Nigeria (continued) | Nigeria (continued) | Nigeria (continued) |
| $| 1070000 | 8.375% | 03/24/29 | &nbsp;&nbsp;&nbsp;&nbsp;1120825 |
|  | 1258000 | 7.143 | 02/23/30 | 1264240 |
|  | 960000 | 8.747 | 01/21/31 | 1012080 |
|  | 310000 | 9.625 <sup>(a)</sup> | 06/09/31 | 339218 |
|  | 1320000 | 7.875 | 02/16/32 | 1333530 |
|  | 310000 | 10.375 <sup>(a)</sup> | 12/09/34 | 354640 |
|  | 690000 | 7.696 <sup>(a)</sup> | 02/23/38 | 663476 |
|  | 520000 | 7.625 | 11/28/47 | 473200 |
|  | 1435000 | 8.250 | 09/28/51 | 1374012 |
|  |  |  |  | 11068736 |
| Oman – 2.1% | Oman – 2.1% | Oman – 2.1% | Oman – 2.1% | Oman – 2.1% |
|  Oman Government International Bonds (BBB-/Baa3) | Oman Government International Bonds (BBB-/Baa3) | Oman Government International Bonds (BBB-/Baa3) | Oman Government International Bonds (BBB-/Baa3) | Oman Government International Bonds (BBB-/Baa3) |
|  | 1100000 | 6.500 | 03/08/47 | 1123694 |
|  Oman Government International Bonds (NR/Baa3) | Oman Government International Bonds (NR/Baa3) | Oman Government International Bonds (NR/Baa3) | Oman Government International Bonds (NR/Baa3) | Oman Government International Bonds (NR/Baa3) |
|  | 740000 | 6.750 <sup>(a)</sup> | 10/28/27 | 759899 |
|  | 490000 | 5.625 | 01/17/28 | 494239 |
|  | 1580000 | 6.000 | 08/01/29 | 1620195 |
|  | 520000 | 6.250 | 01/25/31 | 542230 |
|  | 680000 | 7.375 <sup>(a)</sup> | 10/28/32 | 755608 |
|  | 1110000 | 7.375 | 10/28/32 | 1233418 |
|  | 1420000 | 6.750 <sup>(a)</sup> | 01/17/48 | 1480730 |
|  | 250000 | 6.750 | 01/17/48 | 260692 |
|  | 930000 | 7.000 | 01/25/51 | 1004480 |
|  |  |  |  | 9275185 |
| Pakistan – 1.1% | Pakistan – 1.1% | Pakistan – 1.1% | Pakistan – 1.1% | Pakistan – 1.1% |
|  Pakistan Government International Bonds (B-/Caa1) | Pakistan Government International Bonds (B-/Caa1) | Pakistan Government International Bonds (B-/Caa1) | Pakistan Government International Bonds (B-/Caa1) | Pakistan Government International Bonds (B-/Caa1) |
|  | 2230000 | 6.875 | 12/05/27 | 2197665 |
|  | 500000 | 7.875 | 03/31/36 | 448125 |
|  Pakistan Government International Bonds (NR/Caa1) | Pakistan Government International Bonds (NR/Caa1) | Pakistan Government International Bonds (NR/Caa1) | Pakistan Government International Bonds (NR/Caa1) | Pakistan Government International Bonds (NR/Caa1) |
|  | 1210000 | 7.375 | 04/08/31 | 1121670 |
|  | 800000 | 8.875 | 04/08/51 | 710744 |
|  Pakistan Water & Power Development Authority (B-/NR) | Pakistan Water & Power Development Authority (B-/NR) | Pakistan Water & Power Development Authority (B-/NR) | Pakistan Water & Power Development Authority (B-/NR) | Pakistan Water & Power Development Authority (B-/NR) |
|  | 620000 | 7.500 | 06/04/31 | 551645 |
|  |  |  |  | 5029849 |
| Panama – 2.3% | Panama – 2.3% | Panama – 2.3% | Panama – 2.3% | Panama – 2.3% |
|  Panama Government International Bonds (BBB-/Baa3)<sup>(b)</sup>  | Panama Government International Bonds (BBB-/Baa3)<sup>(b)</sup>  | Panama Government International Bonds (BBB-/Baa3)<sup>(b)</sup>  | Panama Government International Bonds (BBB-/Baa3)<sup>(b)</sup>  | Panama Government International Bonds (BBB-/Baa3)<sup>(b)</sup>  |
|  | 570000 | 3.160 | 01/23/30 | 533520 |
|  | 710000 | 7.500 | 03/01/31 | 780290 |
|  | 470000 | 6.875 | 01/31/36 | 500168 |
|  | 800000 | 4.500 | 04/16/50 | 607781 |
|  | 1530000 | 4.500 | 04/01/56 | 1130670 |
|  | 201000 | 3.870 | 07/23/60 | 130449 |
|  Panama Government International Bonds (NR/Baa3)<sup>(b)</sup>  | Panama Government International Bonds (NR/Baa3)<sup>(b)</sup>  | Panama Government International Bonds (NR/Baa3)<sup>(b)</sup>  | Panama Government International Bonds (NR/Baa3)<sup>(b)</sup>  | Panama Government International Bonds (NR/Baa3)<sup>(b)</sup>  |
|  | 4620000 | 5.227 | 02/23/34 | 4469815 |
|  | 310000 | 5.662 | 02/23/38 | 297403 |
|  Panama Notas del Tesoro (BBB-/Baa3) | Panama Notas del Tesoro (BBB-/Baa3) | Panama Notas del Tesoro (BBB-/Baa3) | Panama Notas del Tesoro (BBB-/Baa3) | Panama Notas del Tesoro (BBB-/Baa3) |
|  | 1460000 | 3.750 | 04/17/26 | 1455182 |
|  |  |  |  | 9905278 |
| Paraguay<sup>(b)</sup> – 1.1% | Paraguay<sup>(b)</sup> – 1.1% | Paraguay<sup>(b)</sup> – 1.1% | Paraguay<sup>(b)</sup> – 1.1% | Paraguay<sup>(b)</sup> – 1.1% |
|  Paraguay Government International Bonds (BBB-/Baa3) | Paraguay Government International Bonds (BBB-/Baa3) | Paraguay Government International Bonds (BBB-/Baa3) | Paraguay Government International Bonds (BBB-/Baa3) | Paraguay Government International Bonds (BBB-/Baa3) |
| PYG | 1417000000 | 7.900 | 02/09/31 | 216417 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) |
| Paraguay<sup>(b)</sup> (continued) | Paraguay<sup>(b)</sup> (continued) | Paraguay<sup>(b)</sup> (continued) | Paraguay<sup>(b)</sup> (continued) |
| $340000 | 4.950 %<sup>(a)</sup> | 04/28/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339320 |
| 1199000 | 2.739 <sup>(a)</sup> | 01/29/33 | 1053921 |
| 4442000000 | 8.500 | 03/04/35 | 680475 |
| $790000 | 5.400 | 03/30/50 | 703100 |
| 480000 | 6.650 <sup>(a)</sup> | 03/04/55 | 498720 |
| 1090000 | 6.650 | 03/04/55 | 1132510 |
|  |  |  | 4624463 |
| Peru – 1.3% | Peru – 1.3% | Peru – 1.3% | Peru – 1.3% |
| Peru Government Bonds (BBB/Baa1) | Peru Government Bonds (BBB/Baa1) | Peru Government Bonds (BBB/Baa1) | Peru Government Bonds (BBB/Baa1) |
| 3040000 | 6.150 | 08/12/32 | 910906 |
| Peru Government International Bonds (BBB-/Baa1) | Peru Government International Bonds (BBB-/Baa1) | Peru Government International Bonds (BBB-/Baa1) | Peru Government International Bonds (BBB-/Baa1) |
| 580000 | 1.250 <sup>(b)</sup> | 03/11/33 | 554750 |
| $840000 | 5.375 <sup>(b)</sup> | 02/08/35 | 837900 |
| 620000 | 5.500 <sup>(b)</sup> | 03/30/36 | 619225 |
| 190000 | 6.550 | 03/14/37 | 205374 |
| 550000 | 5.625 | 11/18/50 | 523600 |
| 1360000 | 2.780 <sup>(b)</sup> | 12/01/60 | 721820 |
| 2390000 | 3.230 <sup>(b)(g)</sup> | 07/28/21 | 1275065 |
|  |  |  | 5648640 |
| Poland – 1.1% | Poland – 1.1% | Poland – 1.1% | Poland – 1.1% |
| Bank Gospodarstwa Krajowego (NR/A2) | Bank Gospodarstwa Krajowego (NR/A2) | Bank Gospodarstwa Krajowego (NR/A2) | Bank Gospodarstwa Krajowego (NR/A2) |
| 1170000 | 6.250 <sup>(a)</sup> | 10/31/28<sup>(e)</sup> | 1225575 |
| Republic of Poland Government International Bonds (A-/A2) | Republic of Poland Government International Bonds (A-/A2) | Republic of Poland Government International Bonds (A-/A2) | Republic of Poland Government International Bonds (A-/A2) |
| 1060000 | 4.875 | 02/12/30 | 1082260 |
| 960000 | 5.375 <sup>(b)</sup> | 02/12/35 | 975840 |
| 690000 | 5.500 <sup>(b)</sup> | 04/04/53 | 634427 |
| 1230000 | 5.500 <sup>(b)</sup> | 03/18/54 | 1133187 |
|  |  |  | 5051289 |
| Romania – 3.4% | Romania – 3.4% | Romania – 3.4% | Romania – 3.4% |
| Romania Government International Bonds (BBB-/Baa3) | Romania Government International Bonds (BBB-/Baa3) | Romania Government International Bonds (BBB-/Baa3) | Romania Government International Bonds (BBB-/Baa3) |
| 710000 | 6.625 <sup>(a)</sup> | 02/17/28 | 724626 |
| 450000 | 6.625 | 02/17/28 | 459270 |
| 250000 | 3.624 | 05/26/30 | 275821 |
| $680000 | 5.750 <sup>(a)</sup> | 09/16/30 | 677110 |
| 560000 | 3.000 | 02/14/31 | 491652 |
| 1050000 | 3.000 <sup>(a)</sup> | 02/14/31 | 921847 |
| 260000 | 5.375 | 03/22/31 | 302610 |
| $20000 | 3.625 <sup>(a)</sup> | 03/27/32 | 17529 |
| 320000 | 4.625 <sup>(a)</sup> | 03/04/33 | 345137 |
| 630000 | 5.375 <sup>(a)</sup> | 06/07/33 | 707709 |
| $1240000 | 6.375 | 01/30/34 | 1232560 |
| 1080000 | 5.750 | 03/24/35 | 1017304 |
| 3070000 | 6.625 <sup>(a)</sup> | 05/16/36 | 3045563 |
| 530000 | 6.625 | 05/16/36 | 525781 |
| 1420000 | 5.750 <sup>(a)</sup> | 07/04/36 | 1315089 |
| 800000 | 6.750 <sup>(a)</sup> | 07/11/39 | 921333 |
| 52000 | 3.375 | 01/28/50 | 36483 |
| $1340000 | 4.000 | 02/14/51 | 862156 |
| 740000 | 7.625 <sup>(a)</sup> | 01/17/53 | 775591 |
| 460000 | 7.625 | 01/17/53 | 482124 |
|  |  |  | 15137295 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>9</sub>

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) |
| Rwanda – 0.2% | Rwanda – 0.2% | Rwanda – 0.2% | Rwanda – 0.2% |
| Rwanda International Government Bonds (B+/B2) | Rwanda International Government Bonds (B+/B2) | Rwanda International Government Bonds (B+/B2) | Rwanda International Government Bonds (B+/B2) |
| $810000 | 5.500% | 08/09/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723352 |
| Saudi Arabia – 0.9% | Saudi Arabia – 0.9% |  |  |
| Saudi Government International Bonds (NR/Aa3) | Saudi Government International Bonds (NR/Aa3) | Saudi Government International Bonds (NR/Aa3) | Saudi Government International Bonds (NR/Aa3) |
| 810000 | 4.500 | 10/26/46 | 656303 |
| 1270000 | 3.250 | 11/17/51 | 797560 |
| 910000 | 5.000 <sup>(a)</sup> | 01/18/53 | 768486 |
| 900000 | 5.000 | 01/18/53 | 760041 |
| 200000 | 5.750 | 01/16/54 | 187967 |
| 1330000 | 3.750 | 01/21/55 | 896087 |
|  |  |  | 4066444 |
| Senegal – 0.2% | Senegal – 0.2% | Senegal – 0.2% | Senegal – 0.2% |
| Senegal Government International Bonds (CCC+/Caa1) | Senegal Government International Bonds (CCC+/Caa1) | Senegal Government International Bonds (CCC+/Caa1) | Senegal Government International Bonds (CCC+/Caa1) |
| 430000 | 7.750 | 06/10/31 | 247680 |
| 400000 | 6.250 | 05/23/33 | 211300 |
| 160000 | 5.375 | 06/08/37 | 93047 |
| $670000 | 6.750 | 03/13/48 | 337512 |
|  |  |  | 889539 |
| Serbia – 0.9% | Serbia – 0.9% | Serbia – 0.9% | Serbia – 0.9% |
| Serbia International Bonds (BBB-/Ba2) | Serbia International Bonds (BBB-/Ba2) | Serbia International Bonds (BBB-/Ba2) | Serbia International Bonds (BBB-/Ba2) |
| 1310000 | 2.125 | 12/01/30 | 1128800 |
| 240000 | 1.650 | 03/03/33 | 225651 |
| $680000 | 6.500 <sup>(a)</sup> | 09/26/33 | 708703 |
| 480000 | 6.000 <sup>(a)</sup> | 06/12/34 | 480000 |
| 1150000 | 6.000 | 06/12/34 | 1150000 |
| 290000 | 2.050 | 09/23/36 | 253573 |
|  |  |  | 3946727 |
| South Africa – 2.7% | South Africa – 2.7% | South Africa – 2.7% | South Africa – 2.7% |
| Republic of South Africa Government Bonds (BB+/Ba2) | Republic of South Africa Government Bonds (BB+/Ba2) | Republic of South Africa Government Bonds (BB+/Ba2) | Republic of South Africa Government Bonds (BB+/Ba2) |
| 8230000 | 8.500 | 01/31/37 | 454333 |
| 4910000 | 9.000 | 01/31/40 | 272922 |
| Republic of South Africa Government International Bonds (BB/Ba2) | Republic of South Africa Government International Bonds (BB/Ba2) | Republic of South Africa Government International Bonds (BB/Ba2) | Republic of South Africa Government International Bonds (BB/Ba2) |
| $610000 | 4.850 | 09/30/29 | 597495 |
| 790000 | 5.875 | 06/22/30 | 797505 |
| 870000 | 5.875 | 04/20/32 | 869456 |
| 590000 | 7.100 <sup>(a)</sup> | 11/19/36 | 604532 |
| 1030000 | 7.100 | 11/19/36 | 1055369 |
| 2300000 | 6.125 <sup>(a)</sup> | 12/11/37 | 2135274 |
| 530000 | 6.250 | 03/08/41 | 471700 |
| 1140000 | 5.375 | 07/24/44 | 890625 |
| 430000 | 5.000 | 10/12/46 | 308525 |
| 1130000 | 5.750 | 09/30/49 | 875750 |
| 440000 | 7.300 | 04/20/52 | 407880 |
| 390000 | 7.950 <sup>(a)</sup> | 11/19/54 | 385418 |
| 510000 | 7.950 | 11/19/54 | 504008 |
| 550000 | 7.250 <sup>(a)</sup> | 12/11/55 | 502975 |
| Republic of South Africa Government International Bonds (NR/Ba2) | Republic of South Africa Government International Bonds (NR/Ba2) | Republic of South Africa Government International Bonds (NR/Ba2) | Republic of South Africa Government International Bonds (NR/Ba2) |
| 790000 | 5.650 | 09/27/47 | 614225 |
|  |  |  | 11747992 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) |
| Sri Lanka – 1.4% | Sri Lanka – 1.4% | Sri Lanka – 1.4% | Sri Lanka – 1.4% |
| Sri Lanka Government International Bonds (CCC+/Caa1)<sup>(a)</sup>  | Sri Lanka Government International Bonds (CCC+/Caa1)<sup>(a)</sup>  | Sri Lanka Government International Bonds (CCC+/Caa1)<sup>(a)</sup>  | Sri Lanka Government International Bonds (CCC+/Caa1)<sup>(a)</sup>  |
| $631576 | 4.000% | 04/15/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603629 |
| 861204 | 3.600 <sup>(c)</sup> | 06/15/35 | 652362 |
| Sri Lanka Government International Bonds (NR/Caa1)<sup>(c)</sup>  | Sri Lanka Government International Bonds (NR/Caa1)<sup>(c)</sup>  | Sri Lanka Government International Bonds (NR/Caa1)<sup>(c)</sup>  | Sri Lanka Government International Bonds (NR/Caa1)<sup>(c)</sup>  |
| 750232 | 3.100 <sup>(a)</sup> | 01/15/30 | 692089 |
| 400000 | 3.100 | 01/15/30 | 369000 |
| 375421 | 3.350 <sup>(a)</sup> | 03/15/33 | 312256 |
| 1470000 | 3.350 | 03/15/33 | 1222672 |
| 747693 | 3.600 <sup>(a)</sup> | 05/15/36 | 660774 |
| 560000 | 3.600 | 05/15/36 | 494900 |
| 1295891 | 3.600 <sup>(a)</sup> | 02/15/38 | 1158203 |
|  |  |  | 6165885 |
| Trinidad and Tobago<sup>(b)</sup> – 0.4% | Trinidad and Tobago<sup>(b)</sup> – 0.4% | Trinidad and Tobago<sup>(b)</sup> – 0.4% | Trinidad and Tobago<sup>(b)</sup> – 0.4% |
| Trinidad & Tobago Government International Bonds (BBB-/Ba2) | Trinidad & Tobago Government International Bonds (BBB-/Ba2) | Trinidad & Tobago Government International Bonds (BBB-/Ba2) | Trinidad & Tobago Government International Bonds (BBB-/Ba2) |
| 1250000 | 4.500 <sup>(a)</sup> | 06/26/30 | 1190000 |
| 280000 | 5.950 | 01/14/31 | 281120 |
| 420000 | 6.400 <sup>(a)</sup> | 06/26/34 | 417480 |
|  |  |  | 1888600 |
| Turkey – 3.3% | Turkey – 3.3% | Turkey – 3.3% | Turkey – 3.3% |
| Turkiye Government Bonds (NR/NR) | Turkiye Government Bonds (NR/NR) | Turkiye Government Bonds (NR/NR) | Turkiye Government Bonds (NR/NR) |
| 20090000 | 36.780 | 10/13/27 | 435791 |
| Turkiye Government International Bonds (NR/Ba3) | Turkiye Government International Bonds (NR/Ba3) | Turkiye Government International Bonds (NR/Ba3) | Turkiye Government International Bonds (NR/Ba3) |
| $1960000 | 5.250 | 03/13/30 | 1870330 |
| 2990000 | 5.875 | 06/26/31 | 2860683 |
| 770000 | 7.125 | 02/12/32 | 771155 |
| 720000 | 7.125 | 07/17/32 | 716515 |
| 2060000 | 6.500 | 09/20/33 | 1959884 |
| 1902000 | 7.625 | 05/15/34 | 1928628 |
| 290000 | 6.500 | 01/03/35 | 271875 |
| 1750000 | 6.000 | 01/14/41 | 1450750 |
| 980000 | 4.875 | 04/16/43 | 687308 |
| 1860000 | 5.750 | 05/11/47 | 1394535 |
|  |  |  | 14347454 |
| Ukraine<sup>(c)</sup> – 1.2% | Ukraine<sup>(c)</sup> – 1.2% | Ukraine<sup>(c)</sup> – 1.2% | Ukraine<sup>(c)</sup> – 1.2% |
| Ukraine Government International Bonds (CCC+/NR) | Ukraine Government International Bonds (CCC+/NR) | Ukraine Government International Bonds (CCC+/NR) | Ukraine Government International Bonds (CCC+/NR) |
| 223742 | 0.000 <sup>(a)</sup> | 02/01/30 | 130665 |
| 1258320 | 4.000 <sup>(a)</sup> | 02/01/32 | 905991 |
| 1224828 | 0.000 <sup>(a)</sup> | 02/01/34 | 521777 |
| 1357309 | 4.500 <sup>(a)</sup> | 02/01/34 | 720731 |
| 274147 | 4.500 | 02/01/34 | 145572 |
| 576562 | 0.000 <sup>(a)</sup> | 02/01/35 | 264065 |
| 2068223 | 4.500 <sup>(a)</sup> | 02/01/35 | 1077544 |
| 810000 | 4.500 | 02/01/35 | 422010 |
| 580000 | 0.000 | 02/01/36 | 265060 |
| 1800485 | 4.500 <sup>(a)</sup> | 02/01/36 | 920048 |
|  |  |  | 5373463 |
| United Arab Emirates – 0.2% | United Arab Emirates – 0.2% | United Arab Emirates – 0.2% | United Arab Emirates – 0.2% |
| Emirate of Dubai Government International Bonds (NR/NR) | Emirate of Dubai Government International Bonds (NR/NR) | Emirate of Dubai Government International Bonds (NR/NR) | Emirate of Dubai Government International Bonds (NR/NR) |
| 1270000 | 3.900 | 09/09/50 | 872109 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **10** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) | Sovereign Debt Obligations (continued) |
| Uruguay – 1.2% | Uruguay – 1.2% | Uruguay – 1.2% | Uruguay – 1.2% |
| Oriental Republic of Uruguay (BBB+/Baa1) | Oriental Republic of Uruguay (BBB+/Baa1) | Oriental Republic of Uruguay (BBB+/Baa1) | Oriental Republic of Uruguay (BBB+/Baa1) |
| $520000 | 5.250 %<sup>(b)</sup> | 09/10/60 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471120 |
| Uruguay Government International Bonds (BBB+/Baa1) | Uruguay Government International Bonds (BBB+/Baa1) | Uruguay Government International Bonds (BBB+/Baa1) | Uruguay Government International Bonds (BBB+/Baa1) |
| 2145920 | 5.750 <sup>(b)</sup> | 10/28/34 | 2241950 |
| 26830000 | 8.000 <sup>(b)</sup> | 10/29/35 | 668027 |
| $1940000 | 4.975 | 04/20/55 | 1715251 |
|  |  |  | 5096348 |
| Uzbekistan – 1.1% | Uzbekistan – 1.1% |  |  |
| Republic of Uzbekistan International Bonds (BB/Ba3) | Republic of Uzbekistan International Bonds (BB/Ba3) | Republic of Uzbekistan International Bonds (BB/Ba3) | Republic of Uzbekistan International Bonds (BB/Ba3) |
| 310000 | 5.375 <sup>(a)</sup> | 05/29/27 | 360559 |
| Republic of Uzbekistan International Bonds (BB/NR) | Republic of Uzbekistan International Bonds (BB/NR) | Republic of Uzbekistan International Bonds (BB/NR) | Republic of Uzbekistan International Bonds (BB/NR) |
| $550000 | 7.850 <sup>(a)</sup> | 10/12/28 | 573720 |
| 1900000 | 5.375 | 02/20/29 | 1872279 |
| 200000 | 3.700 <sup>(a)</sup> | 11/25/30 | 181482 |
| 610000 | 3.700 | 11/25/30 | 553520 |
| 700000 | 3.900 | 10/19/31 | 630091 |
| Republic of Uzbekistan International Bonds (NR/Ba3) | Republic of Uzbekistan International Bonds (NR/Ba3) | Republic of Uzbekistan International Bonds (NR/Ba3) | Republic of Uzbekistan International Bonds (NR/Ba3) |
| 9450000000 | 15.500 <sup>(a)</sup> | 02/25/28 | 817573 |
|  |  |  | 4989224 |
| Venezuela<sup>(f)</sup> – 1.0% | Venezuela<sup>(f)</sup> – 1.0% |  |  |
| Venezuela Government International Bonds (NR/Cu) | Venezuela Government International Bonds (NR/Cu) | Venezuela Government International Bonds (NR/Cu) | Venezuela Government International Bonds (NR/Cu) |
| $176000 | 11.750 | 10/21/26 | 89320 |
| 7531000 | 9.250 | 05/07/28 | 3407778 |
| Venezuela Government International Bonds (NR/WR) | Venezuela Government International Bonds (NR/WR) | Venezuela Government International Bonds (NR/WR) | Venezuela Government International Bonds (NR/WR) |
| 2310000 | 7.650 | 04/21/25 | 958650 |
|  |  |  | 4455748 |
| Zambia – 0.4% | Zambia – 0.4% |  |  |
| Zambia Government International Bonds (CCC+/Caa2u) | Zambia Government International Bonds (CCC+/Caa2u) | Zambia Government International Bonds (CCC+/Caa2u) | Zambia Government International Bonds (CCC+/Caa2u) |
| 956089 | 5.750 <sup>(c)</sup> | 06/30/33 | 896034 |
| 1047926 | 0.500 | 12/31/53 | 681469 |
|  |  |  | 1577503 |
| TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $292,325,934) | TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $292,325,934) | TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $292,325,934) | $301266521 |
| Corporate Obligations – 24.3% | Corporate Obligations – 24.3% | Corporate Obligations – 24.3% | Corporate Obligations – 24.3% |
| Angola<sup>(a)(b)</sup> – 0.3% | Angola<sup>(a)(b)</sup> – 0.3% | Angola<sup>(a)(b)</sup> – 0.3% | Angola<sup>(a)(b)</sup> – 0.3% |
| Azule Energy Finance PLC (NR/B2) | Azule Energy Finance PLC (NR/B2) | Azule Energy Finance PLC (NR/B2) |  |
| $730000 | 8.125% | 01/23/30 | $737154 |
| 400000 | 8.250 | 01/22/31 | 403816 |
|  |  |  | 1140970 |
| Australia<sup>(b)</sup> – 0.3% | Australia<sup>(b)</sup> – 0.3% |  |  |
| Santos Finance Ltd. (BBB-/Baa3) | Santos Finance Ltd. (BBB-/Baa3) | Santos Finance Ltd. (BBB-/Baa3) |  |
| 443000 | 6.875 | 09/19/33 | 482268 |
| Santos Finance Ltd. (BBB-/NR) | Santos Finance Ltd. (BBB-/NR) | Santos Finance Ltd. (BBB-/NR) |  |
| 680000 | 5.250 | 03/13/29 | 686256 |
|  |  |  | 1168524 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) |
| Brazil – 2.0% | Brazil – 2.0% | Brazil – 2.0% | Brazil – 2.0% |
| Azul Secured Finance LLP (NR/B2) | Azul Secured Finance LLP (NR/B2) | Azul Secured Finance LLP (NR/B2) |  |
| $460000 | 9.875 %<sup>(a)(b)</sup> | 02/15/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405950 |
| Brazil Minas SPE via State of Minas Gerais (BB/NR) | Brazil Minas SPE via State of Minas Gerais (BB/NR) | Brazil Minas SPE via State of Minas Gerais (BB/NR) | Brazil Minas SPE via State of Minas Gerais (BB/NR) |
| 700000 | 5.333 <sup>(a)</sup> | 02/15/28<sup>(e)</sup> | 701316 |
| BRF SA (NR/Ba2) | BRF SA (NR/Ba2) |  |  |
| 1080000 | 4.875 <sup>(b)</sup> | 01/24/30 | 1020206 |
| MV24 Capital BV (NR/Baa3) | MV24 Capital BV (NR/Baa3) | MV24 Capital BV (NR/Baa3) |  |
| 562164 | 6.748 <sup>(a)</sup> | 06/01/34 | 561462 |
| Nova Securitisation SARL (BB/NR)<sup>(a)(b)</sup> | Nova Securitisation SARL (BB/NR)<sup>(a)(b)</sup> | Nova Securitisation SARL (BB/NR)<sup>(a)(b)</sup> |  |
| 1160000 | 5.750 | 02/03/31 | 1118582 |
| 850000 | 6.500 | 02/03/36 | 805375 |
| Rede D'or Finance SARL (BB+/NR)<sup>(b)</sup> | Rede D'or Finance SARL (BB+/NR)<sup>(b)</sup> | Rede D'or Finance SARL (BB+/NR)<sup>(b)</sup> |  |
| 330000 | 4.950 | 01/17/28 | 325793 |
| 682000 | 4.500 | 01/22/30 | 652353 |
| 300000 | 6.450 <sup>(a)</sup> | 09/09/35 | 299385 |
| Samarco Mineracao SA (NR/B2) (PIK 9.049%, Cash 9.000%) | Samarco Mineracao SA (NR/B2) (PIK 9.049%, Cash 9.000%) | Samarco Mineracao SA (NR/B2) (PIK 9.049%, Cash 9.000%) | Samarco Mineracao SA (NR/B2) (PIK 9.049%, Cash 9.000%) |
| 1196886 | 9.500 <sup>(b)(h)</sup> | 06/30/31 | 1178933 |
| Sitios Latinoamerica SAB de CV (NR/Baa3) | Sitios Latinoamerica SAB de CV (NR/Baa3) | Sitios Latinoamerica SAB de CV (NR/Baa3) | Sitios Latinoamerica SAB de CV (NR/Baa3) |
| 590000 | 5.375 <sup>(b)</sup> | 04/04/32 | 573037 |
| Vale Overseas Ltd. (BB+/Baa3) (5 yr. CMT + 2.431%) | Vale Overseas Ltd. (BB+/Baa3) (5 yr. CMT + 2.431%) | Vale Overseas Ltd. (BB+/Baa3) (5 yr. CMT + 2.431%) | Vale Overseas Ltd. (BB+/Baa3) (5 yr. CMT + 2.431%) |
| 570000 | 6.000 <sup>(a)(b)(i)</sup> | 02/25/56 | 562533 |
| Vale Overseas Ltd. (BBB-/Baa2) | Vale Overseas Ltd. (BBB-/Baa2) | Vale Overseas Ltd. (BBB-/Baa2) |  |
| 610000 | 6.125 <sup>(b)</sup> | 06/12/33 | 634583 |
|  |  |  | 8839508 |
| Chile – 1.3% | Chile – 1.3% |  |  |
| Banco del Estado de Chile (BBB-/Baa3)<sup>(b)(i)</sup> | Banco del Estado de Chile (BBB-/Baa3)<sup>(b)(i)</sup> | Banco del Estado de Chile (BBB-/Baa3)<sup>(b)(i)</sup> | Banco del Estado de Chile (BBB-/Baa3)<sup>(b)(i)</sup> |
| (5 yr. CMT + 3.228%) | (5 yr. CMT + 3.228%) |  |  |
| 600000 | 7.950 <sup>(a)</sup> | 05/02/29 | 629436 |
| (5 yr. CMT + 3.228%) | (5 yr. CMT + 3.228%) |  |  |
| 1100000 | 7.950 | 05/02/29 | 1153966 |
| Corp. Nacional del Cobre de Chile (BBB+/Baa2) | Corp. Nacional del Cobre de Chile (BBB+/Baa2) | Corp. Nacional del Cobre de Chile (BBB+/Baa2) | Corp. Nacional del Cobre de Chile (BBB+/Baa2) |
| 480000 | 6.330 <sup>(a)(b)</sup> | 01/13/35 | 499023 |
| Empresa de los Ferrocarriles del Estado (A/NR) | Empresa de los Ferrocarriles del Estado (A/NR) | Empresa de los Ferrocarriles del Estado (A/NR) | Empresa de los Ferrocarriles del Estado (A/NR) |
| 600000 | 3.068 <sup>(a)(b)</sup> | 08/18/50 | 372600 |
| GNL Quintero SA (BBB+/Baa2) | GNL Quintero SA (BBB+/Baa2) | GNL Quintero SA (BBB+/Baa2) |  |
| 354320 | 4.634 | 07/31/29 | 351680 |
| Inversiones CMPC SA (BBB-/Baa3)<sup>(b)</sup> | Inversiones CMPC SA (BBB-/Baa3)<sup>(b)</sup> | Inversiones CMPC SA (BBB-/Baa3)<sup>(b)</sup> |  |
| 340000 | 6.125 <sup>(a)</sup> | 06/23/33 | 336858 |
| 300000 | 6.125 | 06/23/33 | 297228 |
| Latam Airlines Group SA (BBB-/Ba2)<sup>(b)</sup> | Latam Airlines Group SA (BBB-/Ba2)<sup>(b)</sup> | Latam Airlines Group SA (BBB-/Ba2)<sup>(b)</sup> |  |
| 980000 | 7.875 <sup>(a)</sup> | 04/15/30 | 987644 |
| 210000 | 7.875 | 04/15/30 | 211638 |
| 881000 | 7.625 <sup>(a)</sup> | 01/07/31 | 886506 |
|  |  |  | 5726579 |
| China – 0.0% | China – 0.0% |  |  |
| China Aoyuan Group Ltd. (NR/NR) | China Aoyuan Group Ltd. (NR/NR) | China Aoyuan Group Ltd. (NR/NR) |  |
| 8063 | 0.000 <sup>(b)(d)</sup> | 09/30/28 | 152 |
| 36879 | 5.500 <sup>(h)</sup> | 09/30/31 | 92 |
| 90223 | 0.000 <sup>(c)</sup> | 12/31/99 | 226 |
| Fantasia Holdings Group Co. Ltd. (NR/NR) | Fantasia Holdings Group Co. Ltd. (NR/NR) | Fantasia Holdings Group Co. Ltd. (NR/NR) | Fantasia Holdings Group Co. Ltd. (NR/NR) |
| 340000 | 10.875 <sup>(b)(f)</sup> | 03/02/24 | 3060 |
| Fantasia Holdings Group Co. Ltd. (NR/WR) | Fantasia Holdings Group Co. Ltd. (NR/WR) | Fantasia Holdings Group Co. Ltd. (NR/WR) | Fantasia Holdings Group Co. Ltd. (NR/WR) |
| 200000 | 11.875 <sup>(b)(f)</sup> | 06/01/23 | 2250 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>11</sub>

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) |
| China (continued) | China (continued) | China (continued) | China (continued) |
| Redsun Properties Group Ltd. (NR/WR) | Redsun Properties Group Ltd. (NR/WR) | Redsun Properties Group Ltd. (NR/WR) | Redsun Properties Group Ltd. (NR/WR) |
| $220000 | 9.700 %<sup>(b)(f)</sup> | 04/16/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980 |
| Yuzhou Group Holdings Co. Ltd. (NR/NR)<sup>(b)(h)</sup>  | Yuzhou Group Holdings Co. Ltd. (NR/NR)<sup>(b)(h)</sup>  | Yuzhou Group Holdings Co. Ltd. (NR/NR)<sup>(b)(h)</sup>  | Yuzhou Group Holdings Co. Ltd. (NR/NR)<sup>(b)(h)</sup>  |
| 93568 | 4.000 | 06/30/28 | 2690 |
| 163333 | 4.500 | 06/30/29 | 4288 |
| 218543 | 5.000 | 06/30/30 | 5464 |
| 307316 | 5.500 | 06/30/31 | 7680 |
| 279492 | 1.000 | 06/30/34 | 1397 |
|  |  |  | 29279 |
| Colombia – 1.1% | Colombia – 1.1% | Colombia – 1.1% | Colombia – 1.1% |
| Banco Davivienda SA (NR/B1) (5 yr. CMT + 4.588%) | Banco Davivienda SA (NR/B1) (5 yr. CMT + 4.588%) | Banco Davivienda SA (NR/B1) (5 yr. CMT + 4.588%) | Banco Davivienda SA (NR/B1) (5 yr. CMT + 4.588%) |
| 810000 | 8.125 <sup>(a)(b)(i)</sup> | 07/02/35 | 818505 |
| Banco de Bogota SA (NR/Ba2) | Banco de Bogota SA (NR/Ba2) | Banco de Bogota SA (NR/Ba2) | Banco de Bogota SA (NR/Ba2) |
| 350000 | 6.250 <sup>(a)</sup> | 05/12/26 | 349293 |
| 1170000 | 6.250 | 05/12/26 | 1167637 |
| Bancolombia SA (NR/Ba3) (5 yr. CMT + 4.320%) | Bancolombia SA (NR/Ba3) (5 yr. CMT + 4.320%) | Bancolombia SA (NR/Ba3) (5 yr. CMT + 4.320%) | Bancolombia SA (NR/Ba3) (5 yr. CMT + 4.320%) |
| 350000 | 8.625 <sup>(b)(i)</sup> | 12/24/34 | 366450 |
| Grupo Nutresa SA (NR/Baa3)<sup>(b)</sup>  | Grupo Nutresa SA (NR/Baa3)<sup>(b)</sup>  | Grupo Nutresa SA (NR/Baa3)<sup>(b)</sup>  | Grupo Nutresa SA (NR/Baa3)<sup>(b)</sup>  |
| 1104000 | 8.000 <sup>(a)</sup> | 05/12/30 | 1161132 |
| 340000 | 8.000 | 05/12/30 | 357595 |
| 320000 | 9.000 <sup>(a)</sup> | 05/12/35 | 355176 |
| 330000 | 9.000 | 05/12/35 | 366275 |
|  |  |  | 4942063 |
| Czech Republic<sup>(b)</sup> – 0.5% | Czech Republic<sup>(b)</sup> – 0.5% | Czech Republic<sup>(b)</sup> – 0.5% | Czech Republic<sup>(b)</sup> – 0.5% |
| Ceska sporitelna AS (NR/NR) (3 mo. EUR EURIBOR + 2.250%) | Ceska sporitelna AS (NR/NR) (3 mo. EUR EURIBOR + 2.250%) | Ceska sporitelna AS (NR/NR) (3 mo. EUR EURIBOR + 2.250%) | Ceska sporitelna AS (NR/NR) (3 mo. EUR EURIBOR + 2.250%) |
| 900000 | 4.824 <sup>(i)</sup> | 01/15/30 | 1064451 |
| Czechoslovak Group AS (BB+/Baa3) | Czechoslovak Group AS (BB+/Baa3) | Czechoslovak Group AS (BB+/Baa3) | Czechoslovak Group AS (BB+/Baa3) |
| $1250000 | 6.500 <sup>(a)</sup> | 01/10/31 | 1280625 |
|  |  |  | 2345076 |
| Ghana<sup>(a)(b)</sup> – 0.1% | Ghana<sup>(a)(b)</sup> – 0.1% | Ghana<sup>(a)(b)</sup> – 0.1% | Ghana<sup>(a)(b)</sup> – 0.1% |
| Kosmos Energy Ltd. (CCC/Caa3u) | Kosmos Energy Ltd. (CCC/Caa3u) | Kosmos Energy Ltd. (CCC/Caa3u) | Kosmos Energy Ltd. (CCC/Caa3u) |
| 310000 | 8.750 | 10/01/31 | 275900 |
| Guatemala<sup>(b)</sup> – 0.2% | Guatemala<sup>(b)</sup> – 0.2% | Guatemala<sup>(b)</sup> – 0.2% | Guatemala<sup>(b)</sup> – 0.2% |
| Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (NR/Ba2) | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (NR/Ba2) | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (NR/Ba2) | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (NR/Ba2) |
| 1070000 | 5.250 | 04/27/29 | 1043999 |
| Hong Kong<sup>(h)</sup> – 0.0% | Hong Kong<sup>(h)</sup> – 0.0% | Hong Kong<sup>(h)</sup> – 0.0% | Hong Kong<sup>(h)</sup> – 0.0% |
| Add Hero Holdings Ltd. (NR/NR) (PIK 8.500%, Cash 7.500%) | Add Hero Holdings Ltd. (NR/NR) (PIK 8.500%, Cash 7.500%) | Add Hero Holdings Ltd. (NR/NR) (PIK 8.500%, Cash 7.500%) | Add Hero Holdings Ltd. (NR/NR) (PIK 8.500%, Cash 7.500%) |
| 63935 | 8.500 | 09/30/29 | 3340 |
| (PIK 9.000%, Cash 8.000%) | (PIK 9.000%, Cash 8.000%) | (PIK 9.000%, Cash 8.000%) | (PIK 9.000%, Cash 8.000%) |
| 52070 | 9.000 | 09/30/30 | 208 |
| (PIK 9.800%, Cash 8.800%) | (PIK 9.800%, Cash 8.800%) | (PIK 9.800%, Cash 8.800%) | (PIK 9.800%, Cash 8.800%) |
| 68733 | 9.800 | 09/30/31 | 274 |
|  |  |  | 3822 |
| Hungary<sup>(b)(i)</sup> – 0.2% | Hungary<sup>(b)(i)</sup> – 0.2% | Hungary<sup>(b)(i)</sup> – 0.2% | Hungary<sup>(b)(i)</sup> – 0.2% |
| OTP Bank Nyrt (BB/Ba1) (5 yr. CMT + 2.861%) | OTP Bank Nyrt (BB/Ba1) (5 yr. CMT + 2.861%) | OTP Bank Nyrt (BB/Ba1) (5 yr. CMT + 2.861%) | OTP Bank Nyrt (BB/Ba1) (5 yr. CMT + 2.861%) |
| 970000 | 7.300 | 07/30/35 | 998191 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) |
| India – 0.3% | India – 0.3% | India – 0.3% | India – 0.3% |
| JSW Hydro Energy Ltd. (NR/Ba1) | JSW Hydro Energy Ltd. (NR/Ba1) | JSW Hydro Energy Ltd. (NR/Ba1) | JSW Hydro Energy Ltd. (NR/Ba1) |
| $639400 | 4.125 %<sup>(b)</sup> | 05/18/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585371 |
| Reliance Industries Ltd. (A-/Baa2) | Reliance Industries Ltd. (A-/Baa2) | Reliance Industries Ltd. (A-/Baa2) | Reliance Industries Ltd. (A-/Baa2) |
| 520000 | 2.875 <sup>(a)</sup> | 01/12/32 | 468000 |
| 520000 | 2.875 | 01/12/32 | 468000 |
|  |  |  | 1521371 |
| Indonesia – 0.7% | Indonesia – 0.7% | Indonesia – 0.7% | Indonesia – 0.7% |
| Bank Negara Indonesia Persero Tbk. PT (NR/Ba3) (5 yr. CMT + 3.466%) | Bank Negara Indonesia Persero Tbk. PT (NR/Ba3) (5 yr. CMT + 3.466%) | Bank Negara Indonesia Persero Tbk. PT (NR/Ba3) (5 yr. CMT + 3.466%) | Bank Negara Indonesia Persero Tbk. PT (NR/Ba3) (5 yr. CMT + 3.466%) |
| 278000 | 4.300 <sup>(b)(i)</sup> | 03/24/27 | 268618 |
| Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT (NR/Baa2)<sup>(b)</sup>  | Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT (NR/Baa2)<sup>(b)</sup>  | Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT (NR/Baa2)<sup>(b)</sup>  | Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT (NR/Baa2)<sup>(b)</sup>  |
| 560000 | 5.800 <sup>(a)</sup> | 05/15/50 | 507048 |
| 220000 | 5.800 | 05/15/50 | 199197 |
| Minejesa Capital BV (NR/Baa3) | Minejesa Capital BV (NR/Baa3) | Minejesa Capital BV (NR/Baa3) | Minejesa Capital BV (NR/Baa3) |
| 240130 | 4.625 | 08/10/30 | 236528 |
| Pertamina Persero PT (BBB/Baa2) | Pertamina Persero PT (BBB/Baa2) | Pertamina Persero PT (BBB/Baa2) | Pertamina Persero PT (BBB/Baa2) |
| 330000 | 6.500 | 05/27/41 | 337013 |
| 720000 | 6.000 | 05/03/42 | 695520 |
| Pertamina Persero PT (NR/Baa2) | Pertamina Persero PT (NR/Baa2) | Pertamina Persero PT (NR/Baa2) | Pertamina Persero PT (NR/Baa2) |
| 1150000 | 4.150 <sup>(b)</sup> | 02/25/60 | 801334 |
|  |  |  | 3045258 |
| Israel<sup>(b)</sup> – 0.2% | Israel<sup>(b)</sup> – 0.2% | Israel<sup>(b)</sup> – 0.2% | Israel<sup>(b)</sup> – 0.2% |
| Bank Hapoalim BM (BBB+/NR) | Bank Hapoalim BM (BBB+/NR) | Bank Hapoalim BM (BBB+/NR) | Bank Hapoalim BM (BBB+/NR) |
| 790000 | 4.722 | 07/14/29 | 780251 |
| Jamaica<sup>(b)</sup> – 0.5% | Jamaica<sup>(b)</sup> – 0.5% | Jamaica<sup>(b)</sup> – 0.5% | Jamaica<sup>(b)</sup> – 0.5% |
| Digicel International Finance Ltd./Difl U.S. LLC (B/B2) | Digicel International Finance Ltd./Difl U.S. LLC (B/B2) | Digicel International Finance Ltd./Difl U.S. LLC (B/B2) | Digicel International Finance Ltd./Difl U.S. LLC (B/B2) |
| 550000 | 8.625 <sup>(a)</sup> | 08/01/32 | 558139 |
| Kingston Airport Revenue Finance Ltd. (BB+/Ba3) | Kingston Airport Revenue Finance Ltd. (BB+/Ba3) | Kingston Airport Revenue Finance Ltd. (BB+/Ba3) | Kingston Airport Revenue Finance Ltd. (BB+/Ba3) |
| 1020000 | 6.750 <sup>(a)</sup> | 12/15/36 | 1013217 |
| 550000 | 6.750 | 12/15/36 | 546342 |
|  |  |  | 2117698 |
| Kazakhstan<sup>(b)</sup> – 0.4% | Kazakhstan<sup>(b)</sup> – 0.4% | Kazakhstan<sup>(b)</sup> – 0.4% | Kazakhstan<sup>(b)</sup> – 0.4% |
| KazMunayGas National Co. JSC (NR/Baa1) | KazMunayGas National Co. JSC (NR/Baa1) | KazMunayGas National Co. JSC (NR/Baa1) | KazMunayGas National Co. JSC (NR/Baa1) |
| 1540000 | 3.500 <sup>(a)</sup> | 04/14/33 | 1378023 |
| 350000 | 3.500 | 04/14/33 | 313187 |
|  |  |  | 1691210 |
| Kuwait<sup>(b)(i)</sup> – 0.4% | Kuwait<sup>(b)(i)</sup> – 0.4% | Kuwait<sup>(b)(i)</sup> – 0.4% | Kuwait<sup>(b)(i)</sup> – 0.4% |
| NBK Tier 1 Ltd. (NR/Baa3) (6 yr. CMT + 2.403%) | NBK Tier 1 Ltd. (NR/Baa3) (6 yr. CMT + 2.403%) | NBK Tier 1 Ltd. (NR/Baa3) (6 yr. CMT + 2.403%) | NBK Tier 1 Ltd. (NR/Baa3) (6 yr. CMT + 2.403%) |
| 1360000 | 6.375 <sup>(a)</sup> | 01/10/31 | 1328557 |
| (6 yr. CMT + 2.875%) | (6 yr. CMT + 2.875%) | (6 yr. CMT + 2.875%) | (6 yr. CMT + 2.875%) |
| 220000 | 3.625 | 08/24/26 | 215600 |
|  |  |  | 1544157 |
| Malaysia<sup>(b)</sup> – 0.9% | Malaysia<sup>(b)</sup> – 0.9% | Malaysia<sup>(b)</sup> – 0.9% | Malaysia<sup>(b)</sup> – 0.9% |
| Petronas Capital Ltd. (A-/A2) | Petronas Capital Ltd. (A-/A2) | Petronas Capital Ltd. (A-/A2) | Petronas Capital Ltd. (A-/A2) |
| 720000 | 3.500 | 04/21/30 | 694976 |
| 860000 | 4.950 | 01/03/31 | 878378 |
| 930000 | 5.340 <sup>(a)</sup> | 04/03/35 | 955054 |
| 300000 | 5.340 | 04/03/35 | 308082 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **12** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) |
| Malaysia<sup>(b)</sup> (continued) | Malaysia<sup>(b)</sup> (continued) | Malaysia<sup>(b)</sup> (continued) | Malaysia<sup>(b)</sup> (continued) |
| 820000 | 4.550 %<sup>(a)</sup> | 04/21/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705832 |
| 360000 | 4.550 | 04/21/50 | 309877 |
|  |  |  | 3852199 |
| Mexico – 5.6% | Mexico – 5.6% | Mexico – 5.6% | Mexico – 5.6% |
| Banco Mercantil del Norte SA (BB-/Ba2)<sup>(b)(i)</sup>  | Banco Mercantil del Norte SA (BB-/Ba2)<sup>(b)(i)</sup>  | Banco Mercantil del Norte SA (BB-/Ba2)<sup>(b)(i)</sup>  | Banco Mercantil del Norte SA (BB-/Ba2)<sup>(b)(i)</sup>  |
| (10 yr. CMT + 4.299%) | (10 yr. CMT + 4.299%) | (10 yr. CMT + 4.299%) | (10 yr. CMT + 4.299%) |
| 900000 | 8.750 <sup>(a)</sup> | 05/20/35 | 937800 |
| (10 yr. CMT + 4.299%) | (10 yr. CMT + 4.299%) | (10 yr. CMT + 4.299%) | (10 yr. CMT + 4.299%) |
| 300000 | 8.750 | 05/20/35 | 312600 |
| (5 yr. CMT + 4.072%) | (5 yr. CMT + 4.072%) | (5 yr. CMT + 4.072%) | (5 yr. CMT + 4.072%) |
| 300000 | 8.375 | 05/20/31 | 309600 |
| (5 yr. CMT + 4.643%) | (5 yr. CMT + 4.643%) | (5 yr. CMT + 4.643%) | (5 yr. CMT + 4.643%) |
| 590000 | 5.875 <sup>(a)</sup> | 01/24/27 | 583014 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico (BB/NR) (5 yr. CMT + 2.650%) | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico (BB/NR) (5 yr. CMT + 2.650%) | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico (BB/NR) (5 yr. CMT + 2.650%) | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico (BB/NR) (5 yr. CMT + 2.650%) |
| 550000 | 5.125 <sup>(a)(b)(i)</sup> | 01/18/33 | 536912 |
| Bimbo Bakeries USA, Inc. (BBB+/Baa1)<sup>(b)</sup>  | Bimbo Bakeries USA, Inc. (BBB+/Baa1)<sup>(b)</sup>  | Bimbo Bakeries USA, Inc. (BBB+/Baa1)<sup>(b)</sup>  | Bimbo Bakeries USA, Inc. (BBB+/Baa1)<sup>(b)</sup>  |
| 660000 | 6.050 <sup>(a)</sup> | 01/15/29 | 681981 |
| 340000 | 6.400 <sup>(a)</sup> | 01/15/34 | 363569 |
| 290000 | 6.400 | 01/15/34 | 310103 |
| 340000 | 5.375 <sup>(a)</sup> | 01/09/36 | 338572 |
| 310000 | 5.375 | 01/09/36 | 308698 |
| Cemex SAB de CV (BB/NR)<sup>(b)(i)</sup> <br> (5 yr. CMT + 3.520%) | Cemex SAB de CV (BB/NR)<sup>(b)(i)</sup> <br> (5 yr. CMT + 3.520%) | Cemex SAB de CV (BB/NR)<sup>(b)(i)</sup> <br> (5 yr. CMT + 3.520%) | Cemex SAB de CV (BB/NR)<sup>(b)(i)</sup> <br> (5 yr. CMT + 3.520%) |
| 680000 | 7.200 <sup>(a)</sup> | 06/10/30 | 690280 |
| (5 yr. CMT + 3.520%) | (5 yr. CMT + 3.520%) | (5 yr. CMT + 3.520%) | (5 yr. CMT + 3.520%) |
| 450000 | 7.200 | 06/10/30 | 456803 |
| Cemex SAB de CV (BBB-/NR) | Cemex SAB de CV (BBB-/NR) | Cemex SAB de CV (BBB-/NR) | Cemex SAB de CV (BBB-/NR) |
| 400000 | 5.450 <sup>(b)</sup> | 11/19/29 | 399200 |
| Eagle Funding Luxco SARL (BBB/Baa2)<sup>(b)</sup>  | Eagle Funding Luxco SARL (BBB/Baa2)<sup>(b)</sup>  | Eagle Funding Luxco SARL (BBB/Baa2)<sup>(b)</sup>  | Eagle Funding Luxco SARL (BBB/Baa2)<sup>(b)</sup>  |
| 1620000 | 5.500 <sup>(a)</sup> | 08/17/30 | 1624050 |
| 1080000 | 5.500 | 08/17/30 | 1082700 |
| FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (BBB/Baa3) | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (BBB/Baa3) | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (BBB/Baa3) | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (BBB/Baa3) |
| 1733388 | 7.250 <sup>(b)</sup> | 01/31/41 | 1733388 |
| Mexico City Airport Trust (BBB/Baa3)<sup>(b)</sup>  | Mexico City Airport Trust (BBB/Baa3)<sup>(b)</sup>  | Mexico City Airport Trust (BBB/Baa3)<sup>(b)</sup>  | Mexico City Airport Trust (BBB/Baa3)<sup>(b)</sup>  |
| 620000 | 4.250 <sup>(a)</sup> | 10/31/26 | 618047 |
| 630000 | 3.875 | 04/30/28 | 614597 |
| 1000000 | 3.875 <sup>(a)</sup> | 04/30/28 | 975550 |
| 280000 | 5.500 <sup>(a)</sup> | 10/31/46 | 233106 |
| 522000 | 5.500 | 10/31/46 | 434575 |
| 1439000 | 5.500 | 07/31/47 | 1195665 |
| Petroleos Mexicanos (BBB/B1) | Petroleos Mexicanos (BBB/B1) | Petroleos Mexicanos (BBB/B1) | Petroleos Mexicanos (BBB/B1) |
| 1200000 | 6.500 | 01/23/29 | 1203108 |
| 612000 | 8.750 <sup>(b)</sup> | 06/02/29 | 643457 |
| 800000 | 6.840 <sup>(b)</sup> | 01/23/30 | 802720 |
| 2104000 | 5.950 <sup>(b)</sup> | 01/28/31 | 2012371 |
| 250000 | 6.700 <sup>(b)</sup> | 02/16/32 | 244688 |
| 240000 | 6.375 | 01/23/45 | 189120 |
| 370000 | 5.625 | 01/23/46 | 271025 |
| 2190000 | 6.750 | 09/21/47 | 1748605 |
| 1210000 | 6.350 | 02/12/48 | 924742 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) |
| Mexico (continued) | Mexico (continued) | Mexico (continued) | Mexico (continued) |
| $2183000 | 6.950 %<sup>(b)</sup> | 01/28/60 | &nbsp;&nbsp;&nbsp;&nbsp;1716056 |
|  |  |  | 24496702 |
| Morocco<sup>(b)</sup> – 0.5% | Morocco<sup>(b)</sup> – 0.5% | Morocco<sup>(b)</sup> – 0.5% | Morocco<sup>(b)</sup> – 0.5% |
| OCP SA (BBB-/Baa3) | OCP SA (BBB-/Baa3) | OCP SA (BBB-/Baa3) | OCP SA (BBB-/Baa3) |
| 990000 | 6.750 <sup>(a)</sup> | 05/02/34 | 1030966 |
| 540000 | 6.750 | 05/02/34 | 562345 |
| 770000 | 7.500 | 05/02/54 | 807203 |
|  |  |  | 2400514 |
| Nigeria<sup>(b)</sup> – 0.1% | Nigeria<sup>(b)</sup> – 0.1% | Nigeria<sup>(b)</sup> – 0.1% | Nigeria<sup>(b)</sup> – 0.1% |
| IHS Holding Ltd. (B+/NR) | IHS Holding Ltd. (B+/NR) | IHS Holding Ltd. (B+/NR) | IHS Holding Ltd. (B+/NR) |
| 400000 | 6.250 <sup>(a)</sup> | 11/29/28 | 396064 |
| 200000 | 6.250 | 11/29/28 | 198032 |
|  |  |  | 594096 |
| Norway<sup>(b)</sup> – 0.2% | Norway<sup>(b)</sup> – 0.2% | Norway<sup>(b)</sup> – 0.2% | Norway<sup>(b)</sup> – 0.2% |
| DNO ASA (NR/NR) | DNO ASA (NR/NR) | DNO ASA (NR/NR) | DNO ASA (NR/NR) |
| 1000000 | 8.500 | 03/27/30 | 1020000 |
| Panama – 0.7% | Panama – 0.7% | Panama – 0.7% | Panama – 0.7% |
| Aeropuerto Internacional de Tocumen SA (BBB-/Baa3)<sup>(b)</sup>  | Aeropuerto Internacional de Tocumen SA (BBB-/Baa3)<sup>(b)</sup>  | Aeropuerto Internacional de Tocumen SA (BBB-/Baa3)<sup>(b)</sup>  | Aeropuerto Internacional de Tocumen SA (BBB-/Baa3)<sup>(b)</sup>  |
| 940000 | 4.000 <sup>(a)</sup> | 08/11/41 | 775773 |
| 510000 | 4.000 | 08/11/41 | 420898 |
| 1810000 | 5.125 <sup>(a)</sup> | 08/11/61 | 1437592 |
| Autoridad del Canal de Panama (BBB+/A3) | Autoridad del Canal de Panama (BBB+/A3) | Autoridad del Canal de Panama (BBB+/A3) | Autoridad del Canal de Panama (BBB+/A3) |
| 380000 | 4.950 <sup>(a)</sup> | 07/29/35 | 370500 |
|  |  |  | 3004763 |
| Peru – 0.4% | Peru – 0.4% | Peru – 0.4% | Peru – 0.4% |
| Atlantica Transmision Sur SA (BBB-/NR) | Atlantica Transmision Sur SA (BBB-/NR) | Atlantica Transmision Sur SA (BBB-/NR) | Atlantica Transmision Sur SA (BBB-/NR) |
| 505305 | 6.875 <sup>(a)</sup> | 04/30/43 | 536124 |
| Kallpa Generacion SA (NR/Baa3)<sup>(b)</sup>  | Kallpa Generacion SA (NR/Baa3)<sup>(b)</sup>  | Kallpa Generacion SA (NR/Baa3)<sup>(b)</sup>  | Kallpa Generacion SA (NR/Baa3)<sup>(b)</sup>  |
| 310000 | 5.875 <sup>(a)</sup> | 01/30/32 | 317015 |
| 200000 | 5.875 | 01/30/32 | 204526 |
| Niagara Energy SAC (BBB-/Baa3)<sup>(b)</sup>  | Niagara Energy SAC (BBB-/Baa3)<sup>(b)</sup>  | Niagara Energy SAC (BBB-/Baa3)<sup>(b)</sup>  | Niagara Energy SAC (BBB-/Baa3)<sup>(b)</sup>  |
| 400000 | 5.746 <sup>(a)</sup> | 10/03/34 | 400260 |
| 260000 | 5.746 | 10/03/34 | 260169 |
|  |  |  | 1718094 |
| Romania<sup>(b)(i)</sup> – 0.1% | Romania<sup>(b)(i)</sup> – 0.1% | Romania<sup>(b)(i)</sup> – 0.1% | Romania<sup>(b)(i)</sup> – 0.1% |
| Banca Transilvania SA (NR/Ba1) (1 yr. EURIBOR ICE Swap + 2.950%) | Banca Transilvania SA (NR/Ba1) (1 yr. EURIBOR ICE Swap + 2.950%) | Banca Transilvania SA (NR/Ba1) (1 yr. EURIBOR ICE Swap + 2.950%) | Banca Transilvania SA (NR/Ba1) (1 yr. EURIBOR ICE Swap + 2.950%) |
| 460000 | 5.125 | 09/30/30 | 535546 |
| Saudi Arabia – 0.6% | Saudi Arabia – 0.6% | Saudi Arabia – 0.6% | Saudi Arabia – 0.6% |
| EIG Pearl Holdings SARL (NR/Aa3) | EIG Pearl Holdings SARL (NR/Aa3) | EIG Pearl Holdings SARL (NR/Aa3) | EIG Pearl Holdings SARL (NR/Aa3) |
| $1057208 | 3.545 | 08/31/36 | 942173 |
| Suci Second Investment Co. (NR/Aa3) | Suci Second Investment Co. (NR/Aa3) | Suci Second Investment Co. (NR/Aa3) | Suci Second Investment Co. (NR/Aa3) |
| 1520000 | 4.875 | 05/08/32 | 1492457 |
|  |  |  | 2434630 |
| Serbia<sup>(b)</sup> – 0.2% | Serbia<sup>(b)</sup> – 0.2% | Serbia<sup>(b)</sup> – 0.2% | Serbia<sup>(b)</sup> – 0.2% |
| Telecommunications Co. Telekom Srbija AD Belgrade (BB-/NR) | Telecommunications Co. Telekom Srbija AD Belgrade (BB-/NR) | Telecommunications Co. Telekom Srbija AD Belgrade (BB-/NR) | Telecommunications Co. Telekom Srbija AD Belgrade (BB-/NR) |
| 220000 | 7.000 <sup>(a)</sup> | 10/28/29 | 216480 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>13</sub>

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) |
| Serbia<sup>(b)</sup> (continued) | Serbia<sup>(b)</sup> (continued) | Serbia<sup>(b)</sup> (continued) | Serbia<sup>(b)</sup> (continued) |
| $610000 | 7.000% | 10/28/29 | 600240 |
|  |  |  | 816720 |
| South Africa – 1.7% | South Africa – 1.7% | South Africa – 1.7% | South Africa – 1.7% |
| Eskom Holdings (BB/Ba2) | Eskom Holdings (BB/Ba2) | Eskom Holdings (BB/Ba2) | Eskom Holdings (BB/Ba2) |
| 2010000 | 4.314 | 07/23/27<sup>(e)</sup> | 1979870 |
| 1170000 | 6.350 | 08/10/28<sup>(e)</sup> | 1179141 |
| Sasol Financing USA LLC (BB+/Ba1) | Sasol Financing USA LLC (BB+/Ba1) | Sasol Financing USA LLC (BB+/Ba1) | Sasol Financing USA LLC (BB+/Ba1) |
| 910000 | 4.375 <sup>(b)</sup> | 09/18/26 | 904658 |
| Transnet (B+/Ba3) | Transnet (B+/Ba3) | Transnet (B+/Ba3) | Transnet (B+/Ba3) |
| 860000 | 8.250 <sup>(a)</sup> | 02/06/28 | 889240 |
| 1530000 | 8.250 | 02/06/28 | 1582020 |
| Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. (BBB-/Baa3) | Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. (BBB-/Baa3) | Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. (BBB-/Baa3) | Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. (BBB-/Baa3) |
| 920000 | 5.854 <sup>(a)(b)</sup> | 05/13/32 | 930515 |
|  |  |  | 7465444 |
| Supranational – 0.1% | Supranational – 0.1% | Supranational – 0.1% | Supranational – 0.1% |
| European Bank for Reconstruction & Development (NR/NR) | European Bank for Reconstruction & Development (NR/NR) | European Bank for Reconstruction & Development (NR/NR) | European Bank for Reconstruction & Development (NR/NR) |
| 12100000 | 4.750 | 06/16/31 | 185075 |
| International Bank for Reconstruction & Development (NR/Aaa) | International Bank for Reconstruction & Development (NR/Aaa) | International Bank for Reconstruction & Development (NR/Aaa) | International Bank for Reconstruction & Development (NR/Aaa) |
| 24800000 | 4.925 | 11/03/32 | 379063 |
|  |  |  | 564138 |
| Turkey – 0.8% | Turkey – 0.8% | Turkey – 0.8% | Turkey – 0.8% |
| Akbank TAS (NR/Ba3) | Akbank TAS (NR/Ba3) | Akbank TAS (NR/Ba3) | Akbank TAS (NR/Ba3) |
| $210000 | 7.498 <sup>(a)</sup> | 01/20/30 | 213973 |
| 350000 | 7.498 | 01/20/30 | 356622 |
| Akbank TAS (NR/NR) (5 yr. CMT + 4.221%) | Akbank TAS (NR/NR) (5 yr. CMT + 4.221%) | Akbank TAS (NR/NR) (5 yr. CMT + 4.221%) | Akbank TAS (NR/NR) (5 yr. CMT + 4.221%) |
| 840000 | 7.950 <sup>(a)(b)(i)</sup> | 02/19/31 | 797580 |
| Turkiye Garanti Bankasi AS (NR/B1)<sup>(b)(i)</sup> (5 yr. CMT + 4.090%) | Turkiye Garanti Bankasi AS (NR/B1)<sup>(b)(i)</sup> (5 yr. CMT + 4.090%) | Turkiye Garanti Bankasi AS (NR/B1)<sup>(b)(i)</sup> (5 yr. CMT + 4.090%) | Turkiye Garanti Bankasi AS (NR/B1)<sup>(b)(i)</sup> (5 yr. CMT + 4.090%) |
| 750000 | 8.375 <sup>(a)</sup> | 02/28/34 | 755625 |
| (5 yr. CMT + 4.090%) | (5 yr. CMT + 4.090%) | (5 yr. CMT + 4.090%) | (5 yr. CMT + 4.090%) |
| 300000 | 8.375 | 02/28/34 | 302250 |
| Yapi ve Kredi Bankasi AS (NR/B3) (5 yr. CMT + 5.278%) | Yapi ve Kredi Bankasi AS (NR/B3) (5 yr. CMT + 5.278%) | Yapi ve Kredi Bankasi AS (NR/B3) (5 yr. CMT + 5.278%) | Yapi ve Kredi Bankasi AS (NR/B3) (5 yr. CMT + 5.278%) |
| 370000 | 9.250 <sup>(a)(b)(i)</sup> | 01/17/34 | 376312 |
| Yapi ve Kredi Bankasi AS (NR/NR) | Yapi ve Kredi Bankasi AS (NR/NR) | Yapi ve Kredi Bankasi AS (NR/NR) | Yapi ve Kredi Bankasi AS (NR/NR) |
| 430000 | 7.250 <sup>(a)</sup> | 03/03/30 | 430903 |
| 300000 | 7.250 | 03/03/30 | 300630 |
|  |  |  | 3533895 |
| United Arab Emirates – 1.7% | United Arab Emirates – 1.7% | United Arab Emirates – 1.7% | United Arab Emirates – 1.7% |
| Abu Dhabi Crude Oil Pipeline LLC (AA/NR) | Abu Dhabi Crude Oil Pipeline LLC (AA/NR) | Abu Dhabi Crude Oil Pipeline LLC (AA/NR) | Abu Dhabi Crude Oil Pipeline LLC (AA/NR) |
| 577000 | 4.600 <sup>(a)</sup> | 11/02/47 | 497602 |
| DP World Crescent Ltd. (NR/Baa2) | DP World Crescent Ltd. (NR/Baa2) | DP World Crescent Ltd. (NR/Baa2) | DP World Crescent Ltd. (NR/Baa2) |
| 1120000 | 5.500 <sup>(a)</sup> | 05/08/35 | 1095584 |
| DP World Ltd. (NR/Baa2) | DP World Ltd. (NR/Baa2) | DP World Ltd. (NR/Baa2) | DP World Ltd. (NR/Baa2) |
| 1661000 | 5.625 | 09/25/48 | 1482858 |
| 1230000 | 4.700 <sup>(b)</sup> | 09/30/49 | 965857 |
| First Abu Dhabi Bank PJSC (NR/Baa3) (6 yr. CMT + 2.086%) | First Abu Dhabi Bank PJSC (NR/Baa3) (6 yr. CMT + 2.086%) | First Abu Dhabi Bank PJSC (NR/Baa3) (6 yr. CMT + 2.086%) | First Abu Dhabi Bank PJSC (NR/Baa3) (6 yr. CMT + 2.086%) |
| 1360000 | 5.875 <sup>(b)(i)</sup> | 05/28/31 | 1315800 |
| Galaxy Pipeline Assets Bidco Ltd. (NR/Aa2) | Galaxy Pipeline Assets Bidco Ltd. (NR/Aa2) | Galaxy Pipeline Assets Bidco Ltd. (NR/Aa2) | Galaxy Pipeline Assets Bidco Ltd. (NR/Aa2) |
| 380000 | 2.625 | 03/31/36 | 322245 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) | Corporate Obligations (continued) |
| United Arab Emirates (continued) | United Arab Emirates (continued) | United Arab Emirates (continued) | United Arab Emirates (continued) |
| 2390000 | 3.250% | 09/30/40 | $1831242 |
|  |  |  | 7511188 |
| Uzbekistan – 0.5% | Uzbekistan – 0.5% |  |  |
| Navoi Mining & Metallurgical Combinat (BB/NR) | Navoi Mining & Metallurgical Combinat (BB/NR) | Navoi Mining & Metallurgical Combinat (BB/NR) | Navoi Mining & Metallurgical Combinat (BB/NR) |
| 520000 | 6.700 <sup>(a)</sup> | 10/17/28 | 528944 |
| 200000 | 6.750 <sup>(a)(b)</sup> | 05/14/30 | 205540 |
| 610000 | 6.950 <sup>(a)</sup> | 10/17/31 | 634400 |
| 600000 | 6.950 | 10/17/31 | 624000 |
|  |  |  | 1992884 |
| Venezuela<sup>(f)</sup> – 1.6% | Venezuela<sup>(f)</sup> – 1.6% |  |  |
| Petroleos de Venezuela SA (NR/NR) | Petroleos de Venezuela SA (NR/NR) | Petroleos de Venezuela SA (NR/NR) |  |
| 77934 | 6.000 | 11/15/26 | 26622 |
| 2570000 | 5.375 | 04/12/27 | 851827 |
| 4920000 | 5.375 | 04/12/27 | 1630734 |
| 2180000 | 5.500 | 04/12/37 | 728556 |
| 11510000 | 6.000 | 05/16/49 | 3904192 |
|  |  |  | 7141931 |
| Zambia<sup>(a)(b)</sup> – 0.1% | Zambia<sup>(a)(b)</sup> – 0.1% |  |  |
| First Quantum Minerals Ltd. (B/NR) | First Quantum Minerals Ltd. (B/NR) | First Quantum Minerals Ltd. (B/NR) |  |
| 600000 | 8.625 | 06/01/31 | 618750 |
| **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $107,849,521)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $107,849,521)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $107,849,521)** | $106915350 |
| **Shares** | **Shares** | **Description** | **Value** |
| Common Stocks – 0.0% | Common Stocks – 0.0% | Common Stocks – 0.0% | Common Stocks – 0.0% |
| China – 0.0% | China – 0.0% | China – 0.0% | China – 0.0% |
| 224816 | Sunac Services Holdings<br>Ltd. Real Estate<br>Management &<br>Development<sup>(a)</sup> | Sunac Services Holdings<br>Ltd. Real Estate<br>Management &<br>Development<sup>(a)</sup> | $24043 |
| 474067 | Yuzhou Group Holdings<br>Co. Ltd. Real Estate<br>Management &<br>Development<sup>(f)</sup> | Yuzhou Group Holdings<br>Co. Ltd. Real Estate<br>Management &<br>Development<sup>(f)</sup> | 9613 |
| **TOTAL COMMON STOCKS**<br> **(Cost $559,980)** | **TOTAL COMMON STOCKS**<br> **(Cost $559,980)** | **TOTAL COMMON STOCKS**<br> **(Cost $559,980)** | $33656 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **14** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(j)</sup> – 3.9% | Investment Company<sup>(j)</sup> – 3.9% | Investment Company<sup>(j)</sup> – 3.9% |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 17337992 | 3.553% | $17337992 |
| (Cost $17,337,992) | (Cost $17,337,992) | (Cost $17,337,992) |
| **TOTAL INVESTMENTS – 96.7%**<br> **(Cost $418,073,427)** | **TOTAL INVESTMENTS – 96.7%**<br> **(Cost $418,073,427)** | $425553519 |
| OTHER ASSETS IN EXCESS OF LIABILITIES – 3.3% | OTHER ASSETS IN EXCESS OF LIABILITIES – 3.3% | 14496312 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $440049831 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2026.

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $5,681,991, which represents approximately 1.3% of the Fund's net assets as of March 31, 2026.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) Pay-in-kind securities.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Represents an affiliated issuer.

Security ratings disclosed, if any, are obtained from S&P's/Moody's Investor Service and are unaudited. A brief description of the ratings is available in the Fund's Statement of Additional Information.

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2026, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  JPMorgan Securities, Inc. | BRL | 9089939 | USD | 1740010 | 04/02/26 | $14227 |
|  | BRL | 2748095 | USD | 526014 | 04/08/26 | 3752 |
|  | BRL | 6076135 | USD | 1147585 | 05/05/26 | 17193 |
|  | BRL | 7716232 | USD | 1445159 | 06/17/26 | 18976 |
|  | CNH | 10186660 | USD | 1468983 | 04/20/26 | 12354 |
|  | COP | 1745533630 | USD | 468999 | 04/06/26 | 5415 |
|  | COP | 1046132000 | USD | 274000 | 04/10/26 | 9996 |
|  | COP | 1141484767 | USD | 304113 | 06/17/26 | 1052 |
|  | EUR | 239004 | PLN | 1022423 | 04/10/26 | 968 |
|  | EUR | 1903426 | USD | 2187534 | 04/10/26 | 13601 |
|  | EUR | 997928 | USD | 1151111 | 04/23/26 | 3682 |
|  | EUR | 1897103 | USD | 2196845 | 05/11/26 | 315 |
|  | EUR | 944543 | USD | 1090286 | 05/29/26 | 4510 |
|  | EUR | 2853081 | USD | 3296954 | 06/17/26 | 12521 |
|  | EUR | 3045013 | USD | 3519925 | 06/18/26 | 12336 |
|  | EUR | 953586 | USD | 1102832 | 06/22/26 | 3532 |
|  | HUF | 1453195845 | USD | 4291125 | 06/17/26 | 55581 |
|  | INR | 123481203 | USD | 1304550 | 04/06/26 | 10479 |
|  | INR | 34866558 | USD | 369935 | 04/09/26 | 1839 |
|  | INR | 27095919 | USD | 285000 | 05/06/26 | 2265 |
|  | KRW | 3535260 | USD | 1845 | 04/06/26 | 500 |
|  | KRW | 275037923 | USD | 182668 | 04/13/26 | 233 |
|  | KRW | 158762693 | USD | 104701 | 04/27/26 | 917 |
|  | KRW | 848471530 | USD | 557068 | 05/04/26 | 7491 |
|  | MXN | 39561397 | USD | 2187856 | 04/09/26 | 17779 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **15** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  JPMorgan Securities, Inc. (continued) | MXN | 5097783 | USD | 282266 | 04/10/26 | $1923 |
|  | RON | 1698504 | USD | 380196 | 06/17/26 | 3191 |
|  | SGD | 1752918 | USD | 1359390 | 04/08/26 | 4792 |
|  | SGD | 1019356 | USD | 790750 | 04/10/26 | 2671 |
|  | SGD | 291807 | USD | 227230 | 06/17/26 | 973 |
|  | TWD | 57322718 | USD | 1787759 | 04/02/26 | 4952 |
|  | TWD | 65783328 | USD | 2051242 | 04/13/26 | 3686 |
|  | TWD | 5311623 | USD | 165807 | 04/17/26 | 36 |
|  | USD | 272388 | CLP | 248235901 | 04/20/26 | 4282 |
|  | USD | 837761 | CLP | 755134557 | 06/17/26 | 21962 |
|  | USD | 122880 | CNH | 844802 | 04/20/26 | 30 |
|  | USD | 3406000 | CNH | 23292724 | 06/17/26 | 5862 |
|  | USD | 2574260 | CZK | 54070941 | 06/17/26 | 25611 |
|  | USD | 4515580 | EUR | 3823819 | 04/07/26 | 94376 |
|  | USD | 1598793 | EUR | 1378724 | 04/10/26 | 4426 |
|  | USD | 1532582 | EUR | 1322031 | 04/20/26 | 2980 |
|  | USD | 752537 | EUR | 632384 | 04/21/26 | 20825 |
|  | USD | 5775567 | EUR | 4969991 | 04/23/26 | 24345 |
|  | USD | 2380793 | EUR | 2044165 | 06/17/26 | 9634 |
|  | USD | 2095234 | HUF | 694177162 | 06/17/26 | 18856 |
|  | USD | 1110563 | ILS | 3455279 | 06/17/26 | 9072 |
|  | USD | 1340183 | INR | 123481203 | 04/06/26 | 25153 |
|  | USD | 378614 | INR | 34823054 | 04/09/26 | 7304 |
|  | USD | 608997 | INR | 56951246 | 04/13/26 | 2290 |
|  | USD | 180000 | INR | 16664400 | 04/20/26 | 2754 |
|  | USD | 1360594 | INR | 127409560 | 04/23/26 | 6356 |
|  | USD | 1264768 | INR | 118501173 | 04/27/26 | 6355 |
|  | USD | 4024267 | INR | 376660600 | 06/17/26 | 56146 |
|  | USD | 160617 | KRW | 240405430 | 04/03/26 | 2435 |
|  | USD | 3159441 | KRW | 4620271049 | 04/06/26 | 95501 |
|  | USD | 365000 | KRW | 533859950 | 04/09/26 | 10020 |
|  | USD | 333143 | KRW | 493901288 | 04/13/26 | 4697 |
|  | USD | 1014387 | KRW | 1521710950 | 04/20/26 | 2250 |
|  | USD | 463747 | KRW | 693216899 | 04/23/26 | 2629 |
|  | USD | 770132 | KRW | 1149625370 | 04/27/26 | 5333 |
|  | USD | 1931230 | KRW | 2838540701 | 05/06/26 | 42408 |
|  | USD | 127354 | KRW | 188383074 | 06/10/26 | 1875 |
|  | USD | 1145108 | KRW | 1706536976 | 06/17/26 | 8132 |
|  | USD | 2898068 | MXN | 51057599 | 04/09/26 | 51494 |
|  | USD | 1274438 | MXN | 22772287 | 04/10/26 | 4940 |
|  | USD | 4398677 | MXN | 78718714 | 06/17/26 | 36229 |
|  | USD | 134929 | PEN | 462698 | 06/17/26 | 2517 |
|  | USD | 442752 | PHP | 26201247 | 04/13/26 | 10633 |
|  | USD | 418798 | PHP | 24867915 | 06/10/26 | 10387 |
|  | USD | 2921548 | PLN | 10737439 | 06/17/26 | 29884 |
|  | USD | 305876 | PLN | 1127962 | 06/18/26 | 2111 |
|  | USD | 2987012 | SGD | 3820380 | 04/08/26 | 13858 |
|  | USD | 1591000 | SGD | 2039108 | 04/10/26 | 3848 |
|  | USD | 2058718 | SGD | 2608016 | 06/17/26 | 19161 |
|  | USD | 1132721 | TRY | 54793464 | 06/17/26 | 3141 |
|  | USD | 1826844 | TWD | 57322718 | 04/02/26 | 34133 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **16** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  JPMorgan Securities, Inc. (continued) | USD | 2147732 | TWD | 68310439 | 04/07/26 | $12298 |
|  | USD | 184598 | TWD | 5901877 | 04/09/26 | 146 |
|  | USD | 937261 | TWD | 29689836 | 04/10/26 | 9474 |
|  | USD | 2286444 | TWD | 72958080 | 04/13/26 | 7393 |
|  | USD | 184180 | TWD | 5869828 | 04/20/26 | 976 |
|  | USD | 2305433 | TWD | 73611318 | 06/17/26 | 14969 |
|  | USD | 912142 | ZAR | 14740216 | 04/08/26 | 41568 |
|  | USD | 3487370 | ZAR | 57450043 | 06/17/26 | 112235 |
|  | USD | 1039709 | ZAR | 17669909 | 06/18/26 | 1701 |
|  | ZAR | 9488637 | USD | 551505 | 05/29/26 | 6737 |
| TOTAL |  |  |  |  |  | $1207470 |
| FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS |
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  JPMorgan Securities, Inc. | BRL | 1812390 | USD | 350026 | 04/02/26 | $(260) |
|  | CLP | 395614466 | USD | 433080 | 04/23/26 | (5774) |
|  | CLP | 990489333 | USD | 1083422 | 06/17/26 | (13361) |
|  | CNH | 38438680 | USD | 5618968 | 06/17/26 | (7910) |
|  | CZK | 72145977 | USD | 3430068 | 06/17/26 | (29447) |
|  | EUR | 4944328 | USD | 5823758 | 04/07/26 | (106991) |
|  | EUR | 624812 | USD | 724757 | 04/10/26 | (2219) |
|  | EUR | 1146226 | USD | 1332144 | 04/20/26 | (5950) |
|  | EUR | 1490620 | USD | 1739852 | 04/21/26 | (15101) |
|  | EUR | 3194090 | USD | 3759428 | 04/23/26 | (63261) |
|  | EUR | 1913816 | USD | 2222898 | 05/26/26 | (4932) |
|  | EUR | 3325038 | USD | 3868407 | 06/17/26 | (11475) |
|  | EUR | 1154742 | USD | 1343173 | 06/18/26 | (3655) |
|  | ILS | 2479342 | USD | 799890 | 06/17/26 | (9513) |
|  | INR | 123614879 | USD | 1328997 | 04/06/26 | (12543) |
|  | INR | 15437851 | USD | 166572 | 04/13/26 | (2111) |
|  | INR | 115966873 | USD | 1243110 | 04/20/26 | (9660) |
|  | INR | 40637679 | USD | 437000 | 04/23/26 | (5061) |
|  | INR | 22329921 | USD | 239053 | 04/27/26 | (1922) |
|  | INR | 436751569 | USD | 4666386 | 06/17/26 | (65207) |
|  | KRW | 240100249 | USD | 167592 | 04/03/26 | (9610) |
|  | KRW | 4618912439 | USD | 3151383 | 04/06/26 | (88343) |
|  | KRW | 809000183 | USD | 549812 | 04/09/26 | (11883) |
|  | KRW | 377627087 | USD | 255805 | 04/13/26 | (4682) |
|  | KRW | 248496645 | USD | 166575 | 04/16/26 | (1310) |
|  | KRW | 708013434 | USD | 476180 | 04/20/26 | (5259) |
|  | KRW | 1045801105 | USD | 701161 | 04/27/26 | (5432) |
|  | KRW | 4938552857 | USD | 3329423 | 06/17/26 | (39124) |
|  | MXN | 27980030 | USD | 1604427 | 04/09/26 | (44479) |
|  | MXN | 10885260 | USD | 614292 | 05/20/26 | (9637) |
|  | MXN | 8013103 | USD | 447722 | 05/26/26 | (2864) |
|  | MXN | 11573149 | USD | 649117 | 06/17/26 | (7753) |
|  | PHP | 27058400 | USD | 454000 | 04/13/26 | (7745) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **17** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized**<br> **Loss** |
|  JPMorgan Securities, Inc. (continued) | PLN | 11946201 | USD | 3243481 | 06/17/26 | $(26290) |
|  | SGD | 2584533 | USD | 2042199 | 06/17/26 | (21007) |
|  | TRY | 36366343 | USD | 752490 | 06/17/26 | (2789) |
|  | TWD | 57224359 | USD | 1803226 | 04/02/26 | (13591) |
|  | TWD | 68312957 | USD | 2160160 | 04/07/26 | (24646) |
|  | TWD | 5899938 | USD | 184812 | 04/09/26 | (421) |
|  | TWD | 103055321 | USD | 3247885 | 04/10/26 | (27480) |
|  | TWD | 5301293 | USD | 166315 | 04/13/26 | (714) |
|  | TWD | 33246432 | USD | 1040187 | 04/20/26 | (2528) |
|  | TWD | 35744396 | USD | 1120307 | 05/18/26 | (6983) |
|  | TWD | 41186332 | USD | 1293947 | 06/17/26 | (12407) |
|  | USD | 2073110 | BRL | 10901695 | 04/02/26 | (30772) |
|  | USD | 523037 | BRL | 2748144 | 04/08/26 | (6737) |
|  | USD | 782710 | BRL | 4162948 | 06/17/26 | (7199) |
|  | USD | 1748345 | CNH | 12064044 | 04/10/26 | (4591) |
|  | USD | 1654805 | CNH | 11431448 | 04/20/26 | (7547) |
|  | USD | 1443000 | CNH | 9893302 | 06/17/26 | (1168) |
|  | USD | 457000 | COP | 1749396000 | 04/06/26 | (18463) |
|  | USD | 285999 | COP | 1058340420 | 04/10/26 | (1311) |
|  | USD | 773688 | COP | 2912199413 | 06/17/26 | (4861) |
|  | USD | 1564061 | CZK | 33217843 | 06/17/26 | (1672) |
|  | USD | 1360987 | EUR | 1182204 | 04/10/26 | (6123) |
|  | USD | 562341 | EUR | 490485 | 04/23/26 | (5243) |
|  | USD | 18660904 | EUR | 16208804 | 06/17/26 | (140751) |
|  | USD | 2271456 | EUR | 1970456 | 06/18/26 | (14302) |
|  | USD | 1429658 | HUF | 489686804 | 06/17/26 | (35062) |
|  | USD | 833951 | HUF | 284020607 | 06/18/26 | (15540) |
|  | USD | 1305962 | INR | 123614879 | 04/06/26 | (10492) |
|  | USD | 206042 | INR | 19414287 | 04/23/26 | (313) |
|  | USD | 274587 | INR | 25984193 | 05/06/26 | (892) |
|  | USD | 182668 | KRW | 275068977 | 04/09/26 | (234) |
|  | USD | 104701 | KRW | 158821326 | 04/13/26 | (915) |
|  | USD | 284000 | KRW | 428254960 | 05/04/26 | (955) |
|  | USD | 1700434 | SGD | 2190314 | 04/10/26 | (4411) |
|  | USD | 1784691 | TWD | 57224359 | 04/02/26 | (4946) |
|  | USD | 2288023 | TWD | 73367734 | 04/10/26 | (4666) |
|  | USD | 983650 | TWD | 31703048 | 05/18/26 | (3799) |
|  | USD | 168298 | ZAR | 2863549 | 04/10/26 | (799) |
|  | USD | 775991 | ZAR | 13379633 | 05/18/26 | (11799) |
|  | ZAR | 14884544 | USD | 921644 | 04/08/26 | (42545) |
|  | ZAR | 9017802 | USD | 538395 | 05/18/26 | (7429) |
|  | ZAR | 65092552 | USD | 3875270 | 06/17/26 | (51144) |
| TOTAL |  |  |  |  |  | $(1200011) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **18** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At March 31, 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized**<br> **Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | 22 | 06/18/26 | $2443031 | $16884 |
|  2 Year U.S. Treasury Notes | 171 | 06/30/26 | 35473148 | (233796) |
|  20 Year U.S. Treasury Bonds | 185 | 06/18/26 | 21066875 | (629050) |
|  Ultra 10-Year U.S. Treasury Notes | 34 | 06/18/26 | 3859531 | (72659) |
| Total |  |  |  | $(918621) |
|  **Short position contracts:** |  |  |  |  |
|  5 Year U.S. Treasury Notes | (34) | 06/30/26 | (3678109) | 5339 |
|  Ultra Long U.S. Treasury Bonds | (4) | 06/18/26 | (466250) | (11) |
| Total |  |  |  | $5328 |
| TOTAL FUTURES CONTRACTS |  |  |  | $(913293) |

---

SWAP CONTRACTS — At March 31, 2026, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Termination<br>Date** | **Notional**<br> **Amount**<br> (000s) | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  12.750%<sup>(a)</sup> <br> 1M BID Average<sup>(a)</sup> | 01/03/28 | 1400 | $4370 | $659 | $3711 |
| 3.000<sup>(a)</sup> <br> 12M SOFR<sup>(a)</sup> | 06/17/28 | $1010 <sup>(b)</sup> | 11429 | 3659 | 7770 |
| 2.250<sup>(a)</sup> <br> 6M EURO<sup>(c)</sup> | 06/17/28 | 3560 <sup>(b)</sup> | 50755 | (1991) | 52746 |
|  Mexico Interbank TIIE 28 Days<sup>(d)</sup> <br> 7.250%<sup>(d)</sup> | 09/14/28 | 81810 <sup>(b)</sup> | (57843) | (20769) | (37074) |
| 12.000<sup>(e)</sup> <br> 12M CPIBR<sup>(e)</sup> | 09/16/28 | 5896660 <sup>(b)</sup> | 5394 | (1345) | 6739 |
| 6.000<sup>(c)</sup> <br> 12M MIBOR<sup>(c)</sup> | 09/16/28 | 339120 <sup>(b)</sup> | 45436 | 16462 | 28974 |
| 1.250<sup>(e)</sup> <br> 12M THOR<sup>(e)</sup> | 09/16/28 | 7680 <sup>(b)</sup> | 1261 | 272 | 989 |
| 3.500<sup>(e)</sup> <br> 3M KWCDC<sup>(e)</sup> | 09/16/28 | 9418590 <sup>(b)</sup> | 36412 | (4433) | 40845 |
|  6M PRIBOR<sup>(c)</sup> <br> 4.000<sup>(a)</sup> | 09/16/28 | 156390 <sup>(b)</sup> | (54647) | (21196) | (33451) |
|  12M CLICP<sup>(c)</sup> <br> 4.750<sup>(c)</sup> | 09/16/28 | 1052420 <sup>(b)</sup> | (6201) | (83) | (6118) |
|  6M BUBOR<sup>(c)</sup> <br> 6.250<sup>(a)</sup> | 09/16/28 | 622120 <sup>(b)</sup> | (36091) | (29601) | (6490) |
|  3M JIBAR<sup>(e)</sup> <br> 6.750<sup>(e)</sup> | 09/16/28 | 60110 <sup>(b)</sup> | (47968) | (19521) | (28447) |
| 3.750<sup>(a)</sup> <br> 6M WIBOR<sup>(c)</sup> | 09/16/28 | 12380 <sup>(b)</sup> | 49290 | 47115 | 2175 |
|  1M BID Average<sup>(a)</sup> <br> 13.250<sup>(a)</sup> | 01/02/29 | 54100 | (171737) | (70862) | (100875) |
| 13.250<sup>(a)</sup> <br> 1M BID Average<sup>(a)</sup> | 01/02/29 | 14800 | 46982 | (10177) | 57159 |
|  1M BID Average<sup>(f)</sup> <br> 12.750<sup>(f)</sup> | 01/02/31 | 10980 | (52660) | (23544) | (29116) |
| 12.750<sup>(f)</sup> <br> 1M BID Average<sup>(f)</sup> | 01/02/31 | 3640 | 17457 | 9932 | 7525 |
| 2.500<sup>(a)</sup> <br> 6M EURO<sup>(c)</sup> | 06/17/31 | 2320 <sup>(b)</sup> | 50993 | (8179) | 59172 |
|  Mexico Interbank TIIE 28 Days<sup>(d)</sup> <br> 7.750<sup>(d)</sup> | 09/11/31 | 49790 <sup>(b)</sup> | (63542) | (23945) | (39597) |
| 1.500<sup>(e)</sup> <br> 12M THOR<sup>(e)</sup> | 09/16/31 | 13230 <sup>(b)</sup> | 6345 | 2376 | 3969 |
|  3M JIBAR<sup>(e)</sup> <br> 7.000<sup>(e)</sup> | 09/16/31 | 22570 <sup>(b)</sup> | (45193) | (21608) | (23585) |
| 2.500<sup>(a)</sup> <br> 6M EURO<sup>(c)</sup> | 06/17/33 | 700 <sup>(b)</sup> | 24256 | 3708 | 20548 |
| 3.750<sup>(a)</sup> <br> 12M SOFR<sup>(a)</sup> | 06/17/36 | $1460 <sup>(b)</sup> | 15699 | (19793) | 35492 |
| 2.750<sup>(a)</sup> <br> 6M EURO<sup>(c)</sup> | 06/17/36 | 1350 <sup>(b)</sup> | 45329 | 35571 | 9758 |
|  Mexico Interbank TIIE 28 Days<sup>(d)</sup> <br> 8.000<sup>(d)</sup> | 09/04/36 | 24000 <sup>(b)</sup> | (55194) | (31048) | (24146) |
| 11.250<sup>(e)</sup> <br> 12M CPIBR<sup>(e)</sup> | 09/16/36 | 4473780 <sup>(b)</sup> | (13123) | (7159) | (5964) |
| 2.000<sup>(e)</sup> <br> 12M THOR<sup>(e)</sup> | 09/16/36 | 32300 <sup>(b)</sup> | 18488 | 2778 | 15710 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **19** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Termination<br>Date** | **Notional<br>Amount**<br> (000s) | **Notional<br>Amount**<br> (000s) | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  7.750%<sup>(e)</sup> <br> 3M JIBAR<sup>(e)</sup> | 09/16/36 | ZAR | 28800 <sup>(b)</sup> | $85124 | $34685 | $50439 |
|  6M PRIBOR<sup>(c)</sup> <br> 4.250%<sup>(a)</sup> | 09/16/36 | CZK | 16340 <sup>(b)</sup> | (20594) | (16370) | (4224) |
|  6M WIBOR<sup>(c)</sup> <br> 4.500<sup>(a)</sup> | 09/16/36 | PLN | 3780 <sup>(b)</sup> | (34230) | (23009) | (11221) |
|  12M CLICP<sup>(c)</sup> <br> 5.250<sup>(c)</sup> | 09/16/36 | CLP | 533490 <sup>(b)</sup> | (3498) | (3771) | 273 |
| 6.750<sup>(a)</sup> <br> 6M BUBOR<sup>(c)</sup> | 09/16/36 | HUF | 336540 <sup>(b)</sup> | 27511 | &nbsp;&nbsp;&nbsp;&nbsp;20440 | 7071 |
| 3.000<sup>(a)</sup> <br> 6M EURO<sup>(c)</sup> | 06/17/41 | EUR | 1370 <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;42559 | (8558) | 51117 |
| TOTAL |  |  |  | $(77431) | $(189305) | $111874 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made annually.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Payments made semi-annually.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Payments made monthly.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Payments made at maturity.

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2026, the Fund had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise**<br> **Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
| Call USD/Put BRL | BNP Paribas SA | $5.215 | 04/06/2026 | 1852000 | $1852000 | $7025 | $28630 | $(21605) |
| Call USD/Put MXN | BofA Securities LLC | 18.200 | 04/07/2026 | 6466000 | 6466000 | 17057 | 87550 | (70493) |
| Call USD/Put MXN | BofA Securities LLC | 17.840 | 04/07/2026 | 3654000 | 3654000 | 33544 | 26024 | 7520 |
| Call USD/Put ZAR | BofA Securities LLC | 17.720 | 05/14/2026 | 3258370 | 3258370 | 30342 | 50228 | (19886) |
| Call USD/Put MXN | Citibank NA | 17.750 | 04/07/2026 | 6435000 | 6435000 | 79504 | 71493 | 8011 |
| Call USD/Put BRL | Deutsche Bank AG (London) | 5.375 | 04/06/2026 | 1852000 | 1852000 | 589 | 15183 | (14594) |
| Call USD/Put MXN | Deutsche Bank AG (London) | 17.800 | 05/18/2026 | 2916000 | 2916000 | 66806 | 51243 | 15563 |
| Call USD/Put CNH | HSBC Bank PLC | 6.965 | 04/16/2026 | 4309000 | 4309000 | 1478 | 16904 | (15426) |
| Call USD/Put KRW | JPMorgan Securities, Inc. | 1485.500 | 04/02/2026 | 1820000 | 1820000 | 24009 | 9005 | 15004 |
| Call USD/Put TWD | JPMorgan Securities, Inc. | 31.860 | 04/08/2026 | 3677000 | 3677000 | 30501 | 22687 | 7814 |
| Call USD/Put ZAR | JPMorgan Securities, Inc. | 16.860 | 05/14/2026 | 2963340 | 2963340 | 71974 | 64007 | 7967 |
| Call USD/Put ZAR | JPMorgan Securities, Inc. | 17.500 | 05/27/2026 | 2884000 | 2884000 | 40947 | 59958 | (19011) |
| Call USD/Put KRW | MS & Co. Int. PLC | 1485.500 | 04/02/2026 | 1820000 | 1820000 | 24009 | 5296 | 18713 |
| Call USD/Put MXN | MS & Co. Int. PLC | 18.135 | 05/21/2026 | 2897000 | 2897000 | 47056 | 46891 | 165 |
| Call USD/Put TWD | Standard Chartered Bank | 31.940 | 04/09/2026 | 3654500 | 3654500 | 25713 | 37115 | (11402) |
| Call USD/Put TWD | Standard Chartered Bank | 32.080 | 05/14/2026 | 2963340 | 2963340 | 34959 | 28609 | 6350 |
| Call USD/Put TWD | Standard Chartered Bank | 32.780 | 05/14/2026 | 2841000 | 2841000 | 13211 | 14819 | (1608) |
|  |  |  |  | 56262550 |  | $&nbsp;&nbsp;&nbsp;&nbsp;548724 | $&nbsp;&nbsp;&nbsp;&nbsp;635642 | $(86918) |
|  **Puts** |  |  |  |  |  |  |  |  |
| Put EUR/Call USD | BNP Paribas SA | EUR 1.178 | 04/01/2026 | 3081000 | EUR 3,081,000 | 66647 | 25786 | 40861 |
| Put EUR/Call USD | BNP Paribas SA | 1.179 | 04/01/2026 | 4690000 | 4690000 | 106142 | 30228 | 75914 |
| Put EUR/Call USD | BNP Paribas SA | 1.155 | 04/16/2026 | 3137000 | 3137000 | 21266 | 23625 | (2359) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **20** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise**<br> **Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| Put EUR/Call USD | BNP Paribas SA | 1.160 | 04/17/2026 | 3720000 | 3720000 | $34686 | $35300 | $(614) |
| Put EUR/Call USD | BNP Paribas SA | 1.139 | 04/21/2026 | 1569000 | 1569000 | 4613 | 15031 | (10418) |
| Put EUR/Call USD | BNP Paribas SA | 1.150 | 05/07/2026 | 5013000 | 5013000 | 38578 | 44048 | (5470) |
| Put EUR/Call USD | BNP Paribas SA | 1.153 | 05/22/2026 | 4981000 | 4981000 | 51251 | 53012 | (1761) |
| Put EUR/Call USD | BNP Paribas SA | 1.145 | 05/27/2026 | 2499000 | 2499000 | 19734 | 26107 | (6373) |
| Put EUR/Call USD | BNP Paribas SA | 1.145 | 06/18/2026 | 2552580 | 2552580 | 24550 | 31025 | (6475) |
| Put EUR/Call USD | Citibank NA | 1.173 | 04/21/2026 | 6279000 | 6279000 | 112304 | 50655 | 61649 |
| Put EUR/Call USD | Citibank NA | 1.139 | 04/21/2026 | 988470 | 988470 | 2906 | 5436 | (2530) |
| Put USD/Call KRW | Citibank NA | $1476.200 | 04/30/2026 | 1818000 | $1818000 | 11104 | 29563 | (18459) |
| Put EUR/Call USD | Deutsche Bank AG (London) | 1.195 | 04/01/2026 | 4618000 | 4618000 | 176022 | 56647 | 119375 |
| Put USD/Call KRW | Deutsche Bank AG (London) | $1416.000 | 04/02/2026 | 3640000 | $3640000 | 0 | 18939 | (18939) |
| Put USD/Call KRW | Deutsche Bank AG (London) | 1476.200 | 04/30/2026 | 1145340 | 1145340 | 6996 | 13386 | (6390) |
| Put EUR/Call USD | MS & Co. Int. PLC | 1.178 | 04/01/2026 | 3081000 | 3081000 | 65109 | 27244 | 37865 |
| Put EUR/Call USD | Royal Bank of Canada (UK) | 1.149 | 04/21/2026 | 6256000 | 6256000 | 32908 | 41870 | (8962) |
| Put EUR/Call USD | Royal Bank of Canada (UK) | 1.144 | 06/16/2026 | 990360 | 990360 | 8992 | 11240 | (2248) |
| Put EUR/Call USD | UBS AG (London) | 1.149 | 04/21/2026 | 1970640 | 1970640 | 10366 | 17087 | (6721) |
| Put EUR/Call USD | UBS AG (London) | 1.144 | 06/16/2026 | 1572000 | 1572000 | 14273 | 19664 | (5391) |
|  |  |  |  | 63601390 |  | $808447 | $575893 | $232554 |
| Total purchased option contracts | Total purchased option contracts | Total purchased option contracts | Total purchased option contracts | 119863940 |  | $1357171 | $1211535 | $145636 |
| **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |  |
| **Calls** |  |  |  |  |  |  |  |  |
| Call USD/Put BRL | BNP Paribas SA | $5.375 | 04/06/2026 | (1852000) | $(1852000) | (589) | (12895) | 12306 |
| Call USD/Put CNH | BofA Securities LLC | 6.965 | 04/16/2026 | (4309000) | (4309000) | (1478) | (13392) | 11914 |
| Call USD/Put MXN | BofA Securities LLC | 17.750 | 04/07/2026 | (6435000) | (6435000) | (79504) | (37803) | (41701) |
| Call USD/Put MXN | BofA Securities LLC | 17.840 | 04/07/2026 | (3652191) | (3652191) | (33527) | (49576) | 16049 |
| Call USD/Put SGD | BofA Securities LLC | 1.272 | 04/02/2026 | (1363000) | (1363000) | (14055) | (6436) | (7619) |
| Call USD/Put SGD | BofA Securities LLC | 1.276 | 04/06/2026 | (2198870) | (2198870) | (16758) | (11044) | (5714) |
| Call USD/Put ZAR | BofA Securities LLC | 16.860 | 05/14/2026 | (2963340) | (2963340) | (71974) | (105128) | 33154 |
| Call USD/Put MXN | Citibank NA | 18.200 | 04/07/2026 | (6425409) | (6425409) | (16950) | (36496) | 19546 |
| Call USD/Put BRL | Deutsche Bank AG (London) | 5.215 | 04/06/2026 | (1852000) | (1852000) | (7025) | (34538) | 27513 |
| Call USD/Put KRW | Deutsche Bank AG (London) | 1485.500 | 04/02/2026 | (3640000) | (3640000) | (48019) | (19390) | (28629) |
| Call USD/Put MXN | Deutsche Bank AG (London) | 18.650 | 05/18/2026 | (3208000) | (3208000) | (27329) | (22684) | (4645) |
| Call USD/Put CNH | HSBC Bank PLC | 6.860 | 04/16/2026 | (849870) | (849870) | (3950) | (3529) | (421) |
| Call USD/Put SGD | HSBC Bank PLC | 1.276 | 04/23/2026 | (2164000) | (2164000) | (18082) | (12275) | (5807) |
| Call USD/Put CNH | JPMorgan Securities, Inc. | 6.885 | 04/07/2026 | (2164000) | (2164000) | (4419) | (6514) | 2095 |
| Call USD/Put ZAR | JPMorgan Securities, Inc. | 17.720 | 05/14/2026 | (3258370) | (3258370) | (30342) | (31342) | 1000 |
| Call USD/Put ZAR | JPMorgan Securities, Inc. | 18.575 | 05/27/2026 | (2884000) | (2884000) | (14824) | (23591) | 8767 |
| Call EUR/Put PLN | MS & Co. Int. PLC | 4.268 | 04/23/2026 | (1868000) | (1868000) | (19123) | (12806) | (6317) |
| Call EUR/Put PLN | MS & Co. Int. PLC | 4.270 | 04/28/2026 | (1253000) | (1253000) | (13040) | (8668) | (4372) |
| Call USD/Put CNH | MS & Co. Int. PLC | $6.860 | 04/16/2026 | (1349000) | $(1349000) | (6270) | (5569) | (701) |
| Call USD/Put MXN | MS & Co. Int. PLC | 18.930 | 05/21/2026 | (3187000) | (3187000) | (21923) | (23587) | 1664 |
| Call USD/Put TWD | MS & Co. Int. PLC | 31.940 | 04/09/2026 | (1816000) | (1816000) | (12777) | (16380) | 3603 |
| Call USD/Put TWD | Standard Chartered Bank | 31.860 | 04/08/2026 | (3677000) | (3677000) | (30501) | (41532) | 11031 |
| Call USD/Put TWD | Standard Chartered Bank | 31.940 | 04/09/2026 | (1838500) | (1838500) | (12936) | (12614) | (322) |
| Call USD/Put TWD | Standard Chartered Bank | 32.080 | 05/14/2026 | (2963340) | (2963340) | (34959) | (38322) | 3363 |
|  |  |  |  | (67170890) |  | $(540354) | $(586111) | $45757 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **21** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise**<br> **Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Puts** |  |  |  |  |  |  |  |  |
| Put EUR/Call USD | BNP Paribas SA | 1.195 | 04/01/2026 | (4618000) | (4618000) | $(176022) | $(69598) | $(106424) |
| Put EUR/Call USD | BNP Paribas SA | 1.155 | 04/16/2026 | (3137000) | (3137000) | (21266) | (30538) | 9272 |
| Put EUR/Call USD | BNP Paribas SA | 1.149 | 04/21/2026 | (5092021) | (5092021) | (26785) | (31944) | 5159 |
| Put EUR/Call USD | BNP Paribas SA | 1.144 | 06/16/2026 | (2562360) | (2562360) | (23264) | (37824) | 14560 |
| Put EUR/Call USD | BofA Securities LLC | 1.139 | 04/21/2026 | (2557470) | (2557470) | (7520) | (10039) | 2519 |
| Put USD/Call SGD | BofA Securities LLC | $1.272 | 04/02/2026 | (1363000) | $(1363000) | (18) | (6436) | 6418 |
| Put USD/Call SGD | BofA Securities LLC | 1.276 | 04/06/2026 | (2198870) | (2198870) | (1106) | (9054) | 7948 |
| Put EUR/Call USD | Citibank NA | 1.179 | 04/01/2026 | (4690000) | (4690000) | (106142) | (44845) | (61297) |
| Put USD/Call KRW | Citibank NA | $1416.000 | 04/02/2026 | (3640000) | $(3640000) | 0 | (3799) | 3799 |
| Put EUR/Call USD | Deutsche Bank AG (London) | 1.178 | 04/01/2026 | (3081000) | (3081000) | (66647) | (15847) | (50800) |
| Put EUR/Call USD | Deutsche Bank AG (London) | 1.178 | 04/01/2026 | (3081000) | (3081000) | (65109) | (15400) | (49709) |
| Put EUR/Call USD | Deutsche Bank AG (London) | 1.149 | 04/21/2026 | (3134620) | (3134620) | (16489) | (15153) | (1336) |
| Put USD/Call CNH | HSBC Bank PLC | $6.860 | 04/16/2026 | (849870) | $(849870) | (1639) | (3530) | 1891 |
| Put USD/Call SGD | HSBC Bank PLC | 1.276 | 04/23/2026 | (2164000) | (2164000) | (5603) | (12276) | 6673 |
| Put USD/Call CNH | JPMorgan Securities, Inc. | 6.885 | 04/07/2026 | (2164000) | (2164000) | (4733) | (6514) | 1781 |
| Put EUR/Call PLN | MS & Co. Int. PLC | 4.268 | 04/23/2026 | (1868000) | (1868000) | (4890) | (12806) | 7916 |
| Put EUR/Call PLN | MS & Co. Int. PLC | 4.270 | 04/28/2026 | (1253000) | (1253000) | (3952) | (8668) | 4716 |
| Put USD/Call CNH | MS & Co. Int. PLC | $6.860 | 04/16/2026 | (1349000) | $(1349000) | (2601) | (5569) | 2968 |
| Put EUR/Call USD | Royal Bank of Canada (UK) | 1.160 | 04/17/2026 | (3720000) | (3720000) | (34686) | (13743) | (20943) |
| Put EUR/Call USD | Royal Bank of Canada (UK) | 1.173 | 04/21/2026 | (6279000) | (6279000) | (112304) | (108413) | (3891) |
|  |  |  |  | (58802211) |  | $(680776) | $(461996) | $(218780) |
| Total written option contracts | Total written option contracts |  |  | (125973101) |  | $(1221130) | $(1048107) | $(173023) |
| TOTAL |  |  |  | (6109161) |  | $136041 | $163428 | $(27387) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **22** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

---

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

---

---

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

---

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **23** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – 87.3% | Corporate Obligations – 87.3% | Corporate Obligations – 87.3% | Corporate Obligations – 87.3% |
| Advertising – 0.8% | Advertising – 0.8% | Advertising – 0.8% | Advertising – 0.8% |
| Clear Channel Outdoor Holdings, Inc.<sup>(a)(b)</sup> (B/B2) | Clear Channel Outdoor Holdings, Inc.<sup>(a)(b)</sup> (B/B2) | Clear Channel Outdoor Holdings, Inc.<sup>(a)(b)</sup> (B/B2) | Clear Channel Outdoor Holdings, Inc.<sup>(a)(b)</sup> (B/B2) |
| $3680000 | 7.875% | 04/01/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3855904 |
| 1502000 | 7.125 | 02/15/31 | 1574261 |
| 1665000 | 7.500 | 03/15/33 | 1763685 |
| Clear Channel Outdoor Holdings, Inc.<sup>(a)(b)</sup> (CCC/Caa3) | Clear Channel Outdoor Holdings, Inc.<sup>(a)(b)</sup> (CCC/Caa3) | Clear Channel Outdoor Holdings, Inc.<sup>(a)(b)</sup> (CCC/Caa3) | Clear Channel Outdoor Holdings, Inc.<sup>(a)(b)</sup> (CCC/Caa3) |
| 1610000 | 7.750 | 04/15/28 | 1618404 |
| Neptune Bidco U.S., Inc.<sup>(a)(b)</sup> (B-/B3) | Neptune Bidco U.S., Inc.<sup>(a)(b)</sup> (B-/B3) | Neptune Bidco U.S., Inc.<sup>(a)(b)</sup> (B-/B3) |  |
| 750000 | 9.290 | 04/15/29 | 752775 |
| 7914000 | 10.375 | 05/15/31 | 8003349 |
| Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(a)(b)</sup> (B/B1) | Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(a)(b)</sup> (B/B1) | Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(a)(b)</sup> (B/B1) | Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(a)(b)</sup> (B/B1) |
| 2809000 | 4.250 | 01/15/29 | 2716022 |
|  |  |  | 20284400 |
| Aerospace & Defense – 1.1% | Aerospace & Defense – 1.1% | Aerospace & Defense – 1.1% |  |
| Bombardier, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Bombardier, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Bombardier, Inc.<sup>(a)(b)</sup> (BB-/Ba3) |  |
| 3170000 | 7.000 | 06/01/32 | 3287322 |
| Moog, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Moog, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Moog, Inc.<sup>(a)(b)</sup> (BB/Ba2) |  |
| 3362000 | 4.250 | 12/15/27 | 3362000 |
| TransDigm, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | TransDigm, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | TransDigm, Inc.<sup>(a)(b)</sup> (BB-/Ba3) |  |
| 4194000 | 6.750 | 08/15/28 | 4241895 |
| 9557000 | 6.375 | 03/01/29 | 9751294 |
| 7151000 | 6.875 | 12/15/30 | 7332993 |
|  |  |  | 27975504 |
| Airlines – 1.8% | Airlines – 1.8% |  |  |
| American Airlines, Inc.<sup>(a)(b)</sup> (BB-/Ba2) | American Airlines, Inc.<sup>(a)(b)</sup> (BB-/Ba2) | American Airlines, Inc.<sup>(a)(b)</sup> (BB-/Ba2) |  |
| 7339000 | 7.250 | 02/15/28 | 7386410 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(b)</sup> (NR/Ba1) | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(b)</sup> (NR/Ba1) | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(b)</sup> (NR/Ba1) | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(b)</sup> (NR/Ba1) |
| 218750 | 5.500 | 04/20/26 | 218628 |
| OneSky Flight LLC<sup>(a)(b)</sup> (B+/B3) | OneSky Flight LLC<sup>(a)(b)</sup> (B+/B3) | OneSky Flight LLC<sup>(a)(b)</sup> (B+/B3) |  |
| 12576000 | 8.875 | 12/15/29 | 12968748 |
| United Airlines, Inc.<sup>(a)(b)</sup> (BBB-/Baa3) | United Airlines, Inc.<sup>(a)(b)</sup> (BBB-/Baa3) | United Airlines, Inc.<sup>(a)(b)</sup> (BBB-/Baa3) |  |
| 13905000 | 4.625 | 04/15/29 | 13631072 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc.<sup>(a)(b)</sup>  | VistaJet Malta Finance PLC/Vista Management Holding, Inc.<sup>(a)(b)</sup>  | VistaJet Malta Finance PLC/Vista Management Holding, Inc.<sup>(a)(b)</sup>  | VistaJet Malta Finance PLC/Vista Management Holding, Inc.<sup>(a)(b)</sup>  |
| (B/B3) |  |  |  |
| 4060000 | 7.875 | 05/01/27 | 3996420 |
| 5532000 | 9.500 <sup>(c)</sup> | 06/01/28 | 5407087 |
| 1555000 | 6.375 <sup>(c)</sup> | 02/01/30 | 1342323 |
|  |  |  | 44950688 |
| Apparel<sup>(a)(b)</sup> – 0.5% | Apparel<sup>(a)(b)</sup> – 0.5% |  |  |
| Beach Acquisition Bidco LLC<sup>(d)</sup> (B+/Caa1) (PIK 10.750%, Cash 10.000%) | Beach Acquisition Bidco LLC<sup>(d)</sup> (B+/Caa1) (PIK 10.750%, Cash 10.000%) | Beach Acquisition Bidco LLC<sup>(d)</sup> (B+/Caa1) (PIK 10.750%, Cash 10.000%) | Beach Acquisition Bidco LLC<sup>(d)</sup> (B+/Caa1) (PIK 10.750%, Cash 10.000%) |
| 4195113 | 10.000 | 07/15/33 | 4459489 |
| Beach Acquisition Bidco LLC (NR/Ba3) | Beach Acquisition Bidco LLC (NR/Ba3) | Beach Acquisition Bidco LLC (NR/Ba3) |  |
| 3336000 | 5.250% | 07/15/32 | 3700600 |
| Champ Acquisition Corp. (B/B2) | Champ Acquisition Corp. (B/B2) | Champ Acquisition Corp. (B/B2) |  |
| $4695000 | 8.375 | 12/01/31 | 4918999 |
|  |  |  | 13079088 |
| Automotive – 1.5% | Automotive – 1.5% |  |  |
| Clarios Global LP/Clarios U.S. Finance Co.<sup>(a)(b)</sup> (B/Caa1) | Clarios Global LP/Clarios U.S. Finance Co.<sup>(a)(b)</sup> (B/Caa1) | Clarios Global LP/Clarios U.S. Finance Co.<sup>(a)(b)</sup> (B/Caa1) | Clarios Global LP/Clarios U.S. Finance Co.<sup>(a)(b)</sup> (B/Caa1) |
| 1205000 | 6.750 | 09/15/32 | 1215182 |
| Clarios Global LP/Clarios U.S. Finance Co.<sup>(a)(b)</sup> (BB-/B2) | Clarios Global LP/Clarios U.S. Finance Co.<sup>(a)(b)</sup> (BB-/B2) | Clarios Global LP/Clarios U.S. Finance Co.<sup>(a)(b)</sup> (BB-/B2) | Clarios Global LP/Clarios U.S. Finance Co.<sup>(a)(b)</sup> (BB-/B2) |
| 5545000 | 6.750 | 05/15/28 | 5613980 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Automotive – (continued) | Automotive – (continued) | Automotive – (continued) | Automotive – (continued) |
| Cyprium Corp./Cyprium Holdings Luxembourg SARL<sup>(a)(b)</sup> (BB-/Ba2) | Cyprium Corp./Cyprium Holdings Luxembourg SARL<sup>(a)(b)</sup> (BB-/Ba2) | Cyprium Corp./Cyprium Holdings Luxembourg SARL<sup>(a)(b)</sup> (BB-/Ba2) | Cyprium Corp./Cyprium Holdings Luxembourg SARL<sup>(a)(b)</sup> (BB-/Ba2) |
| $3627000 | 6.125% | 04/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3586088 |
| Grupo Antolin Irausa SA<sup>(a)</sup> (B-/Caa1) | Grupo Antolin Irausa SA<sup>(a)</sup> (B-/Caa1) | Grupo Antolin Irausa SA<sup>(a)</sup> (B-/Caa1) |  |
| 2391000 | 10.375 | 01/30/30 | 1606226 |
| IHO Verwaltungs GmbH<sup>(a)(b)(d)</sup> (BB-/Ba2) | IHO Verwaltungs GmbH<sup>(a)(b)(d)</sup> (BB-/Ba2) | IHO Verwaltungs GmbH<sup>(a)(b)(d)</sup> (BB-/Ba2) | IHO Verwaltungs GmbH<sup>(a)(b)(d)</sup> (BB-/Ba2) |
| (PIK 7.125%, Cash 6.375%) | (PIK 7.125%, Cash 6.375%) | (PIK 7.125%, Cash 6.375%) |  |
| $3305000 | 6.375 | 05/15/29 | 3300571 |
| (PIK 9.500%, Cash 8.750%) | (PIK 9.500%, Cash 8.750%) | (PIK 9.500%, Cash 8.750%) |  |
| 970000 | 8.750 | 05/15/28 | 1149496 |
| Nissan Motor Acceptance Co. LLC<sup>(a)(b)</sup> (NR/Ba2) | Nissan Motor Acceptance Co. LLC<sup>(a)(b)</sup> (NR/Ba2) | Nissan Motor Acceptance Co. LLC<sup>(a)(b)</sup> (NR/Ba2) | Nissan Motor Acceptance Co. LLC<sup>(a)(b)</sup> (NR/Ba2) |
| $5807000 | 6.125 | 09/30/30 | 5585231 |
| Phinia, Inc.<sup>(a)(b)</sup> (BB+/Baa3) | Phinia, Inc.<sup>(a)(b)</sup> (BB+/Baa3) | Phinia, Inc.<sup>(a)(b)</sup> (BB+/Baa3) |  |
| 4335000 | 6.750 | 04/15/29 | 4424951 |
| Qnity Electronics, Inc.<sup>(a)(b)</sup> (BB/B1) | Qnity Electronics, Inc.<sup>(a)(b)</sup> (BB/B1) | Qnity Electronics, Inc.<sup>(a)(b)</sup> (BB/B1) |  |
| 494000 | 6.250 | 08/15/33 | 501188 |
| Qnity Electronics, Inc.<sup>(a)(b)</sup> (BB+/Ba1) | Qnity Electronics, Inc.<sup>(a)(b)</sup> (BB+/Ba1) | Qnity Electronics, Inc.<sup>(a)(b)</sup> (BB+/Ba1) |  |
| 1805000 | 5.750 | 08/15/32 | 1807256 |
| ZF Europe Finance BV<sup>(a)</sup> (BB-/Ba2) | ZF Europe Finance BV<sup>(a)</sup> (BB-/Ba2) | ZF Europe Finance BV<sup>(a)</sup> (BB-/Ba2) |  |
| 3100000 | 4.750 | 01/31/29 | 3482557 |
| ZF North America Capital, Inc.<sup>(a)(b)</sup> (BB-/Ba2) | ZF North America Capital, Inc.<sup>(a)(b)</sup> (BB-/Ba2) | ZF North America Capital, Inc.<sup>(a)(b)</sup> (BB-/Ba2) | ZF North America Capital, Inc.<sup>(a)(b)</sup> (BB-/Ba2) |
| $2310000 | 6.875 | 04/14/28 | 2333585 |
| 2020000 | 6.750 | 04/23/30 | 1961440 |
|  |  |  | 36567751 |
| Banks – 3.2% | Banks – 3.2% |  |  |
| Banco Mercantil del Norte SA<sup>(a)(b)(e)</sup> (BB-/Ba2) (5 yr. CMT + 4.643%) | Banco Mercantil del Norte SA<sup>(a)(b)(e)</sup> (BB-/Ba2) (5 yr. CMT + 4.643%) | Banco Mercantil del Norte SA<sup>(a)(b)(e)</sup> (BB-/Ba2) (5 yr. CMT + 4.643%) | Banco Mercantil del Norte SA<sup>(a)(b)(e)</sup> (BB-/Ba2) (5 yr. CMT + 4.643%) |
| 5200000 | 5.875 | 01/24/27 | 5138432 |
| Bank of New York Mellon Corp.<sup>(a)(e)</sup> (BBB/Baa1) | Bank of New York Mellon Corp.<sup>(a)(e)</sup> (BBB/Baa1) | Bank of New York Mellon Corp.<sup>(a)(e)</sup> (BBB/Baa1) | Bank of New York Mellon Corp.<sup>(a)(e)</sup> (BBB/Baa1) |
| (5 yr. CMT + 2.034%) | (5 yr. CMT + 2.034%) |  |  |
| 6061000 | 5.625 <sup>(c)</sup> | 03/20/31 | 5934264 |
| (5 yr. CMT + 3.352%) | (5 yr. CMT + 3.352%) |  |  |
| 7293000 | 7.166 | 06/20/26 | 7312326 |
| Barclays PLC<sup>(a)(e)</sup> (BB+/Ba1) | Barclays PLC<sup>(a)(e)</sup> (BB+/Ba1) | Barclays PLC<sup>(a)(e)</sup> (BB+/Ba1) |  |
| (5 yr. CMT + 3.410%) | (5 yr. CMT + 3.410%) |  |  |
| 1912000 | 4.375 | 03/15/28 | 1811486 |
| (5 yr. CMT + 5.431%) | (5 yr. CMT + 5.431%) |  |  |
| 5088000 | 8.000 | 03/15/29 | 5246746 |
| (5 yr. EURIBOR ICE Swap + 3.561%) | (5 yr. EURIBOR ICE Swap + 3.561%) | (5 yr. EURIBOR ICE Swap + 3.561%) |  |
| 2204000 | 6.125 | 12/15/35 | 2433188 |
| (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.686%) | (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.686%) | (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.686%) | (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.686%) |
| $1670000 | 7.625 | 03/15/35 | 1688904 |
| Citigroup, Inc.<sup>(a)(e)</sup> (BB+/Ba1) (5 yr. CMT + 3.001%) | Citigroup, Inc.<sup>(a)(e)</sup> (BB+/Ba1) (5 yr. CMT + 3.001%) | Citigroup, Inc.<sup>(a)(e)</sup> (BB+/Ba1) (5 yr. CMT + 3.001%) | Citigroup, Inc.<sup>(a)(e)</sup> (BB+/Ba1) (5 yr. CMT + 3.001%) |
| 14260000 | 6.625 | 02/15/31 | 14258717 |
| Commerzbank AG<sup>(a)(e)</sup> (BB/Ba1) (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 4.322%) | Commerzbank AG<sup>(a)(e)</sup> (BB/Ba1) (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 4.322%) | Commerzbank AG<sup>(a)(e)</sup> (BB/Ba1) (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 4.322%) | Commerzbank AG<sup>(a)(e)</sup> (BB/Ba1) (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 4.322%) |
| 4400000 | 7.500 | 10/09/30 | 4458168 |
| JPMorgan Chase & Co.<sup>(a)(e)</sup> (BBB/Baa1) | JPMorgan Chase & Co.<sup>(a)(e)</sup> (BBB/Baa1) | JPMorgan Chase & Co.<sup>(a)(e)</sup> (BBB/Baa1) |  |
| (5 yr. CMT + 2.152%) | (5 yr. CMT + 2.152%) |  |  |
| 5580000 | 6.500 | 04/01/30 | 5723573 |
| (5 yr. CMT + 2.850%) | (5 yr. CMT + 2.850%) |  |  |
| 855000 | 3.650 | 06/01/26 | 851187 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **24** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| NatWest Group PLC<sup>(a)(e)</sup> (NR/Baa3) (5 yr. U.K. Government Bond + 3.294%) | NatWest Group PLC<sup>(a)(e)</sup> (NR/Baa3) (5 yr. U.K. Government Bond + 3.294%) | NatWest Group PLC<sup>(a)(e)</sup> (NR/Baa3) (5 yr. U.K. Government Bond + 3.294%) | NatWest Group PLC<sup>(a)(e)</sup> (NR/Baa3) (5 yr. U.K. Government Bond + 3.294%) |
| 1828000 | 7.500% | 02/28/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2404807 |
| PNC Financial Services Group, Inc.<sup>(a)(e)</sup> (BBB-/Baa2) (5 yr. CMT + 3.238%) | PNC Financial Services Group, Inc.<sup>(a)(e)</sup> (BBB-/Baa2) (5 yr. CMT + 3.238%) | PNC Financial Services Group, Inc.<sup>(a)(e)</sup> (BBB-/Baa2) (5 yr. CMT + 3.238%) | PNC Financial Services Group, Inc.<sup>(a)(e)</sup> (BBB-/Baa2) (5 yr. CMT + 3.238%) |
| $4462000 | 6.200 | 09/15/27 | 4474538 |
| Toronto-Dominion Bank<sup>(a)(e)</sup> (BBB-/Baa2) (5 yr. CMT + 4.075%) | Toronto-Dominion Bank<sup>(a)(e)</sup> (BBB-/Baa2) (5 yr. CMT + 4.075%) | Toronto-Dominion Bank<sup>(a)(e)</sup> (BBB-/Baa2) (5 yr. CMT + 4.075%) | Toronto-Dominion Bank<sup>(a)(e)</sup> (BBB-/Baa2) (5 yr. CMT + 4.075%) |
| 1475000 | 8.125 | 10/31/82 | 1520150 |
| U.S. Bancorp<sup>(a)(e)</sup> (BBB/Baa2) (5 yr. CMT + 2.541%) | U.S. Bancorp<sup>(a)(e)</sup> (BBB/Baa2) (5 yr. CMT + 2.541%) | U.S. Bancorp<sup>(a)(e)</sup> (BBB/Baa2) (5 yr. CMT + 2.541%) | U.S. Bancorp<sup>(a)(e)</sup> (BBB/Baa2) (5 yr. CMT + 2.541%) |
| 5025000 | 3.700 | 01/15/27 | 4914149 |
| UBS Group AG<sup>(a)(b)(c)(e)</sup> (BBB-/NR) (5 yr. CMT + 3.098%) | UBS Group AG<sup>(a)(b)(c)(e)</sup> (BBB-/NR) (5 yr. CMT + 3.098%) | UBS Group AG<sup>(a)(b)(c)(e)</sup> (BBB-/NR) (5 yr. CMT + 3.098%) | UBS Group AG<sup>(a)(b)(c)(e)</sup> (BBB-/NR) (5 yr. CMT + 3.098%) |
| 3565000 | 3.875 | 06/02/26 | 3549278 |
| UniCredit SpA<sup>(a)(b)(e)</sup> (BBB-/Baa3) (5 yr. CMT + 4.750%) | UniCredit SpA<sup>(a)(b)(e)</sup> (BBB-/Baa3) (5 yr. CMT + 4.750%) | UniCredit SpA<sup>(a)(b)(e)</sup> (BBB-/Baa3) (5 yr. CMT + 4.750%) | UniCredit SpA<sup>(a)(b)(e)</sup> (BBB-/Baa3) (5 yr. CMT + 4.750%) |
| 3415000 | 5.459 | 06/30/35 | 3409673 |
| Wells Fargo & Co.<sup>(a)(e)</sup> (BB+/Baa2) | Wells Fargo & Co.<sup>(a)(e)</sup> (BB+/Baa2) | Wells Fargo & Co.<sup>(a)(e)</sup> (BB+/Baa2) | Wells Fargo & Co.<sup>(a)(e)</sup> (BB+/Baa2) |
| (5 yr. CMT + 2.767%) | (5 yr. CMT + 2.767%) | (5 yr. CMT + 2.767%) | (5 yr. CMT + 2.767%) |
| 1952000 | 6.850 | 09/15/29 | 2021608 |
| (5 yr. CMT + 3.606%) | (5 yr. CMT + 3.606%) | (5 yr. CMT + 3.606%) | (5 yr. CMT + 3.606%) |
| 2040000 | 7.625 | 09/15/28 | 2146386 |
|  |  |  | 79297580 |
| Beverages<sup>(a)</sup> – 0.2% | Beverages<sup>(a)</sup> – 0.2% | Beverages<sup>(a)</sup> – 0.2% | Beverages<sup>(a)</sup> – 0.2% |
| Marston's Issuer PLC<sup>(e)</sup> (BB+/NR) (Sterling Overnight Index Average + 1.569%) | Marston's Issuer PLC<sup>(e)</sup> (BB+/NR) (Sterling Overnight Index Average + 1.569%) | Marston's Issuer PLC<sup>(e)</sup> (BB+/NR) (Sterling Overnight Index Average + 1.569%) | Marston's Issuer PLC<sup>(e)</sup> (BB+/NR) (Sterling Overnight Index Average + 1.569%) |
| 80000 | 5.177 | 07/15/32 | 103221 |
| Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(b)</sup> (BB/Ba3) | Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(b)</sup> (BB/Ba3) | Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(b)</sup> (BB/Ba3) | Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(b)</sup> (BB/Ba3) |
| $3655000 | 4.375 | 04/30/29 | 3551965 |
|  |  |  | 3655186 |
| Building Materials – 1.8% | Building Materials – 1.8% | Building Materials – 1.8% | Building Materials – 1.8% |
| Builders FirstSource, Inc.<sup>(a)(b)</sup> (BB-/Ba2) | Builders FirstSource, Inc.<sup>(a)(b)</sup> (BB-/Ba2) | Builders FirstSource, Inc.<sup>(a)(b)</sup> (BB-/Ba2) | Builders FirstSource, Inc.<sup>(a)(b)</sup> (BB-/Ba2) |
| 5735000 | 5.000 | 03/01/30 | 5588299 |
| 2900000 | 6.750 | 05/15/35 | 2901711 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc.<sup>(a)(b)</sup> (BB-/B2) | EMRLD Borrower LP/Emerald Co-Issuer, Inc.<sup>(a)(b)</sup> (BB-/B2) | EMRLD Borrower LP/Emerald Co-Issuer, Inc.<sup>(a)(b)</sup> (BB-/B2) | EMRLD Borrower LP/Emerald Co-Issuer, Inc.<sup>(a)(b)</sup> (BB-/B2) |
| 4460000 | 6.625 | 12/15/30 | 4540459 |
| James Hardie International Finance DAC<sup>(a)(b)</sup> (BB/Ba1) | James Hardie International Finance DAC<sup>(a)(b)</sup> (BB/Ba1) | James Hardie International Finance DAC<sup>(a)(b)</sup> (BB/Ba1) | James Hardie International Finance DAC<sup>(a)(b)</sup> (BB/Ba1) |
| 5675000 | 5.000 | 01/15/28 | 5641120 |
| Masterbrand, Inc.<sup>(a)(b)</sup> (BB/B1) | Masterbrand, Inc.<sup>(a)(b)</sup> (BB/B1) | Masterbrand, Inc.<sup>(a)(b)</sup> (BB/B1) | Masterbrand, Inc.<sup>(a)(b)</sup> (BB/B1) |
| 2605000 | 7.000 | 07/15/32 | 2549956 |
| MIWD Holdco II LLC/MIWD Finance Corp.<sup>(a)(b)</sup> (B-/Caa1) | MIWD Holdco II LLC/MIWD Finance Corp.<sup>(a)(b)</sup> (B-/Caa1) | MIWD Holdco II LLC/MIWD Finance Corp.<sup>(a)(b)</sup> (B-/Caa1) | MIWD Holdco II LLC/MIWD Finance Corp.<sup>(a)(b)</sup> (B-/Caa1) |
| 1095000 | 5.500 | 02/01/30 | 947569 |
| Quikrete Holdings, Inc.<sup>(a)(b)</sup> (B+/B2) | Quikrete Holdings, Inc.<sup>(a)(b)</sup> (B+/B2) | Quikrete Holdings, Inc.<sup>(a)(b)</sup> (B+/B2) | Quikrete Holdings, Inc.<sup>(a)(b)</sup> (B+/B2) |
| 3120000 | 6.750 | 03/01/33 | 3169140 |
| Quikrete Holdings, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Quikrete Holdings, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Quikrete Holdings, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Quikrete Holdings, Inc.<sup>(a)(b)</sup> (BB/Ba3) |
| 2870000 | 6.375 | 03/01/32 | 2917126 |
| Smyrna Ready Mix Concrete LLC<sup>(a)(b)</sup> (B+/B1) | Smyrna Ready Mix Concrete LLC<sup>(a)(b)</sup> (B+/B1) | Smyrna Ready Mix Concrete LLC<sup>(a)(b)</sup> (B+/B1) | Smyrna Ready Mix Concrete LLC<sup>(a)(b)</sup> (B+/B1) |
| 7505000 | 6.000 | 11/01/28 | 7451339 |
| 3320000 | 8.875 | 11/15/31 | 3395696 |
| Standard Building Solutions, Inc.<sup>(a)(b)</sup> (BB+/Ba3) | Standard Building Solutions, Inc.<sup>(a)(b)</sup> (BB+/Ba3) | Standard Building Solutions, Inc.<sup>(a)(b)</sup> (BB+/Ba3) | Standard Building Solutions, Inc.<sup>(a)(b)</sup> (BB+/Ba3) |
| 5695000 | 6.500 | 08/15/32 | 5723304 |
| Standard Industries, Inc.<sup>(a)(b)</sup> (BB+/Ba3) | Standard Industries, Inc.<sup>(a)(b)</sup> (BB+/Ba3) | Standard Industries, Inc.<sup>(a)(b)</sup> (BB+/Ba3) | Standard Industries, Inc.<sup>(a)(b)</sup> (BB+/Ba3) |
| 1360000 | 4.750 | 01/15/28 | 1346155 |
|  |  |  | 46171874 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Chemicals – 2.9% | Chemicals – 2.9% | Chemicals – 2.9% | Chemicals – 2.9% |
| Avient Corp.<sup>(a)(b)</sup> (BB-/Ba3) | Avient Corp.<sup>(a)(b)</sup> (BB-/Ba3) | Avient Corp.<sup>(a)(b)</sup> (BB-/Ba3) | Avient Corp.<sup>(a)(b)</sup> (BB-/Ba3) |
| $2945000 | 7.125% | 08/01/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2988056 |
| 1050000 | 6.250 | 11/01/31 | 1057098 |
| Axalta Coating Systems LLC<sup>(a)(b)</sup> (BB+/Ba3) | Axalta Coating Systems LLC<sup>(a)(b)</sup> (BB+/Ba3) | Axalta Coating Systems LLC<sup>(a)(b)</sup> (BB+/Ba3) | Axalta Coating Systems LLC<sup>(a)(b)</sup> (BB+/Ba3) |
| 3055000 | 3.375 | 02/15/29 | 2887678 |
| Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV<sup>(a)(b)</sup> (BB+/Ba3) | Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV<sup>(a)(b)</sup> (BB+/Ba3) | Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV<sup>(a)(b)</sup> (BB+/Ba3) | Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV<sup>(a)(b)</sup> (BB+/Ba3) |
| 3550000 | 4.750 | 06/15/27 | 3526037 |
| Cerdia Finanz GmbH<sup>(a)(b)</sup> (B/B2) | Cerdia Finanz GmbH<sup>(a)(b)</sup> (B/B2) | Cerdia Finanz GmbH<sup>(a)(b)</sup> (B/B2) | Cerdia Finanz GmbH<sup>(a)(b)</sup> (B/B2) |
| 7663000 | 9.375 | 10/03/31 | 7624762 |
| Chemours Co.<sup>(a)(b)</sup> (BB-/B1) | Chemours Co.<sup>(a)(b)</sup> (BB-/B1) | Chemours Co.<sup>(a)(b)</sup> (BB-/B1) | Chemours Co.<sup>(a)(b)</sup> (BB-/B1) |
| 2447000 | 5.750 | 11/15/28 | 2427130 |
| FMC Corp.<sup>(a)</sup> (BB+/Ba1) | FMC Corp.<sup>(a)</sup> (BB+/Ba1) | FMC Corp.<sup>(a)</sup> (BB+/Ba1) | FMC Corp.<sup>(a)</sup> (BB+/Ba1) |
| 3250000 | 4.500 | 10/01/49 | 2013732 |
| 3822000 | 6.375 <sup>(c)</sup> | 05/18/53 | 2878425 |
| Ingevity Corp.<sup>(a)(b)</sup> (NR/Ba3) | Ingevity Corp.<sup>(a)(b)</sup> (NR/Ba3) | Ingevity Corp.<sup>(a)(b)</sup> (NR/Ba3) | Ingevity Corp.<sup>(a)(b)</sup> (NR/Ba3) |
| 3261000 | 3.875 | 11/01/28 | 3127299 |
| Methanex U.S. Operations, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Methanex U.S. Operations, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Methanex U.S. Operations, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Methanex U.S. Operations, Inc.<sup>(a)(b)</sup> (BB/Ba2) |
| 2145000 | 6.250 | 03/15/32 | 2195150 |
| Minerals Technologies, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Minerals Technologies, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Minerals Technologies, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Minerals Technologies, Inc.<sup>(a)(b)</sup> (BB-/Ba3) |
| 3786000 | 5.000 | 07/01/28 | 3752759 |
| Olympus Water U.S. Holding Corp.<sup>(a)(b)</sup> (B-/B3) | Olympus Water U.S. Holding Corp.<sup>(a)(b)</sup> (B-/B3) | Olympus Water U.S. Holding Corp.<sup>(a)(b)</sup> (B-/B3) | Olympus Water U.S. Holding Corp.<sup>(a)(b)</sup> (B-/B3) |
| 750000 | 3.875 | 10/01/28 | 843031 |
| $6335000 | 4.250 | 10/01/28 | 6068740 |
| 2685000 | 6.750 | 08/01/32 | 2558322 |
| Perimeter Holdings LLC<sup>(a)(b)</sup> (B+/B2) | Perimeter Holdings LLC<sup>(a)(b)</sup> (B+/B2) | Perimeter Holdings LLC<sup>(a)(b)</sup> (B+/B2) | Perimeter Holdings LLC<sup>(a)(b)</sup> (B+/B2) |
| 8275000 | 6.250 | 01/15/34 | 8126877 |
| SNF Group SACA<sup>(a)(b)</sup> (BBB-/Baa3) | SNF Group SACA<sup>(a)(b)</sup> (BBB-/Baa3) | SNF Group SACA<sup>(a)(b)</sup> (BBB-/Baa3) | SNF Group SACA<sup>(a)(b)</sup> (BBB-/Baa3) |
| 3055000 | 3.125 | 03/15/27 | 3055000 |
| 4285000 | 3.375 | 03/15/30 | 3962254 |
| Solstice Advanced Materials, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Solstice Advanced Materials, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Solstice Advanced Materials, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Solstice Advanced Materials, Inc.<sup>(a)(b)</sup> (BB+/Ba2) |
| 5753000 | 5.625 | 09/30/33 | 5672688 |
| Valvoline, Inc.<sup>(a)(b)(c)</sup> (B+/Ba3) | Valvoline, Inc.<sup>(a)(b)(c)</sup> (B+/Ba3) | Valvoline, Inc.<sup>(a)(b)(c)</sup> (B+/Ba3) | Valvoline, Inc.<sup>(a)(b)(c)</sup> (B+/Ba3) |
| 2156000 | 3.625 | 06/15/31 | 1950167 |
| WR Grace Holdings LLC<sup>(a)(b)</sup> (B-/B2) | WR Grace Holdings LLC<sup>(a)(b)</sup> (B-/B2) | WR Grace Holdings LLC<sup>(a)(b)</sup> (B-/B2) | WR Grace Holdings LLC<sup>(a)(b)</sup> (B-/B2) |
| 2755000 | 7.375 | 03/01/31 | 2760648 |
| 3935000 | 7.000 | 08/01/33 | 3833988 |
|  |  |  | 73309841 |
| Commercial Services – 3.4% | Commercial Services – 3.4% | Commercial Services – 3.4% | Commercial Services – 3.4% |
| Aegis Lux 1a SARL<sup>(a)(b)(d)</sup> (BB-/B1) | Aegis Lux 1a SARL<sup>(a)(b)(d)</sup> (BB-/B1) | Aegis Lux 1a SARL<sup>(a)(b)(d)</sup> (BB-/B1) | Aegis Lux 1a SARL<sup>(a)(b)(d)</sup> (BB-/B1) |
| 2115000 | 5.625 | 10/29/31 | 2414994 |
| Allied Universal Holdco LLC<sup>(a)(b)</sup> (B/B3) | Allied Universal Holdco LLC<sup>(a)(b)</sup> (B/B3) | Allied Universal Holdco LLC<sup>(a)(b)</sup> (B/B3) | Allied Universal Holdco LLC<sup>(a)(b)</sup> (B/B3) |
| $3296000 | 7.875 | 02/15/31 | 3399494 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(a)(b)</sup> (B/B3) | Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(a)(b)</sup> (B/B3) | Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(a)(b)</sup> (B/B3) | Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(a)(b)</sup> (B/B3) |
| 1140000 | 6.875 | 06/15/30 | 1157533 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL (B/B3) | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL (B/B3) | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL (B/B3) | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL (B/B3) |
| 8083000 | 4.625 %<sup>(a)(b)</sup> | 06/01/28 | 7904559 |
| APi Group DE, Inc.<sup>(a)(b)</sup> (B+/B1) | APi Group DE, Inc.<sup>(a)(b)</sup> (B+/B1) | APi Group DE, Inc.<sup>(a)(b)</sup> (B+/B1) | APi Group DE, Inc.<sup>(a)(b)</sup> (B+/B1) |
| 7053000 | 4.125 | 07/15/29 | 6721086 |
| 2639000 | 4.750 | 10/15/29 | 2556004 |
| Avis Budget Finance PLC<sup>(a)</sup> (B+/B1) | Avis Budget Finance PLC<sup>(a)</sup> (B+/B1) | Avis Budget Finance PLC<sup>(a)</sup> (B+/B1) | Avis Budget Finance PLC<sup>(a)</sup> (B+/B1) |
| 1990000 | 7.250 | 07/31/30 | 2237049 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **25** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Commercial Services – (continued) | Commercial Services – (continued) | Commercial Services – (continued) | Commercial Services – (continued) |
| Belron U.K. Finance PLC<sup>(a)(b)</sup> (BB-/Ba3) | Belron U.K. Finance PLC<sup>(a)(b)</sup> (BB-/Ba3) | Belron U.K. Finance PLC<sup>(a)(b)</sup> (BB-/Ba3) | Belron U.K. Finance PLC<sup>(a)(b)</sup> (BB-/Ba3) |
| 5551000 | 5.750% | 10/15/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5579477 |
| Block, Inc.<sup>(a)</sup> (BB+/Ba1) | Block, Inc.<sup>(a)</sup> (BB+/Ba1) | Block, Inc.<sup>(a)</sup> (BB+/Ba1) | Block, Inc.<sup>(a)</sup> (BB+/Ba1) |
| 1275000 | 6.500 | 05/15/32 | 1282153 |
| 3268000 | 6.000 <sup>(b)</sup> | 08/15/33 | 3214568 |
| Brink's Co.<sup>(a)(b)</sup> (BB/Ba3) | Brink's Co.<sup>(a)(b)</sup> (BB/Ba3) | Brink's Co.<sup>(a)(b)</sup> (BB/Ba3) | Brink's Co.<sup>(a)(b)</sup> (BB/Ba3) |
| 2265000 | 4.625 | 10/15/27 | 2239156 |
| CompoSecure Holdings LLC<sup>(a)(b)</sup> (B+/B1) | CompoSecure Holdings LLC<sup>(a)(b)</sup> (B+/B1) | CompoSecure Holdings LLC<sup>(a)(b)</sup> (B+/B1) | CompoSecure Holdings LLC<sup>(a)(b)</sup> (B+/B1) |
| 3269000 | 5.625 | 02/01/33 | 3196101 |
| Garda World Security Corp.<sup>(a)(b)</sup> (B/B1) | Garda World Security Corp.<sup>(a)(b)</sup> (B/B1) | Garda World Security Corp.<sup>(a)(b)</sup> (B/B1) | Garda World Security Corp.<sup>(a)(b)</sup> (B/B1) |
| 2652000 | 7.750 | 02/15/28 | 2701062 |
| Garda World Security Corp.<sup>(a)(b)</sup> (CCC+/Caa2) | Garda World Security Corp.<sup>(a)(b)</sup> (CCC+/Caa2) | Garda World Security Corp.<sup>(a)(b)</sup> (CCC+/Caa2) | Garda World Security Corp.<sup>(a)(b)</sup> (CCC+/Caa2) |
| 1795000 | 8.250 | 08/01/32 | 1779886 |
| 2370000 | 8.375 | 11/15/32 | 2378034 |
| Graham Holdings Co.<sup>(a)(b)</sup> (BB/Ba1) | Graham Holdings Co.<sup>(a)(b)</sup> (BB/Ba1) | Graham Holdings Co.<sup>(a)(b)</sup> (BB/Ba1) | Graham Holdings Co.<sup>(a)(b)</sup> (BB/Ba1) |
| 9379000 | 5.625 | 12/01/33 | 9170224 |
| Herc Holdings, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Herc Holdings, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Herc Holdings, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Herc Holdings, Inc.<sup>(a)(b)</sup> (BB-/Ba3) |
| 2705000 | 7.000 | 06/15/30 | 2775898 |
| Hertz Corp.<sup>(a)(b)(c)</sup> (B-/Ba3) | Hertz Corp.<sup>(a)(b)(c)</sup> (B-/Ba3) | Hertz Corp.<sup>(a)(b)(c)</sup> (B-/Ba3) | Hertz Corp.<sup>(a)(b)(c)</sup> (B-/Ba3) |
| 874000 | 12.625 | 07/15/29 | 766725 |
| Mavis Tire Express Services Topco Corp.<sup>(a)(b)</sup> (CCC/Caa2) | Mavis Tire Express Services Topco Corp.<sup>(a)(b)</sup> (CCC/Caa2) | Mavis Tire Express Services Topco Corp.<sup>(a)(b)</sup> (CCC/Caa2) | Mavis Tire Express Services Topco Corp.<sup>(a)(b)</sup> (CCC/Caa2) |
| 3005000 | 6.500 | 05/15/29 | 2976753 |
| Paysafe Finance PLC/Paysafe Holdings U.S. Corp.<sup>(a)(b)(c)</sup> (B/B2) | Paysafe Finance PLC/Paysafe Holdings U.S. Corp.<sup>(a)(b)(c)</sup> (B/B2) | Paysafe Finance PLC/Paysafe Holdings U.S. Corp.<sup>(a)(b)(c)</sup> (B/B2) | Paysafe Finance PLC/Paysafe Holdings U.S. Corp.<sup>(a)(b)(c)</sup> (B/B2) |
| 2239000 | 4.000 | 06/15/29 | 1843593 |
| Prime Security Services Borrower LLC/Prime Finance, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Prime Security Services Borrower LLC/Prime Finance, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Prime Security Services Borrower LLC/Prime Finance, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Prime Security Services Borrower LLC/Prime Finance, Inc.<sup>(a)(b)</sup> (BB/Ba3) |
| 5038000 | 3.375 | 08/31/27 | 4908423 |
| PROG Holdings, Inc.<sup>(a)(b)</sup> (B+/B1) | PROG Holdings, Inc.<sup>(a)(b)</sup> (B+/B1) | PROG Holdings, Inc.<sup>(a)(b)</sup> (B+/B1) | PROG Holdings, Inc.<sup>(a)(b)</sup> (B+/B1) |
| 3013000 | 6.000 | 11/15/29 | 2873137 |
| TriNet Group, Inc.<sup>(a)(b)</sup> (BB/Ba2) | TriNet Group, Inc.<sup>(a)(b)</sup> (BB/Ba2) | TriNet Group, Inc.<sup>(a)(b)</sup> (BB/Ba2) | TriNet Group, Inc.<sup>(a)(b)</sup> (BB/Ba2) |
| 4796000 | 3.500 | 03/01/29 | 4331507 |
| 3765000 | 7.125 | 08/15/31 | 3652690 |
| Verisure Midholding AB (BB-/Ba3) | Verisure Midholding AB (BB-/Ba3) | Verisure Midholding AB (BB-/Ba3) | Verisure Midholding AB (BB-/Ba3) |
| 1475000 | 5.250% | 02/15/29 | 1700941 |
| Williams Scotsman, Inc.<sup>(a)(b)</sup> (BB-/B2) | Williams Scotsman, Inc.<sup>(a)(b)</sup> (BB-/B2) | Williams Scotsman, Inc.<sup>(a)(b)</sup> (BB-/B2) | Williams Scotsman, Inc.<sup>(a)(b)</sup> (BB-/B2) |
| 965000 | 6.625 | 04/15/30 | 978066 |
|  |  |  | 84739113 |
| Computers – 1.5% | Computers – 1.5% |  |  |
| Ahead DB Holdings LLC<sup>(a)(b)</sup> (CCC+/Caa1) | Ahead DB Holdings LLC<sup>(a)(b)</sup> (CCC+/Caa1) | Ahead DB Holdings LLC<sup>(a)(b)</sup> (CCC+/Caa1) | Ahead DB Holdings LLC<sup>(a)(b)</sup> (CCC+/Caa1) |
| 10724000 | 6.625 | 05/01/28 | 10494077 |
| CACI International, Inc.<sup>(a)(b)</sup> (BB-/Ba2) | CACI International, Inc.<sup>(a)(b)</sup> (BB-/Ba2) | CACI International, Inc.<sup>(a)(b)</sup> (BB-/Ba2) | CACI International, Inc.<sup>(a)(b)</sup> (BB-/Ba2) |
| 6520000 | 6.375 | 06/15/33 | 6631688 |
| Diebold Nixdorf, Inc.<sup>(a)(b)</sup> (B+/B1) | Diebold Nixdorf, Inc.<sup>(a)(b)</sup> (B+/B1) | Diebold Nixdorf, Inc.<sup>(a)(b)</sup> (B+/B1) | Diebold Nixdorf, Inc.<sup>(a)(b)</sup> (B+/B1) |
| 4085000 | 7.750 | 03/31/30 | 4254650 |
| Gartner, Inc.<sup>(a)</sup> (BBB-/Baa3) | Gartner, Inc.<sup>(a)</sup> (BBB-/Baa3) | Gartner, Inc.<sup>(a)</sup> (BBB-/Baa3) | Gartner, Inc.<sup>(a)</sup> (BBB-/Baa3) |
| 4228000 | 5.600 | 11/20/35 | 4001971 |
| McAfee Corp.<sup>(a)(b)(c)</sup> (CCC+/Caa1) | McAfee Corp.<sup>(a)(b)(c)</sup> (CCC+/Caa1) | McAfee Corp.<sup>(a)(b)(c)</sup> (CCC+/Caa1) | McAfee Corp.<sup>(a)(b)(c)</sup> (CCC+/Caa1) |
| 4600000 | 7.375 | 02/15/30 | 3794586 |
| Seagate Data Storage Technology Pte. Ltd.<sup>(a)(b)</sup> (BB+/Ba3) | Seagate Data Storage Technology Pte. Ltd.<sup>(a)(b)</sup> (BB+/Ba3) | Seagate Data Storage Technology Pte. Ltd.<sup>(a)(b)</sup> (BB+/Ba3) | Seagate Data Storage Technology Pte. Ltd.<sup>(a)(b)</sup> (BB+/Ba3) |
| 1405000 | 8.250 | 12/15/29 | 1476374 |
| 2834000 | 9.625 | 12/01/32 | 3156169 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Computers – (continued) | Computers – (continued) | Computers – (continued) | Computers – (continued) |
| Virtusa Corp.<sup>(a)(b)</sup> (B-/Caa1) | Virtusa Corp.<sup>(a)(b)</sup> (B-/Caa1) | Virtusa Corp.<sup>(a)(b)</sup> (B-/Caa1) | Virtusa Corp.<sup>(a)(b)</sup> (B-/Caa1) |
| 3798000 | 7.125% | 12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2968441 |
|  |  |  | 36777956 |
| Distribution & Wholesale<sup>(a)(b)</sup> – 0.4% | Distribution & Wholesale<sup>(a)(b)</sup> – 0.4% | Distribution & Wholesale<sup>(a)(b)</sup> – 0.4% | Distribution & Wholesale<sup>(a)(b)</sup> – 0.4% |
| American Builders & Contractors Supply Co., Inc. (BB-/Ba3) | American Builders & Contractors Supply Co., Inc. (BB-/Ba3) | American Builders & Contractors Supply Co., Inc. (BB-/Ba3) | American Builders & Contractors Supply Co., Inc. (BB-/Ba3) |
| 11554000 | 3.875 | 11/15/29 | 10954232 |
| Diversified Financial Services – 9.0% | Diversified Financial Services – 9.0% | Diversified Financial Services – 9.0% | Diversified Financial Services – 9.0% |
| Air Lease Corp.<sup>(a)(e)</sup> (BB+/NR) (5 yr. CMT + 3.149%) | Air Lease Corp.<sup>(a)(e)</sup> (BB+/NR) (5 yr. CMT + 3.149%) | Air Lease Corp.<sup>(a)(e)</sup> (BB+/NR) (5 yr. CMT + 3.149%) | Air Lease Corp.<sup>(a)(e)</sup> (BB+/NR) (5 yr. CMT + 3.149%) |
| 3168000 | 4.125 | 12/15/26 | 3079771 |
| American Express Co.<sup>(a)(e)</sup> (BBB-/Baa2) (5 yr. CMT + 2.854%) | American Express Co.<sup>(a)(e)</sup> (BBB-/Baa2) (5 yr. CMT + 2.854%) | American Express Co.<sup>(a)(e)</sup> (BBB-/Baa2) (5 yr. CMT + 2.854%) | American Express Co.<sup>(a)(e)</sup> (BBB-/Baa2) (5 yr. CMT + 2.854%) |
| 16557000 | 3.550 | 09/15/26 | 16354508 |
| Burford Capital Global Finance LLC<sup>(a)(b)</sup> (BB/Ba1) | Burford Capital Global Finance LLC<sup>(a)(b)</sup> (BB/Ba1) | Burford Capital Global Finance LLC<sup>(a)(b)</sup> (BB/Ba1) | Burford Capital Global Finance LLC<sup>(a)(b)</sup> (BB/Ba1) |
| 5080000 | 7.500 | 07/15/33 | 4228897 |
| 7133000 | 8.500 | 01/15/34 | 6098786 |
| Capital One Financial Corp.<sup>(a)(c)(e)</sup> (BB/Baa3) (5 yr. CMT + 3.157%) | Capital One Financial Corp.<sup>(a)(c)(e)</sup> (BB/Baa3) (5 yr. CMT + 3.157%) | Capital One Financial Corp.<sup>(a)(c)(e)</sup> (BB/Baa3) (5 yr. CMT + 3.157%) | Capital One Financial Corp.<sup>(a)(c)(e)</sup> (BB/Baa3) (5 yr. CMT + 3.157%) |
| 2310000 | 3.950 | 09/01/26 | 2273641 |
| Charles Schwab Corp.<sup>(a)(e)</sup> (BBB-/Baa2) | Charles Schwab Corp.<sup>(a)(e)</sup> (BBB-/Baa2) | Charles Schwab Corp.<sup>(a)(e)</sup> (BBB-/Baa2) | Charles Schwab Corp.<sup>(a)(e)</sup> (BBB-/Baa2) |
| (3 mo. USD Term SOFR + 2.575%) | (3 mo. USD Term SOFR + 2.575%) | (3 mo. USD Term SOFR + 2.575%) | (3 mo. USD Term SOFR + 2.575%) |
| 3660000 | 5.000 | 12/01/27 | 3598695 |
| (5 yr. CMT + 3.168%) | (5 yr. CMT + 3.168%) | (5 yr. CMT + 3.168%) | (5 yr. CMT + 3.168%) |
| 13677000 | 4.000 | 06/01/26 | 13585638 |
| Credit Acceptance Corp.<sup>(a)(b)</sup> (BB/Ba3) | Credit Acceptance Corp.<sup>(a)(b)</sup> (BB/Ba3) | Credit Acceptance Corp.<sup>(a)(b)</sup> (BB/Ba3) | Credit Acceptance Corp.<sup>(a)(b)</sup> (BB/Ba3) |
| 8548000 | 9.250 | 12/15/28 | 8888723 |
| 8480000 | 6.625 | 03/15/30 | 8269018 |
| CrossCountry Intermediate HoldCo LLC<sup>(a)(b)</sup> (NR/B1) | CrossCountry Intermediate HoldCo LLC<sup>(a)(b)</sup> (NR/B1) | CrossCountry Intermediate HoldCo LLC<sup>(a)(b)</sup> (NR/B1) | CrossCountry Intermediate HoldCo LLC<sup>(a)(b)</sup> (NR/B1) |
| 3085000 | 6.500 | 10/01/30 | 2940622 |
| Encore Capital Group, Inc.<sup>(a)(b)</sup> (NR/Ba3) | Encore Capital Group, Inc.<sup>(a)(b)</sup> (NR/Ba3) | Encore Capital Group, Inc.<sup>(a)(b)</sup> (NR/Ba3) | Encore Capital Group, Inc.<sup>(a)(b)</sup> (NR/Ba3) |
| 1800000 | 9.250 | 04/01/29 | 1889622 |
| Enova International, Inc.<sup>(a)(b)</sup> (B/B2) | Enova International, Inc.<sup>(a)(b)</sup> (B/B2) | Enova International, Inc.<sup>(a)(b)</sup> (B/B2) | Enova International, Inc.<sup>(a)(b)</sup> (B/B2) |
| 3168000 | 11.250 | 12/15/28 | 3348639 |
| 17641000 | 9.125 | 08/01/29 | 18115543 |
| Freedom Mortgage Holdings LLC<sup>(a)(b)</sup> (B/B2) | Freedom Mortgage Holdings LLC<sup>(a)(b)</sup> (B/B2) | Freedom Mortgage Holdings LLC<sup>(a)(b)</sup> (B/B2) | Freedom Mortgage Holdings LLC<sup>(a)(b)</sup> (B/B2) |
| 490000 | 9.250 | 02/01/29 | 496860 |
| goeasy Ltd.<sup>(a)(b)</sup> (B-/B1) | goeasy Ltd.<sup>(a)(b)</sup> (B-/B1) | goeasy Ltd.<sup>(a)(b)</sup> (B-/B1) | goeasy Ltd.<sup>(a)(b)</sup> (B-/B1) |
| 2278000 | 4.375 | 05/01/26 | 2235743 |
| 5274000 | 9.250 <sup>(c)</sup> | 12/01/28 | 4909092 |
| 8216000 | 7.625 | 07/01/29 | 7231805 |
| 7367000 | 6.875 <sup>(c)</sup> | 02/15/31 | 5932424 |
| Jane Street Group/JSG Finance, Inc.<sup>(a)(b)</sup> (BB/Ba1) | Jane Street Group/JSG Finance, Inc.<sup>(a)(b)</sup> (BB/Ba1) | Jane Street Group/JSG Finance, Inc.<sup>(a)(b)</sup> (BB/Ba1) | Jane Street Group/JSG Finance, Inc.<sup>(a)(b)</sup> (BB/Ba1) |
| 4601000 | 7.125 | 04/30/31 | 4733463 |
| 9150000 | 6.125 | 11/01/32 | 9065088 |
| Jefferson Capital Holdings LLC<sup>(a)(b)</sup> (NR/Ba3) | Jefferson Capital Holdings LLC<sup>(a)(b)</sup> (NR/Ba3) | Jefferson Capital Holdings LLC<sup>(a)(b)</sup> (NR/Ba3) | Jefferson Capital Holdings LLC<sup>(a)(b)</sup> (NR/Ba3) |
| 2562000 | 9.500 | 02/15/29 | 2688768 |
| 3790000 | 8.250 | 05/15/30 | 3953235 |
| Navient Corp.<sup>(a)</sup> (BB-/Ba3) | Navient Corp.<sup>(a)</sup> (BB-/Ba3) | Navient Corp.<sup>(a)</sup> (BB-/Ba3) | Navient Corp.<sup>(a)</sup> (BB-/Ba3) |
| 1204000 | 5.000 | 03/15/27 | 1175610 |
| 4156000 | 5.500 | 03/15/29 | 3829795 |
| OneMain Finance Corp.<sup>(a)</sup> (BB/Ba2) | OneMain Finance Corp.<sup>(a)</sup> (BB/Ba2) | OneMain Finance Corp.<sup>(a)</sup> (BB/Ba2) | OneMain Finance Corp.<sup>(a)</sup> (BB/Ba2) |
| 3740000 | 7.875 | 03/15/30 | 3859194 |
| 10959000 | 6.750 | 09/15/33 | 10530613 |
| Osaic Holdings, Inc.<sup>(a)(b)</sup> (B/B1) | Osaic Holdings, Inc.<sup>(a)(b)</sup> (B/B1) | Osaic Holdings, Inc.<sup>(a)(b)</sup> (B/B1) | Osaic Holdings, Inc.<sup>(a)(b)</sup> (B/B1) |
| 5357000 | 6.750 | 08/01/32 | 5350679 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **26** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) |
| Provident Funding Associates LP/PFG Finance Corp.<sup>(a)(b)</sup> (NR/B3) | Provident Funding Associates LP/PFG Finance Corp.<sup>(a)(b)</sup> (NR/B3) | Provident Funding Associates LP/PFG Finance Corp.<sup>(a)(b)</sup> (NR/B3) | Provident Funding Associates LP/PFG Finance Corp.<sup>(a)(b)</sup> (NR/B3) |
| 10815000 | 9.750% | 09/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;11104301 |
| Rocket Cos., Inc.<sup>(a)(b)</sup> (BB/Ba1) | Rocket Cos., Inc.<sup>(a)(b)</sup> (BB/Ba1) | Rocket Cos., Inc.<sup>(a)(b)</sup> (BB/Ba1) | Rocket Cos., Inc.<sup>(a)(b)</sup> (BB/Ba1) |
| 5660000 | 6.125 | 08/01/30 | 5715525 |
| 4855000 | 6.375 | 08/01/33 | 4905686 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>(a)(b)</sup> (BB/Ba1) | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>(a)(b)</sup> (BB/Ba1) | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>(a)(b)</sup> (BB/Ba1) | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>(a)(b)</sup> (BB/Ba1) |
| 784000 | 2.875 | 10/15/26 | 774772 |
| 6788000 | 4.000 | 10/15/33 | 6088972 |
| SLM Corp.<sup>(a)</sup> (BB+/Ba1) | SLM Corp.<sup>(a)</sup> (BB+/Ba1) | SLM Corp.<sup>(a)</sup> (BB+/Ba1) | SLM Corp.<sup>(a)</sup> (BB+/Ba1) |
| 1720000 | 6.500 | 01/31/30 | 1692428 |
| Stonex Escrow Issuer LLC<sup>(a)(b)</sup> (BB-/Ba3) | Stonex Escrow Issuer LLC<sup>(a)(b)</sup> (BB-/Ba3) | Stonex Escrow Issuer LLC<sup>(a)(b)</sup> (BB-/Ba3) | Stonex Escrow Issuer LLC<sup>(a)(b)</sup> (BB-/Ba3) |
| 1800000 | 6.875 | 07/15/32 | 1823634 |
| StoneX Group, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | StoneX Group, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | StoneX Group, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | StoneX Group, Inc.<sup>(a)(b)</sup> (BB-/Ba3) |
| 3105000 | 7.875 | 03/01/31 | 3230318 |
| United Wholesale Mortgage LLC<sup>(a)(b)</sup> (NR/Ba3) | United Wholesale Mortgage LLC<sup>(a)(b)</sup> (NR/Ba3) | United Wholesale Mortgage LLC<sup>(a)(b)</sup> (NR/Ba3) | United Wholesale Mortgage LLC<sup>(a)(b)</sup> (NR/Ba3) |
| 794000 | 5.750 | 06/15/27 | 781749 |
| 11960000 | 5.500 | 04/15/29 | 11193244 |
| UWM Holdings LLC<sup>(a)(b)</sup> (NR/Ba3) | UWM Holdings LLC<sup>(a)(b)</sup> (NR/Ba3) | UWM Holdings LLC<sup>(a)(b)</sup> (NR/Ba3) | UWM Holdings LLC<sup>(a)(b)</sup> (NR/Ba3) |
| 6827000 | 6.625 | 02/01/30 | 6438407 |
| 10019000 | 6.250 | 03/15/31 | 9124604 |
| VFH Parent LLC/Valor Co-Issuer, Inc.<sup>(a)(b)</sup> (B+/B1) | VFH Parent LLC/Valor Co-Issuer, Inc.<sup>(a)(b)</sup> (B+/B1) | VFH Parent LLC/Valor Co-Issuer, Inc.<sup>(a)(b)</sup> (B+/B1) | VFH Parent LLC/Valor Co-Issuer, Inc.<sup>(a)(b)</sup> (B+/B1) |
| 5030000 | 7.500 | 06/15/31 | 5172198 |
|  |  |  | 226710310 |
| Electrical – 2.0% | Electrical – 2.0% | Electrical – 2.0% | Electrical – 2.0% |
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(a)(b)</sup> (B+/NR) | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(a)(b)</sup> (B+/NR) | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(a)(b)</sup> (B+/NR) | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(a)(b)</sup> (B+/NR) |
| 16924000 | 6.375 | 02/15/32 | 16542871 |
| Duke Energy Corp. (BBB/Baa2) | Duke Energy Corp. (BBB/Baa2) | Duke Energy Corp. (BBB/Baa2) | Duke Energy Corp. (BBB/Baa2) |
| 2045000 | 4.125 | 04/15/26 | 2253590 |
| Lightning Power LLC<sup>(a)(b)</sup> (BBB-/Ba3) | Lightning Power LLC<sup>(a)(b)</sup> (BBB-/Ba3) | Lightning Power LLC<sup>(a)(b)</sup> (BBB-/Ba3) | Lightning Power LLC<sup>(a)(b)</sup> (BBB-/Ba3) |
| 5288000 | 7.250 | 08/15/32 | 5508880 |
| NRG Energy, Inc.<sup>(a)(b)</sup> (BB/Ba2) | NRG Energy, Inc.<sup>(a)(b)</sup> (BB/Ba2) | NRG Energy, Inc.<sup>(a)(b)</sup> (BB/Ba2) | NRG Energy, Inc.<sup>(a)(b)</sup> (BB/Ba2) |
| 11230000 | 5.750 | 07/15/29 | 11212706 |
| 9593000 | 6.250 | 11/01/34 | 9661974 |
| 5135000 | 6.000 | 01/15/36 | 5088066 |
| Talen Energy Supply LLC<sup>(a)(b)</sup> (B/B2) | Talen Energy Supply LLC<sup>(a)(b)</sup> (B/B2) | Talen Energy Supply LLC<sup>(a)(b)</sup> (B/B2) | Talen Energy Supply LLC<sup>(a)(b)</sup> (B/B2) |
| 645000 | 6.250 | 02/01/34 | 640614 |
|  |  |  | 50908701 |
| Electrical Components & Equipment<sup>(a)(b)</sup> – 0.0% | Electrical Components & Equipment<sup>(a)(b)</sup> – 0.0% | Electrical Components & Equipment<sup>(a)(b)</sup> – 0.0% | Electrical Components & Equipment<sup>(a)(b)</sup> – 0.0% |
| WESCO Distribution, Inc. (BB/Ba3) | WESCO Distribution, Inc. (BB/Ba3) | WESCO Distribution, Inc. (BB/Ba3) | WESCO Distribution, Inc. (BB/Ba3) |
| 735000 | 6.375 | 03/15/33 | 749340 |
| Electronics – 0.8% | Electronics – 0.8% | Electronics – 0.8% | Electronics – 0.8% |
| Atkore, Inc.<sup>(a)(b)(c)</sup> (BB+/Ba2) | Atkore, Inc.<sup>(a)(b)(c)</sup> (BB+/Ba2) | Atkore, Inc.<sup>(a)(b)(c)</sup> (BB+/Ba2) | Atkore, Inc.<sup>(a)(b)(c)</sup> (BB+/Ba2) |
| 6055000 | 4.250 | 06/01/31 | 5682496 |
| Coherent Corp.<sup>(a)(b)</sup> (B+/B1) | Coherent Corp.<sup>(a)(b)</sup> (B+/B1) | Coherent Corp.<sup>(a)(b)</sup> (B+/B1) | Coherent Corp.<sup>(a)(b)</sup> (B+/B1) |
| 2748000 | 5.000 | 12/15/29 | 2696255 |
| Imola Merger Corp.<sup>(a)(b)</sup> (BB/Ba3) | Imola Merger Corp.<sup>(a)(b)</sup> (BB/Ba3) | Imola Merger Corp.<sup>(a)(b)</sup> (BB/Ba3) | Imola Merger Corp.<sup>(a)(b)</sup> (BB/Ba3) |
| 4596000 | 4.750 | 05/15/29 | 4470207 |
| Sensata Technologies BV<sup>(a)(b)</sup> (BB+/Ba2) | Sensata Technologies BV<sup>(a)(b)</sup> (BB+/Ba2) | Sensata Technologies BV<sup>(a)(b)</sup> (BB+/Ba2) | Sensata Technologies BV<sup>(a)(b)</sup> (BB+/Ba2) |
| 825000 | 4.000 | 04/15/29 | 796439 |
| 2131000 | 5.875 | 09/01/30 | 2132833 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electronics – (continued) | Electronics – (continued) | Electronics – (continued) | Electronics – (continued) |
| Sensata Technologies, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Sensata Technologies, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Sensata Technologies, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Sensata Technologies, Inc.<sup>(a)(b)</sup> (BB+/Ba2) |
| $3749000 | 4.375% | 02/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3591542 |
|  |  |  | 19369772 |
| Engineering & Construction – 1.6% | Engineering & Construction – 1.6% | Engineering & Construction – 1.6% | Engineering & Construction – 1.6% |
| AECOM<sup>(a)(b)</sup> (BB/Ba2) | AECOM<sup>(a)(b)</sup> (BB/Ba2) | AECOM<sup>(a)(b)</sup> (BB/Ba2) | AECOM<sup>(a)(b)</sup> (BB/Ba2) |
| 13271000 | 6.000 | 08/01/33 | 13259587 |
| Brundage-Bone Concrete Pumping Holdings, Inc.<sup>(a)(b)</sup> (B/B2) | Brundage-Bone Concrete Pumping Holdings, Inc.<sup>(a)(b)</sup> (B/B2) | Brundage-Bone Concrete Pumping Holdings, Inc.<sup>(a)(b)</sup> (B/B2) | Brundage-Bone Concrete Pumping Holdings, Inc.<sup>(a)(b)</sup> (B/B2) |
| 8849000 | 7.500 | 02/01/32 | 8936162 |
| Dycom Industries, Inc.<sup>(a)(b)</sup> (BB-/B1) | Dycom Industries, Inc.<sup>(a)(b)</sup> (BB-/B1) | Dycom Industries, Inc.<sup>(a)(b)</sup> (BB-/B1) | Dycom Industries, Inc.<sup>(a)(b)</sup> (BB-/B1) |
| 5174000 | 4.500 | 04/15/29 | 5020384 |
| Global Infrastructure Solutions, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Global Infrastructure Solutions, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Global Infrastructure Solutions, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Global Infrastructure Solutions, Inc.<sup>(a)(b)</sup> (BB/Ba3) |
| 6523000 | 5.625 | 06/01/29 | 6398411 |
| 5556000 | 7.500 | 04/15/32 | 5806798 |
| Kier Group PLC<sup>(a)</sup> (BB+/NR) | Kier Group PLC<sup>(a)</sup> (BB+/NR) | Kier Group PLC<sup>(a)</sup> (BB+/NR) | Kier Group PLC<sup>(a)</sup> (BB+/NR) |
| 1155000 | 9.000 | 02/15/29 | 1588411 |
|  |  |  | 41009753 |
| Entertainment – 3.6% | Entertainment – 3.6% | Entertainment – 3.6% | Entertainment – 3.6% |
| Banijay Entertainment SAS<sup>(a)(b)</sup> (B+/B2) | Banijay Entertainment SAS<sup>(a)(b)</sup> (B+/B2) | Banijay Entertainment SAS<sup>(a)(b)</sup> (B+/B2) | Banijay Entertainment SAS<sup>(a)(b)</sup> (B+/B2) |
| $2890000 | 8.125 | 05/01/29 | 2981584 |
| Boyne USA, Inc.<sup>(a)(b)</sup> (B/B1) | Boyne USA, Inc.<sup>(a)(b)</sup> (B/B1) | Boyne USA, Inc.<sup>(a)(b)</sup> (B/B1) | Boyne USA, Inc.<sup>(a)(b)</sup> (B/B1) |
| 4018000 | 4.750 | 05/15/29 | 3901639 |
| Brightstar Lottery PLC<sup>(a)(b)</sup> (BB+/Ba1) | Brightstar Lottery PLC<sup>(a)(b)</sup> (BB+/Ba1) | Brightstar Lottery PLC<sup>(a)(b)</sup> (BB+/Ba1) | Brightstar Lottery PLC<sup>(a)(b)</sup> (BB+/Ba1) |
| 3466000 | 5.250 | 01/15/29 | 3438861 |
| Cinemark USA, Inc.<sup>(a)(b)</sup> (BB/B2) | Cinemark USA, Inc.<sup>(a)(b)</sup> (BB/B2) | Cinemark USA, Inc.<sup>(a)(b)</sup> (BB/B2) | Cinemark USA, Inc.<sup>(a)(b)</sup> (BB/B2) |
| 7035000 | 5.250 | 07/15/28 | 6986177 |
| CPUK Finance Ltd.<sup>(a)</sup> (B/NR) | CPUK Finance Ltd.<sup>(a)</sup> (B/NR) | CPUK Finance Ltd.<sup>(a)</sup> (B/NR) | CPUK Finance Ltd.<sup>(a)</sup> (B/NR) |
| 1000000 | 7.875 | 08/28/29 | 1341800 |
| Discovery Global Holdings, Inc.<sup>(a)</sup> (BB/Ba2) | Discovery Global Holdings, Inc.<sup>(a)</sup> (BB/Ba2) | Discovery Global Holdings, Inc.<sup>(a)</sup> (BB/Ba2) | Discovery Global Holdings, Inc.<sup>(a)</sup> (BB/Ba2) |
| $16166000 | 5.050 | 03/15/42 | 10784985 |
| 6335000 | 5.141 | 03/15/52 | 3838883 |
| Flutter Treasury DAC<sup>(a)(b)</sup> (BBB-/Ba1) | Flutter Treasury DAC<sup>(a)(b)</sup> (BBB-/Ba1) | Flutter Treasury DAC<sup>(a)(b)</sup> (BBB-/Ba1) | Flutter Treasury DAC<sup>(a)(b)</sup> (BBB-/Ba1) |
| 1785000 | 6.375 | 04/29/29 | 1814720 |
| 17420000 | 5.875 | 06/04/31 | 17231341 |
| Light & Wonder International, Inc.<sup>(a)(b)</sup> (BB-/B2) | Light & Wonder International, Inc.<sup>(a)(b)</sup> (BB-/B2) | Light & Wonder International, Inc.<sup>(a)(b)</sup> (BB-/B2) | Light & Wonder International, Inc.<sup>(a)(b)</sup> (BB-/B2) |
| 2044000 | 6.250 | 10/01/33 | 2001178 |
| Penn Entertainment, Inc.<sup>(a)(b)</sup> (B-/B3) | Penn Entertainment, Inc.<sup>(a)(b)</sup> (B-/B3) | Penn Entertainment, Inc.<sup>(a)(b)</sup> (B-/B3) | Penn Entertainment, Inc.<sup>(a)(b)</sup> (B-/B3) |
| 3210000 | 5.625 | 01/15/27 | 3204222 |
| 1750000 | 4.125 <sup>(c)</sup> | 07/01/29 | 1637370 |
| Pinewood Finco PLC<sup>(a)(b)</sup> (BB+/NR) | Pinewood Finco PLC<sup>(a)(b)</sup> (BB+/NR) | Pinewood Finco PLC<sup>(a)(b)</sup> (BB+/NR) | Pinewood Finco PLC<sup>(a)(b)</sup> (BB+/NR) |
| 2988000 | 6.000 | 03/27/30 | 3866289 |
| Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.<sup>(a)(b)(c)</sup> (CCC/Caa1) | Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.<sup>(a)(b)(c)</sup> (CCC/Caa1) | Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.<sup>(a)(b)(c)</sup> (CCC/Caa1) | Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.<sup>(a)(b)(c)</sup> (CCC/Caa1) |
| $4764000 | 5.625 | 09/01/29 | 2914949 |
| Resorts World Las Vegas LLC/RWLV Capital, Inc. (BB+/NR) | Resorts World Las Vegas LLC/RWLV Capital, Inc. (BB+/NR) | Resorts World Las Vegas LLC/RWLV Capital, Inc. (BB+/NR) | Resorts World Las Vegas LLC/RWLV Capital, Inc. (BB+/NR) |
| 7800000 | 8.450 %<sup>(a)(b)</sup> | 07/27/30 | 7400250 |
| Rivers Enterprise Borrower LLC<sup>(a)(b)</sup> (B+/B1) | Rivers Enterprise Borrower LLC<sup>(a)(b)</sup> (B+/B1) | Rivers Enterprise Borrower LLC<sup>(a)(b)</sup> (B+/B1) | Rivers Enterprise Borrower LLC<sup>(a)(b)</sup> (B+/B1) |
| 2430000 | 6.250 | 10/15/30 | 2426501 |
| Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.<sup>(a)(b)</sup> (B+/B1) | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.<sup>(a)(b)</sup> (B+/B1) | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.<sup>(a)(b)</sup> (B+/B1) | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.<sup>(a)(b)</sup> (B+/B1) |
| 6117000 | 6.625 | 02/01/33 | 6090758 |
| SeaWorld Parks & Entertainment, Inc.<sup>(a)(b)(c)</sup> (B+/B2) | SeaWorld Parks & Entertainment, Inc.<sup>(a)(b)(c)</sup> (B+/B2) | SeaWorld Parks & Entertainment, Inc.<sup>(a)(b)(c)</sup> (B+/B2) | SeaWorld Parks & Entertainment, Inc.<sup>(a)(b)(c)</sup> (B+/B2) |
| 6035000 | 5.250 | 08/15/29 | 5783582 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **27** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Entertainment – (continued) | Entertainment – (continued) | Entertainment – (continued) | Entertainment – (continued) |
| Vail Resorts, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Vail Resorts, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Vail Resorts, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Vail Resorts, Inc.<sup>(a)(b)</sup> (BB-/Ba3) |
| $2425000 | 5.625% | 07/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2407637 |
|  |  |  | 90052726 |
| Environmental – 1.4% | Environmental – 1.4% | Environmental – 1.4% | Environmental – 1.4% |
| GFL Environmental, Inc.<sup>(a)(b)</sup> (BB/Ba3) | GFL Environmental, Inc.<sup>(a)(b)</sup> (BB/Ba3) | GFL Environmental, Inc.<sup>(a)(b)</sup> (BB/Ba3) | GFL Environmental, Inc.<sup>(a)(b)</sup> (BB/Ba3) |
| 2451000 | 4.000 | 08/01/28 | 2382225 |
| 3580000 | 4.375 | 08/15/29 | 3478722 |
| Luna 1.5 SARL<sup>(a)(b)(d)</sup> (B-/B3) | Luna 1.5 SARL<sup>(a)(b)(d)</sup> (B-/B3) | Luna 1.5 SARL<sup>(a)(b)(d)</sup> (B-/B3) | Luna 1.5 SARL<sup>(a)(b)(d)</sup> (B-/B3) |
| 8145000 | 12.000 | 07/01/32 | 8688841 |
| Luna 2 5SARL<sup>(a)(b)</sup> (B+/B1) | Luna 2 5SARL<sup>(a)(b)</sup> (B+/B1) | Luna 2 5SARL<sup>(a)(b)</sup> (B+/B1) | Luna 2 5SARL<sup>(a)(b)</sup> (B+/B1) |
| 1408000 | 5.500 | 07/01/32 | 1603383 |
| Madison IAQ LLC<sup>(a)(b)</sup> (CCC+/Caa1) | Madison IAQ LLC<sup>(a)(b)</sup> (CCC+/Caa1) | Madison IAQ LLC<sup>(a)(b)</sup> (CCC+/Caa1) | Madison IAQ LLC<sup>(a)(b)</sup> (CCC+/Caa1) |
| $13694000 | 5.875 | 06/30/29 | 13452849 |
| Waste Pro USA, Inc.<sup>(a)(b)</sup> (B-/Caa1) | Waste Pro USA, Inc.<sup>(a)(b)</sup> (B-/Caa1) | Waste Pro USA, Inc.<sup>(a)(b)</sup> (B-/Caa1) | Waste Pro USA, Inc.<sup>(a)(b)</sup> (B-/Caa1) |
| 5505000 | 7.000 | 02/01/33 | 5581685 |
|  |  |  | 35187705 |
| Food & Drug Retailing – 1.8% | Food & Drug Retailing – 1.8% | Food & Drug Retailing – 1.8% | Food & Drug Retailing – 1.8% |
| Albertsons Cos., Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Albertsons Cos., Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Albertsons Cos., Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Albertsons Cos., Inc.<sup>(a)(b)</sup> (BB+/Ba2) |
| 8885000 | 5.625 | 03/31/32 | 8742751 |
| Boparan Finance PLC<sup>(a)(b)</sup> (B+/B2) | Boparan Finance PLC<sup>(a)(b)</sup> (B+/B2) | Boparan Finance PLC<sup>(a)(b)</sup> (B+/B2) | Boparan Finance PLC<sup>(a)(b)</sup> (B+/B2) |
| 2086200 | 9.375 | 11/07/29 | 2887486 |
| Fiesta Purchaser, Inc.<sup>(a)(b)</sup> (CCC+/Caa2) | Fiesta Purchaser, Inc.<sup>(a)(b)</sup> (CCC+/Caa2) | Fiesta Purchaser, Inc.<sup>(a)(b)</sup> (CCC+/Caa2) | Fiesta Purchaser, Inc.<sup>(a)(b)</sup> (CCC+/Caa2) |
| $4539000 | 9.625 | 09/15/32 | 4644759 |
| Flora Food Management BV<sup>(a)</sup> (B/B2) | Flora Food Management BV<sup>(a)</sup> (B/B2) | Flora Food Management BV<sup>(a)</sup> (B/B2) | Flora Food Management BV<sup>(a)</sup> (B/B2) |
| 2492000 | 6.875 | 07/02/29 | 2708190 |
| Iceland Bondco PLC<sup>(a)(b)</sup> (B/B2) | Iceland Bondco PLC<sup>(a)(b)</sup> (B/B2) | Iceland Bondco PLC<sup>(a)(b)</sup> (B/B2) | Iceland Bondco PLC<sup>(a)(b)</sup> (B/B2) |
| 1063239 | 10.875 | 12/15/27 | 1454955 |
| Performance Food Group, Inc.<sup>(a)(b)</sup> (BB/B1) | Performance Food Group, Inc.<sup>(a)(b)</sup> (BB/B1) | Performance Food Group, Inc.<sup>(a)(b)</sup> (BB/B1) | Performance Food Group, Inc.<sup>(a)(b)</sup> (BB/B1) |
| $8315000 | 4.250 | 08/01/29 | 7994290 |
| 1225000 | 6.125 | 09/15/32 | 1229312 |
| Post Holdings, Inc.<sup>(a)(b)</sup> (B+/B2) | Post Holdings, Inc.<sup>(a)(b)</sup> (B+/B2) | Post Holdings, Inc.<sup>(a)(b)</sup> (B+/B2) | Post Holdings, Inc.<sup>(a)(b)</sup> (B+/B2) |
| 9347000 | 6.250 | 10/15/34 | 9151648 |
| 2658000 | 6.500 | 03/15/36 | 2606701 |
| Post Holdings, Inc.<sup>(a)(b)</sup> (BB/Ba1) | Post Holdings, Inc.<sup>(a)(b)</sup> (BB/Ba1) | Post Holdings, Inc.<sup>(a)(b)</sup> (BB/Ba1) | Post Holdings, Inc.<sup>(a)(b)</sup> (BB/Ba1) |
| 144000 | 6.250 | 02/15/32 | 145744 |
| United Natural Foods, Inc.<sup>(a)(b)</sup> (CCC+/Caa2) | United Natural Foods, Inc.<sup>(a)(b)</sup> (CCC+/Caa2) | United Natural Foods, Inc.<sup>(a)(b)</sup> (CCC+/Caa2) | United Natural Foods, Inc.<sup>(a)(b)</sup> (CCC+/Caa2) |
| 3203000 | 6.750 | 10/15/28 | 3205082 |
|  |  |  | 44770918 |
| Gaming<sup>(a)</sup> – 0.2% | Gaming<sup>(a)</sup> – 0.2% | Gaming<sup>(a)</sup> – 0.2% | Gaming<sup>(a)</sup> – 0.2% |
| MGM Resorts International (BB-/B1) | MGM Resorts International (BB-/B1) | MGM Resorts International (BB-/B1) | MGM Resorts International (BB-/B1) |
| 5930000 | 5.500 | 04/15/27 | 5947316 |
| Healthcare Providers & Services – 3.3% | Healthcare Providers & Services – 3.3% | Healthcare Providers & Services – 3.3% | Healthcare Providers & Services – 3.3% |
| Centene Corp.<sup>(a)</sup> (BBB-/Ba1) | Centene Corp.<sup>(a)</sup> (BBB-/Ba1) | Centene Corp.<sup>(a)</sup> (BBB-/Ba1) | Centene Corp.<sup>(a)</sup> (BBB-/Ba1) |
| 13099000 | 4.625 | 12/15/29 | 12434750 |
| 2005000 | 2.500 | 03/01/31 | 1680932 |
| DaVita, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | DaVita, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | DaVita, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | DaVita, Inc.<sup>(a)(b)</sup> (BB-/Ba3) |
| 1448000 | 6.875 | 09/01/32 | 1485503 |
| Global Medical Response, Inc.<sup>(a)(b)</sup> (B/B2) | Global Medical Response, Inc.<sup>(a)(b)</sup> (B/B2) | Global Medical Response, Inc.<sup>(a)(b)</sup> (B/B2) | Global Medical Response, Inc.<sup>(a)(b)</sup> (B/B2) |
| 5421000 | 7.375 | 10/01/32 | 5628950 |
| Insulet Corp.<sup>(a)(b)</sup> (B+/B1) | Insulet Corp.<sup>(a)(b)</sup> (B+/B1) | Insulet Corp.<sup>(a)(b)</sup> (B+/B1) | Insulet Corp.<sup>(a)(b)</sup> (B+/B1) |
| 780000 | 6.500 | 04/01/33 | 795881 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Healthcare Providers & Services – (continued) | Healthcare Providers & Services – (continued) | Healthcare Providers & Services – (continued) | Healthcare Providers & Services – (continued) |
| IQVIA, Inc.<sup>(a)(b)</sup> (BB/Ba2) | IQVIA, Inc.<sup>(a)(b)</sup> (BB/Ba2) | IQVIA, Inc.<sup>(a)(b)</sup> (BB/Ba2) | IQVIA, Inc.<sup>(a)(b)</sup> (BB/Ba2) |
| 1270000 | 6.250% | 06/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289317 |
| LifePoint Health, Inc.<sup>(a)(b)</sup> (B/B2) | LifePoint Health, Inc.<sup>(a)(b)</sup> (B/B2) | LifePoint Health, Inc.<sup>(a)(b)</sup> (B/B2) | LifePoint Health, Inc.<sup>(a)(b)</sup> (B/B2) |
| 2800000 | 11.000 | 10/15/30 | 3014816 |
| LifePoint Health, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) | LifePoint Health, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) | LifePoint Health, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) | LifePoint Health, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) |
| 3825000 | 5.375 | 01/15/29 | 3683590 |
| Medline Borrower LP<sup>(a)(b)</sup> (BB-/Ba2) | Medline Borrower LP<sup>(a)(b)</sup> (BB-/Ba2) | Medline Borrower LP<sup>(a)(b)</sup> (BB-/Ba2) | Medline Borrower LP<sup>(a)(b)</sup> (BB-/Ba2) |
| 4038000 | 5.250 | 10/01/29 | 4001819 |
| Medline Borrower LP<sup>(a)(b)</sup> (BBB-/Ba1) | Medline Borrower LP<sup>(a)(b)</sup> (BBB-/Ba1) | Medline Borrower LP<sup>(a)(b)</sup> (BBB-/Ba1) | Medline Borrower LP<sup>(a)(b)</sup> (BBB-/Ba1) |
| 4839000 | 3.875 | 04/01/29 | 4683233 |
| Molina Healthcare, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Molina Healthcare, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Molina Healthcare, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Molina Healthcare, Inc.<sup>(a)(b)</sup> (BB/Ba2) |
| 2243000 | 6.500 | 02/15/31 | 2208301 |
| 2935000 | 6.250 | 01/15/33 | 2845394 |
| MPH Acquisition Holdings LLC<sup>(a)(b)(c)(d)</sup> (CCC/Caa3) (PIK 0.750%, Cash 6.000%) | MPH Acquisition Holdings LLC<sup>(a)(b)(c)(d)</sup> (CCC/Caa3) (PIK 0.750%, Cash 6.000%) | MPH Acquisition Holdings LLC<sup>(a)(b)(c)(d)</sup> (CCC/Caa3) (PIK 0.750%, Cash 6.000%) | MPH Acquisition Holdings LLC<sup>(a)(b)(c)(d)</sup> (CCC/Caa3) (PIK 0.750%, Cash 6.000%) |
| 4165402 | 6.750 | 03/31/31 | 2790694 |
| Prime Healthcare Services, Inc.<sup>(a)(b)</sup> (B/B2) | Prime Healthcare Services, Inc.<sup>(a)(b)</sup> (B/B2) | Prime Healthcare Services, Inc.<sup>(a)(b)</sup> (B/B2) | Prime Healthcare Services, Inc.<sup>(a)(b)</sup> (B/B2) |
| 2815000 | 9.375 | 09/01/29 | 2917916 |
| Select Medical Corp.<sup>(a)(b)(c)</sup> (B-/B3) | Select Medical Corp.<sup>(a)(b)(c)</sup> (B-/B3) | Select Medical Corp.<sup>(a)(b)(c)</sup> (B-/B3) | Select Medical Corp.<sup>(a)(b)(c)</sup> (B-/B3) |
| 3704000 | 6.250 | 12/01/32 | 3520652 |
| Team Health Holdings, Inc.<sup>(a)(b)</sup> (B-/Caa1) | Team Health Holdings, Inc.<sup>(a)(b)</sup> (B-/Caa1) | Team Health Holdings, Inc.<sup>(a)(b)</sup> (B-/Caa1) | Team Health Holdings, Inc.<sup>(a)(b)</sup> (B-/Caa1) |
| 1106000 | 8.375 | 06/30/28 | 1095593 |
| Team Health Holdings, Inc.<sup>(a)(b)(d)</sup> (B-/NR) (PIK 4.500%, Cash 9.000%) | Team Health Holdings, Inc.<sup>(a)(b)(d)</sup> (B-/NR) (PIK 4.500%, Cash 9.000%) | Team Health Holdings, Inc.<sup>(a)(b)(d)</sup> (B-/NR) (PIK 4.500%, Cash 9.000%) | Team Health Holdings, Inc.<sup>(a)(b)(d)</sup> (B-/NR) (PIK 4.500%, Cash 9.000%) |
| 16166376 | 13.500 | 06/30/28 | 16742061 |
| Tenet Healthcare Corp.<sup>(a)</sup> (BB/Ba3) | Tenet Healthcare Corp.<sup>(a)</sup> (BB/Ba3) | Tenet Healthcare Corp.<sup>(a)</sup> (BB/Ba3) | Tenet Healthcare Corp.<sup>(a)</sup> (BB/Ba3) |
| 2867000 | 4.625 | 06/15/28 | 2842745 |
| 3305000 | 4.250 | 06/01/29 | 3211138 |
| 1762000 | 6.125 | 06/15/30 | 1776448 |
| 2730000 | 6.750 | 05/15/31 | 2794182 |
|  |  |  | 81443915 |
| Home Builders<sup>(a)(b)</sup> – 0.8% | Home Builders<sup>(a)(b)</sup> – 0.8% | Home Builders<sup>(a)(b)</sup> – 0.8% | Home Builders<sup>(a)(b)</sup> – 0.8% |
| Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC (B+/B1) | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC (B+/B1) | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC (B+/B1) | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC (B+/B1) |
| 1588000 | 5.000 | 06/15/29 | 1507568 |
| Dream Finders Homes, Inc. (BB-/NR) | Dream Finders Homes, Inc. (BB-/NR) | Dream Finders Homes, Inc. (BB-/NR) | Dream Finders Homes, Inc. (BB-/NR) |
| 3981000 | 6.875 | 09/15/30 | 3826418 |
| Forestar Group, Inc. (BB-/Ba3) | Forestar Group, Inc. (BB-/Ba3) | Forestar Group, Inc. (BB-/Ba3) | Forestar Group, Inc. (BB-/Ba3) |
| 465000 | 6.500 | 03/15/33 | 460262 |
| Installed Building Products, Inc. (BB-/Ba2) | Installed Building Products, Inc. (BB-/Ba2) | Installed Building Products, Inc. (BB-/Ba2) | Installed Building Products, Inc. (BB-/Ba2) |
| 8303000 | 5.625 | 02/01/34 | 8151387 |
| LGI Homes, Inc. (BB-/Ba3) | LGI Homes, Inc. (BB-/Ba3) | LGI Homes, Inc. (BB-/Ba3) | LGI Homes, Inc. (BB-/Ba3) |
| 374000 | 7.000 | 11/15/32 | 348276 |
| Risewell Homes, Inc. (B+/B2) | Risewell Homes, Inc. (B+/B2) | Risewell Homes, Inc. (B+/B2) | Risewell Homes, Inc. (B+/B2) |
| 5521000 | 8.500 | 11/01/30 | 5399924 |
|  |  |  | 19693835 |
| Household Products – 0.1% | Household Products – 0.1% | Household Products – 0.1% | Household Products – 0.1% |
| Central Garden & Pet Co.<sup>(a)</sup> (BB/B1) | Central Garden & Pet Co.<sup>(a)</sup> (BB/B1) | Central Garden & Pet Co.<sup>(a)</sup> (BB/B1) | Central Garden & Pet Co.<sup>(a)</sup> (BB/B1) |
| 2552000 | 4.125 <sup>(c)</sup> | 10/15/30 | 2409573 |
| 1105000 | 4.125 <sup>(b)</sup> | 04/30/31 | 1030711 |
|  |  |  | 3440284 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **28** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Housewares<sup>(a)</sup> – 0.2% | Housewares<sup>(a)</sup> – 0.2% | Housewares<sup>(a)</sup> – 0.2% | Housewares<sup>(a)</sup> – 0.2% |
| Newell Brands, Inc. (B+/B2) | Newell Brands, Inc. (B+/B2) | Newell Brands, Inc. (B+/B2) | Newell Brands, Inc. (B+/B2) |
| $6495000 | 7.500% | 04/01/46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5209250 |
| Insurance – 4.4% | Insurance – 4.4% | Insurance – 4.4% | Insurance – 4.4% |
| Acrisure LLC/Acrisure Finance, Inc.<sup>(a)(b)</sup> (B/B2) | Acrisure LLC/Acrisure Finance, Inc.<sup>(a)(b)</sup> (B/B2) | Acrisure LLC/Acrisure Finance, Inc.<sup>(a)(b)</sup> (B/B2) | Acrisure LLC/Acrisure Finance, Inc.<sup>(a)(b)</sup> (B/B2) |
| 1315000 | 6.750 | 07/01/32 | 1264123 |
| Acrisure LLC/Acrisure Finance, Inc.<sup>(a)(b)</sup> (CCC+/Caa2) | Acrisure LLC/Acrisure Finance, Inc.<sup>(a)(b)</sup> (CCC+/Caa2) | Acrisure LLC/Acrisure Finance, Inc.<sup>(a)(b)</sup> (CCC+/Caa2) | Acrisure LLC/Acrisure Finance, Inc.<sup>(a)(b)</sup> (CCC+/Caa2) |
| 10595000 | 8.250 | 02/01/29 | 10482375 |
| 2423000 | 8.500 | 06/15/29 | 2402744 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(a)(b)</sup> (CCC+/Caa2) | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(a)(b)</sup> (CCC+/Caa2) | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(a)(b)</sup> (CCC+/Caa2) | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(a)(b)</sup> (CCC+/Caa2) |
| 1990000 | 7.375 | 10/01/32 | 1953404 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC<sup>(a)(b)</sup> (BB+/NR) | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC<sup>(a)(b)</sup> (BB+/NR) | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC<sup>(a)(b)</sup> (BB+/NR) | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC<sup>(a)(b)</sup> (BB+/NR) |
| 5469000 | 7.875 | 11/01/29 | 4942827 |
| Ardonagh Finco Ltd.<sup>(a)</sup> (B-/B3) | Ardonagh Finco Ltd.<sup>(a)</sup> (B-/B3) | Ardonagh Finco Ltd.<sup>(a)</sup> (B-/B3) | Ardonagh Finco Ltd.<sup>(a)</sup> (B-/B3) |
| 1610000 | 6.875 | 02/15/31 | 1849102 |
| Ardonagh Group Finance Ltd.<sup>(a)(b)(c)</sup> (CCC/Caa2) | Ardonagh Group Finance Ltd.<sup>(a)(b)(c)</sup> (CCC/Caa2) | Ardonagh Group Finance Ltd.<sup>(a)(b)(c)</sup> (CCC/Caa2) | Ardonagh Group Finance Ltd.<sup>(a)(b)(c)</sup> (CCC/Caa2) |
| $12307000 | 8.875 | 02/15/32 | 11947759 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC<sup>(a)(b)</sup> (CCC+/Caa1) | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC<sup>(a)(b)</sup> (CCC+/Caa1) | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC<sup>(a)(b)</sup> (CCC+/Caa1) | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC<sup>(a)(b)</sup> (CCC+/Caa1) |
| 15935000 | 8.125 | 02/15/32 | 14945118 |
| HUB International Ltd.<sup>(a)(b)</sup> (B/Caa1) | HUB International Ltd.<sup>(a)(b)</sup> (B/Caa1) | HUB International Ltd.<sup>(a)(b)</sup> (B/Caa1) | HUB International Ltd.<sup>(a)(b)</sup> (B/Caa1) |
| 3468000 | 7.375 | 01/31/32 | 3537533 |
| HUB International Ltd.<sup>(a)(b)</sup> (B+/B1) | HUB International Ltd.<sup>(a)(b)</sup> (B+/B1) | HUB International Ltd.<sup>(a)(b)</sup> (B+/B1) | HUB International Ltd.<sup>(a)(b)</sup> (B+/B1) |
| 8205000 | 7.250 | 06/15/30 | 8424156 |
| Nassau Cos., of New York<sup>(a)(b)</sup> (BB-/NR) | Nassau Cos., of New York<sup>(a)(b)</sup> (BB-/NR) | Nassau Cos., of New York<sup>(a)(b)</sup> (BB-/NR) | Nassau Cos., of New York<sup>(a)(b)</sup> (BB-/NR) |
| 7027000 | 7.875 | 07/15/30 | 6396748 |
| Panther Escrow Issuer LLC<sup>(a)(b)</sup> (B/B2) | Panther Escrow Issuer LLC<sup>(a)(b)</sup> (B/B2) | Panther Escrow Issuer LLC<sup>(a)(b)</sup> (B/B2) | Panther Escrow Issuer LLC<sup>(a)(b)</sup> (B/B2) |
| 29287000 | 7.125 | 06/01/31 | 29327387 |
| Ryan Specialty LLC<sup>(a)(b)</sup> (BB-/Ba3) | Ryan Specialty LLC<sup>(a)(b)</sup> (BB-/Ba3) | Ryan Specialty LLC<sup>(a)(b)</sup> (BB-/Ba3) | Ryan Specialty LLC<sup>(a)(b)</sup> (BB-/Ba3) |
| 3120000 | 5.875 | 08/01/32 | 3087521 |
| USI, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) | USI, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) | USI, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) | USI, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) |
| 9308000 | 7.500 | 01/15/32 | 9505888 |
|  |  |  | 110066685 |
| Internet – 2.6% | Internet – 2.6% | Internet – 2.6% | Internet – 2.6% |
| Amazon.com, Inc.<sup>(a)</sup> (AA/A1) | Amazon.com, Inc.<sup>(a)</sup> (AA/A1) | Amazon.com, Inc.<sup>(a)</sup> (AA/A1) | Amazon.com, Inc.<sup>(a)</sup> (AA/A1) |
| 865000 | 5.800 | 03/13/56 | 862889 |
| ANGI Group LLC<sup>(a)(b)</sup> (B/B2) | ANGI Group LLC<sup>(a)(b)</sup> (B/B2) | ANGI Group LLC<sup>(a)(b)</sup> (B/B2) | ANGI Group LLC<sup>(a)(b)</sup> (B/B2) |
| 11484000 | 3.875 | 08/15/28 | 10259002 |
| Arches Buyer, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa1) | Arches Buyer, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa1) | Arches Buyer, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa1) | Arches Buyer, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa1) |
| 1137000 | 6.125 | 12/01/28 | 1089621 |
| Cogent Communications Group LLC/Cogent Finance, Inc.<sup>(a)(b)(c)</sup> (BB-/Ba2) | Cogent Communications Group LLC/Cogent Finance, Inc.<sup>(a)(b)(c)</sup> (BB-/Ba2) | Cogent Communications Group LLC/Cogent Finance, Inc.<sup>(a)(b)(c)</sup> (BB-/Ba2) | Cogent Communications Group LLC/Cogent Finance, Inc.<sup>(a)(b)(c)</sup> (BB-/Ba2) |
| 5655000 | 6.500 | 07/01/32 | 4928333 |
| Gen Digital, Inc.<sup>(a)(b)</sup> (BB-/B1) | Gen Digital, Inc.<sup>(a)(b)</sup> (BB-/B1) | Gen Digital, Inc.<sup>(a)(b)</sup> (BB-/B1) | Gen Digital, Inc.<sup>(a)(b)</sup> (BB-/B1) |
| 10969000 | 6.250 | 04/01/33 | 10676786 |
| Match Group Holdings II LLC<sup>(a)(b)</sup> (BB/Ba2) | Match Group Holdings II LLC<sup>(a)(b)</sup> (BB/Ba2) | Match Group Holdings II LLC<sup>(a)(b)</sup> (BB/Ba2) | Match Group Holdings II LLC<sup>(a)(b)</sup> (BB/Ba2) |
| 3069000 | 5.000 | 12/15/27 | 3055312 |
| 2248000 | 4.625 | 06/01/28 | 2198679 |
| 4149000 | 5.625 | 02/15/29 | 4095602 |
| 2375000 | 4.125 | 08/01/30 | 2205116 |
| Meta Platforms, Inc.<sup>(a)</sup> (AA-/Aa3) | Meta Platforms, Inc.<sup>(a)</sup> (AA-/Aa3) | Meta Platforms, Inc.<sup>(a)</sup> (AA-/Aa3) | Meta Platforms, Inc.<sup>(a)</sup> (AA-/Aa3) |
| 12115000 | 5.625 | 11/15/55 | 11348120 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Internet – (continued) | Internet – (continued) | Internet – (continued) | Internet – (continued) |
| Rakuten Group, Inc.<sup>(a)(b)(e)</sup> (B/NR) (5 yr. CMT + 4.250%) | Rakuten Group, Inc.<sup>(a)(b)(e)</sup> (B/NR) (5 yr. CMT + 4.250%) | Rakuten Group, Inc.<sup>(a)(b)(e)</sup> (B/NR) (5 yr. CMT + 4.250%) | Rakuten Group, Inc.<sup>(a)(b)(e)</sup> (B/NR) (5 yr. CMT + 4.250%) |
| $1980000 | 8.125% | 12/15/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974852 |
| Snap, Inc.<sup>(a)(b)</sup> (B+/B1) | Snap, Inc.<sup>(a)(b)</sup> (B+/B1) | Snap, Inc.<sup>(a)(b)</sup> (B+/B1) | Snap, Inc.<sup>(a)(b)</sup> (B+/B1) |
| 6064000 | 6.875 | 03/01/33 | 5739819 |
| 7125000 | 6.875 | 03/15/34 | 6698854 |
|  |  |  | 65132985 |
| Investment Companies<sup>(a)(b)</sup> – 0.3% | Investment Companies<sup>(a)(b)</sup> – 0.3% | Investment Companies<sup>(a)(b)</sup> – 0.3% | Investment Companies<sup>(a)(b)</sup> – 0.3% |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. (BB-/B1) | Icahn Enterprises LP/Icahn Enterprises Finance Corp. (BB-/B1) | Icahn Enterprises LP/Icahn Enterprises Finance Corp. (BB-/B1) | Icahn Enterprises LP/Icahn Enterprises Finance Corp. (BB-/B1) |
| 7329000 | 10.000 | 11/15/29 | 7210783 |
| Iron/Steel<sup>(a)(b)</sup> – 0.3% | Iron/Steel<sup>(a)(b)</sup> – 0.3% | Iron/Steel<sup>(a)(b)</sup> – 0.3% | Iron/Steel<sup>(a)(b)</sup> – 0.3% |
| Cleveland-Cliffs, Inc. (B+/Ba3) | Cleveland-Cliffs, Inc. (B+/Ba3) | Cleveland-Cliffs, Inc. (B+/Ba3) | Cleveland-Cliffs, Inc. (B+/Ba3) |
| 2685000 | 6.750 | 04/15/30 | 2618654 |
| Mineral Resources Ltd. (NR/Ba3) | Mineral Resources Ltd. (NR/Ba3) | Mineral Resources Ltd. (NR/Ba3) | Mineral Resources Ltd. (NR/Ba3) |
| 5446000 | 8.000 | 11/01/27 | 5524150 |
|  |  |  | 8142804 |
| Leisure Time – 1.8% | Leisure Time – 1.8% | Leisure Time – 1.8% | Leisure Time – 1.8% |
| Carnival Corp.<sup>(a)(b)</sup> (BB+/Ba3) | Carnival Corp.<sup>(a)(b)</sup> (BB+/Ba3) | Carnival Corp.<sup>(a)(b)</sup> (BB+/Ba3) | Carnival Corp.<sup>(a)(b)</sup> (BB+/Ba3) |
| 4060000 | 5.750 | 03/15/30 | 4090978 |
| Deuce Finco PLC<sup>(a)(b)</sup> (NR/B2) | Deuce Finco PLC<sup>(a)(b)</sup> (NR/B2) | Deuce Finco PLC<sup>(a)(b)</sup> (NR/B2) | Deuce Finco PLC<sup>(a)(b)</sup> (NR/B2) |
| 2076000 | 7.000 | 11/20/31 | 2699873 |
| Lindblad Expeditions LLC<sup>(a)(b)</sup> (B/B2) | Lindblad Expeditions LLC<sup>(a)(b)</sup> (B/B2) | Lindblad Expeditions LLC<sup>(a)(b)</sup> (B/B2) | Lindblad Expeditions LLC<sup>(a)(b)</sup> (B/B2) |
| $1435000 | 7.000 | 09/15/30 | 1466168 |
| MajorDrive Holdings IV LLC<sup>(a)(b)(c)</sup> (CCC-/Caa3) | MajorDrive Holdings IV LLC<sup>(a)(b)(c)</sup> (CCC-/Caa3) | MajorDrive Holdings IV LLC<sup>(a)(b)(c)</sup> (CCC-/Caa3) | MajorDrive Holdings IV LLC<sup>(a)(b)(c)</sup> (CCC-/Caa3) |
| 9157000 | 6.375 | 06/01/29 | 6747427 |
| Pinnacle Bidco PLC<sup>(a)(b)</sup> (NR/B3) | Pinnacle Bidco PLC<sup>(a)(b)</sup> (NR/B3) | Pinnacle Bidco PLC<sup>(a)(b)</sup> (NR/B3) | Pinnacle Bidco PLC<sup>(a)(b)</sup> (NR/B3) |
| 2783000 | 10.000 | 10/11/28 | 3822488 |
| Sabre GLBL, Inc.<sup>(a)(b)</sup> (B-/B3) | Sabre GLBL, Inc.<sup>(a)(b)</sup> (B-/B3) | Sabre GLBL, Inc.<sup>(a)(b)</sup> (B-/B3) | Sabre GLBL, Inc.<sup>(a)(b)</sup> (B-/B3) |
| $7028000 | 10.750 | 11/15/29 | 6011540 |
| 1117000 | 10.750 | 03/15/30 | 927657 |
| Viking Cruises Ltd.<sup>(a)(b)</sup> (BB+/Ba3) | Viking Cruises Ltd.<sup>(a)(b)</sup> (BB+/Ba3) | Viking Cruises Ltd.<sup>(a)(b)</sup> (BB+/Ba3) | Viking Cruises Ltd.<sup>(a)(b)</sup> (BB+/Ba3) |
| 8430000 | 7.000 | 02/15/29 | 8440622 |
| 3891000 | 9.125 | 07/15/31 | 4101542 |
| 7525000 | 5.875 | 10/15/33 | 7443128 |
|  |  |  | 45751423 |
| Lodging – 1.9% | Lodging – 1.9% | Lodging – 1.9% | Lodging – 1.9% |
| Genting New York LLC/GENNY Capital, Inc.<sup>(a)(b)</sup> (BB+/NR) | Genting New York LLC/GENNY Capital, Inc.<sup>(a)(b)</sup> (BB+/NR) | Genting New York LLC/GENNY Capital, Inc.<sup>(a)(b)</sup> (BB+/NR) | Genting New York LLC/GENNY Capital, Inc.<sup>(a)(b)</sup> (BB+/NR) |
| 5580000 | 7.250 | 10/01/29 | 5609797 |
| Hilton Domestic Operating Co., Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Hilton Domestic Operating Co., Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Hilton Domestic Operating Co., Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Hilton Domestic Operating Co., Inc.<sup>(a)(b)</sup> (BB+/Ba2) |
| 2540000 | 3.625 | 02/15/32 | 2307717 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (B/B3) | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (B/B3) | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (B/B3) | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (B/B3) |
| 7050000 | 5.000 | 06/01/29 | 6701096 |
| 2797000 | 4.875 | 07/01/31 | 2527145 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (BB/Ba3) |
| 3100000 | 6.625 | 01/15/32 | 3067822 |
| Marriott Ownership Resorts, Inc.<sup>(a)</sup> (B/B2) | Marriott Ownership Resorts, Inc.<sup>(a)</sup> (B/B2) | Marriott Ownership Resorts, Inc.<sup>(a)</sup> (B/B2) | Marriott Ownership Resorts, Inc.<sup>(a)</sup> (B/B2) |
| 3169000 | 4.750 | 01/15/28 | 3119278 |
| Melco Resorts Finance Ltd.<sup>(a)(b)</sup> (BB-/Ba3) | Melco Resorts Finance Ltd.<sup>(a)(b)</sup> (BB-/Ba3) | Melco Resorts Finance Ltd.<sup>(a)(b)</sup> (BB-/Ba3) | Melco Resorts Finance Ltd.<sup>(a)(b)</sup> (BB-/Ba3) |
| 2190000 | 7.625 | 04/17/32 | 2223365 |
| MGM Resorts International<sup>(a)</sup> (BB-/B1) | MGM Resorts International<sup>(a)</sup> (BB-/B1) | MGM Resorts International<sup>(a)</sup> (BB-/B1) | MGM Resorts International<sup>(a)</sup> (BB-/B1) |
| 4481000 | 4.750 | 10/15/28 | 4408497 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **29** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Lodging – (continued) | Lodging – (continued) | Lodging – (continued) | Lodging – (continued) |
| 3175000 | 6.125% | 09/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3206782 |
| Station Casinos LLC<sup>(a)(b)</sup> (B/B2) | Station Casinos LLC<sup>(a)(b)</sup> (B/B2) | Station Casinos LLC<sup>(a)(b)</sup> (B/B2) | Station Casinos LLC<sup>(a)(b)</sup> (B/B2) |
| 5835000 | 4.625 | 12/01/31 | 5455433 |
| 1364000 | 6.625 | 03/15/32 | 1372320 |
| Travel & Leisure Co.<sup>(a)(b)</sup> (BB-/Ba3) | Travel & Leisure Co.<sup>(a)(b)</sup> (BB-/Ba3) | Travel & Leisure Co.<sup>(a)(b)</sup> (BB-/Ba3) | Travel & Leisure Co.<sup>(a)(b)</sup> (BB-/Ba3) |
| 2890000 | 4.500 | 12/01/29 | 2765846 |
| 3637000 | 4.625 | 03/01/30 | 3463188 |
|  |  |  | 46228286 |
| Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.4% | Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.4% | Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.4% | Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.4% |
| Terex Corp. (BB/Ba3) | Terex Corp. (BB/Ba3) | Terex Corp. (BB/Ba3) | Terex Corp. (BB/Ba3) |
| 3260000 | 6.250 | 10/15/32 | 3282070 |
| Vertiv Group Corp. (BBB-/Baa2) | Vertiv Group Corp. (BBB-/Baa2) | Vertiv Group Corp. (BBB-/Baa2) | Vertiv Group Corp. (BBB-/Baa2) |
| 5561000 | 4.125 | 11/15/28 | 5458733 |
|  |  |  | 8740803 |
| Machinery-Diversified<sup>(a)(b)</sup> – 0.3% | Machinery-Diversified<sup>(a)(b)</sup> – 0.3% | Machinery-Diversified<sup>(a)(b)</sup> – 0.3% | Machinery-Diversified<sup>(a)(b)</sup> – 0.3% |
| Mueller Water Products, Inc. (BB+/Ba1) | Mueller Water Products, Inc. (BB+/Ba1) | Mueller Water Products, Inc. (BB+/Ba1) | Mueller Water Products, Inc. (BB+/Ba1) |
| 3113000 | 4.000 | 06/15/29 | 3000279 |
| SPX FLOW, Inc. (BBB/Caa1) | SPX FLOW, Inc. (BBB/Caa1) | SPX FLOW, Inc. (BBB/Caa1) | SPX FLOW, Inc. (BBB/Caa1) |
| 3215000 | 8.750 | 04/01/30 | 3285344 |
|  |  |  | 6285623 |
| Media – 4.8% | Media – 4.8% | Media – 4.8% | Media – 4.8% |
| AMC Networks, Inc.<sup>(a)(b)</sup> (BB-/B2) | AMC Networks, Inc.<sup>(a)(b)</sup> (BB-/B2) | AMC Networks, Inc.<sup>(a)(b)</sup> (BB-/B2) | AMC Networks, Inc.<sup>(a)(b)</sup> (BB-/B2) |
| 3448000 | 10.500 | 07/15/32 | 3403417 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)(b)</sup> (BB-/B1) | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)(b)</sup> (BB-/B1) | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)(b)</sup> (BB-/B1) | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)(b)</sup> (BB-/B1) |
| 8805000 | 7.375 | 02/01/36 | 8760887 |
| Charter Communications Operating LLC/Charter Communications Operating Capital<sup>(a)</sup> (BBB-/Ba1) | Charter Communications Operating LLC/Charter Communications Operating Capital<sup>(a)</sup> (BBB-/Ba1) | Charter Communications Operating LLC/Charter Communications Operating Capital<sup>(a)</sup> (BBB-/Ba1) | Charter Communications Operating LLC/Charter Communications Operating Capital<sup>(a)</sup> (BBB-/Ba1) |
| 410000 | 6.384 | 10/23/35 | 417380 |
| 6767000 | 5.750 | 04/01/48 | 5656468 |
| CSC Holdings LLC<sup>(a)(b)</sup> (CCC-/Ca) | CSC Holdings LLC<sup>(a)(b)</sup> (CCC-/Ca) | CSC Holdings LLC<sup>(a)(b)</sup> (CCC-/Ca) | CSC Holdings LLC<sup>(a)(b)</sup> (CCC-/Ca) |
| 13265000 | 5.750 | 01/15/30 | 4983793 |
| CSC Holdings LLC<sup>(a)(b)</sup> (CCC+/Caa1) | CSC Holdings LLC<sup>(a)(b)</sup> (CCC+/Caa1) | CSC Holdings LLC<sup>(a)(b)</sup> (CCC+/Caa1) | CSC Holdings LLC<sup>(a)(b)</sup> (CCC+/Caa1) |
| 4340000 | 6.500 | 02/01/29 | 2770179 |
| 3400000 | 3.375 | 02/15/31 | 1996582 |
| 7062000 | 4.500 | 11/15/31 | 4185082 |
| Directv Financing LLC (B+/B1) | Directv Financing LLC (B+/B1) | Directv Financing LLC (B+/B1) | Directv Financing LLC (B+/B1) |
| 11430000 | 8.875% | 02/01/30 | 11402681 |
| DISH DBS Corp.<sup>(c)</sup> (CCC-/Caa3) | DISH DBS Corp.<sup>(c)</sup> (CCC-/Caa3) | DISH DBS Corp.<sup>(c)</sup> (CCC-/Caa3) | DISH DBS Corp.<sup>(c)</sup> (CCC-/Caa3) |
| 7884000 | 5.125 | 06/01/29 | 7045616 |
| DISH DBS Corp.<sup>(a)(b)</sup> (CCC+/Caa1) | DISH DBS Corp.<sup>(a)(b)</sup> (CCC+/Caa1) | DISH DBS Corp.<sup>(a)(b)</sup> (CCC+/Caa1) | DISH DBS Corp.<sup>(a)(b)</sup> (CCC+/Caa1) |
| 5776000 | 5.250 | 12/01/26 | 5723496 |
| 784000 | 5.750 | 12/01/28 | 759218 |
| DISH Network Corp.<sup>(a)(b)</sup> (B/Caa1) | DISH Network Corp.<sup>(a)(b)</sup> (B/Caa1) | DISH Network Corp.<sup>(a)(b)</sup> (B/Caa1) | DISH Network Corp.<sup>(a)(b)</sup> (B/Caa1) |
| 5270000 | 11.750 | 11/15/27 | 5429259 |
| Gray Media, Inc.<sup>(a)(b)</sup> (B+/Ba3) | Gray Media, Inc.<sup>(a)(b)</sup> (B+/Ba3) | Gray Media, Inc.<sup>(a)(b)</sup> (B+/Ba3) | Gray Media, Inc.<sup>(a)(b)</sup> (B+/Ba3) |
| 3069000 | 10.500 | 07/15/29 | 3266398 |
| Gray Media, Inc.<sup>(a)(b)(c)</sup> (CCC/Caa1) | Gray Media, Inc.<sup>(a)(b)(c)</sup> (CCC/Caa1) | Gray Media, Inc.<sup>(a)(b)(c)</sup> (CCC/Caa1) | Gray Media, Inc.<sup>(a)(b)(c)</sup> (CCC/Caa1) |
| 3230000 | 4.750 | 10/15/30 | 2496047 |
| iHeartCommunications, Inc.<sup>(a)(b)(c)</sup> (CCC-/Caa3) | iHeartCommunications, Inc.<sup>(a)(b)(c)</sup> (CCC-/Caa3) | iHeartCommunications, Inc.<sup>(a)(b)(c)</sup> (CCC-/Caa3) | iHeartCommunications, Inc.<sup>(a)(b)(c)</sup> (CCC-/Caa3) |
| 4921000 | 10.875 | 05/01/30 | 3156034 |
| iHeartCommunications, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa1) | iHeartCommunications, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa1) | iHeartCommunications, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa1) | iHeartCommunications, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa1) |
| 456466 | 9.125 | 05/01/29 | 414334 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Media – (continued) | Media – (continued) | Media – (continued) | Media – (continued) |
| 1599200 | 7.000% | 01/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222189 |
| Nexstar Media, Inc.<sup>(a)(b)</sup> (BB-/B2) | Nexstar Media, Inc.<sup>(a)(b)</sup> (BB-/B2) | Nexstar Media, Inc.<sup>(a)(b)</sup> (BB-/B2) | Nexstar Media, Inc.<sup>(a)(b)</sup> (BB-/B2) |
| 3039000 | 5.625 | 07/15/27 | 3039000 |
| 2785000 | 7.250 | 04/15/34 | 2791071 |
| Nexstar Media, Inc.<sup>(a)(b)</sup> (BBB-/Ba2) | Nexstar Media, Inc.<sup>(a)(b)</sup> (BBB-/Ba2) | Nexstar Media, Inc.<sup>(a)(b)</sup> (BBB-/Ba2) | Nexstar Media, Inc.<sup>(a)(b)</sup> (BBB-/Ba2) |
| 8515000 | 6.500 | 09/15/33 | 8580906 |
| Paramount Global<sup>(a)</sup> (BB+/Baa3) | Paramount Global<sup>(a)</sup> (BB+/Baa3) | Paramount Global<sup>(a)</sup> (BB+/Baa3) | Paramount Global<sup>(a)</sup> (BB+/Baa3) |
| 2696000 | 5.850 | 09/01/43 | 1866306 |
| 423000 | 4.900 | 08/15/44 | 262370 |
| 210000 | 4.950 | 05/19/50 | 124931 |
| Sinclair Television Group, Inc.<sup>(a)(b)</sup> (B+/B3) | Sinclair Television Group, Inc.<sup>(a)(b)</sup> (B+/B3) | Sinclair Television Group, Inc.<sup>(a)(b)</sup> (B+/B3) | Sinclair Television Group, Inc.<sup>(a)(b)</sup> (B+/B3) |
| 3658000 | 8.125 | 02/15/33 | 3728124 |
| Time Warner Cable LLC (BBB-/Ba1) | Time Warner Cable LLC (BBB-/Ba1) | Time Warner Cable LLC (BBB-/Ba1) | Time Warner Cable LLC (BBB-/Ba1) |
| 5320000 | 6.550 | 05/01/37 | 5363092 |
| 6320000 | 7.300 | 07/01/38 | 6609456 |
| 3913000 | 6.750 | 06/15/39 | 3882479 |
| 7166000 | 5.875 <sup>(a)</sup> | 11/15/40 | 6471901 |
| Univision Communications, Inc.<sup>(a)(b)</sup> (B+/B2) | Univision Communications, Inc.<sup>(a)(b)</sup> (B+/B2) | Univision Communications, Inc.<sup>(a)(b)</sup> (B+/B2) | Univision Communications, Inc.<sup>(a)(b)</sup> (B+/B2) |
| 2655000 | 9.375 | 08/01/32 | 2737863 |
| Virgin Media Secured Finance PLC<sup>(a)(b)</sup> (B+/Ba3) | Virgin Media Secured Finance PLC<sup>(a)(b)</sup> (B+/Ba3) | Virgin Media Secured Finance PLC<sup>(a)(b)</sup> (B+/Ba3) | Virgin Media Secured Finance PLC<sup>(a)(b)</sup> (B+/Ba3) |
| 2380000 | 5.500 | 05/15/29 | 2282063 |
|  |  |  | 120828622 |
| Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.2% | Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.2% | Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.2% | Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.2% |
| Roller Bearing Co. of America, Inc. (BB/Ba3) | Roller Bearing Co. of America, Inc. (BB/Ba3) | Roller Bearing Co. of America, Inc. (BB/Ba3) | Roller Bearing Co. of America, Inc. (BB/Ba3) |
| 5339000 | 4.375 | 10/15/29 | 5183101 |
| Mining<sup>(a)(b)</sup> – 0.1% | Mining<sup>(a)(b)</sup> – 0.1% | Mining<sup>(a)(b)</sup> – 0.1% | Mining<sup>(a)(b)</sup> – 0.1% |
| Alcoa Nederland Holding BV (BB+/Ba1) | Alcoa Nederland Holding BV (BB+/Ba1) | Alcoa Nederland Holding BV (BB+/Ba1) | Alcoa Nederland Holding BV (BB+/Ba1) |
| 1420000 | 7.125 | 03/15/31 | 1485121 |
| Fortescue Treasury Pty. Ltd. (BB+/Ba1) | Fortescue Treasury Pty. Ltd. (BB+/Ba1) | Fortescue Treasury Pty. Ltd. (BB+/Ba1) | Fortescue Treasury Pty. Ltd. (BB+/Ba1) |
| 1101000 | 5.875 | 04/15/30 | 1115115 |
|  |  |  | 2600236 |
| Miscellaneous Manufacturing – 0.2% | Miscellaneous Manufacturing – 0.2% | Miscellaneous Manufacturing – 0.2% | Miscellaneous Manufacturing – 0.2% |
| Amsted Industries, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Amsted Industries, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Amsted Industries, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Amsted Industries, Inc.<sup>(a)(b)</sup> (BB/Ba3) |
| 2161000 | 4.625 | 05/15/30 | 2071664 |
| Axon Enterprise, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Axon Enterprise, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Axon Enterprise, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Axon Enterprise, Inc.<sup>(a)(b)</sup> (BB+/Ba2) |
| 1640000 | 6.125 | 03/15/30 | 1673653 |
| 1695000 | 6.250 | 03/15/33 | 1730019 |
|  |  |  | 5475336 |
| Oil Field Services – 6.0% | Oil Field Services – 6.0% | Oil Field Services – 6.0% | Oil Field Services – 6.0% |
| Archrock Partners LP/Archrock Partners Finance Corp.<sup>(a)(b)</sup> (BB-/B1) | Archrock Partners LP/Archrock Partners Finance Corp.<sup>(a)(b)</sup> (BB-/B1) | Archrock Partners LP/Archrock Partners Finance Corp.<sup>(a)(b)</sup> (BB-/B1) | Archrock Partners LP/Archrock Partners Finance Corp.<sup>(a)(b)</sup> (BB-/B1) |
| 2879000 | 6.250 | 04/01/28 | 2879000 |
| 5940000 | 6.625 | 09/01/32 | 6057077 |
| BKV Upstream Midstream LLC<sup>(a)(b)</sup> (B-/B3) | BKV Upstream Midstream LLC<sup>(a)(b)</sup> (B-/B3) | BKV Upstream Midstream LLC<sup>(a)(b)</sup> (B-/B3) | BKV Upstream Midstream LLC<sup>(a)(b)</sup> (B-/B3) |
| 2100000 | 7.500 | 10/15/30 | 2124087 |
| California Resources Corp.<sup>(a)(b)</sup> (BB-/B1) | California Resources Corp.<sup>(a)(b)</sup> (BB-/B1) | California Resources Corp.<sup>(a)(b)</sup> (BB-/B1) | California Resources Corp.<sup>(a)(b)</sup> (BB-/B1) |
| 2855000 | 7.000 | 01/15/34 | 2872273 |
| Chord Energy Corp.<sup>(a)(b)</sup> (BB/Ba2) | Chord Energy Corp.<sup>(a)(b)</sup> (BB/Ba2) | Chord Energy Corp.<sup>(a)(b)</sup> (BB/Ba2) | Chord Energy Corp.<sup>(a)(b)</sup> (BB/Ba2) |
| 5413000 | 6.000 | 10/01/30 | 5470486 |
| 8592000 | 6.750 | 03/15/33 | 8872958 |
| CNX Resources Corp.<sup>(a)(b)</sup> (BB/B1) | CNX Resources Corp.<sup>(a)(b)</sup> (BB/B1) | CNX Resources Corp.<sup>(a)(b)</sup> (BB/B1) | CNX Resources Corp.<sup>(a)(b)</sup> (BB/B1) |
| 3225000 | 7.375 | 01/15/31 | 3313204 |
| 2105000 | 7.250 | 03/01/32 | 2163035 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **30** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) |
| Comstock Resources, Inc.<sup>(a)(b)</sup> (B/B3) | Comstock Resources, Inc.<sup>(a)(b)</sup> (B/B3) | Comstock Resources, Inc.<sup>(a)(b)</sup> (B/B3) | Comstock Resources, Inc.<sup>(a)(b)</sup> (B/B3) |
| 1093000 | 6.750% | 03/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078255 |
| DBR Land Holdings LLC<sup>(a)(b)</sup> (BB-/B1) | DBR Land Holdings LLC<sup>(a)(b)</sup> (BB-/B1) | DBR Land Holdings LLC<sup>(a)(b)</sup> (BB-/B1) | DBR Land Holdings LLC<sup>(a)(b)</sup> (BB-/B1) |
| 13342000 | 6.250 | 12/01/30 | 13515980 |
| Kodiak Gas Services LLC<sup>(a)(b)</sup> (BB-/B1) | Kodiak Gas Services LLC<sup>(a)(b)</sup> (BB-/B1) | Kodiak Gas Services LLC<sup>(a)(b)</sup> (BB-/B1) | Kodiak Gas Services LLC<sup>(a)(b)</sup> (BB-/B1) |
| 580000 | 7.250 | 02/15/29 | 601019 |
| 1735000 | 5.875 | 04/01/31 | 1742322 |
| 6172000 | 6.500 | 10/01/33 | 6224771 |
| 2599000 | 6.750 | 10/01/35 | 2639856 |
| Kraken Oil & Gas Partners LLC<sup>(a)(b)</sup> (B+/B3) | Kraken Oil & Gas Partners LLC<sup>(a)(b)</sup> (B+/B3) | Kraken Oil & Gas Partners LLC<sup>(a)(b)</sup> (B+/B3) | Kraken Oil & Gas Partners LLC<sup>(a)(b)</sup> (B+/B3) |
| 7755000 | 7.625 | 08/15/29 | 7879778 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.<sup>(a)(b)</sup> (BB-/Ba3) | Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.<sup>(a)(b)</sup> (BB-/Ba3) | Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.<sup>(a)(b)</sup> (BB-/Ba3) | Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.<sup>(a)(b)</sup> (BB-/Ba3) |
| 3961000 | 6.875 | 12/01/32 | 4070759 |
| Matador Resources Co.<sup>(a)(b)</sup> (BB-/B1) | Matador Resources Co.<sup>(a)(b)</sup> (BB-/B1) | Matador Resources Co.<sup>(a)(b)</sup> (BB-/B1) | Matador Resources Co.<sup>(a)(b)</sup> (BB-/B1) |
| 1410000 | 6.500 | 04/15/32 | 1425002 |
| 1289000 | 6.250 | 04/15/33 | 1289387 |
| Noble Finance II LLC<sup>(a)(b)</sup> (BB-/B1) | Noble Finance II LLC<sup>(a)(b)</sup> (BB-/B1) | Noble Finance II LLC<sup>(a)(b)</sup> (BB-/B1) | Noble Finance II LLC<sup>(a)(b)</sup> (BB-/B1) |
| 6447000 | 8.000 | 04/15/30 | 6653626 |
| Northern Oil & Gas, Inc.<sup>(a)(b)</sup> (B+/B1) | Northern Oil & Gas, Inc.<sup>(a)(b)</sup> (B+/B1) | Northern Oil & Gas, Inc.<sup>(a)(b)</sup> (B+/B1) | Northern Oil & Gas, Inc.<sup>(a)(b)</sup> (B+/B1) |
| 4835000 | 8.750 | 06/15/31 | 5030672 |
| Permian Resources Operating LLC<sup>(a)(b)</sup> (BBB-/Ba2) | Permian Resources Operating LLC<sup>(a)(b)</sup> (BBB-/Ba2) | Permian Resources Operating LLC<sup>(a)(b)</sup> (BBB-/Ba2) | Permian Resources Operating LLC<sup>(a)(b)</sup> (BBB-/Ba2) |
| 1482000 | 5.875 | 07/01/29 | 1483986 |
| 2425000 | 9.875 | 07/15/31 | 2574550 |
| Range Resources Corp.<sup>(a)(b)</sup> (BB+/Ba2) | Range Resources Corp.<sup>(a)(b)</sup> (BB+/Ba2) | Range Resources Corp.<sup>(a)(b)</sup> (BB+/Ba2) | Range Resources Corp.<sup>(a)(b)</sup> (BB+/Ba2) |
| 2945000 | 4.750 | 02/15/30 | 2870433 |
| SM Energy Co.<sup>(a)</sup> (BB/B1) | SM Energy Co.<sup>(a)</sup> (BB/B1) | SM Energy Co.<sup>(a)</sup> (BB/B1) | SM Energy Co.<sup>(a)</sup> (BB/B1) |
| 6951000 | 5.000 <sup>(b)</sup> | 10/15/26 | 6940713 |
| 970000 | 6.500 | 07/15/28 | 972706 |
| Sunoco LP<sup>(a)(b)(e)</sup> (B+/Ba3) (5 yr. CMT + 4.230%) | Sunoco LP<sup>(a)(b)(e)</sup> (B+/Ba3) (5 yr. CMT + 4.230%) | Sunoco LP<sup>(a)(b)(e)</sup> (B+/Ba3) (5 yr. CMT + 4.230%) | Sunoco LP<sup>(a)(b)(e)</sup> (B+/Ba3) (5 yr. CMT + 4.230%) |
| 3280000 | 7.875 | 09/18/30 | 3342550 |
| Sunoco LP<sup>(a)(b)</sup> (BB+/Ba1) | Sunoco LP<sup>(a)(b)</sup> (BB+/Ba1) | Sunoco LP<sup>(a)(b)</sup> (BB+/Ba1) | Sunoco LP<sup>(a)(b)</sup> (BB+/Ba1) |
| 2120000 | 7.000 | 05/01/29 | 2174696 |
| 1620000 | 7.250 | 05/01/32 | 1677607 |
| Sunoco LP/Sunoco Finance Corp.<sup>(a)</sup> (BB+/Ba1) | Sunoco LP/Sunoco Finance Corp.<sup>(a)</sup> (BB+/Ba1) | Sunoco LP/Sunoco Finance Corp.<sup>(a)</sup> (BB+/Ba1) | Sunoco LP/Sunoco Finance Corp.<sup>(a)</sup> (BB+/Ba1) |
| 3240000 | 7.000 <sup>(b)</sup> | 09/15/28 | 3305610 |
| 4900000 | 4.500 | 04/30/30 | 4738741 |
| Tidewater, Inc.<sup>(a)(b)</sup> (BB-/B3) | Tidewater, Inc.<sup>(a)(b)</sup> (BB-/B3) | Tidewater, Inc.<sup>(a)(b)</sup> (BB-/B3) | Tidewater, Inc.<sup>(a)(b)</sup> (BB-/B3) |
| 5482000 | 9.125 | 07/15/30 | 5852419 |
| Transocean International Ltd.<sup>(a)(b)</sup> (B/B1) | Transocean International Ltd.<sup>(a)(b)</sup> (B/B1) | Transocean International Ltd.<sup>(a)(b)</sup> (B/B1) | Transocean International Ltd.<sup>(a)(b)</sup> (B/B1) |
| 3485300 | 8.750 | 02/15/30 | 3631508 |
| Transocean International Ltd.<sup>(a)(b)</sup> (B-/B3) | Transocean International Ltd.<sup>(a)(b)</sup> (B-/B3) | Transocean International Ltd.<sup>(a)(b)</sup> (B-/B3) | Transocean International Ltd.<sup>(a)(b)</sup> (B-/B3) |
| 1200000 | 7.875 | 10/15/32 | 1275300 |
| USA Compression Partners LP/USA Compression Finance Corp.<sup>(a)(b)</sup> (B+/B1) | USA Compression Partners LP/USA Compression Finance Corp.<sup>(a)(b)</sup> (B+/B1) | USA Compression Partners LP/USA Compression Finance Corp.<sup>(a)(b)</sup> (B+/B1) | USA Compression Partners LP/USA Compression Finance Corp.<sup>(a)(b)</sup> (B+/B1) |
| 7805000 | 7.125 | 03/15/29 | 7987325 |
| WBI Operating LLC<sup>(a)(b)</sup> (BB-/B1) | WBI Operating LLC<sup>(a)(b)</sup> (BB-/B1) | WBI Operating LLC<sup>(a)(b)</sup> (BB-/B1) | WBI Operating LLC<sup>(a)(b)</sup> (BB-/B1) |
| 4637000 | 6.250 | 10/15/30 | 4654713 |
| 8271000 | 6.500 | 10/15/33 | 8210374 |
| Western Midstream Operating LP<sup>(a)(b)</sup> (BBB-/Baa3) | Western Midstream Operating LP<sup>(a)(b)</sup> (BBB-/Baa3) | Western Midstream Operating LP<sup>(a)(b)</sup> (BBB-/Baa3) | Western Midstream Operating LP<sup>(a)(b)</sup> (BBB-/Baa3) |
| 2600000 | 7.250 | 04/01/30 | 2735616 |
|  |  |  | 150332394 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Packaging – 0.8% | Packaging – 0.8% | Packaging – 0.8% | Packaging – 0.8% |
| Ardagh Group SA<sup>(a)(b)</sup> (B/B3) | Ardagh Group SA<sup>(a)(b)</sup> (B/B3) | Ardagh Group SA<sup>(a)(b)</sup> (B/B3) | Ardagh Group SA<sup>(a)(b)</sup> (B/B3) |
| $237072 | 9.500% | 12/01/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247816 |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC<sup>(a)</sup> (CCC+/Caa2) | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC<sup>(a)</sup> (CCC+/Caa2) | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC<sup>(a)</sup> (CCC+/Caa2) | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC<sup>(a)</sup> (CCC+/Caa2) |
| 2600000 | 3.000 | 09/01/29 | 2719715 |
| Ball Corp.<sup>(a)</sup> (BB+/Ba1) | Ball Corp.<sup>(a)</sup> (BB+/Ba1) | Ball Corp.<sup>(a)</sup> (BB+/Ba1) | Ball Corp.<sup>(a)</sup> (BB+/Ba1) |
| $4251000 | 6.000 | 06/15/29 | 4320036 |
| 3240000 | 2.875 | 08/15/30 | 2948918 |
| Clydesdale Acquisition Holdings, Inc.<sup>(a)(b)</sup> (B+/B2) | Clydesdale Acquisition Holdings, Inc.<sup>(a)(b)</sup> (B+/B2) | Clydesdale Acquisition Holdings, Inc.<sup>(a)(b)</sup> (B+/B2) | Clydesdale Acquisition Holdings, Inc.<sup>(a)(b)</sup> (B+/B2) |
| 1303000 | 6.750 | 04/15/32 | 1232586 |
| Mauser Packaging Solutions Holding Co.<sup>(a)(b)</sup> (B/B2) | Mauser Packaging Solutions Holding Co.<sup>(a)(b)</sup> (B/B2) | Mauser Packaging Solutions Holding Co.<sup>(a)(b)</sup> (B/B2) | Mauser Packaging Solutions Holding Co.<sup>(a)(b)</sup> (B/B2) |
| 6466000 | 7.875 | 04/15/30 | 6463608 |
| TriMas Corp.<sup>(a)(b)</sup> (B/Ba3) | TriMas Corp.<sup>(a)(b)</sup> (B/Ba3) | TriMas Corp.<sup>(a)(b)</sup> (B/Ba3) | TriMas Corp.<sup>(a)(b)</sup> (B/Ba3) |
| 3170000 | 4.125 | 04/15/29 | 3017460 |
|  |  |  | 20950139 |
| Pharmaceuticals – 1.6% | Pharmaceuticals – 1.6% | Pharmaceuticals – 1.6% | Pharmaceuticals – 1.6% |
| 1261229 BC Ltd.<sup>(a)(b)</sup> (B/Caa1) | 1261229 BC Ltd.<sup>(a)(b)</sup> (B/Caa1) | 1261229 BC Ltd.<sup>(a)(b)</sup> (B/Caa1) | 1261229 BC Ltd.<sup>(a)(b)</sup> (B/Caa1) |
| 10323000 | 10.000 | 04/15/32 | 10507059 |
| AdaptHealth LLC<sup>(a)(b)</sup> (BB-/Ba3) | AdaptHealth LLC<sup>(a)(b)</sup> (BB-/Ba3) | AdaptHealth LLC<sup>(a)(b)</sup> (BB-/Ba3) | AdaptHealth LLC<sup>(a)(b)</sup> (BB-/Ba3) |
| 2882000 | 6.125 | 08/01/28 | 2877504 |
| Amneal Pharmaceuticals LLC<sup>(a)(b)</sup> (B+/B1) | Amneal Pharmaceuticals LLC<sup>(a)(b)</sup> (B+/B1) | Amneal Pharmaceuticals LLC<sup>(a)(b)</sup> (B+/B1) | Amneal Pharmaceuticals LLC<sup>(a)(b)</sup> (B+/B1) |
| 902000 | 6.875 | 08/01/32 | 928816 |
| Bausch Health Americas, Inc.<sup>(a)(b)(c)</sup> (CCC+/Ca) | Bausch Health Americas, Inc.<sup>(a)(b)(c)</sup> (CCC+/Ca) | Bausch Health Americas, Inc.<sup>(a)(b)(c)</sup> (CCC+/Ca) | Bausch Health Americas, Inc.<sup>(a)(b)(c)</sup> (CCC+/Ca) |
| 1353000 | 8.500 | 01/31/27 | 1340620 |
| Bausch Health Cos., Inc.<sup>(b)(c)</sup> (B-/Caa1) | Bausch Health Cos., Inc.<sup>(b)(c)</sup> (B-/Caa1) | Bausch Health Cos., Inc.<sup>(b)(c)</sup> (B-/Caa1) | Bausch Health Cos., Inc.<sup>(b)(c)</sup> (B-/Caa1) |
| 579000 | 4.875 <sup>(a)</sup> | 06/01/28 | 531412 |
| 1269000 | 11.000 | 09/30/28 | 1298111 |
| Bausch Health Cos., Inc.<sup>(a)(b)</sup> (CCC+/Ca) | Bausch Health Cos., Inc.<sup>(a)(b)</sup> (CCC+/Ca) | Bausch Health Cos., Inc.<sup>(a)(b)</sup> (CCC+/Ca) | Bausch Health Cos., Inc.<sup>(a)(b)</sup> (CCC+/Ca) |
| 2365000 | 5.000 | 01/30/28 | 2002304 |
| 1873000 | 6.250 | 02/15/29 | 1404469 |
| Grifols SA<sup>(a)(b)</sup> (B/B3) | Grifols SA<sup>(a)(b)</sup> (B/B3) | Grifols SA<sup>(a)(b)</sup> (B/B3) | Grifols SA<sup>(a)(b)</sup> (B/B3) |
| 4248000 | 4.750 | 10/15/28 | 4166821 |
| HLF Financing SARL LLC/Herbalife International, Inc.<sup>(a)(b)</sup> (BB-/Ba2) | HLF Financing SARL LLC/Herbalife International, Inc.<sup>(a)(b)</sup> (BB-/Ba2) | HLF Financing SARL LLC/Herbalife International, Inc.<sup>(a)(b)</sup> (BB-/Ba2) | HLF Financing SARL LLC/Herbalife International, Inc.<sup>(a)(b)</sup> (BB-/Ba2) |
| 323000 | 12.250 | 04/15/29 | 344415 |
| Jazz Securities DAC<sup>(a)(b)</sup> (BB/Ba1) | Jazz Securities DAC<sup>(a)(b)</sup> (BB/Ba1) | Jazz Securities DAC<sup>(a)(b)</sup> (BB/Ba1) | Jazz Securities DAC<sup>(a)(b)</sup> (BB/Ba1) |
| 4826000 | 4.375 | 01/15/29 | 4690872 |
| Opal Bidco SAS<sup>(a)(b)</sup> (B+/B1) | Opal Bidco SAS<sup>(a)(b)</sup> (B+/B1) | Opal Bidco SAS<sup>(a)(b)</sup> (B+/B1) | Opal Bidco SAS<sup>(a)(b)</sup> (B+/B1) |
| 6525000 | 6.500 | 03/31/32 | 6529372 |
| Prestige Brands, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Prestige Brands, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Prestige Brands, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Prestige Brands, Inc.<sup>(a)(b)</sup> (BB/Ba3) |
| 1949000 | 3.750 | 04/01/31 | 1788441 |
| Teva Pharmaceutical Finance Netherlands III BV (BB+/Ba1) | Teva Pharmaceutical Finance Netherlands III BV (BB+/Ba1) | Teva Pharmaceutical Finance Netherlands III BV (BB+/Ba1) | Teva Pharmaceutical Finance Netherlands III BV (BB+/Ba1) |
| 871000 | 3.150 | 10/01/26 | 862342 |
|  |  |  | 39272558 |
| Pipelines – 3.8% | Pipelines – 3.8% | Pipelines – 3.8% | Pipelines – 3.8% |
| Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>(a)(b)</sup> (B+/B2) | Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>(a)(b)</sup> (B+/B2) | Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>(a)(b)</sup> (B+/B2) | Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>(a)(b)</sup> (B+/B2) |
| 1395000 | 7.000 | 07/15/29 | 1439514 |
| CNX Midstream Partners LP<sup>(a)(b)</sup> (BB/B1) | CNX Midstream Partners LP<sup>(a)(b)</sup> (BB/B1) | CNX Midstream Partners LP<sup>(a)(b)</sup> (BB/B1) | CNX Midstream Partners LP<sup>(a)(b)</sup> (BB/B1) |
| 3831000 | 4.750 | 04/15/30 | 3650790 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(a)(b)</sup> (BB-/B2) | Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(a)(b)</sup> (BB-/B2) | Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(a)(b)</sup> (BB-/B2) | Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(a)(b)</sup> (BB-/B2) |
| 8213000 | 7.375 | 06/30/33 | 8275829 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **31** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Pipelines – (continued) | Pipelines – (continued) | Pipelines – (continued) | Pipelines – (continued) |
| Excelerate Energy LP<sup>(a)(b)</sup> (BB+/NR) | Excelerate Energy LP<sup>(a)(b)</sup> (BB+/NR) | Excelerate Energy LP<sup>(a)(b)</sup> (BB+/NR) | Excelerate Energy LP<sup>(a)(b)</sup> (BB+/NR) |
| 972000 | 8.000% | 05/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017791 |
| Genesis Energy LP/Genesis Energy Finance Corp.<sup>(a)</sup> (B/B2) | Genesis Energy LP/Genesis Energy Finance Corp.<sup>(a)</sup> (B/B2) | Genesis Energy LP/Genesis Energy Finance Corp.<sup>(a)</sup> (B/B2) | Genesis Energy LP/Genesis Energy Finance Corp.<sup>(a)</sup> (B/B2) |
| 1975000 | 8.875 | 04/15/30 | 2065317 |
| 365000 | 7.875 | 05/15/32 | 375848 |
| Global Partners LP/GLP Finance Corp.<sup>(a)</sup> (B+/B1) | Global Partners LP/GLP Finance Corp.<sup>(a)</sup> (B+/B1) | Global Partners LP/GLP Finance Corp.<sup>(a)</sup> (B+/B1) | Global Partners LP/GLP Finance Corp.<sup>(a)</sup> (B+/B1) |
| 1533000 | 6.875 | 01/15/29 | 1537216 |
| 1313000 | 8.250 <sup>(b)</sup> | 01/15/32 | 1360097 |
| Hess Midstream Operations LP<sup>(a)(b)</sup> (BBB-/Ba1) | Hess Midstream Operations LP<sup>(a)(b)</sup> (BBB-/Ba1) | Hess Midstream Operations LP<sup>(a)(b)</sup> (BBB-/Ba1) | Hess Midstream Operations LP<sup>(a)(b)</sup> (BBB-/Ba1) |
| 3035000 | 5.875 | 03/01/28 | 3058794 |
| 1245000 | 6.500 | 06/01/29 | 1272228 |
| 892000 | 5.500 | 10/15/30 | 885640 |
| Howard Midstream Energy Partners LLC<sup>(a)(b)</sup> (BB-/B1) | Howard Midstream Energy Partners LLC<sup>(a)(b)</sup> (BB-/B1) | Howard Midstream Energy Partners LLC<sup>(a)(b)</sup> (BB-/B1) | Howard Midstream Energy Partners LLC<sup>(a)(b)</sup> (BB-/B1) |
| 4990000 | 7.375 | 07/15/32 | 5161606 |
| 2955000 | 6.625 | 01/15/34 | 2960910 |
| Kinetik Holdings LP<sup>(a)(b)</sup> (BB+/Ba1) | Kinetik Holdings LP<sup>(a)(b)</sup> (BB+/Ba1) | Kinetik Holdings LP<sup>(a)(b)</sup> (BB+/Ba1) | Kinetik Holdings LP<sup>(a)(b)</sup> (BB+/Ba1) |
| 5040000 | 6.625 | 12/15/28 | 5123966 |
| 3795000 | 5.875 | 06/15/30 | 3807334 |
| NGL Energy Operating LLC/NGL Energy Finance Corp.<sup>(a)(b)</sup> (B+/B2) | NGL Energy Operating LLC/NGL Energy Finance Corp.<sup>(a)(b)</sup> (B+/B2) | NGL Energy Operating LLC/NGL Energy Finance Corp.<sup>(a)(b)</sup> (B+/B2) | NGL Energy Operating LLC/NGL Energy Finance Corp.<sup>(a)(b)</sup> (B+/B2) |
| 4631000 | 8.125 | 02/15/29 | 4774098 |
| NuStar Logistics LP<sup>(a)</sup> (NR/Ba1) | NuStar Logistics LP<sup>(a)</sup> (NR/Ba1) | NuStar Logistics LP<sup>(a)</sup> (NR/Ba1) | NuStar Logistics LP<sup>(a)</sup> (NR/Ba1) |
| 4656000 | 5.625 | 04/28/27 | 4664940 |
| Prairie Acquiror LP<sup>(a)(b)</sup> (B-/B3) | Prairie Acquiror LP<sup>(a)(b)</sup> (B-/B3) | Prairie Acquiror LP<sup>(a)(b)</sup> (B-/B3) | Prairie Acquiror LP<sup>(a)(b)</sup> (B-/B3) |
| 6576000 | 9.000 | 08/01/29 | 6799452 |
| Rockies Express Pipeline LLC<sup>(a)(b)</sup> (BB/Ba2) | Rockies Express Pipeline LLC<sup>(a)(b)</sup> (BB/Ba2) | Rockies Express Pipeline LLC<sup>(a)(b)</sup> (BB/Ba2) | Rockies Express Pipeline LLC<sup>(a)(b)</sup> (BB/Ba2) |
| 2418000 | 6.750 | 03/15/33 | 2487687 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(a)(b)</sup> (B+/B1) | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(a)(b)</sup> (B+/B1) | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(a)(b)</sup> (B+/B1) | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(a)(b)</sup> (B+/B1) |
| 2184000 | 7.375 | 02/15/29 | 2244759 |
| 1328000 | 6.000 | 09/01/31 | 1308080 |
| TransMontaigne Partners LLC<sup>(a)(b)</sup> (CCC+/Caa1) | TransMontaigne Partners LLC<sup>(a)(b)</sup> (CCC+/Caa1) | TransMontaigne Partners LLC<sup>(a)(b)</sup> (CCC+/Caa1) | TransMontaigne Partners LLC<sup>(a)(b)</sup> (CCC+/Caa1) |
| 7535000 | 8.500 | 06/15/30 | 7639134 |
| Venture Global Calcasieu Pass LLC<sup>(a)(b)</sup> (BBB-/Ba1) | Venture Global Calcasieu Pass LLC<sup>(a)(b)</sup> (BBB-/Ba1) | Venture Global Calcasieu Pass LLC<sup>(a)(b)</sup> (BBB-/Ba1) | Venture Global Calcasieu Pass LLC<sup>(a)(b)</sup> (BBB-/Ba1) |
| 16218000 | 4.125 | 08/15/31 | 15083713 |
| 4794000 | 3.875 | 11/01/33 | 4249737 |
| Venture Global LNG, Inc.<sup>(a)(b)(e)</sup> (B-/B3) (5 yr. CMT + 5.440%) | Venture Global LNG, Inc.<sup>(a)(b)(e)</sup> (B-/B3) (5 yr. CMT + 5.440%) | Venture Global LNG, Inc.<sup>(a)(b)(e)</sup> (B-/B3) (5 yr. CMT + 5.440%) | Venture Global LNG, Inc.<sup>(a)(b)(e)</sup> (B-/B3) (5 yr. CMT + 5.440%) |
| 4148000 | 9.000 | 09/30/29 | 4129210 |
|  |  |  | 95373690 |
| Real Estate – 0.6% | Real Estate – 0.6% | Real Estate – 0.6% | Real Estate – 0.6% |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp.<sup>(a)(b)(c)</sup> (CCC+/Caa2) | Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp.<sup>(a)(b)(c)</sup> (CCC+/Caa2) | Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp.<sup>(a)(b)(c)</sup> (CCC+/Caa2) | Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp.<sup>(a)(b)(c)</sup> (CCC+/Caa2) |
| 6139000 | 5.750 | 01/15/29 | 5915663 |
| Cushman & Wakefield U.S. Borrower LLC<sup>(a)(b)</sup> (BB-/Ba3) | Cushman & Wakefield U.S. Borrower LLC<sup>(a)(b)</sup> (BB-/Ba3) | Cushman & Wakefield U.S. Borrower LLC<sup>(a)(b)</sup> (BB-/Ba3) | Cushman & Wakefield U.S. Borrower LLC<sup>(a)(b)</sup> (BB-/Ba3) |
| 2548000 | 6.750 | 05/15/28 | 2551796 |
| 1240000 | 8.875 | 09/01/31 | 1313954 |
| Kennedy-Wilson, Inc.<sup>(a)</sup> (B/B2) | Kennedy-Wilson, Inc.<sup>(a)</sup> (B/B2) | Kennedy-Wilson, Inc.<sup>(a)</sup> (B/B2) | Kennedy-Wilson, Inc.<sup>(a)</sup> (B/B2) |
| 2410000 | 4.750 | 03/01/29 | 2372332 |
| 3876000 | 4.750 <sup>(c)</sup> | 02/01/30 | 3891892 |
|  |  |  | 16045637 |
| Real Estate Investment Trust – 1.8% | Real Estate Investment Trust – 1.8% | Real Estate Investment Trust – 1.8% | Real Estate Investment Trust – 1.8% |
| Iron Mountain, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Iron Mountain, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Iron Mountain, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Iron Mountain, Inc.<sup>(a)(b)</sup> (BB-/Ba3) |
| 4350000 | 7.000 | 02/15/29 | 4435347 |
| 1860000 | 4.875 | 09/15/29 | 1810226 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Real Estate Investment Trust – (continued) | Real Estate Investment Trust – (continued) | Real Estate Investment Trust – (continued) | Real Estate Investment Trust – (continued) |
| $7800000 | 5.625% | 07/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7565532 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>(a)(b)</sup> (BB+/Baa3) | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>(a)(b)</sup> (BB+/Baa3) | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>(a)(b)</sup> (BB+/Baa3) | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>(a)(b)</sup> (BB+/Baa3) |
| 2000000 | 7.000 | 07/15/31 | 2069360 |
| MPT Operating Partnership LP/MPT Finance Corp.<sup>(a)</sup> (CCC+/Caa1) | MPT Operating Partnership LP/MPT Finance Corp.<sup>(a)</sup> (CCC+/Caa1) | MPT Operating Partnership LP/MPT Finance Corp.<sup>(a)</sup> (CCC+/Caa1) | MPT Operating Partnership LP/MPT Finance Corp.<sup>(a)</sup> (CCC+/Caa1) |
| 3420000 | 3.500 | 03/15/31 | 2235586 |
| RHP Hotel Properties LP/RHP Finance Corp.<sup>(a)(b)</sup> (BB/Ba3) | RHP Hotel Properties LP/RHP Finance Corp.<sup>(a)(b)</sup> (BB/Ba3) | RHP Hotel Properties LP/RHP Finance Corp.<sup>(a)(b)</sup> (BB/Ba3) | RHP Hotel Properties LP/RHP Finance Corp.<sup>(a)(b)</sup> (BB/Ba3) |
| 7065000 | 4.500 | 02/15/29 | 6856088 |
| SBA Communications Corp.<sup>(a)</sup> (BB+/Ba3u) | SBA Communications Corp.<sup>(a)</sup> (BB+/Ba3u) | SBA Communications Corp.<sup>(a)</sup> (BB+/Ba3u) | SBA Communications Corp.<sup>(a)</sup> (BB+/Ba3u) |
| 3760000 | 3.125 | 02/01/29 | 3563352 |
| Starwood Property Trust, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Starwood Property Trust, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Starwood Property Trust, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Starwood Property Trust, Inc.<sup>(a)(b)</sup> (BB-/Ba3) |
| 7173000 | 7.250 | 04/01/29 | 7390844 |
| 1640000 | 6.500 | 07/01/30 | 1665207 |
| 1035000 | 5.750 | 01/15/31 | 1022528 |
| XHR LP<sup>(a)(b)</sup> (BB-/B1) | XHR LP<sup>(a)(b)</sup> (BB-/B1) | XHR LP<sup>(a)(b)</sup> (BB-/B1) | XHR LP<sup>(a)(b)</sup> (BB-/B1) |
| 5568000 | 6.625 | 05/15/30 | 5627466 |
|  |  |  | 44241536 |
| Retailing – 3.9% | Retailing – 3.9% | Retailing – 3.9% | Retailing – 3.9% |
| 1011778 BC ULC/New Red Finance, Inc.<sup>(a)(b)</sup> (B+/B2) | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)(b)</sup> (B+/B2) | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)(b)</sup> (B+/B2) | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)(b)</sup> (B+/B2) |
| 3050000 | 4.375 | 01/15/28 | 3008977 |
| 4611000 | 4.000 | 10/15/30 | 4331988 |
| Advance Auto Parts, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Advance Auto Parts, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Advance Auto Parts, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Advance Auto Parts, Inc.<sup>(a)(b)</sup> (BB/Ba3) |
| 1399000 | 7.000 | 08/01/30 | 1416585 |
| Arko Corp.<sup>(a)(b)(c)</sup> (CCC+/B3) | Arko Corp.<sup>(a)(b)(c)</sup> (CCC+/B3) | Arko Corp.<sup>(a)(b)(c)</sup> (CCC+/B3) | Arko Corp.<sup>(a)(b)(c)</sup> (CCC+/B3) |
| 3349000 | 5.125 | 11/15/29 | 2962123 |
| Asbury Automotive Group, Inc.<sup>(a)(b)</sup> (BB/B1) | Asbury Automotive Group, Inc.<sup>(a)(b)</sup> (BB/B1) | Asbury Automotive Group, Inc.<sup>(a)(b)</sup> (BB/B1) | Asbury Automotive Group, Inc.<sup>(a)(b)</sup> (BB/B1) |
| 9886000 | 4.625 | 11/15/29 | 9550667 |
| 1124000 | 5.000 | 02/15/32 | 1065271 |
| Carvana Co.<sup>(a)(b)(d)</sup> (BBu/B2u) (PIK 13.000%, Cash 11.000%) | Carvana Co.<sup>(a)(b)(d)</sup> (BBu/B2u) (PIK 13.000%, Cash 11.000%) | Carvana Co.<sup>(a)(b)(d)</sup> (BBu/B2u) (PIK 13.000%, Cash 11.000%) | Carvana Co.<sup>(a)(b)(d)</sup> (BBu/B2u) (PIK 13.000%, Cash 11.000%) |
| 537325 | 9.000 | 06/01/30 | 559474 |
| Cheesecake Factory, Inc. (NR/NR) | Cheesecake Factory, Inc. (NR/NR) | Cheesecake Factory, Inc. (NR/NR) | Cheesecake Factory, Inc. (NR/NR) |
| 1728000 | 0.375 | 06/15/26 | 1700352 |
| Cougar JV Subsidiary LLC<sup>(a)(b)</sup> (B+/B2) | Cougar JV Subsidiary LLC<sup>(a)(b)</sup> (B+/B2) | Cougar JV Subsidiary LLC<sup>(a)(b)</sup> (B+/B2) | Cougar JV Subsidiary LLC<sup>(a)(b)</sup> (B+/B2) |
| 4178000 | 8.000 | 05/15/32 | 4327280 |
| EG Global Finance PLC<sup>(a)(b)</sup> (B/B2) | EG Global Finance PLC<sup>(a)(b)</sup> (B/B2) | EG Global Finance PLC<sup>(a)(b)</sup> (B/B2) | EG Global Finance PLC<sup>(a)(b)</sup> (B/B2) |
| 7722000 | 12.000 | 11/30/28 | 8257212 |
| Group 1 Automotive, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Group 1 Automotive, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Group 1 Automotive, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Group 1 Automotive, Inc.<sup>(a)(b)</sup> (BB+/Ba2) |
| 2443000 | 4.000 | 08/15/28 | 2361526 |
| 695000 | 6.375 | 01/15/30 | 701158 |
| Ken Garff Automotive LLC<sup>(a)(b)</sup> (BB/B1) | Ken Garff Automotive LLC<sup>(a)(b)</sup> (BB/B1) | Ken Garff Automotive LLC<sup>(a)(b)</sup> (BB/B1) | Ken Garff Automotive LLC<sup>(a)(b)</sup> (BB/B1) |
| 5132000 | 4.875 | 09/15/28 | 5047579 |
| LCM Investments Holdings II LLC<sup>(a)(b)</sup> (BB-/B2) | LCM Investments Holdings II LLC<sup>(a)(b)</sup> (BB-/B2) | LCM Investments Holdings II LLC<sup>(a)(b)</sup> (BB-/B2) | LCM Investments Holdings II LLC<sup>(a)(b)</sup> (BB-/B2) |
| 9132000 | 4.875 | 05/01/29 | 8898495 |
| Lithia Motors, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Lithia Motors, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Lithia Motors, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Lithia Motors, Inc.<sup>(a)(b)</sup> (BB+/Ba2) |
| 1393000 | 3.875 | 06/01/29 | 1327320 |
| 943000 | 4.375 | 01/15/31 | 884364 |
| Maryland Bidco Ltd.<sup>(a)(d)</sup> (NR/NR) (PIK 10.000%, Cash 10.000%) | Maryland Bidco Ltd.<sup>(a)(d)</sup> (NR/NR) (PIK 10.000%, Cash 10.000%) | Maryland Bidco Ltd.<sup>(a)(d)</sup> (NR/NR) (PIK 10.000%, Cash 10.000%) | Maryland Bidco Ltd.<sup>(a)(d)</sup> (NR/NR) (PIK 10.000%, Cash 10.000%) |
| 1071000 | 10.000 | 01/26/28 | 961981 |
| Michaels Cos., Inc.<sup>(a)(b)</sup> (B-/B2) | Michaels Cos., Inc.<sup>(a)(b)</sup> (B-/B2) | Michaels Cos., Inc.<sup>(a)(b)</sup> (B-/B2) | Michaels Cos., Inc.<sup>(a)(b)</sup> (B-/B2) |
| $4576000 | 8.500 | 03/15/33 | 4456063 |
| Michaels Cos., Inc.<sup>(a)(b)</sup> (CCC/Caa1) | Michaels Cos., Inc.<sup>(a)(b)</sup> (CCC/Caa1) | Michaels Cos., Inc.<sup>(a)(b)</sup> (CCC/Caa1) | Michaels Cos., Inc.<sup>(a)(b)</sup> (CCC/Caa1) |
| 3229000 | 11.000 | 03/15/34 | 3011979 |
| Murphy Oil USA, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Murphy Oil USA, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Murphy Oil USA, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Murphy Oil USA, Inc.<sup>(a)(b)</sup> (BB+/Ba2) |
| 3696000 | 3.750 | 02/15/31 | 3430036 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **32** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Retailing – (continued) | Retailing – (continued) | Retailing – (continued) | Retailing – (continued) |
| Nordstrom, Inc.<sup>(a)</sup> (BB+/Ba2) | Nordstrom, Inc.<sup>(a)</sup> (BB+/Ba2) | Nordstrom, Inc.<sup>(a)</sup> (BB+/Ba2) | Nordstrom, Inc.<sup>(a)</sup> (BB+/Ba2) |
| $1985000 | 4.375% | 04/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1855479 |
| Penske Automotive Group, Inc.<sup>(a)</sup> (BB-/Ba3) | Penske Automotive Group, Inc.<sup>(a)</sup> (BB-/Ba3) | Penske Automotive Group, Inc.<sup>(a)</sup> (BB-/Ba3) | Penske Automotive Group, Inc.<sup>(a)</sup> (BB-/Ba3) |
| 3839000 | 3.750 | 06/15/29 | 3652693 |
| PetSmart LLC/PetSmart Finance Corp.<sup>(a)(b)</sup> (B-/Caa1) | PetSmart LLC/PetSmart Finance Corp.<sup>(a)(b)</sup> (B-/Caa1) | PetSmart LLC/PetSmart Finance Corp.<sup>(a)(b)</sup> (B-/Caa1) | PetSmart LLC/PetSmart Finance Corp.<sup>(a)(b)</sup> (B-/Caa1) |
| 1100000 | 10.000 | 09/15/33 | 1097162 |
| Punch Finance PLC<sup>(a)(b)</sup> (NR/B3) | Punch Finance PLC<sup>(a)(b)</sup> (NR/B3) | Punch Finance PLC<sup>(a)(b)</sup> (NR/B3) | Punch Finance PLC<sup>(a)(b)</sup> (NR/B3) |
| 940000 | 7.875 | 12/30/30 | 1238536 |
| QXO Building Products, Inc.<sup>(a)(b)</sup> (BB/Ba3) | QXO Building Products, Inc.<sup>(a)(b)</sup> (BB/Ba3) | QXO Building Products, Inc.<sup>(a)(b)</sup> (BB/Ba3) | QXO Building Products, Inc.<sup>(a)(b)</sup> (BB/Ba3) |
| $2440000 | 6.750 | 04/30/32 | 2489166 |
| Sonic Automotive, Inc.<sup>(a)(b)(c)</sup> (BB-/B1) | Sonic Automotive, Inc.<sup>(a)(b)(c)</sup> (BB-/B1) | Sonic Automotive, Inc.<sup>(a)(b)(c)</sup> (BB-/B1) | Sonic Automotive, Inc.<sup>(a)(b)(c)</sup> (BB-/B1) |
| 3553000 | 4.625 | 11/15/29 | 3443710 |
| Stonegate Pub Co. Financing PLC<sup>(a)(b)(e)</sup> (NR/Caa1) (3 mo. EUR EURIBOR + 6.625%) | Stonegate Pub Co. Financing PLC<sup>(a)(b)(e)</sup> (NR/Caa1) (3 mo. EUR EURIBOR + 6.625%) | Stonegate Pub Co. Financing PLC<sup>(a)(b)(e)</sup> (NR/Caa1) (3 mo. EUR EURIBOR + 6.625%) | Stonegate Pub Co. Financing PLC<sup>(a)(b)(e)</sup> (NR/Caa1) (3 mo. EUR EURIBOR + 6.625%) |
| 604000 | 8.609 | 07/31/29 | 682726 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp.<sup>(a)(b)</sup> (BB-/B1) | Suburban Propane Partners LP/Suburban Energy Finance Corp.<sup>(a)(b)</sup> (BB-/B1) | Suburban Propane Partners LP/Suburban Energy Finance Corp.<sup>(a)(b)</sup> (BB-/B1) | Suburban Propane Partners LP/Suburban Energy Finance Corp.<sup>(a)(b)</sup> (BB-/B1) |
| $12017000 | 6.500 | 12/15/35 | 11683048 |
| Yum! Brands, Inc.<sup>(a)</sup> (BB/Ba3) | Yum! Brands, Inc.<sup>(a)</sup> (BB/Ba3) | Yum! Brands, Inc.<sup>(a)</sup> (BB/Ba3) | Yum! Brands, Inc.<sup>(a)</sup> (BB/Ba3) |
| 4703000 | 3.625 | 03/15/31 | 4343267 |
|  |  |  | 98746217 |
| Software – 3.0% | Software – 3.0% | Software – 3.0% | Software – 3.0% |
| AthenaHealth Group, Inc.<sup>(a)(b)</sup> (CCC/Caa2) | AthenaHealth Group, Inc.<sup>(a)(b)</sup> (CCC/Caa2) | AthenaHealth Group, Inc.<sup>(a)(b)</sup> (CCC/Caa2) | AthenaHealth Group, Inc.<sup>(a)(b)</sup> (CCC/Caa2) |
| 5509000 | 6.500 | 02/15/30 | 5146012 |
| Cloud Software Group, Inc.<sup>(a)(b)</sup> (B/B1) | Cloud Software Group, Inc.<sup>(a)(b)</sup> (B/B1) | Cloud Software Group, Inc.<sup>(a)(b)</sup> (B/B1) | Cloud Software Group, Inc.<sup>(a)(b)</sup> (B/B1) |
| 5599000 | 6.500 | 03/31/29 | 5448275 |
| 12336000 | 8.250 | 06/30/32 | 11723641 |
| CoreWeave, Inc.<sup>(a)(b)</sup> (B/B1) | CoreWeave, Inc.<sup>(a)(b)</sup> (B/B1) | CoreWeave, Inc.<sup>(a)(b)</sup> (B/B1) | CoreWeave, Inc.<sup>(a)(b)</sup> (B/B1) |
| 6704000 | 9.250 | 06/01/30 | 6520176 |
| Elastic NV<sup>(a)(b)</sup> (BB/Ba3) | Elastic NV<sup>(a)(b)</sup> (BB/Ba3) | Elastic NV<sup>(a)(b)</sup> (BB/Ba3) | Elastic NV<sup>(a)(b)</sup> (BB/Ba3) |
| 10601000 | 4.125 | 07/15/29 | 9946494 |
| Fair Isaac Corp.<sup>(a)(b)</sup> (BB+/Ba1) | Fair Isaac Corp.<sup>(a)(b)</sup> (BB+/Ba1) | Fair Isaac Corp.<sup>(a)(b)</sup> (BB+/Ba1) | Fair Isaac Corp.<sup>(a)(b)</sup> (BB+/Ba1) |
| 17139000 | 6.000 | 05/15/33 | 16815930 |
| 5445000 | 6.250 | 09/15/34 | 5350856 |
| Oracle Corp.<sup>(a)</sup> (BBB/Baa2) | Oracle Corp.<sup>(a)</sup> (BBB/Baa2) | Oracle Corp.<sup>(a)</sup> (BBB/Baa2) | Oracle Corp.<sup>(a)</sup> (BBB/Baa2) |
| 1422000 | 3.600 | 04/01/50 | 857878 |
| ROBLOX Corp.<sup>(a)(b)</sup> (BBB-/Ba1) | ROBLOX Corp.<sup>(a)(b)</sup> (BBB-/Ba1) | ROBLOX Corp.<sup>(a)(b)</sup> (BBB-/Ba1) | ROBLOX Corp.<sup>(a)(b)</sup> (BBB-/Ba1) |
| 7911000 | 3.875 | 05/01/30 | 7427638 |
| TeamSystem SpA<sup>(a)(b)</sup> (B-/B2) | TeamSystem SpA<sup>(a)(b)</sup> (B-/B2) | TeamSystem SpA<sup>(a)(b)</sup> (B-/B2) | TeamSystem SpA<sup>(a)(b)</sup> (B-/B2) |
| 1075000 | 3.500 | 02/15/28 | 1215315 |
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp.<sup>(a)(b)</sup> (B+/B1) | ZoomInfo Technologies LLC/ZoomInfo Finance Corp.<sup>(a)(b)</sup> (B+/B1) | ZoomInfo Technologies LLC/ZoomInfo Finance Corp.<sup>(a)(b)</sup> (B+/B1) | ZoomInfo Technologies LLC/ZoomInfo Finance Corp.<sup>(a)(b)</sup> (B+/B1) |
| $6869000 | 3.875 | 02/01/29 | 5712810 |
|  |  |  | 76165025 |
| Telecommunication Services – 4.2% | Telecommunication Services – 4.2% | Telecommunication Services – 4.2% | Telecommunication Services – 4.2% |
| Altice France SA<sup>(a)(b)</sup> (CCC+/Caa1) | Altice France SA<sup>(a)(b)</sup> (CCC+/Caa1) | Altice France SA<sup>(a)(b)</sup> (CCC+/Caa1) | Altice France SA<sup>(a)(b)</sup> (CCC+/Caa1) |
| 1541922 | 9.500 | 11/01/29 | 1559315 |
| 2080794 | 6.500 | 04/15/32 | 1967453 |
| APLD ComputeCo LLC<sup>(a)(b)</sup> (BB-/NR) | APLD ComputeCo LLC<sup>(a)(b)</sup> (BB-/NR) | APLD ComputeCo LLC<sup>(a)(b)</sup> (BB-/NR) | APLD ComputeCo LLC<sup>(a)(b)</sup> (BB-/NR) |
| 3222000 | 9.250 | 12/15/30 | 3319949 |
| Black Pearl Compute LLC<sup>(a)(b)</sup> (NR/Ba2) | Black Pearl Compute LLC<sup>(a)(b)</sup> (NR/Ba2) | Black Pearl Compute LLC<sup>(a)(b)</sup> (NR/Ba2) | Black Pearl Compute LLC<sup>(a)(b)</sup> (NR/Ba2) |
| 19615000 | 6.125 | 02/15/31 | 19974151 |
| EchoStar Corp.<sup>(a)</sup> (B/Caa1) | EchoStar Corp.<sup>(a)</sup> (B/Caa1) | EchoStar Corp.<sup>(a)</sup> (B/Caa1) | EchoStar Corp.<sup>(a)</sup> (B/Caa1) |
| 8920000 | 10.750 | 11/30/29 | 9633600 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Telecommunication Services – (continued) | Telecommunication Services – (continued) | Telecommunication Services – (continued) | Telecommunication Services – (continued) |
| (PIK 6.750%, Cash 6.750%) | (PIK 6.750%, Cash 6.750%) | (PIK 6.750%, Cash 6.750%) | (PIK 6.750%, Cash 6.750%) |
| $9801039 | 6.750 %<sup>(d)</sup> | 11/30/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9908360 |
| Fibercop SpA<sup>(a)(b)</sup> (BB+/Ba1) | Fibercop SpA<sup>(a)(b)</sup> (BB+/Ba1) | Fibercop SpA<sup>(a)(b)</sup> (BB+/Ba1) | Fibercop SpA<sup>(a)(b)</sup> (BB+/Ba1) |
| 2116000 | 6.000 | 09/30/34 | 2019997 |
| 3106000 | 7.200 | 07/18/36 | 3093234 |
| Frontier Communications Holdings LLC<sup>(a)(b)</sup> (NR/Baa3) | Frontier Communications Holdings LLC<sup>(a)(b)</sup> (NR/Baa3) | Frontier Communications Holdings LLC<sup>(a)(b)</sup> (NR/Baa3) | Frontier Communications Holdings LLC<sup>(a)(b)</sup> (NR/Baa3) |
| 5250000 | 6.000 | 01/15/30 | 5282550 |
| Iliad Holding SAS<sup>(a)(b)</sup> (B+/B2) | Iliad Holding SAS<sup>(a)(b)</sup> (B+/B2) | Iliad Holding SAS<sup>(a)(b)</sup> (B+/B2) | Iliad Holding SAS<sup>(a)(b)</sup> (B+/B2) |
| 3070000 | 7.000 | 04/15/32 | 3076324 |
| Level 3 Financing, Inc.<sup>(a)(b)</sup> (B+/Ba3) | Level 3 Financing, Inc.<sup>(a)(b)</sup> (B+/Ba3) | Level 3 Financing, Inc.<sup>(a)(b)</sup> (B+/Ba3) | Level 3 Financing, Inc.<sup>(a)(b)</sup> (B+/Ba3) |
| 3680000 | 6.875 | 06/30/33 | 3747234 |
| 4080000 | 7.000 | 03/31/34 | 4177349 |
| Nokia of America Corp.<sup>(c)</sup> (NR/WR) | Nokia of America Corp.<sup>(c)</sup> (NR/WR) | Nokia of America Corp.<sup>(c)</sup> (NR/WR) | Nokia of America Corp.<sup>(c)</sup> (NR/WR) |
| 5755000 | 6.450 | 03/15/29 | 5844433 |
| Sable International Finance Ltd.<sup>(a)(b)</sup> (BB-/Ba3) | Sable International Finance Ltd.<sup>(a)(b)</sup> (BB-/Ba3) | Sable International Finance Ltd.<sup>(a)(b)</sup> (BB-/Ba3) | Sable International Finance Ltd.<sup>(a)(b)</sup> (BB-/Ba3) |
| 1795000 | 7.125 | 10/15/32 | 1766474 |
| SV RNO Property Owner 1 LLC<sup>(a)(b)</sup> (NR/Ba1) | SV RNO Property Owner 1 LLC<sup>(a)(b)</sup> (NR/Ba1) | SV RNO Property Owner 1 LLC<sup>(a)(b)</sup> (NR/Ba1) | SV RNO Property Owner 1 LLC<sup>(a)(b)</sup> (NR/Ba1) |
| 19184000 | 5.875 | 03/01/31 | 19010768 |
| Uniti Services LLC<sup>(a)(b)</sup> (B/B2) | Uniti Services LLC<sup>(a)(b)</sup> (B/B2) | Uniti Services LLC<sup>(a)(b)</sup> (B/B2) | Uniti Services LLC<sup>(a)(b)</sup> (B/B2) |
| 4983000 | 7.500 | 10/15/33 | 5178932 |
| Vodafone Group PLC<sup>(a)(e)</sup> (BB+/Ba1) (5 yr. USD Swap + 4.873%) | Vodafone Group PLC<sup>(a)(e)</sup> (BB+/Ba1) (5 yr. USD Swap + 4.873%) | Vodafone Group PLC<sup>(a)(e)</sup> (BB+/Ba1) (5 yr. USD Swap + 4.873%) | Vodafone Group PLC<sup>(a)(e)</sup> (BB+/Ba1) (5 yr. USD Swap + 4.873%) |
| 4717000 | 7.000 | 04/04/79 | 4837378 |
| Windstream Services LLC/Windstream Escrow Finance Corp.<sup>(a)(b)</sup> (NR/B2) | Windstream Services LLC/Windstream Escrow Finance Corp.<sup>(a)(b)</sup> (NR/B2) | Windstream Services LLC/Windstream Escrow Finance Corp.<sup>(a)(b)</sup> (NR/B2) | Windstream Services LLC/Windstream Escrow Finance Corp.<sup>(a)(b)</sup> (NR/B2) |
| 1530000 | 8.250 | 10/01/31 | 1602583 |
|  |  |  | 106000084 |
| Transportation<sup>(a)(b)</sup> – 0.4% | Transportation<sup>(a)(b)</sup> – 0.4% | Transportation<sup>(a)(b)</sup> – 0.4% | Transportation<sup>(a)(b)</sup> – 0.4% |
| Beacon Mobility Corp. (B/B1) | Beacon Mobility Corp. (B/B1) | Beacon Mobility Corp. (B/B1) | Beacon Mobility Corp. (B/B1) |
| 2270000 | 7.250 | 08/01/30 | 2343276 |
| Rand Parent LLC (BB-/Ba1) | Rand Parent LLC (BB-/Ba1) | Rand Parent LLC (BB-/Ba1) | Rand Parent LLC (BB-/Ba1) |
| 6277000 | 8.500 | 02/15/30 | 6458217 |
|  |  |  | 8801493 |
| **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $2,219,046,095)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $2,219,046,095)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $2,219,046,095)** | $2189832498 |
| Bank Loans<sup>(f)</sup> – 3.8% | Bank Loans<sup>(f)</sup> – 3.8% | Bank Loans<sup>(f)</sup> – 3.8% | Bank Loans<sup>(f)</sup> – 3.8% |
| Aerospace & Defense – 0.2% | Aerospace & Defense – 0.2% | Aerospace & Defense – 0.2% | Aerospace & Defense – 0.2% |
| Kaman Corp. (B/B2)((1 mo. USD Term SOFR + 2.500%) – (3 mo. USD Term SOFR + 2.500%)) | Kaman Corp. (B/B2)((1 mo. USD Term SOFR + 2.500%) – (3 mo. USD Term SOFR + 2.500%)) | Kaman Corp. (B/B2)((1 mo. USD Term SOFR + 2.500%) – (3 mo. USD Term SOFR + 2.500%)) | Kaman Corp. (B/B2)((1 mo. USD Term SOFR + 2.500%) – (3 mo. USD Term SOFR + 2.500%)) |
| $4013208 | 6.168– |  |  |
|  | 6.200% | 02/26/32 | $4012445 |
| Kaman Corp. (NR/B2)(3 mo. USD Term SOFR + 2.500%) | Kaman Corp. (NR/B2)(3 mo. USD Term SOFR + 2.500%) | Kaman Corp. (NR/B2)(3 mo. USD Term SOFR + 2.500%) | Kaman Corp. (NR/B2)(3 mo. USD Term SOFR + 2.500%) |
| 74398 | 6.200 | 02/26/32 | 73482 |
|  |  |  | 4085927 |
| Automotive – 0.0% | Automotive – 0.0% | Automotive – 0.0% | Automotive – 0.0% |
| First Brands Group LLC (NR/NR) | First Brands Group LLC (NR/NR) | First Brands Group LLC (NR/NR) | First Brands Group LLC (NR/NR) |
| 1094479 | 0.000 | 06/29/26 | 221085 |
| First Brands Group LLC<sup>(g)</sup> (NR/WR) | First Brands Group LLC<sup>(g)</sup> (NR/WR) | First Brands Group LLC<sup>(g)</sup> (NR/WR) | First Brands Group LLC<sup>(g)</sup> (NR/WR) |
| 1685667 | 0.000 | 03/30/27 | 1905 |
|  |  |  | 222990 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **33** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(f)</sup> – (continued) | Bank Loans<sup>(f)</sup> – (continued) | Bank Loans<sup>(f)</sup> – (continued) | Bank Loans<sup>(f)</sup> – (continued) |
| Banks – 0.1% | Banks – 0.1% | Banks – 0.1% | Banks – 0.1% |
| Nouryon Finance BV (B+/B2)(6 mo. USD Term SOFR + 3.250%) | Nouryon Finance BV (B+/B2)(6 mo. USD Term SOFR + 3.250%) | Nouryon Finance BV (B+/B2)(6 mo. USD Term SOFR + 3.250%) | Nouryon Finance BV (B+/B2)(6 mo. USD Term SOFR + 3.250%) |
| $3154729 | 7.036% | 04/03/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3087691 |
| Building & Construction – 0.3% | Building & Construction – 0.3% | Building & Construction – 0.3% | Building & Construction – 0.3% |
| AAL Delaware Holdco, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) | AAL Delaware Holdco, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) | AAL Delaware Holdco, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) | AAL Delaware Holdco, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) |
| 5372136 | 6.418 | 07/30/31 | 5360371 |
| KKR Apple Bidco LLC (B/B2)(1 mo. USD Term SOFR + 2.500%) | KKR Apple Bidco LLC (B/B2)(1 mo. USD Term SOFR + 2.500%) | KKR Apple Bidco LLC (B/B2)(1 mo. USD Term SOFR + 2.500%) | KKR Apple Bidco LLC (B/B2)(1 mo. USD Term SOFR + 2.500%) |
| 3219201 | 6.168 | 09/23/31 | 3219201 |
|  |  |  | 8579572 |
| Commercial Services – 0.6% | Commercial Services – 0.6% | Commercial Services – 0.6% | Commercial Services – 0.6% |
| Ankura Consulting Group LLC (B-/B3)(3 mo. USD Term SOFR + 3.500%) | Ankura Consulting Group LLC (B-/B3)(3 mo. USD Term SOFR + 3.500%) | Ankura Consulting Group LLC (B-/B3)(3 mo. USD Term SOFR + 3.500%) | Ankura Consulting Group LLC (B-/B3)(3 mo. USD Term SOFR + 3.500%) |
| 5851091 | 7.171 | 12/29/31 | 5573164 |
| Groundworks LLC (B/B3)(3 mo. USD Term SOFR + 3.000%) | Groundworks LLC (B/B3)(3 mo. USD Term SOFR + 3.000%) | Groundworks LLC (B/B3)(3 mo. USD Term SOFR + 3.000%) | Groundworks LLC (B/B3)(3 mo. USD Term SOFR + 3.000%) |
| 4424330 | 6.673 | 03/14/31 | 4409110 |
| Wand NewCo 3, Inc. (B/B3)(1 mo. USD Term SOFR + 2.500%) | Wand NewCo 3, Inc. (B/B3)(1 mo. USD Term SOFR + 2.500%) | Wand NewCo 3, Inc. (B/B3)(1 mo. USD Term SOFR + 2.500%) | Wand NewCo 3, Inc. (B/B3)(1 mo. USD Term SOFR + 2.500%) |
| 5028307 | 6.168 | 01/30/31 | 4981192 |
|  |  |  | 14963466 |
| Consumer Cyclical Services – 0.3% | Consumer Cyclical Services – 0.3% | Consumer Cyclical Services – 0.3% | Consumer Cyclical Services – 0.3% |
| Hertz Corp. (B-/Ba3) (1 mo. USD Term SOFR + 3.500%) | Hertz Corp. (B-/Ba3) (1 mo. USD Term SOFR + 3.500%) | Hertz Corp. (B-/Ba3) (1 mo. USD Term SOFR + 3.500%) | Hertz Corp. (B-/Ba3) (1 mo. USD Term SOFR + 3.500%) |
| 8917807 | 7.282 | 06/30/28 | 6576883 |
| Diversified Financial Services – 0.3% | Diversified Financial Services – 0.3% | Diversified Financial Services – 0.3% | Diversified Financial Services – 0.3% |
| Deep Blue Operating I LLC (BB-/Ba3)(1 mo. USD Term SOFR + 2.750%) | Deep Blue Operating I LLC (BB-/Ba3)(1 mo. USD Term SOFR + 2.750%) | Deep Blue Operating I LLC (BB-/Ba3)(1 mo. USD Term SOFR + 2.750%) | Deep Blue Operating I LLC (BB-/Ba3)(1 mo. USD Term SOFR + 2.750%) |
| 5275000 | 6.421 | 10/01/32 | 5288187 |
| NEXUS Buyer LLC (B-/B2)(1 mo. USD Term SOFR + 3.500%) | NEXUS Buyer LLC (B-/B2)(1 mo. USD Term SOFR + 3.500%) | NEXUS Buyer LLC (B-/B2)(1 mo. USD Term SOFR + 3.500%) | NEXUS Buyer LLC (B-/B2)(1 mo. USD Term SOFR + 3.500%) |
| 2802466 | 7.168 | 07/31/31 | 2689107 |
|  |  |  | 7977294 |
| Entertainment – 0.2% | Entertainment – 0.2% | Entertainment – 0.2% | Entertainment – 0.2% |
| Crown Finance U.S., Inc. (B/B3)(1 mo. USD Term SOFR + 4.500%) | Crown Finance U.S., Inc. (B/B3)(1 mo. USD Term SOFR + 4.500%) | Crown Finance U.S., Inc. (B/B3)(1 mo. USD Term SOFR + 4.500%) | Crown Finance U.S., Inc. (B/B3)(1 mo. USD Term SOFR + 4.500%) |
| 5433937 | 8.171 | 12/02/31 | 5371936 |
| Food & Beverages – 0.1% | Food & Beverages – 0.1% | Food & Beverages – 0.1% | Food & Beverages – 0.1% |
| Sazerac Co., Inc. (BB-/Ba3)(1 mo. USD Term SOFR + 2.000%) | Sazerac Co., Inc. (BB-/Ba3)(1 mo. USD Term SOFR + 2.000%) | Sazerac Co., Inc. (BB-/Ba3)(1 mo. USD Term SOFR + 2.000%) | Sazerac Co., Inc. (BB-/Ba3)(1 mo. USD Term SOFR + 2.000%) |
| 3566063 | 5.670 | 07/09/32 | 3561106 |
| Insurance – 0.3% | Insurance – 0.3% | Insurance – 0.3% | Insurance – 0.3% |
| Broadstreet Partners, Inc. (B/B2)(1 mo. USD Term SOFR + 2.500%) | Broadstreet Partners, Inc. (B/B2)(1 mo. USD Term SOFR + 2.500%) | Broadstreet Partners, Inc. (B/B2)(1 mo. USD Term SOFR + 2.500%) | Broadstreet Partners, Inc. (B/B2)(1 mo. USD Term SOFR + 2.500%) |
| 7621044 | 6.168 | 06/13/31 | 7423888 |
| Internet – 0.1% | Internet – 0.1% | Internet – 0.1% | Internet – 0.1% |
| Plano HoldCo, Inc. (B/B2)(3 mo. USD Term SOFR + 3.500%) | Plano HoldCo, Inc. (B/B2)(3 mo. USD Term SOFR + 3.500%) | Plano HoldCo, Inc. (B/B2)(3 mo. USD Term SOFR + 3.500%) | Plano HoldCo, Inc. (B/B2)(3 mo. USD Term SOFR + 3.500%) |
| 2519072 | 7.200 | 10/02/31 | 2015257 |
| Media - Cable – 0.1% | Media - Cable – 0.1% | Media - Cable – 0.1% | Media - Cable – 0.1% |
| iHeartCommunications, Inc. (CCC+/Caa1)(1 mo. USD Term SOFR + 5.775%) | iHeartCommunications, Inc. (CCC+/Caa1)(1 mo. USD Term SOFR + 5.775%) | iHeartCommunications, Inc. (CCC+/Caa1)(1 mo. USD Term SOFR + 5.775%) | iHeartCommunications, Inc. (CCC+/Caa1)(1 mo. USD Term SOFR + 5.775%) |
| 1918584 | 9.557 | 05/01/29 | 1676056 |
| Media - Non Cable – 0.0% | Media - Non Cable – 0.0% | Media - Non Cable – 0.0% | Media - Non Cable – 0.0% |
| Diamond Sports Group LLC (NR/NR)(Fixed + 12.000%) | Diamond Sports Group LLC (NR/NR)(Fixed + 12.000%) | Diamond Sports Group LLC (NR/NR)(Fixed + 12.000%) | Diamond Sports Group LLC (NR/NR)(Fixed + 12.000%) |
| 244378 | 12.000 | 01/02/28 | 40322 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(f)</sup> – (continued) | Bank Loans<sup>(f)</sup> – (continued) | Bank Loans<sup>(f)</sup> – (continued) | Bank Loans<sup>(f)</sup> – (continued) |
| Retailers – 0.1% | Retailers – 0.1% | Retailers – 0.1% | Retailers – 0.1% |
| Harbor Freight Tools USA, Inc. (BB-/B2)(1 mo. USD Term SOFR + 2.250%) | Harbor Freight Tools USA, Inc. (BB-/B2)(1 mo. USD Term SOFR + 2.250%) | Harbor Freight Tools USA, Inc. (BB-/B2)(1 mo. USD Term SOFR + 2.250%) | Harbor Freight Tools USA, Inc. (BB-/B2)(1 mo. USD Term SOFR + 2.250%) |
| $2330374 | 5.918% | 06/11/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2303529 |
| Restoration Hardware, Inc. (B/B3)(1 mo. USD Term SOFR + 2.500%) | Restoration Hardware, Inc. (B/B3)(1 mo. USD Term SOFR + 2.500%) | Restoration Hardware, Inc. (B/B3)(1 mo. USD Term SOFR + 2.500%) | Restoration Hardware, Inc. (B/B3)(1 mo. USD Term SOFR + 2.500%) |
| 2567 | 6.282 | 10/20/28 | 2494 |
|  |  |  | 2306023 |
| Technology – 0.9% | Technology – 0.9% | Technology – 0.9% | Technology – 0.9% |
| Go Daddy Operating Co. LLC (BB/Ba1)(1 mo. USD Term SOFR + 1.750%) | Go Daddy Operating Co. LLC (BB/Ba1)(1 mo. USD Term SOFR + 1.750%) | Go Daddy Operating Co. LLC (BB/Ba1)(1 mo. USD Term SOFR + 1.750%) | Go Daddy Operating Co. LLC (BB/Ba1)(1 mo. USD Term SOFR + 1.750%) |
| 5984810 | 5.418 | 11/09/29 | 5890071 |
| LSF12 Crown U.S. Commercial Bidco LLC (B-/B1)(1 mo. USD Term SOFR + 3.000%) | LSF12 Crown U.S. Commercial Bidco LLC (B-/B1)(1 mo. USD Term SOFR + 3.000%) | LSF12 Crown U.S. Commercial Bidco LLC (B-/B1)(1 mo. USD Term SOFR + 3.000%) | LSF12 Crown U.S. Commercial Bidco LLC (B-/B1)(1 mo. USD Term SOFR + 3.000%) |
| 3416067 | 6.668 | 12/02/31 | 3416067 |
| McAfee LLC (B-/B1)(1 mo. USD Term SOFR + 3.000%) | McAfee LLC (B-/B1)(1 mo. USD Term SOFR + 3.000%) | McAfee LLC (B-/B1)(1 mo. USD Term SOFR + 3.000%) | McAfee LLC (B-/B1)(1 mo. USD Term SOFR + 3.000%) |
| 7547996 | 6.668 | 03/01/29 | 6717716 |
| Pitney Bowes, Inc. (BB/Ba2)(3 mo. USD Term SOFR + 3.750%) | Pitney Bowes, Inc. (BB/Ba2)(3 mo. USD Term SOFR + 3.750%) | Pitney Bowes, Inc. (BB/Ba2)(3 mo. USD Term SOFR + 3.750%) | Pitney Bowes, Inc. (BB/Ba2)(3 mo. USD Term SOFR + 3.750%) |
| 5544205 | 7.450 | 03/19/32 | 5498022 |
|  |  |  | 21521876 |
| Technology - Software – 0.2% | Technology - Software – 0.2% | Technology - Software – 0.2% | Technology - Software – 0.2% |
| Camelot U.S. Acquisition LLC (BB-/B1)(1 mo. USD Term SOFR + 2.750%) | Camelot U.S. Acquisition LLC (BB-/B1)(1 mo. USD Term SOFR + 2.750%) | Camelot U.S. Acquisition LLC (BB-/B1)(1 mo. USD Term SOFR + 2.750%) | Camelot U.S. Acquisition LLC (BB-/B1)(1 mo. USD Term SOFR + 2.750%) |
| 5145720 | 6.418 | 01/31/31 | 4428561 |
| **TOTAL BANK LOANS**<br> **(Cost $98,039,593)** | **TOTAL BANK LOANS**<br> **(Cost $98,039,593)** | **TOTAL BANK LOANS**<br> **(Cost $98,039,593)** | $&nbsp;&nbsp;&nbsp;&nbsp;93838848 |
| **Shares** | **Description** | **Description** | **Value** |
| Common Stocks – 0.2% | Common Stocks – 0.2% | Common Stocks – 0.2% | Common Stocks – 0.2% |
| Automobile Components – 0.0% | Automobile Components – 0.0% | Automobile Components – 0.0% | Automobile Components – 0.0% |
| 1229 | Lear Corp. | Lear Corp. | $148807 |
| Chemicals – 0.0% | Chemicals – 0.0% | Chemicals – 0.0% | Chemicals – 0.0% |
| 411 | LyondellBasell Industries<br>NV Class A | LyondellBasell Industries<br>NV Class A | 33110 |
| Commercial Services & Supplies<sup>(g)(h)</sup> – 0.0% | Commercial Services & Supplies<sup>(g)(h)</sup> – 0.0% | Commercial Services & Supplies<sup>(g)(h)</sup> – 0.0% | Commercial Services & Supplies<sup>(g)(h)</sup> – 0.0% |
| 7179000 | Reorganized ISA SA | Reorganized ISA SA | 0 |
| Containers & Packaging<sup>(c)(g)(h)</sup> – 0.1% | Containers & Packaging<sup>(c)(g)(h)</sup> – 0.1% | Containers & Packaging<sup>(c)(g)(h)</sup> – 0.1% | Containers & Packaging<sup>(c)(g)(h)</sup> – 0.1% |
| 214008 | Ardagh Holdings SA | Ardagh Holdings SA | 1498056 |
| Diversified Telecommunication Services<sup>(g)</sup> – 0.0% | Diversified Telecommunication Services<sup>(g)</sup> – 0.0% | Diversified Telecommunication Services<sup>(g)</sup> – 0.0% | Diversified Telecommunication Services<sup>(g)</sup> – 0.0% |
| 4500 | Holdco | Holdco | 27547 |
| Financial Services<sup>(g)</sup> – 0.0% | Financial Services<sup>(g)</sup> – 0.0% | Financial Services<sup>(g)</sup> – 0.0% | Financial Services<sup>(g)</sup> – 0.0% |
| 11631 | DSG TopCo, Inc. | DSG TopCo, Inc. | 2187 |
| Interactive Media & Services<sup>(g)</sup> – 0.1% | Interactive Media & Services<sup>(g)</sup> – 0.1% | Interactive Media & Services<sup>(g)</sup> – 0.1% | Interactive Media & Services<sup>(g)</sup> – 0.1% |
| 287756 | Angi, Inc. | Angi, Inc. | 1971129 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **34** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **<br>Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Real Estate Investment Trusts – 0.0% | Real Estate Investment Trusts – 0.0% | Real Estate Investment Trusts – 0.0% |
| 21514 | Luxco Co. Ltd.<sup>(g)</sup> | $358084 |
| **TOTAL COMMON STOCKS**<br> **(Cost $8,684,884)** | **TOTAL COMMON STOCKS**<br> **(Cost $8,684,884)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4038920 |
| Contingent Value Rights – 0.1% | Contingent Value Rights – 0.1% | Contingent Value Rights – 0.1% |
| Communications–0.1% | Communications–0.1% | Communications–0.1% |
| 229679 | SES SA | $3339992 |
| (Cost $0) | (Cost $0) | (Cost $0) |
| **Shares** | **Dividend<br>Rate** | **Value** |
| Preferred Stocks – 0.0% | Preferred Stocks – 0.0% | Preferred Stocks – 0.0% |
| Capital Markets – 0.0% | Capital Markets – 0.0% | Capital Markets – 0.0% |
| KKR & Co., Inc. | KKR & Co., Inc. | KKR & Co., Inc. |
| 20616 | 6.250% | $829176 |
| (Cost $858,648) | (Cost $858,648) | (Cost $858,648) |
| **Units** | **Expiration<br>Date** | **Value** |
| Rights<sup>(g)</sup> – 0.0% | Rights<sup>(g)</sup> – 0.0% | Rights<sup>(g)</sup> – 0.0% |
| Entertainment – 0.0% | Entertainment – 0.0% | Entertainment – 0.0% |
| Cineworld Group PLC (NR/NR) | Cineworld Group PLC (NR/NR) | Cineworld Group PLC (NR/NR) |
| 42700 | 12/31/99 | $750282 |
| (Cost $1,085,007) | (Cost $1,085,007) | (Cost $1,085,007) |
| Warrants<sup>(g)</sup> – 0.0% | Warrants<sup>(g)</sup> – 0.0% | Warrants<sup>(g)</sup> – 0.0% |
| Noble Corp. PLC (NR/NR) | Noble Corp. PLC (NR/NR) | Noble Corp. PLC (NR/NR) |
| 4596 | 02/04/28 | $130687 |
| (Cost $11,490) | (Cost $11,490) | (Cost $11,490) |
| **Shares** | **Description** | **Value** |
| Exchange Traded Funds – 0.0% | Exchange Traded Funds – 0.0% | Exchange Traded Funds – 0.0% |
| 41233 | Eaton Vance Senior<br>Floating-Rate Trust (NR/NR) | $434596 |
| (Cost $466,512) | (Cost $466,512) | (Cost $466,512) |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| Investment Company<sup>(i)</sup> – 1.6% | Investment Company<sup>(i)</sup> – 1.6% | Investment Company<sup>(i)</sup> – 1.6% |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 40280689 | 3.553% | $40280689 |
| (Cost $40,280,689) | (Cost $40,280,689) | (Cost $40,280,689) |
| TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT<br>(Cost $2,368,472,918) | TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT<br>(Cost $2,368,472,918) | $2330135696 |
| Securities Lending Reinvestment Vehicle – 2.6% | Securities Lending Reinvestment Vehicle – 2.6% | Securities Lending Reinvestment Vehicle – 2.6% |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 65412269 | 3.553% | $65412269 |
| (Cost $65,412,269) | (Cost $65,412,269) | (Cost $65,412,269) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Short-term Investments – 3.3% | Short-term Investments – 3.3% | Short-term Investments – 3.3% | Short-term Investments – 3.3% |
| Commercial Paper – 3.3% | Commercial Paper – 3.3% | Commercial Paper – 3.3% | Commercial Paper – 3.3% |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| $16000000 | 0.000 %<sup>(b)(j)</sup> | 04/02/26 | $15996323 |
| Alexandria Real Estate Equities, Inc.<sup>(b)(j)</sup>  | Alexandria Real Estate Equities, Inc.<sup>(b)(j)</sup>  | Alexandria Real Estate Equities, Inc.<sup>(b)(j)</sup>  | Alexandria Real Estate Equities, Inc.<sup>(b)(j)</sup>  |
| 7576000 | 0.000 | 04/06/26 | 7571077 |
| 10000000 | 0.000 | 04/10/26 | 9989149 |
| Autonation, Inc. | Autonation, Inc. | Autonation, Inc. | Autonation, Inc. |
| 11500000 | 0.000 <sup>(b)(j)</sup> | 04/01/26 | 11498674 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 7000000 | 0.000 <sup>(b)(j)</sup> | 04/01/26 | 6999222 |
| General Mills, Inc. | General Mills, Inc. | General Mills, Inc. | General Mills, Inc. |
| 10200000 | 0.000 <sup>(b)(j)</sup> | 04/06/26 | 10193426 |
| Macquarie Group Ltd. | Macquarie Group Ltd. | Macquarie Group Ltd. | Macquarie Group Ltd. |
| 9580000 | 0.000 <sup>(j)</sup> | 06/05/26 | 9507956 |
| RWE AG | RWE AG | RWE AG | RWE AG |
| 11139000 | 0.000 <sup>(b)(j)</sup> | 06/23/26 | 11031761 |
| TOTAL SHORT-TERM INVESTMENTS<br>(Cost $82,791,266) | TOTAL SHORT-TERM INVESTMENTS<br>(Cost $82,791,266) | TOTAL SHORT-TERM INVESTMENTS<br>(Cost $82,791,266) | $82787588 |
| **TOTAL INVESTMENTS – 98.9%**<br> **(Cost $2,516,676,453)** | **TOTAL INVESTMENTS – 98.9%**<br> **(Cost $2,516,676,453)** | **TOTAL INVESTMENTS – 98.9%**<br> **(Cost $2,516,676,453)** | $2481675545 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.1%** | $27981948 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $2509657493 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (b) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (c) | All or a portion of security is on loan. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **35** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(d) Pay-in-kind securities.

(e) Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2026.

(f) Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on March 31, 2026. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the Secured Overnight Financing Rate ("SOFR"), and secondarily the prime rate offered by one or more major United States banks (the "Prime Rate") and the certificate of deposit ("CD") rate or other base lending rates used by commercial lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

(i) Represents an affiliated issuer.

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

Security ratings disclosed, if any, are obtained from S&P's /Moody's Investor Service and are unaudited. A brief description of the ratings is available in the Fund's Statement of Additional Information.

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At March 31, 2026, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Principal**<br> **Amount** | **Current**<br> **Value** | **Unrealized**<br> **Gain (Loss)** |
|  Kaman Corp. (NR/B2), due 02/26/32 | $306698 | $307542 | $(58) |

---

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2026, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized**<br> **Gain** |
|  State Street Bank and Trust | USD | 1965460 | EUR | 1694223 | 05/22/26 | $2328 |
|  | USD | 26659375 | GBP | 19458716 | 04/28/26 | 904788 |
|  Westpac Banking Corp. | USD | 34151845 | EUR | 28878782 | 05/22/26 | 689392 |
| TOTAL |  |  |  |  |  | $1596508 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS |
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized**<br> **Loss** |
|  JPMorgan Securities, Inc. | USD | 2126125 | EUR | 1837489 | 05/22/26 | $(3012) |
|  MS & Co. Int. PLC | EUR | 2369557 | USD | 2812344 | 05/22/26 | (66689) |
| TOTAL |  |  |  |  |  | $(69701) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **36** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At March 31, 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | 800 | 06/18/26 | $88837500 | $(843221) |
|  2 Year U.S. Treasury Notes | 461 | 06/30/26 | 95632289 | (500212) |
|  5 Year U.S. Treasury Notes | 845 | 06/30/26 | 91411836 | (1180943) |
| Total |  |  |  | $(2524376) |
|  **Short position contracts:** |  |  |  |  |
|  20 Year U.S. Treasury Bonds | (89) | 06/18/26 | (10134875) | 274326 |
|  Euro-Bobl | (62) | 06/08/26 | (8272027) | 181181 |
|  Ultra Long U.S. Treasury Bonds | (73) | 06/18/26 | (8509062) | 289456 |
| Total |  |  |  | $744963 |
| TOTAL FUTURES CONTRACTS |  |  |  | $(1779413) |

---

SWAP CONTRACTS — At March 31, 2026, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>March 31,<br>2026<sup>(b)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** |
|  CDX.NA.HY Ind 39 | 5.000% | 2.636% | 12/20/27 | $90783 | $3653232 | $2773409 | $879823 |
|  CDX.NA.HY Ind 45 | 5.000 | 3.648 | 12/20/30 | 199386 | 10844638 | 13158364 | (2313726) |
|  CDX.NA.HY Ind 46 | 5.000 | 3.856 | 06/20/31 | 12075 | 599151 | 469225 | 129926 |
| TOTAL |  |  |  |  | $15097021 | $16400998 | $(1303977) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;(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: | Currency Abbreviations: |
| EUR | —Euro |
| GBP | —British Pound |
| USD | —U.S. Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **37** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

---

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

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| CDX.NA.HY Ind 39 | —CDX North America High Yield Index 39 |
| CDX.NA.HY Ind 45 | —CDX North America High Yield Index 45 |
| CDX.NA.HY Ind 46 | —CDX North America High Yield Index 46 |
| MS & Co. Int. PLC | —Morgan Stanley & Co. International PLC |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **38** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(a)</sup> – 85.7% | Bank Loans<sup>(a)</sup> – 85.7% |  |  |
| Aerospace & Defense – 3.6% | Aerospace & Defense – 3.6% | Aerospace & Defense – 3.6% |  |
| Air Comm Corp. LLC (B/B2)(3 mo. USD Term SOFR + 2.750%) | Air Comm Corp. LLC (B/B2)(3 mo. USD Term SOFR + 2.750%) | Air Comm Corp. LLC (B/B2)(3 mo. USD Term SOFR + 2.750%) | Air Comm Corp. LLC (B/B2)(3 mo. USD Term SOFR + 2.750%) |
| 9785428 | 6.423– |  |  |
|  | 6.450% | 12/11/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9797660 |
| Bleriot U.S. Bidco, Inc. (B/B2)(3 mo. USD Term SOFR + 2.500%) | Bleriot U.S. Bidco, Inc. (B/B2)(3 mo. USD Term SOFR + 2.500%) | Bleriot U.S. Bidco, Inc. (B/B2)(3 mo. USD Term SOFR + 2.500%) | Bleriot U.S. Bidco, Inc. (B/B2)(3 mo. USD Term SOFR + 2.500%) |
| 8531397 | 6.200 | 10/31/30 | 8537454 |
| Kaman Corp. (B/B2)((1 mo. USD Term SOFR + 2.500%) – (3 mo. USD Term SOFR + 2.500%)) | Kaman Corp. (B/B2)((1 mo. USD Term SOFR + 2.500%) – (3 mo. USD Term SOFR + 2.500%)) | Kaman Corp. (B/B2)((1 mo. USD Term SOFR + 2.500%) – (3 mo. USD Term SOFR + 2.500%)) | Kaman Corp. (B/B2)((1 mo. USD Term SOFR + 2.500%) – (3 mo. USD Term SOFR + 2.500%)) |
| 7762652 | 6.168– |  |  |
|  | 6.200 | 02/26/32 | 7761177 |
| Kaman Corp. (NR/B2)(3 mo. USD Term SOFR + 2.500%) | Kaman Corp. (NR/B2)(3 mo. USD Term SOFR + 2.500%) | Kaman Corp. (NR/B2)(3 mo. USD Term SOFR + 2.500%) | Kaman Corp. (NR/B2)(3 mo. USD Term SOFR + 2.500%) |
| 144147 | 6.200 | 02/26/32 | 149027 |
| Propulsion BC Finco SARL (B/B2)(3 mo. USD Term SOFR + 2.500%) | Propulsion BC Finco SARL (B/B2)(3 mo. USD Term SOFR + 2.500%) | Propulsion BC Finco SARL (B/B2)(3 mo. USD Term SOFR + 2.500%) | Propulsion BC Finco SARL (B/B2)(3 mo. USD Term SOFR + 2.500%) |
| 3990299 | 6.200 | 12/01/32 | 3989580 |
| TransDigm, Inc. (BB-/Ba3) | TransDigm, Inc. (BB-/Ba3) | TransDigm, Inc. (BB-/Ba3) |  |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |  |
| 13665228 | 6.168 | 02/28/31 | 13663725 |
| 1770500 | 6.168 | 01/19/32 | 1769934 |
| 2736250 | 6.168 | 08/19/32 | 2735593 |
| VSE Corp.<sup>(b)</sup> (BB/Ba3) | VSE Corp.<sup>(b)</sup> (BB/Ba3) |  |  |
| 1620091 | 0.000 | 03/17/33 | 1616721 |
|  |  |  | 50020871 |
| Airlines – 0.6% | Airlines – 0.6% |  |  |
| OneSky Flight LLC<sup>(c)</sup> (BB-/Ba3)(1 mo. USD Term SOFR + 2.750%) | OneSky Flight LLC<sup>(c)</sup> (BB-/Ba3)(1 mo. USD Term SOFR + 2.750%) | OneSky Flight LLC<sup>(c)</sup> (BB-/Ba3)(1 mo. USD Term SOFR + 2.750%) | OneSky Flight LLC<sup>(c)</sup> (BB-/Ba3)(1 mo. USD Term SOFR + 2.750%) |
| 3300000 | 6.428 | 02/17/33 | 3287625 |
| VistaJet Malta Finance PLC (BB-/Ba3)(3 mo. USD Term SOFR + 3.750%) | VistaJet Malta Finance PLC (BB-/Ba3)(3 mo. USD Term SOFR + 3.750%) | VistaJet Malta Finance PLC (BB-/Ba3)(3 mo. USD Term SOFR + 3.750%) | VistaJet Malta Finance PLC (BB-/Ba3)(3 mo. USD Term SOFR + 3.750%) |
| 4514500 | 7.406 | 04/01/31 | 4460913 |
|  |  |  | 7748538 |
| Apparel – 0.3% | Apparel – 0.3% |  |  |
| Champ Acquisition Corp. (B/B2)(3 mo. USD Term SOFR + 3.250%) | Champ Acquisition Corp. (B/B2)(3 mo. USD Term SOFR + 3.250%) | Champ Acquisition Corp. (B/B2)(3 mo. USD Term SOFR + 3.250%) | Champ Acquisition Corp. (B/B2)(3 mo. USD Term SOFR + 3.250%) |
| 4464295 | 6.950 | 11/25/31 | 4474072 |
| Automotive – 0.0% | Automotive – 0.0% |  |  |
| First Brands Group LLC (NR/NR) | First Brands Group LLC (NR/NR) | First Brands Group LLC (NR/NR) |  |
| (1 mo. USD Term SOFR + 10.000%) | (1 mo. USD Term SOFR + 10.000%) | (1 mo. USD Term SOFR + 10.000%) |  |
| 1156616 | 13.671 | 06/29/26 | 266022 |
| (3 mo. USD Term SOFR + 7.000%) | (3 mo. USD Term SOFR + 7.000%) | (3 mo. USD Term SOFR + 7.000%) |  |
| 2878872 | 10.676 | 06/29/26 | 1929 |
| First Brands Group LLC<sup>(d)</sup> (NR/WR) | First Brands Group LLC<sup>(d)</sup> (NR/WR) | First Brands Group LLC<sup>(d)</sup> (NR/WR) |  |
| 7247024 | 0.000 | 03/30/27 | 9421 |
| 5488415 | 0.000 | 03/30/28 | 1811 |
|  |  |  | 279183 |
| Automotive - Distributors – 0.8% | Automotive - Distributors – 0.8% | Automotive - Distributors – 0.8% |  |
| Bombardier Recreational Products, Inc. (BB/Ba1) | Bombardier Recreational Products, Inc. (BB/Ba1) | Bombardier Recreational Products, Inc. (BB/Ba1) | Bombardier Recreational Products, Inc. (BB/Ba1) |
| (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) |  |
| 721375 | 5.918 | 12/13/29 | 721635 |
| 1243750 | 5.918 | 01/22/31 | 1243551 |
| DexKo Global, Inc. (B-/B2)(3 mo. USD Term SOFR + 3.750%) | DexKo Global, Inc. (B-/B2)(3 mo. USD Term SOFR + 3.750%) | DexKo Global, Inc. (B-/B2)(3 mo. USD Term SOFR + 3.750%) | DexKo Global, Inc. (B-/B2)(3 mo. USD Term SOFR + 3.750%) |
| 1994949 | 7.679 | 10/04/28 | 1948326 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) |  |
| Automotive - Distributors – (continued) | Automotive - Distributors – (continued) | Automotive - Distributors – (continued) |  |
| SRAM LLC (BB-/B1)((1 mo. USD Term SOFR + 2.250%) – (6 mo. USD Term SOFR + 2.250%)) | SRAM LLC (BB-/B1)((1 mo. USD Term SOFR + 2.250%) – (6 mo. USD Term SOFR + 2.250%)) | SRAM LLC (BB-/B1)((1 mo. USD Term SOFR + 2.250%) – (6 mo. USD Term SOFR + 2.250%)) | SRAM LLC (BB-/B1)((1 mo. USD Term SOFR + 2.250%) – (6 mo. USD Term SOFR + 2.250%)) |
| 6831123 | 5.918– |  |  |
|  | 5.948% | 02/27/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6791298 |
|  |  |  | 10704810 |
| Automotive - Parts – 2.4% | Automotive - Parts – 2.4% | Automotive - Parts – 2.4% |  |
| Adient U.S. LLC (BBB-/Ba2)(1 mo. USD Term SOFR + 2.000%) | Adient U.S. LLC (BBB-/Ba2)(1 mo. USD Term SOFR + 2.000%) | Adient U.S. LLC (BBB-/Ba2)(1 mo. USD Term SOFR + 2.000%) | Adient U.S. LLC (BBB-/Ba2)(1 mo. USD Term SOFR + 2.000%) |
| 2421135 | 5.668 | 01/31/31 | 2414695 |
| BBB Industries LLC (CCC/Caa2)(3 mo. USD Term SOFR + 5.250%) | BBB Industries LLC (CCC/Caa2)(3 mo. USD Term SOFR + 5.250%) | BBB Industries LLC (CCC/Caa2)(3 mo. USD Term SOFR + 5.250%) | BBB Industries LLC (CCC/Caa2)(3 mo. USD Term SOFR + 5.250%) |
| 1488461 | 9.017 | 07/25/29 | 1291241 |
| Belron Finance 2019 LLC (BB-/Ba3)(3 mo. USD Term SOFR + 2.000%) | Belron Finance 2019 LLC (BB-/Ba3)(3 mo. USD Term SOFR + 2.000%) | Belron Finance 2019 LLC (BB-/Ba3)(3 mo. USD Term SOFR + 2.000%) | Belron Finance 2019 LLC (BB-/Ba3)(3 mo. USD Term SOFR + 2.000%) |
| 12030138 | 5.660 | 10/16/31 | 12018108 |
| Clarios Global LP (BB-/B2) | Clarios Global LP (BB-/B2) | Clarios Global LP (BB-/B2) |  |
| (1 mo. EUR EURIBOR + 3.000%) | (1 mo. EUR EURIBOR + 3.000%) | (1 mo. EUR EURIBOR + 3.000%) |  |
| 4125000 | 4.892 | 07/16/31 | 4754198 |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |  |
| 3474463 | 6.168 | 05/06/30 | 3460356 |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |  |
| 3308375 | 6.418 | 01/28/32 | 3296796 |
| Mavis Tire Express Services Corp. (B-/B2)(1 mo. USD Term SOFR + 3.000%) | Mavis Tire Express Services Corp. (B-/B2)(1 mo. USD Term SOFR + 3.000%) | Mavis Tire Express Services Corp. (B-/B2)(1 mo. USD Term SOFR + 3.000%) | Mavis Tire Express Services Corp. (B-/B2)(1 mo. USD Term SOFR + 3.000%) |
| 6570265 | 6.668 | 05/04/28 | 6559621 |
|  |  |  | 33795015 |
| Banks – 0.1% | Banks – 0.1% |  |  |
| Nouryon Finance BV (B+/B2)(6 mo. USD Term SOFR + 3.250%) | Nouryon Finance BV (B+/B2)(6 mo. USD Term SOFR + 3.250%) | Nouryon Finance BV (B+/B2)(6 mo. USD Term SOFR + 3.250%) | Nouryon Finance BV (B+/B2)(6 mo. USD Term SOFR + 3.250%) |
| 1862869 | 7.036 | 04/03/28 | 1823283 |
| Building & Construction – 4.4% | Building & Construction – 4.4% | Building & Construction – 4.4% |  |
| AAL Delaware Holdco, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) | AAL Delaware Holdco, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) | AAL Delaware Holdco, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) | AAL Delaware Holdco, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) |
| 9212293 | 6.418 | 07/30/31 | 9192118 |
| AECOM<sup>(b)</sup> (NR/NR) | AECOM<sup>(b)</sup> (NR/NR) |  |  |
| 2125000 | 0.000 | 04/18/31 | 2128315 |
| Brand Industrial Services, Inc. (B-/Caa1)(3 mo. USD Term SOFR + 4.500%) | Brand Industrial Services, Inc. (B-/Caa1)(3 mo. USD Term SOFR + 4.500%) | Brand Industrial Services, Inc. (B-/Caa1)(3 mo. USD Term SOFR + 4.500%) | Brand Industrial Services, Inc. (B-/Caa1)(3 mo. USD Term SOFR + 4.500%) |
| 6358779 | 8.164 | 08/01/30 | 5442033 |
| Brown Group Holding LLC (B+/B2) | Brown Group Holding LLC (B+/B2) | Brown Group Holding LLC (B+/B2) |  |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |  |
| 6543012 | 6.168 | 07/01/31 | 6547135 |
| 3117682 | 6.167–6.173 | 07/01/31 | 3120425 |
| Construction Partners, Inc. (BB-/B1)(1 mo. USD Term SOFR + 2.500%) | Construction Partners, Inc. (BB-/B1)(1 mo. USD Term SOFR + 2.500%) | Construction Partners, Inc. (BB-/B1)(1 mo. USD Term SOFR + 2.500%) | Construction Partners, Inc. (BB-/B1)(1 mo. USD Term SOFR + 2.500%) |
| 3703125 | 6.168 | 11/03/31 | 3697348 |
| Cube Industrials Buyer, Inc. (B/B3)(3 mo. USD Term SOFR + 3.000%) | Cube Industrials Buyer, Inc. (B/B3)(3 mo. USD Term SOFR + 3.000%) | Cube Industrials Buyer, Inc. (B/B3)(3 mo. USD Term SOFR + 3.000%) | Cube Industrials Buyer, Inc. (B/B3)(3 mo. USD Term SOFR + 3.000%) |
| 8019203 | 6.667 | 10/17/31 | 8005810 |
| DG Investment Intermediate Holdings 2, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.250%) | DG Investment Intermediate Holdings 2, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.250%) | DG Investment Intermediate Holdings 2, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.250%) | DG Investment Intermediate Holdings 2, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.250%) |
| 5021326 | 6.918 | 07/09/32 | 5015050 |
| DG Investment Intermediate Holdings 2, Inc. (CCC/Caa2)(1 mo. USD Term SOFR + 5.500%) | DG Investment Intermediate Holdings 2, Inc. (CCC/Caa2)(1 mo. USD Term SOFR + 5.500%) | DG Investment Intermediate Holdings 2, Inc. (CCC/Caa2)(1 mo. USD Term SOFR + 5.500%) | DG Investment Intermediate Holdings 2, Inc. (CCC/Caa2)(1 mo. USD Term SOFR + 5.500%) |
| 1175000 | 9.168 | 07/29/33 | 1145625 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **39** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) |
| Building & Construction – (continued) | Building & Construction – (continued) | Building & Construction – (continued) | Building & Construction – (continued) |
| KKR Apple Bidco LLC (B/B2)(1 mo. USD Term SOFR + 2.500%) | KKR Apple Bidco LLC (B/B2)(1 mo. USD Term SOFR + 2.500%) | KKR Apple Bidco LLC (B/B2)(1 mo. USD Term SOFR + 2.500%) | KKR Apple Bidco LLC (B/B2)(1 mo. USD Term SOFR + 2.500%) |
| 8919323 | 6.168% | 09/23/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8919323 |
| LSF12 Phoenix Holdco LLC<sup>(b)</sup> (B/B2) | LSF12 Phoenix Holdco LLC<sup>(b)</sup> (B/B2) | LSF12 Phoenix Holdco LLC<sup>(b)</sup> (B/B2) | LSF12 Phoenix Holdco LLC<sup>(b)</sup> (B/B2) |
| 1500000 | 0.000 | 03/25/33 | 1481250 |
| Salas O'Brien, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) | Salas O'Brien, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) | Salas O'Brien, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) | Salas O'Brien, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) |
| 2522071 | 6.418 | 01/31/33 | 2515766 |
| Smyrna Ready Mix Concrete LLC (B+/B1)(1 mo. USD Term SOFR + 3.000%) | Smyrna Ready Mix Concrete LLC (B+/B1)(1 mo. USD Term SOFR + 3.000%) | Smyrna Ready Mix Concrete LLC (B+/B1)(1 mo. USD Term SOFR + 3.000%) | Smyrna Ready Mix Concrete LLC (B+/B1)(1 mo. USD Term SOFR + 3.000%) |
| 3482412 | 6.668 | 04/02/29 | 3475169 |
| Tecta America Corp. (B/B2)(1 mo. USD Term SOFR + 2.750%) | Tecta America Corp. (B/B2)(1 mo. USD Term SOFR + 2.750%) | Tecta America Corp. (B/B2)(1 mo. USD Term SOFR + 2.750%) | Tecta America Corp. (B/B2)(1 mo. USD Term SOFR + 2.750%) |
| 1592376 | 6.418 | 02/18/32 | 1584908 |
|  |  |  | 62270275 |
| Building Materials – 3.0% | Building Materials – 3.0% | Building Materials – 3.0% | Building Materials – 3.0% |
| Associated Materials, Inc. (B/B3)(1 mo. USD Term SOFR + 6.000%) | Associated Materials, Inc. (B/B3)(1 mo. USD Term SOFR + 6.000%) | Associated Materials, Inc. (B/B3)(1 mo. USD Term SOFR + 6.000%) | Associated Materials, Inc. (B/B3)(1 mo. USD Term SOFR + 6.000%) |
| 2113499 | 9.668 | 03/08/29 | 1733069 |
| Chamberlain Group, Inc. (B/B3)(1 mo. USD Term SOFR + 2.750%) | Chamberlain Group, Inc. (B/B3)(1 mo. USD Term SOFR + 2.750%) | Chamberlain Group, Inc. (B/B3)(1 mo. USD Term SOFR + 2.750%) | Chamberlain Group, Inc. (B/B3)(1 mo. USD Term SOFR + 2.750%) |
| 5965666 | 6.418 | 09/08/32 | 5903861 |
| Cornerstone Building Brands, Inc. (B-/Caa1)(3 mo. USD Term SOFR + 3.250%) | Cornerstone Building Brands, Inc. (B-/Caa1)(3 mo. USD Term SOFR + 3.250%) | Cornerstone Building Brands, Inc. (B-/Caa1)(3 mo. USD Term SOFR + 3.250%) | Cornerstone Building Brands, Inc. (B-/Caa1)(3 mo. USD Term SOFR + 3.250%) |
| 5185688 | 7.024 | 04/12/28 | 2922498 |
| Icebox Holdco III, Inc. (B-/B2)(3 mo. USD Term SOFR + 3.250%) | Icebox Holdco III, Inc. (B-/B2)(3 mo. USD Term SOFR + 3.250%) | Icebox Holdco III, Inc. (B-/B2)(3 mo. USD Term SOFR + 3.250%) | Icebox Holdco III, Inc. (B-/B2)(3 mo. USD Term SOFR + 3.250%) |
| 7529092 | 6.950 | 12/22/31 | 7529092 |
| Icebox Holdco III, Inc. (CCC/Caa2)(3 mo. USD Term SOFR + 6.500%) | Icebox Holdco III, Inc. (CCC/Caa2)(3 mo. USD Term SOFR + 6.500%) | Icebox Holdco III, Inc. (CCC/Caa2)(3 mo. USD Term SOFR + 6.500%) | Icebox Holdco III, Inc. (CCC/Caa2)(3 mo. USD Term SOFR + 6.500%) |
| 1525000 | 10.200 | 12/22/32 | 1531680 |
| LBM Acquisition LLC (B-/Caa1) | LBM Acquisition LLC (B-/Caa1) | LBM Acquisition LLC (B-/Caa1) | LBM Acquisition LLC (B-/Caa1) |
| (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) |
| 4777966 | 7.525 | 06/06/31 | 3809855 |
| (1 mo. USD Term SOFR + 5.000%) | (1 mo. USD Term SOFR + 5.000%) | (1 mo. USD Term SOFR + 5.000%) | (1 mo. USD Term SOFR + 5.000%) |
| 1666625 | 8.675 | 06/06/31 | 1401748 |
| MI Windows & Doors LLC (BB-/B2)(1 mo. USD Term SOFR + 2.750%) | MI Windows & Doors LLC (BB-/B2)(1 mo. USD Term SOFR + 2.750%) | MI Windows & Doors LLC (BB-/B2)(1 mo. USD Term SOFR + 2.750%) | MI Windows & Doors LLC (BB-/B2)(1 mo. USD Term SOFR + 2.750%) |
| 1757745 | 6.418 | 03/28/31 | 1614190 |
| Potters Industries LLC (B/B2)(3 mo. USD Term SOFR + 2.500%) | Potters Industries LLC (B/B2)(3 mo. USD Term SOFR + 2.500%) | Potters Industries LLC (B/B2)(3 mo. USD Term SOFR + 2.500%) | Potters Industries LLC (B/B2)(3 mo. USD Term SOFR + 2.500%) |
| 1750000 | 6.173 | 12/23/32 | 1747078 |
| Quikrete Holdings, Inc. (BB/Ba3) | Quikrete Holdings, Inc. (BB/Ba3) | Quikrete Holdings, Inc. (BB/Ba3) | Quikrete Holdings, Inc. (BB/Ba3) |
| (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) |
| 8901860 | 5.918 | 04/14/31 | 8882632 |
| 1879021 | 5.918 | 02/10/32 | 1874324 |
| Vector WP Holdco, Inc. (B/B3)(1 mo. USD Term SOFR + 5.000%) | Vector WP Holdco, Inc. (B/B3)(1 mo. USD Term SOFR + 5.000%) | Vector WP Holdco, Inc. (B/B3)(1 mo. USD Term SOFR + 5.000%) | Vector WP Holdco, Inc. (B/B3)(1 mo. USD Term SOFR + 5.000%) |
| 4398414 | 8.782 | 10/12/28 | 3958572 |
|  |  |  | 42908599 |
| Capital Goods - Others – 2.0% | Capital Goods - Others – 2.0% | Capital Goods - Others – 2.0% | Capital Goods - Others – 2.0% |
| Avis Budget Car Rental LLC (BB-/Ba1)(1 mo. USD Term SOFR + 2.500%) | Avis Budget Car Rental LLC (BB-/Ba1)(1 mo. USD Term SOFR + 2.500%) | Avis Budget Car Rental LLC (BB-/Ba1)(1 mo. USD Term SOFR + 2.500%) | Avis Budget Car Rental LLC (BB-/Ba1)(1 mo. USD Term SOFR + 2.500%) |
| 3473403 | 6.168 | 07/16/32 | 3412619 |
| Engineered Machinery Holdings, Inc. (B-/B1) | Engineered Machinery Holdings, Inc. (B-/B1) | Engineered Machinery Holdings, Inc. (B-/B1) | Engineered Machinery Holdings, Inc. (B-/B1) |
| (3 mo. EUR EURIBOR + 3.500%) | (3 mo. EUR EURIBOR + 3.500%) | (3 mo. EUR EURIBOR + 3.500%) | (3 mo. EUR EURIBOR + 3.500%) |
| 3282257 | 5.627 | 11/26/32 | 3778774 |
| (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) |
| 5783948 | 6.950 | 11/26/32 | 5799854 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) |
| Capital Goods - Others – (continued) | Capital Goods - Others – (continued) | Capital Goods - Others – (continued) | Capital Goods - Others – (continued) |
| Engineered Machinery Holdings, Inc. (CCC+/Caa1)(3 mo. USD Term SOFR + 6.000%) | Engineered Machinery Holdings, Inc. (CCC+/Caa1)(3 mo. USD Term SOFR + 6.000%) | Engineered Machinery Holdings, Inc. (CCC+/Caa1)(3 mo. USD Term SOFR + 6.000%) | Engineered Machinery Holdings, Inc. (CCC+/Caa1)(3 mo. USD Term SOFR + 6.000%) |
| 500000 | 9.961% | 05/21/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 |
| Nvent Electric PLC (B/B2)(1 mo. USD Term SOFR + 3.000%) | Nvent Electric PLC (B/B2)(1 mo. USD Term SOFR + 3.000%) | Nvent Electric PLC (B/B2)(1 mo. USD Term SOFR + 3.000%) | Nvent Electric PLC (B/B2)(1 mo. USD Term SOFR + 3.000%) |
| 7611750 | 6.668 | 01/30/32 | 7595918 |
| Team Health Holdings, Inc. (B-/Caa1)(3 mo. USD Term SOFR + 4.000%) | Team Health Holdings, Inc. (B-/Caa1)(3 mo. USD Term SOFR + 4.000%) | Team Health Holdings, Inc. (B-/Caa1)(3 mo. USD Term SOFR + 4.000%) | Team Health Holdings, Inc. (B-/Caa1)(3 mo. USD Term SOFR + 4.000%) |
| 2853473 | 7.661 | 06/30/28 | 2839206 |
| TKC Holdings, Inc. (B-/B2)(1 mo. USD Term SOFR + 4.500%) | TKC Holdings, Inc. (B-/B2)(1 mo. USD Term SOFR + 4.500%) | TKC Holdings, Inc. (B-/B2)(1 mo. USD Term SOFR + 4.500%) | TKC Holdings, Inc. (B-/B2)(1 mo. USD Term SOFR + 4.500%) |
| 1750000 | 8.178 | 08/19/30 | 1737417 |
| Verisure Holding AB (BB+/Ba1)(3 mo. EUR EURIBOR + 2.250%) | Verisure Holding AB (BB+/Ba1)(3 mo. EUR EURIBOR + 2.250%) | Verisure Holding AB (BB+/Ba1)(3 mo. EUR EURIBOR + 2.250%) | Verisure Holding AB (BB+/Ba1)(3 mo. EUR EURIBOR + 2.250%) |
| 2056250 | 4.281 | 11/03/32 | 2367400 |
|  |  |  | 28031188 |
| Chemicals – 3.7% | Chemicals – 3.7% | Chemicals – 3.7% | Chemicals – 3.7% |
| Albaugh LLC (BB/Ba3)(3 mo. USD Term SOFR + 3.750%) | Albaugh LLC (BB/Ba3)(3 mo. USD Term SOFR + 3.750%) | Albaugh LLC (BB/Ba3)(3 mo. USD Term SOFR + 3.750%) | Albaugh LLC (BB/Ba3)(3 mo. USD Term SOFR + 3.750%) |
| 2298752 | 7.417 | 04/06/29 | 2204894 |
| Aruba Investments Holdings LLC (CCC+/B3)(3 mo. USD Term SOFR + 4.000%) | Aruba Investments Holdings LLC (CCC+/B3)(3 mo. USD Term SOFR + 4.000%) | Aruba Investments Holdings LLC (CCC+/B3)(3 mo. USD Term SOFR + 4.000%) | Aruba Investments Holdings LLC (CCC+/B3)(3 mo. USD Term SOFR + 4.000%) |
| 3462290 | 7.773 | 11/24/27 | 3302160 |
| Berlin Packaging LLC (B-/B2)(3 mo. USD Term SOFR + 3.250%) | Berlin Packaging LLC (B-/B2)(3 mo. USD Term SOFR + 3.250%) | Berlin Packaging LLC (B-/B2)(3 mo. USD Term SOFR + 3.250%) | Berlin Packaging LLC (B-/B2)(3 mo. USD Term SOFR + 3.250%) |
| 4466278 | 6.911– |  |  |
|  | 6.950 | 06/07/31 | 4293835 |
| Consolidated Energy Finance SA (B-/B3)(6 mo. USD Term SOFR + 4.500%) | Consolidated Energy Finance SA (B-/B3)(6 mo. USD Term SOFR + 4.500%) | Consolidated Energy Finance SA (B-/B3)(6 mo. USD Term SOFR + 4.500%) | Consolidated Energy Finance SA (B-/B3)(6 mo. USD Term SOFR + 4.500%) |
| 4854937 | 8.198 | 11/15/30 | 4639087 |
| Consolidated Energy Finance SA<sup>(b)</sup> (NR/B3) | Consolidated Energy Finance SA<sup>(b)</sup> (NR/B3) | Consolidated Energy Finance SA<sup>(b)</sup> (NR/B3) | Consolidated Energy Finance SA<sup>(b)</sup> (NR/B3) |
| 2000000 | 0.000 | 11/27/30 | 1903760 |
| Discovery Purchaser Corp. (B-/B3)(3 mo. USD Term SOFR + 3.750%) | Discovery Purchaser Corp. (B-/B3)(3 mo. USD Term SOFR + 3.750%) | Discovery Purchaser Corp. (B-/B3)(3 mo. USD Term SOFR + 3.750%) | Discovery Purchaser Corp. (B-/B3)(3 mo. USD Term SOFR + 3.750%) |
| 8010942 | 7.419 | 10/04/29 | 7868747 |
| Hexion Holdings Corp. (B-/B3)(1 mo. USD Term SOFR + 4.000%) | Hexion Holdings Corp. (B-/B3)(1 mo. USD Term SOFR + 4.000%) | Hexion Holdings Corp. (B-/B3)(1 mo. USD Term SOFR + 4.000%) | Hexion Holdings Corp. (B-/B3)(1 mo. USD Term SOFR + 4.000%) |
| 800000 | 7.675 | 03/15/29 | 763832 |
| Illuminate Buyer LLC (B+/B2)(1 mo. USD Term SOFR + 2.500%) | Illuminate Buyer LLC (B+/B2)(1 mo. USD Term SOFR + 2.500%) | Illuminate Buyer LLC (B+/B2)(1 mo. USD Term SOFR + 2.500%) | Illuminate Buyer LLC (B+/B2)(1 mo. USD Term SOFR + 2.500%) |
| 9627868 | 6.168 | 12/31/29 | 9543624 |
| INEOS Quattro Holdings U.K. Ltd. (B/B3)(1 mo. USD Term SOFR + 4.250%) | INEOS Quattro Holdings U.K. Ltd. (B/B3)(1 mo. USD Term SOFR + 4.250%) | INEOS Quattro Holdings U.K. Ltd. (B/B3)(1 mo. USD Term SOFR + 4.250%) | INEOS Quattro Holdings U.K. Ltd. (B/B3)(1 mo. USD Term SOFR + 4.250%) |
| 2479874 | 7.918 | 10/07/31 | 1742111 |
| Ineos U.S. Finance LLC (B+/B2)(1 mo. USD Term SOFR + 3.000%) | Ineos U.S. Finance LLC (B+/B2)(1 mo. USD Term SOFR + 3.000%) | Ineos U.S. Finance LLC (B+/B2)(1 mo. USD Term SOFR + 3.000%) | Ineos U.S. Finance LLC (B+/B2)(1 mo. USD Term SOFR + 3.000%) |
| 957470 | 6.668 | 02/07/31 | 819661 |
| Innophos, Inc. (B+/B2)(1 mo. USD Term SOFR + 4.250%) | Innophos, Inc. (B+/B2)(1 mo. USD Term SOFR + 4.250%) | Innophos, Inc. (B+/B2)(1 mo. USD Term SOFR + 4.250%) | Innophos, Inc. (B+/B2)(1 mo. USD Term SOFR + 4.250%) |
| 2805236 | 8.032 | 03/16/29 | 2649545 |
| M2S Group Holdings, Inc.<sup>(b)</sup> (B/B2) | M2S Group Holdings, Inc.<sup>(b)</sup> (B/B2) | M2S Group Holdings, Inc.<sup>(b)</sup> (B/B2) | M2S Group Holdings, Inc.<sup>(b)</sup> (B/B2) |
| 2360656 | 0.000 | 08/25/31 | 2299680 |
| PMHC II, Inc.<sup>(b)</sup> (NR/NR) | PMHC II, Inc.<sup>(b)</sup> (NR/NR) | PMHC II, Inc.<sup>(b)</sup> (NR/NR) | PMHC II, Inc.<sup>(b)</sup> (NR/NR) |
| 803584 | 0.000 |  | 787827 |
| PMHC II, Inc. (NR/NR) (3 mo. USD Term SOFR + 4.250%) | PMHC II, Inc. (NR/NR) (3 mo. USD Term SOFR + 4.250%) | PMHC II, Inc. (NR/NR) (3 mo. USD Term SOFR + 4.250%) | PMHC II, Inc. (NR/NR) (3 mo. USD Term SOFR + 4.250%) |
| 4141537 | 8.053 | 04/30/30 | 1341146 |
| Qnity Electronics, Inc. (BB+/Ba1)(1 mo. USD Term SOFR + 2.000%) | Qnity Electronics, Inc. (BB+/Ba1)(1 mo. USD Term SOFR + 2.000%) | Qnity Electronics, Inc. (BB+/Ba1)(1 mo. USD Term SOFR + 2.000%) | Qnity Electronics, Inc. (BB+/Ba1)(1 mo. USD Term SOFR + 2.000%) |
| 1870312 | 5.668 | 11/01/32 | 1865637 |
| SCIH Salt Holdings, Inc. (B/B3)(6 mo. USD Term SOFR + 2.750%) | SCIH Salt Holdings, Inc. (B/B3)(6 mo. USD Term SOFR + 2.750%) | SCIH Salt Holdings, Inc. (B/B3)(6 mo. USD Term SOFR + 2.750%) | SCIH Salt Holdings, Inc. (B/B3)(6 mo. USD Term SOFR + 2.750%) |
| 847875 | 6.350 | 01/31/29 | 845077 |
| Trident TPI Holdings, Inc. (B-/B3)(3 mo. USD Term SOFR + 3.750%) | Trident TPI Holdings, Inc. (B-/B3)(3 mo. USD Term SOFR + 3.750%) | Trident TPI Holdings, Inc. (B-/B3)(3 mo. USD Term SOFR + 3.750%) | Trident TPI Holdings, Inc. (B-/B3)(3 mo. USD Term SOFR + 3.750%) |
| 1182980 | 7.450 | 09/15/28 | 1118473 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **40** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) |
| Chemicals – (continued) | Chemicals – (continued) | Chemicals – (continued) | Chemicals – (continued) |
| W.R. Grace & Co.-Conn. (B-/B2)(3 mo. USD Term SOFR + 3.000%) | W.R. Grace & Co.-Conn. (B-/B2)(3 mo. USD Term SOFR + 3.000%) | W.R. Grace & Co.-Conn. (B-/B2)(3 mo. USD Term SOFR + 3.000%) | W.R. Grace & Co.-Conn. (B-/B2)(3 mo. USD Term SOFR + 3.000%) |
| 709530 | 6.700% | 08/19/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706280 |
| Windsor Holdings III LLC (B+/B1)(1 mo. USD Term SOFR + 2.750%) | Windsor Holdings III LLC (B+/B1)(1 mo. USD Term SOFR + 2.750%) | Windsor Holdings III LLC (B+/B1)(1 mo. USD Term SOFR + 2.750%) | Windsor Holdings III LLC (B+/B1)(1 mo. USD Term SOFR + 2.750%) |
| 3539857 | 6.418 | 08/01/30 | 3482335 |
|  |  |  | 52177711 |
| Commercial Services – 4.4% | Commercial Services – 4.4% | Commercial Services – 4.4% | Commercial Services – 4.4% |
| Allied Universal Holdco LLC (B/B3)(1 mo. USD Term SOFR + 3.250%) | Allied Universal Holdco LLC (B/B3)(1 mo. USD Term SOFR + 3.250%) | Allied Universal Holdco LLC (B/B3)(1 mo. USD Term SOFR + 3.250%) | Allied Universal Holdco LLC (B/B3)(1 mo. USD Term SOFR + 3.250%) |
| 3805875 | 6.918 | 08/20/32 | 3803782 |
| Ankura Consulting Group LLC (B-/B3)(3 mo. USD Term SOFR + 3.500%) | Ankura Consulting Group LLC (B-/B3)(3 mo. USD Term SOFR + 3.500%) | Ankura Consulting Group LLC (B-/B3)(3 mo. USD Term SOFR + 3.500%) | Ankura Consulting Group LLC (B-/B3)(3 mo. USD Term SOFR + 3.500%) |
| 6585741 | 7.171 | 12/29/31 | 6272918 |
| Anticimex International AB (B/B3)(3 mo. USD Term SOFR + 2.900%) | Anticimex International AB (B/B3)(3 mo. USD Term SOFR + 2.900%) | Anticimex International AB (B/B3)(3 mo. USD Term SOFR + 2.900%) | Anticimex International AB (B/B3)(3 mo. USD Term SOFR + 2.900%) |
| 4836799 | 6.560 | 11/17/31 | 4837815 |
| Berkeley Research Group LLC (B/B2)(3 mo. USD Term SOFR + 3.250%) | Berkeley Research Group LLC (B/B2)(3 mo. USD Term SOFR + 3.250%) | Berkeley Research Group LLC (B/B2)(3 mo. USD Term SOFR + 3.250%) | Berkeley Research Group LLC (B/B2)(3 mo. USD Term SOFR + 3.250%) |
| 824173 | 6.950 | 05/01/32 | 800222 |
| CoreLogic, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.500%) | CoreLogic, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.500%) | CoreLogic, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.500%) | CoreLogic, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.500%) |
| 2207662 | 7.282 | 06/02/28 | 2106949 |
| Element Materials Technology Group U.S. Holdings, Inc. (B/B3)(3 mo. USD Term SOFR + 3.500%) | Element Materials Technology Group U.S. Holdings, Inc. (B/B3)(3 mo. USD Term SOFR + 3.500%) | Element Materials Technology Group U.S. Holdings, Inc. (B/B3)(3 mo. USD Term SOFR + 3.500%) | Element Materials Technology Group U.S. Holdings, Inc. (B/B3)(3 mo. USD Term SOFR + 3.500%) |
| 9232322 | 7.200 | 07/06/29 | 9249678 |
| First Advantage Holdings LLC (B+/B1)(3 mo. USD Term SOFR + 2.750%) | First Advantage Holdings LLC (B+/B1)(3 mo. USD Term SOFR + 2.750%) | First Advantage Holdings LLC (B+/B1)(3 mo. USD Term SOFR + 2.750%) | First Advantage Holdings LLC (B+/B1)(3 mo. USD Term SOFR + 2.750%) |
| 1725672 | 6.450 | 10/31/31 | 1677146 |
| Fleet Midco I Ltd. (B+/B2)(3 mo. USD Term SOFR + 2.750%) | Fleet Midco I Ltd. (B+/B2)(3 mo. USD Term SOFR + 2.750%) | Fleet Midco I Ltd. (B+/B2)(3 mo. USD Term SOFR + 2.750%) | Fleet Midco I Ltd. (B+/B2)(3 mo. USD Term SOFR + 2.750%) |
| 4839724 | 6.419 | 02/21/31 | 4839724 |
| Garda World Security Corp. (B/B1)(3 mo. USD Term SOFR + 2.750%) | Garda World Security Corp. (B/B1)(3 mo. USD Term SOFR + 2.750%) | Garda World Security Corp. (B/B1)(3 mo. USD Term SOFR + 2.750%) | Garda World Security Corp. (B/B1)(3 mo. USD Term SOFR + 2.750%) |
| 9275682 | 6.421 | 02/01/29 | 9206115 |
| Highspring Holdings LLC (B-/Caa1)(3 mo. USD Term SOFR + 5.000%) | Highspring Holdings LLC (B-/Caa1)(3 mo. USD Term SOFR + 5.000%) | Highspring Holdings LLC (B-/Caa1)(3 mo. USD Term SOFR + 5.000%) | Highspring Holdings LLC (B-/Caa1)(3 mo. USD Term SOFR + 5.000%) |
| 962512 | 8.850 | 01/22/29 | 622822 |
| Holding Socotec (B/B2)(3 mo. EUR EURIBOR + 3.000%) | Holding Socotec (B/B2)(3 mo. EUR EURIBOR + 3.000%) | Holding Socotec (B/B2)(3 mo. EUR EURIBOR + 3.000%) | Holding Socotec (B/B2)(3 mo. EUR EURIBOR + 3.000%) |
| 1525000 | 5.127 | 06/02/31 | 1758265 |
| Holding Socotec (NR/B2)(3 mo. USD Term SOFR + 2.750%) | Holding Socotec (NR/B2)(3 mo. USD Term SOFR + 2.750%) | Holding Socotec (NR/B2)(3 mo. USD Term SOFR + 2.750%) | Holding Socotec (NR/B2)(3 mo. USD Term SOFR + 2.750%) |
| 4668327 | 6.380 | 06/02/31 | 4659597 |
| Prime Security Services Borrower LLC (BB/Ba3)(1 mo. USD Term SOFR + 1.750%) | Prime Security Services Borrower LLC (BB/Ba3)(1 mo. USD Term SOFR + 1.750%) | Prime Security Services Borrower LLC (BB/Ba3)(1 mo. USD Term SOFR + 1.750%) | Prime Security Services Borrower LLC (BB/Ba3)(1 mo. USD Term SOFR + 1.750%) |
| 1687218 | 5.414 | 03/07/32 | 1661117 |
| Vestis Corp. (B+/B2)(3 mo. USD Term SOFR + 2.250%) | Vestis Corp. (B+/B2)(3 mo. USD Term SOFR + 2.250%) | Vestis Corp. (B+/B2)(3 mo. USD Term SOFR + 2.250%) | Vestis Corp. (B+/B2)(3 mo. USD Term SOFR + 2.250%) |
| 1790526 | 5.923 | 02/22/31 | 1723382 |
| Wand NewCo 3, Inc. (B/B3)(1 mo. USD Term SOFR + 2.500%) | Wand NewCo 3, Inc. (B/B3)(1 mo. USD Term SOFR + 2.500%) | Wand NewCo 3, Inc. (B/B3)(1 mo. USD Term SOFR + 2.500%) | Wand NewCo 3, Inc. (B/B3)(1 mo. USD Term SOFR + 2.500%) |
| 2539709 | 6.168 | 01/30/31 | 2515912 |
| WCG Intermediate Corp. (B-/B3)(1 mo. USD Term SOFR + 2.750%) | WCG Intermediate Corp. (B-/B3)(1 mo. USD Term SOFR + 2.750%) | WCG Intermediate Corp. (B-/B3)(1 mo. USD Term SOFR + 2.750%) | WCG Intermediate Corp. (B-/B3)(1 mo. USD Term SOFR + 2.750%) |
| 6749085 | 6.418 | 02/25/32 | 6566320 |
|  |  |  | 62301764 |
| Consumer Cyclical Services – 3.7% | Consumer Cyclical Services – 3.7% | Consumer Cyclical Services – 3.7% | Consumer Cyclical Services – 3.7% |
| Albion Financing 3 SARL (BB-/B1)(3 mo. USD Term SOFR + 3.000%) | Albion Financing 3 SARL (BB-/B1)(3 mo. USD Term SOFR + 3.000%) | Albion Financing 3 SARL (BB-/B1)(3 mo. USD Term SOFR + 3.000%) | Albion Financing 3 SARL (BB-/B1)(3 mo. USD Term SOFR + 3.000%) |
| 7903787 | 6.664 | 05/21/31 | 7891457 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) |
| Consumer Cyclical Services – (continued) | Consumer Cyclical Services – (continued) | Consumer Cyclical Services – (continued) | Consumer Cyclical Services – (continued) |
| Asurion LLC (B/B3)(1 mo. USD Term SOFR + 5.250%) | Asurion LLC (B/B3)(1 mo. USD Term SOFR + 5.250%) | Asurion LLC (B/B3)(1 mo. USD Term SOFR + 5.250%) | Asurion LLC (B/B3)(1 mo. USD Term SOFR + 5.250%) |
| 2777103 | 9.032% | 01/20/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2756275 |
| Asurion LLC (BB-/Ba3) | Asurion LLC (BB-/Ba3) | Asurion LLC (BB-/Ba3) | Asurion LLC (BB-/Ba3) |
| (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) |
| 992308 | 7.418 | 02/23/33 | 958202 |
| (1 mo. USD Term SOFR + 4.250%) | (1 mo. USD Term SOFR + 4.250%) | (1 mo. USD Term SOFR + 4.250%) | (1 mo. USD Term SOFR + 4.250%) |
| 3327065 | 7.918 | 09/19/30 | 3289036 |
| C&S Wholesale Grocers, Inc. (B/B3)(3 mo. USD Term SOFR + 5.000%) | C&S Wholesale Grocers, Inc. (B/B3)(3 mo. USD Term SOFR + 5.000%) | C&S Wholesale Grocers, Inc. (B/B3)(3 mo. USD Term SOFR + 5.000%) | C&S Wholesale Grocers, Inc. (B/B3)(3 mo. USD Term SOFR + 5.000%) |
| 1319747 | 8.700 | 09/20/30 | 1287848 |
| Core & Main LP (BB/Ba3)(1 mo. USD Term SOFR + 2.000%) | Core & Main LP (BB/Ba3)(1 mo. USD Term SOFR + 2.000%) | Core & Main LP (BB/Ba3)(1 mo. USD Term SOFR + 2.000%) | Core & Main LP (BB/Ba3)(1 mo. USD Term SOFR + 2.000%) |
| 847515 | 5.676 | 07/27/28 | 846990 |
| Fluid Flow Products, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.250%) | Fluid Flow Products, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.250%) | Fluid Flow Products, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.250%) | Fluid Flow Products, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.250%) |
| 10681857 | 6.918 | 03/04/33 | 10668505 |
| GSM Holdings, Inc. (B/B3)(3 mo. USD Term SOFR + 5.000%) | GSM Holdings, Inc. (B/B3)(3 mo. USD Term SOFR + 5.000%) | GSM Holdings, Inc. (B/B3)(3 mo. USD Term SOFR + 5.000%) | GSM Holdings, Inc. (B/B3)(3 mo. USD Term SOFR + 5.000%) |
| 1963026 | 8.700 | 09/30/31 | 1943396 |
| Hertz Corp. (B-/Ba3) | Hertz Corp. (B-/Ba3) | Hertz Corp. (B-/Ba3) | Hertz Corp. (B-/Ba3) |
| 2443750 | 7.418 <sup>(b)</sup> | 06/30/28 | 1759500 |
| (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) |
| 1939564 | 7.282 | 06/30/28 | 1430428 |
| Pre-Paid Legal Services, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.250%) | Pre-Paid Legal Services, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.250%) | Pre-Paid Legal Services, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.250%) | Pre-Paid Legal Services, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.250%) |
| 196062 | 6.918 | 12/15/28 | 169313 |
| Sabre GLBL, Inc. (B-/B3) (1 mo. USD Term SOFR + 6.250%) | Sabre GLBL, Inc. (B-/B3) (1 mo. USD Term SOFR + 6.250%) | Sabre GLBL, Inc. (B-/B3) (1 mo. USD Term SOFR + 6.250%) | Sabre GLBL, Inc. (B-/B3) (1 mo. USD Term SOFR + 6.250%) |
| 1450235 | 10.018 | 07/30/29 | 1132026 |
| Spin Holdco, Inc.<sup>(b)</sup> (NR/NR) | Spin Holdco, Inc.<sup>(b)</sup> (NR/NR) | Spin Holdco, Inc.<sup>(b)</sup> (NR/NR) | Spin Holdco, Inc.<sup>(b)</sup> (NR/NR) |
| 1574607 | 0.000 |  | 1574607 |
| Spin Holdco, Inc. (CCC+/Caa3)(3 mo. USD Term SOFR + 4.000%) | Spin Holdco, Inc. (CCC+/Caa3)(3 mo. USD Term SOFR + 4.000%) | Spin Holdco, Inc. (CCC+/Caa3)(3 mo. USD Term SOFR + 4.000%) | Spin Holdco, Inc. (CCC+/Caa3)(3 mo. USD Term SOFR + 4.000%) |
| 9998756 | 7.933 | 09/04/30 | 7824027 |
| Thevelia (U.S.) LLC (B/B2)(3 mo. USD Term SOFR + 3.000%) | Thevelia (U.S.) LLC (B/B2)(3 mo. USD Term SOFR + 3.000%) | Thevelia (U.S.) LLC (B/B2)(3 mo. USD Term SOFR + 3.000%) | Thevelia (U.S.) LLC (B/B2)(3 mo. USD Term SOFR + 3.000%) |
| 1721054 | 6.700 | 06/18/29 | 1685204 |
| Veritiv Corp. (B+/B2)(3 mo. USD Term SOFR + 4.000%) | Veritiv Corp. (B+/B2)(3 mo. USD Term SOFR + 4.000%) | Veritiv Corp. (B+/B2)(3 mo. USD Term SOFR + 4.000%) | Veritiv Corp. (B+/B2)(3 mo. USD Term SOFR + 4.000%) |
| 3683468 | 7.700 | 12/02/30 | 3572964 |
| Whatabrands LLC (B/B2)(1 mo. USD Term SOFR + 2.500%) | Whatabrands LLC (B/B2)(1 mo. USD Term SOFR + 2.500%) | Whatabrands LLC (B/B2)(1 mo. USD Term SOFR + 2.500%) | Whatabrands LLC (B/B2)(1 mo. USD Term SOFR + 2.500%) |
| 3514411 | 6.168 | 08/03/28 | 3506258 |
|  |  |  | 52296036 |
| Consumer Products – 0.7% | Consumer Products – 0.7% | Consumer Products – 0.7% | Consumer Products – 0.7% |
| MajorDrive Holdings IV LLC (CCC+/B3)(3 mo. USD Term SOFR + 4.000%) | MajorDrive Holdings IV LLC (CCC+/B3)(3 mo. USD Term SOFR + 4.000%) | MajorDrive Holdings IV LLC (CCC+/B3)(3 mo. USD Term SOFR + 4.000%) | MajorDrive Holdings IV LLC (CCC+/B3)(3 mo. USD Term SOFR + 4.000%) |
| 4388482 | 7.961 | 06/01/28 | 3970084 |
| Opal Bidco SAS (B+/B1)(3 mo. USD Term SOFR + 3.000%) | Opal Bidco SAS (B+/B1)(3 mo. USD Term SOFR + 3.000%) | Opal Bidco SAS (B+/B1)(3 mo. USD Term SOFR + 3.000%) | Opal Bidco SAS (B+/B1)(3 mo. USD Term SOFR + 3.000%) |
| 1616875 | 6.700 | 04/28/32 | 1615193 |
| TGP Holdings III LLC<sup>(b)</sup> (B-/Caa1) | TGP Holdings III LLC<sup>(b)</sup> (B-/Caa1) | TGP Holdings III LLC<sup>(b)</sup> (B-/Caa1) | TGP Holdings III LLC<sup>(b)</sup> (B-/Caa1) |
| 5443177 | 0.000 | 06/29/28 | 4683854 |
|  |  |  | 10269131 |
| Consumer Products - Household & Leisure – 0.1% | Consumer Products - Household & Leisure – 0.1% | Consumer Products - Household & Leisure – 0.1% | Consumer Products - Household & Leisure – 0.1% |
| GBT U.S. III LLC (BB-/B1)(3 mo. USD Term SOFR + 2.000%) | GBT U.S. III LLC (BB-/B1)(3 mo. USD Term SOFR + 2.000%) | GBT U.S. III LLC (BB-/B1)(3 mo. USD Term SOFR + 2.000%) | GBT U.S. III LLC (BB-/B1)(3 mo. USD Term SOFR + 2.000%) |
| 2077127 | 5.668 | 07/25/31 | 2031430 |
| Distributors – 0.4% | Distributors – 0.4% | Distributors – 0.4% | Distributors – 0.4% |
| AL GCX Fund VIII Holdings LLC (BB/Ba3)(1 mo. USD Term SOFR + 2.000%) | AL GCX Fund VIII Holdings LLC (BB/Ba3)(1 mo. USD Term SOFR + 2.000%) | AL GCX Fund VIII Holdings LLC (BB/Ba3)(1 mo. USD Term SOFR + 2.000%) | AL GCX Fund VIII Holdings LLC (BB/Ba3)(1 mo. USD Term SOFR + 2.000%) |
| 5020905 | 5.673 | 01/30/32 | 5009909 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **41** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) |
| Diversified Financial Services – 4.3% | Diversified Financial Services – 4.3% | Diversified Financial Services – 4.3% | Diversified Financial Services – 4.3% |
| Allspring Buyer LLC (BB-/Ba3)(3 mo. USD Term SOFR + 3.000%) | Allspring Buyer LLC (BB-/Ba3)(3 mo. USD Term SOFR + 3.000%) | Allspring Buyer LLC (BB-/Ba3)(3 mo. USD Term SOFR + 3.000%) | Allspring Buyer LLC (BB-/Ba3)(3 mo. USD Term SOFR + 3.000%) |
| 5863568 | 6.750% | 11/01/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5863568 |
| Colossus Acquireco LLC (BB+/Ba1)(3 mo. USD Term SOFR + 1.750%) | Colossus Acquireco LLC (BB+/Ba1)(3 mo. USD Term SOFR + 1.750%) | Colossus Acquireco LLC (BB+/Ba1)(3 mo. USD Term SOFR + 1.750%) | Colossus Acquireco LLC (BB+/Ba1)(3 mo. USD Term SOFR + 1.750%) |
| 5696375 | 5.380 | 07/30/32 | 5672336 |
| Deep Blue Operating I LLC (BB-/Ba3)(1 mo. USD Term SOFR + 2.750%) | Deep Blue Operating I LLC (BB-/Ba3)(1 mo. USD Term SOFR + 2.750%) | Deep Blue Operating I LLC (BB-/Ba3)(1 mo. USD Term SOFR + 2.750%) | Deep Blue Operating I LLC (BB-/Ba3)(1 mo. USD Term SOFR + 2.750%) |
| 4100000 | 6.421 | 10/01/32 | 4110250 |
| DRW Holdings LLC (BB-/Ba3)(1 mo. USD Term SOFR + 3.500%) | DRW Holdings LLC (BB-/Ba3)(1 mo. USD Term SOFR + 3.500%) | DRW Holdings LLC (BB-/Ba3)(1 mo. USD Term SOFR + 3.500%) | DRW Holdings LLC (BB-/Ba3)(1 mo. USD Term SOFR + 3.500%) |
| 2372013 | 7.168 | 06/26/31 | 2324573 |
| Eagle Broadband Investments LLC (B+/B2)(3 mo. USD Term SOFR + 3.000%) | Eagle Broadband Investments LLC (B+/B2)(3 mo. USD Term SOFR + 3.000%) | Eagle Broadband Investments LLC (B+/B2)(3 mo. USD Term SOFR + 3.000%) | Eagle Broadband Investments LLC (B+/B2)(3 mo. USD Term SOFR + 3.000%) |
| 6931710 | 6.961 | 11/12/27 | 6592334 |
| Edelman Financial Center LLC (B/B2)(1 mo. USD Term SOFR + 3.000%) | Edelman Financial Center LLC (B/B2)(1 mo. USD Term SOFR + 3.000%) | Edelman Financial Center LLC (B/B2)(1 mo. USD Term SOFR + 3.000%) | Edelman Financial Center LLC (B/B2)(1 mo. USD Term SOFR + 3.000%) |
| 3681838 | 6.668 | 04/07/28 | 3675836 |
| Eisner Advisory Group LLC (B-/B3)(1 mo. USD Term SOFR + 4.000%) | Eisner Advisory Group LLC (B-/B3)(1 mo. USD Term SOFR + 4.000%) | Eisner Advisory Group LLC (B-/B3)(1 mo. USD Term SOFR + 4.000%) | Eisner Advisory Group LLC (B-/B3)(1 mo. USD Term SOFR + 4.000%) |
| 789202 | 7.668 | 02/28/31 | 749410 |
| FNZ Group Services Ltd. (B-/B3)(3 mo. USD Term SOFR + 5.000%) | FNZ Group Services Ltd. (B-/B3)(3 mo. USD Term SOFR + 5.000%) | FNZ Group Services Ltd. (B-/B3)(3 mo. USD Term SOFR + 5.000%) | FNZ Group Services Ltd. (B-/B3)(3 mo. USD Term SOFR + 5.000%) |
| 2420550 | 8.663 | 11/05/31 | 1905433 |
| Focus Financial Partners LLC (B/B2)(1 mo. USD Term SOFR + 2.500%) | Focus Financial Partners LLC (B/B2)(1 mo. USD Term SOFR + 2.500%) | Focus Financial Partners LLC (B/B2)(1 mo. USD Term SOFR + 2.500%) | Focus Financial Partners LLC (B/B2)(1 mo. USD Term SOFR + 2.500%) |
| 9367993 | 6.168 | 09/15/31 | 9052760 |
| Franklin Square Holdings LP (BB/Ba1)(1 mo. USD Term SOFR + 2.250%) | Franklin Square Holdings LP (BB/Ba1)(1 mo. USD Term SOFR + 2.250%) | Franklin Square Holdings LP (BB/Ba1)(1 mo. USD Term SOFR + 2.250%) | Franklin Square Holdings LP (BB/Ba1)(1 mo. USD Term SOFR + 2.250%) |
| 2387848 | 5.918 | 04/25/31 | 1993853 |
| Jane Street Group LLC (BB/Ba1)(3 mo. USD Term SOFR + 2.000%) | Jane Street Group LLC (BB/Ba1)(3 mo. USD Term SOFR + 2.000%) | Jane Street Group LLC (BB/Ba1)(3 mo. USD Term SOFR + 2.000%) | Jane Street Group LLC (BB/Ba1)(3 mo. USD Term SOFR + 2.000%) |
| 2257133 | 5.673 | 12/15/31 | 2213277 |
| Jupiter Borrower, Inc.<sup>(b)(c)</sup> (BB/Ba1) | Jupiter Borrower, Inc.<sup>(b)(c)</sup> (BB/Ba1) | Jupiter Borrower, Inc.<sup>(b)(c)</sup> (BB/Ba1) | Jupiter Borrower, Inc.<sup>(b)(c)</sup> (BB/Ba1) |
| 1495000 | 0.000 | 03/25/33 | 1491262 |
| NEXUS Buyer LLC (B-/B2)(1 mo. USD Term SOFR + 3.500%) | NEXUS Buyer LLC (B-/B2)(1 mo. USD Term SOFR + 3.500%) | NEXUS Buyer LLC (B-/B2)(1 mo. USD Term SOFR + 3.500%) | NEXUS Buyer LLC (B-/B2)(1 mo. USD Term SOFR + 3.500%) |
| 1821464 | 7.168 | 07/31/31 | 1747786 |
| Orion U.S. Finco, Inc. (NR/B2)(3 mo. USD Term SOFR + 3.500%) | Orion U.S. Finco, Inc. (NR/B2)(3 mo. USD Term SOFR + 3.500%) | Orion U.S. Finco, Inc. (NR/B2)(3 mo. USD Term SOFR + 3.500%) | Orion U.S. Finco, Inc. (NR/B2)(3 mo. USD Term SOFR + 3.500%) |
| 3900000 | 7.150 | 10/08/32 | 3856944 |
| Turbo EMEA Holdings BV (B/B2)(1 mo. EUR EURIBOR + 3.250%) | Turbo EMEA Holdings BV (B/B2)(1 mo. EUR EURIBOR + 3.250%) | Turbo EMEA Holdings BV (B/B2)(1 mo. EUR EURIBOR + 3.250%) | Turbo EMEA Holdings BV (B/B2)(1 mo. EUR EURIBOR + 3.250%) |
| 2850000 | 5.142 | 09/23/32 | 3215937 |
| VFH Parent LLC (B+/B1)(1 mo. USD Term SOFR + 2.500%) | VFH Parent LLC (B+/B1)(1 mo. USD Term SOFR + 2.500%) | VFH Parent LLC (B+/B1)(1 mo. USD Term SOFR + 2.500%) | VFH Parent LLC (B+/B1)(1 mo. USD Term SOFR + 2.500%) |
| 6558750 | 6.168 | 06/21/31 | 6547797 |
|  |  |  | 61013356 |
| Diversified Manufacturing – 1.0% | Diversified Manufacturing – 1.0% | Diversified Manufacturing – 1.0% | Diversified Manufacturing – 1.0% |
| Chart Industries, Inc. (BB-/Ba2)(3 mo. USD Term SOFR + 2.500%) | Chart Industries, Inc. (BB-/Ba2)(3 mo. USD Term SOFR + 2.500%) | Chart Industries, Inc. (BB-/Ba2)(3 mo. USD Term SOFR + 2.500%) | Chart Industries, Inc. (BB-/Ba2)(3 mo. USD Term SOFR + 2.500%) |
| 6823269 | 6.161 | 03/15/30 | 6808325 |
| CPM Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 4.500%) | CPM Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 4.500%) | CPM Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 4.500%) | CPM Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 4.500%) |
| 6356371 | 8.168 | 09/28/28 | 6354083 |
| Paint Intermediate III LLC (B/B2)(3 mo. USD Term SOFR + 3.000%) | Paint Intermediate III LLC (B/B2)(3 mo. USD Term SOFR + 3.000%) | Paint Intermediate III LLC (B/B2)(3 mo. USD Term SOFR + 3.000%) | Paint Intermediate III LLC (B/B2)(3 mo. USD Term SOFR + 3.000%) |
| 872796 | 6.666 | 10/09/31 | 867891 |
|  |  |  | 14030299 |
| Educational Services – 0.5% | Educational Services – 0.5% | Educational Services – 0.5% | Educational Services – 0.5% |
| Fugue Finance BV (B/B2)(3 mo. USD Term SOFR + 2.250%) | Fugue Finance BV (B/B2)(3 mo. USD Term SOFR + 2.250%) | Fugue Finance BV (B/B2)(3 mo. USD Term SOFR + 2.250%) | Fugue Finance BV (B/B2)(3 mo. USD Term SOFR + 2.250%) |
| 6941323 | 5.921 | 01/09/32 | 6843728 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) |
| Electrical – 1.3% | Electrical – 1.3% | Electrical – 1.3% | Electrical – 1.3% |
| Artera Services LLC<sup>(b)</sup> (CCC+/Caa1) | Artera Services LLC<sup>(b)</sup> (CCC+/Caa1) | Artera Services LLC<sup>(b)</sup> (CCC+/Caa1) | Artera Services LLC<sup>(b)</sup> (CCC+/Caa1) |
| 2368957 | 0.000% | 02/15/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013613 |
| Kohler Energy Co. LLC (B/B1)(3 mo. USD Term SOFR + 3.000%) | Kohler Energy Co. LLC (B/B1)(3 mo. USD Term SOFR + 3.000%) | Kohler Energy Co. LLC (B/B1)(3 mo. USD Term SOFR + 3.000%) | Kohler Energy Co. LLC (B/B1)(3 mo. USD Term SOFR + 3.000%) |
| 10056844 | 6.700 | 05/01/31 | 10031702 |
| Pelican Products, Inc. (CCC+/Caa1)(3 mo. USD Term SOFR + 4.250%) | Pelican Products, Inc. (CCC+/Caa1)(3 mo. USD Term SOFR + 4.250%) | Pelican Products, Inc. (CCC+/Caa1)(3 mo. USD Term SOFR + 4.250%) | Pelican Products, Inc. (CCC+/Caa1)(3 mo. USD Term SOFR + 4.250%) |
| 7860477 | 8.211 | 12/29/28 | 6940644 |
|  |  |  | 18985959 |
| Energy – 0.5% | Energy – 0.5% | Energy – 0.5% | Energy – 0.5% |
| Delek U.S. Holdings, Inc. (BB/B2)(1 mo. USD Term SOFR + 3.500%) | Delek U.S. Holdings, Inc. (BB/B2)(1 mo. USD Term SOFR + 3.500%) | Delek U.S. Holdings, Inc. (BB/B2)(1 mo. USD Term SOFR + 3.500%) | Delek U.S. Holdings, Inc. (BB/B2)(1 mo. USD Term SOFR + 3.500%) |
| 1829961 | 7.268 | 11/19/29 | 1830620 |
| Vistra Zero Operating Co. LLC (BBB-/Ba2)(1 mo. USD Term SOFR + 2.000%) | Vistra Zero Operating Co. LLC (BBB-/Ba2)(1 mo. USD Term SOFR + 2.000%) | Vistra Zero Operating Co. LLC (BBB-/Ba2)(1 mo. USD Term SOFR + 2.000%) | Vistra Zero Operating Co. LLC (BBB-/Ba2)(1 mo. USD Term SOFR + 2.000%) |
| 4825000 | 5.668 | 04/30/31 | 4795616 |
|  |  |  | 6626236 |
| Entertainment – 1.9% | Entertainment – 1.9% | Entertainment – 1.9% | Entertainment – 1.9% |
| AMC Entertainment Holdings, Inc. (B/B3)(1 mo. USD Term SOFR + 7.000%) | AMC Entertainment Holdings, Inc. (B/B3)(1 mo. USD Term SOFR + 7.000%) | AMC Entertainment Holdings, Inc. (B/B3)(1 mo. USD Term SOFR + 7.000%) | AMC Entertainment Holdings, Inc. (B/B3)(1 mo. USD Term SOFR + 7.000%) |
| 1924359 | 10.675 | 01/04/29 | 1894051 |
| Arcis Golf LLC (B+/B2)(1 mo. USD Term SOFR + 2.750%) | Arcis Golf LLC (B+/B2)(1 mo. USD Term SOFR + 2.750%) | Arcis Golf LLC (B+/B2)(1 mo. USD Term SOFR + 2.750%) | Arcis Golf LLC (B+/B2)(1 mo. USD Term SOFR + 2.750%) |
| 10358869 | 6.418 | 11/24/28 | 10350272 |
| Cinemark USA, Inc. (BBB-/Ba1)((1 mo. USD Term SOFR + 2.250%) – (3 mo. USD Term SOFR + 2.250%)) | Cinemark USA, Inc. (BBB-/Ba1)((1 mo. USD Term SOFR + 2.250%) – (3 mo. USD Term SOFR + 2.250%)) | Cinemark USA, Inc. (BBB-/Ba1)((1 mo. USD Term SOFR + 2.250%) – (3 mo. USD Term SOFR + 2.250%)) | Cinemark USA, Inc. (BBB-/Ba1)((1 mo. USD Term SOFR + 2.250%) – (3 mo. USD Term SOFR + 2.250%)) |
| 867272 | 5.918– |  |  |
|  | 5.950 | 05/24/30 | 868971 |
| Crown Finance U.S., Inc. (B/B3)(1 mo. USD Term SOFR + 4.500%) | Crown Finance U.S., Inc. (B/B3)(1 mo. USD Term SOFR + 4.500%) | Crown Finance U.S., Inc. (B/B3)(1 mo. USD Term SOFR + 4.500%) | Crown Finance U.S., Inc. (B/B3)(1 mo. USD Term SOFR + 4.500%) |
| 6221655 | 8.171 | 12/02/31 | 6150666 |
| Fender Musical Instruments Corp.<sup>(b)</sup> (B-/Caa1)(1 mo. USD Term SOFR + 4.000%) | Fender Musical Instruments Corp.<sup>(b)</sup> (B-/Caa1)(1 mo. USD Term SOFR + 4.000%) | Fender Musical Instruments Corp.<sup>(b)</sup> (B-/Caa1)(1 mo. USD Term SOFR + 4.000%) | Fender Musical Instruments Corp.<sup>(b)</sup> (B-/Caa1)(1 mo. USD Term SOFR + 4.000%) |
| 1936542 | 7.768 | 12/01/28 | 1746529 |
| GVC Holdings (Gibraltar) Ltd. (BB-/Ba2)(3 mo. USD Term SOFR + 2.250%) | GVC Holdings (Gibraltar) Ltd. (BB-/Ba2)(3 mo. USD Term SOFR + 2.250%) | GVC Holdings (Gibraltar) Ltd. (BB-/Ba2)(3 mo. USD Term SOFR + 2.250%) | GVC Holdings (Gibraltar) Ltd. (BB-/Ba2)(3 mo. USD Term SOFR + 2.250%) |
| 3636807 | 5.951 | 07/31/32 | 3630006 |
| Playtika Holding Corp. (BB/Ba2)(1 mo. USD Term SOFR + 2.750%) | Playtika Holding Corp. (BB/Ba2)(1 mo. USD Term SOFR + 2.750%) | Playtika Holding Corp. (BB/Ba2)(1 mo. USD Term SOFR + 2.750%) | Playtika Holding Corp. (BB/Ba2)(1 mo. USD Term SOFR + 2.750%) |
| 1670604 | 6.532 | 03/13/28 | 1569666 |
| Topgolf Callaway Brands Corp. (BB/Ba3)(1 mo. USD Term SOFR + 2.750%) | Topgolf Callaway Brands Corp. (BB/Ba3)(1 mo. USD Term SOFR + 2.750%) | Topgolf Callaway Brands Corp. (BB/Ba3)(1 mo. USD Term SOFR + 2.750%) | Topgolf Callaway Brands Corp. (BB/Ba3)(1 mo. USD Term SOFR + 2.750%) |
| 736900 | 6.418 | 03/18/30 | 738742 |
|  |  |  | 26948903 |
| Environmental – 1.3% | Environmental – 1.3% | Environmental – 1.3% | Environmental – 1.3% |
| Luna 2.5 SARL (B+/B1)(1 mo. EUR EURIBOR + 3.500%) | Luna 2.5 SARL (B+/B1)(1 mo. EUR EURIBOR + 3.500%) | Luna 2.5 SARL (B+/B1)(1 mo. EUR EURIBOR + 3.500%) | Luna 2.5 SARL (B+/B1)(1 mo. EUR EURIBOR + 3.500%) |
| 5140449 | 5.635 | 07/01/32 | 5920675 |
| Madison IAQ LLC (B/B1)(6 mo. USD Term SOFR + 2.500%) | Madison IAQ LLC (B/B1)(6 mo. USD Term SOFR + 2.500%) | Madison IAQ LLC (B/B1)(6 mo. USD Term SOFR + 2.500%) | Madison IAQ LLC (B/B1)(6 mo. USD Term SOFR + 2.500%) |
| 11960975 | 6.128 | 06/21/28 | 11948296 |
|  |  |  | 17868971 |
| Food & Beverages – 2.1% | Food & Beverages – 2.1% | Food & Beverages – 2.1% | Food & Beverages – 2.1% |
| Chef's Warehouse Leasing Co. LLC (BB-/B1)(1 mo. USD Term SOFR + 2.500%) | Chef's Warehouse Leasing Co. LLC (BB-/B1)(1 mo. USD Term SOFR + 2.500%) | Chef's Warehouse Leasing Co. LLC (BB-/B1)(1 mo. USD Term SOFR + 2.500%) | Chef's Warehouse Leasing Co. LLC (BB-/B1)(1 mo. USD Term SOFR + 2.500%) |
| 4743369 | 6.168 | 08/23/29 | 4749298 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **42** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) |
| Food & Beverages – (continued) | Food & Beverages – (continued) | Food & Beverages – (continued) | Food & Beverages – (continued) |
| Chobani LLC (B+/Ba3)(1 mo. USD Term SOFR + 2.250%) | Chobani LLC (B+/Ba3)(1 mo. USD Term SOFR + 2.250%) | Chobani LLC (B+/Ba3)(1 mo. USD Term SOFR + 2.250%) | Chobani LLC (B+/Ba3)(1 mo. USD Term SOFR + 2.250%) |
| 698250 | 5.918% | 10/28/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697957 |
| Froneri Lux Finco SARL (BB-/B1)(6 mo. USD Term SOFR + 2.250%) | Froneri Lux Finco SARL (BB-/B1)(6 mo. USD Term SOFR + 2.250%) | Froneri Lux Finco SARL (BB-/B1)(6 mo. USD Term SOFR + 2.250%) | Froneri Lux Finco SARL (BB-/B1)(6 mo. USD Term SOFR + 2.250%) |
| 5374272 | 5.877 | 09/30/31 | 5259532 |
| Pegasus BidCo BV (B+/B1)(3 mo. USD Term SOFR + 2.750%) | Pegasus BidCo BV (B+/B1)(3 mo. USD Term SOFR + 2.750%) | Pegasus BidCo BV (B+/B1)(3 mo. USD Term SOFR + 2.750%) | Pegasus BidCo BV (B+/B1)(3 mo. USD Term SOFR + 2.750%) |
| 8887276 | 6.403 | 07/12/29 | 8845594 |
| PFI Lower Midco LLC (B/B2)(1 mo. USD Term SOFR + 4.000%) | PFI Lower Midco LLC (B/B2)(1 mo. USD Term SOFR + 4.000%) | PFI Lower Midco LLC (B/B2)(1 mo. USD Term SOFR + 4.000%) | PFI Lower Midco LLC (B/B2)(1 mo. USD Term SOFR + 4.000%) |
| 1396500 | 7.668 | 12/01/32 | 1399125 |
| Primo Brands Corp.<sup>(b)</sup> (BB/Ba3) | Primo Brands Corp.<sup>(b)</sup> (BB/Ba3) | Primo Brands Corp.<sup>(b)</sup> (BB/Ba3) | Primo Brands Corp.<sup>(b)</sup> (BB/Ba3) |
| 1796557 | 0.000 | 03/31/31 | 1798515 |
| Sazerac Co., Inc. (BB-/Ba3)(1 mo. USD Term SOFR + 2.000%) | Sazerac Co., Inc. (BB-/Ba3)(1 mo. USD Term SOFR + 2.000%) | Sazerac Co., Inc. (BB-/Ba3)(1 mo. USD Term SOFR + 2.000%) | Sazerac Co., Inc. (BB-/Ba3)(1 mo. USD Term SOFR + 2.000%) |
| 4339125 | 5.670 | 07/09/32 | 4333094 |
| Verifone Systems, Inc. (B-/B3)(3 mo. USD Term SOFR + 5.250%) | Verifone Systems, Inc. (B-/B3)(3 mo. USD Term SOFR + 5.250%) | Verifone Systems, Inc. (B-/B3)(3 mo. USD Term SOFR + 5.250%) | Verifone Systems, Inc. (B-/B3)(3 mo. USD Term SOFR + 5.250%) |
| 2158688 | 9.179 | 08/18/28 | 2027008 |
|  |  |  | 29110123 |
| Food & Drug Retailing – 0.3% | Food & Drug Retailing – 0.3% | Food & Drug Retailing – 0.3% | Food & Drug Retailing – 0.3% |
| United Natural Foods, Inc. (B/B3)(1 mo. USD Term SOFR + 4.750%) | United Natural Foods, Inc. (B/B3)(1 mo. USD Term SOFR + 4.750%) | United Natural Foods, Inc. (B/B3)(1 mo. USD Term SOFR + 4.750%) | United Natural Foods, Inc. (B/B3)(1 mo. USD Term SOFR + 4.750%) |
| 3958960 | 8.418 | 05/01/31 | 3969847 |
| Gaming – 0.6% | Gaming – 0.6% | Gaming – 0.6% | Gaming – 0.6% |
| United FP Holdings LLC (CCC+/Caa1)(3 mo. USD Term SOFR + 4.000%) | United FP Holdings LLC (CCC+/Caa1)(3 mo. USD Term SOFR + 4.000%) | United FP Holdings LLC (CCC+/Caa1)(3 mo. USD Term SOFR + 4.000%) | United FP Holdings LLC (CCC+/Caa1)(3 mo. USD Term SOFR + 4.000%) |
| 7824093 | 7.929 | 12/30/26 | 7495482 |
| United FP Holdings LLC (NR/Caa1)(3 mo. USD Term SOFR + 8.500%) | United FP Holdings LLC (NR/Caa1)(3 mo. USD Term SOFR + 8.500%) | United FP Holdings LLC (NR/Caa1)(3 mo. USD Term SOFR + 8.500%) | United FP Holdings LLC (NR/Caa1)(3 mo. USD Term SOFR + 8.500%) |
| 552079 | 12.429 | 12/30/26 | 532756 |
|  |  |  | 8028238 |
| Health Care Products – 1.0% | Health Care Products – 1.0% | Health Care Products – 1.0% | Health Care Products – 1.0% |
| Bausch & Lomb Corp. (B/B1)(1 mo. USD Term SOFR + 3.750%) | Bausch & Lomb Corp. (B/B1)(1 mo. USD Term SOFR + 3.750%) | Bausch & Lomb Corp. (B/B1)(1 mo. USD Term SOFR + 3.750%) | Bausch & Lomb Corp. (B/B1)(1 mo. USD Term SOFR + 3.750%) |
| 2679441 | 7.418 | 01/15/31 | 2682791 |
| BioMarin Pharmaceutical, Inc.<sup>(b)</sup> (BBB-/Ba1) | BioMarin Pharmaceutical, Inc.<sup>(b)</sup> (BBB-/Ba1) | BioMarin Pharmaceutical, Inc.<sup>(b)</sup> (BBB-/Ba1) | BioMarin Pharmaceutical, Inc.<sup>(b)</sup> (BBB-/Ba1) |
| 2400000 | 0.000 | 01/28/33 | 2392512 |
| CeramTec AcquiCo GmbH (B/B1)(3 mo. EUR EURIBOR + 3.750%) | CeramTec AcquiCo GmbH (B/B1)(3 mo. EUR EURIBOR + 3.750%) | CeramTec AcquiCo GmbH (B/B1)(3 mo. EUR EURIBOR + 3.750%) | CeramTec AcquiCo GmbH (B/B1)(3 mo. EUR EURIBOR + 3.750%) |
| 2400000 | 5.761 | 11/15/29 | 2675091 |
| Hologic, Inc.<sup>(b)</sup> (B+/B1) | Hologic, Inc.<sup>(b)</sup> (B+/B1) | Hologic, Inc.<sup>(b)</sup> (B+/B1) | Hologic, Inc.<sup>(b)</sup> (B+/B1) |
| 5800000 | 0.000 | 04/07/33 | 5727500 |
| Medline Borrower LP (BBB-/Ba1)(1 mo. USD Term SOFR + 1.750%) | Medline Borrower LP (BBB-/Ba1)(1 mo. USD Term SOFR + 1.750%) | Medline Borrower LP (BBB-/Ba1)(1 mo. USD Term SOFR + 1.750%) | Medline Borrower LP (BBB-/Ba1)(1 mo. USD Term SOFR + 1.750%) |
| 491164 | 5.418 | 10/23/28 | 491807 |
|  |  |  | 13969701 |
| Health Care Services – 3.2% | Health Care Services – 3.2% | Health Care Services – 3.2% | Health Care Services – 3.2% |
| Charlotte Buyer, Inc.<sup>(b)</sup> (B-/B3) | Charlotte Buyer, Inc.<sup>(b)</sup> (B-/B3) | Charlotte Buyer, Inc.<sup>(b)</sup> (B-/B3) | Charlotte Buyer, Inc.<sup>(b)</sup> (B-/B3) |
| 2393939 | 0.000 | 02/11/28 | 2369401 |
| Examworks Bidco, Inc. (B/B2)(1 mo. USD Term SOFR + 2.500%) | Examworks Bidco, Inc. (B/B2)(1 mo. USD Term SOFR + 2.500%) | Examworks Bidco, Inc. (B/B2)(1 mo. USD Term SOFR + 2.500%) | Examworks Bidco, Inc. (B/B2)(1 mo. USD Term SOFR + 2.500%) |
| 4801503 | 6.168 | 02/06/33 | 4792524 |
| Global Medical Response, Inc. (B/B2)(3 mo. USD Term SOFR + 3.500%) | Global Medical Response, Inc. (B/B2)(3 mo. USD Term SOFR + 3.500%) | Global Medical Response, Inc. (B/B2)(3 mo. USD Term SOFR + 3.500%) | Global Medical Response, Inc. (B/B2)(3 mo. USD Term SOFR + 3.500%) |
| 5336625 | 7.170 | 10/01/32 | 5313731 |
| Help At Home, Inc. (B-/B3)(1 mo. USD Term SOFR + 5.000%) | Help At Home, Inc. (B-/B3)(1 mo. USD Term SOFR + 5.000%) | Help At Home, Inc. (B-/B3)(1 mo. USD Term SOFR + 5.000%) | Help At Home, Inc. (B-/B3)(1 mo. USD Term SOFR + 5.000%) |
| 2783816 | 8.668 | 09/24/31 | 2367635 |
| LifePoint Health, Inc. (B/B2)(3 mo. USD Term SOFR + 3.750%) | LifePoint Health, Inc. (B/B2)(3 mo. USD Term SOFR + 3.750%) | LifePoint Health, Inc. (B/B2)(3 mo. USD Term SOFR + 3.750%) | LifePoint Health, Inc. (B/B2)(3 mo. USD Term SOFR + 3.750%) |
| 2666974 | 7.422 | 05/19/31 | 2666308 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) |
| Health Care Services – (continued) | Health Care Services – (continued) | Health Care Services – (continued) | Health Care Services – (continued) |
| Lonza Group AG (B-/B2)(3 mo. USD Term SOFR + 3.925%) | Lonza Group AG (B-/B2)(3 mo. USD Term SOFR + 3.925%) | Lonza Group AG (B-/B2)(3 mo. USD Term SOFR + 3.925%) | Lonza Group AG (B-/B2)(3 mo. USD Term SOFR + 3.925%) |
| 6471739 | 7.725% | 07/03/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5635784 |
| Lumexa Imaging, Inc. (B+/B2)(3 mo. USD Term SOFR + 3.000%) | Lumexa Imaging, Inc. (B+/B2)(3 mo. USD Term SOFR + 3.000%) | Lumexa Imaging, Inc. (B+/B2)(3 mo. USD Term SOFR + 3.000%) | Lumexa Imaging, Inc. (B+/B2)(3 mo. USD Term SOFR + 3.000%) |
| 4214437 | 6.700 | 12/17/32 | 4222361 |
| Mehilainen Yhtiot OYJ (B/B2)(3 mo. EUR EURIBOR + 3.400%) | Mehilainen Yhtiot OYJ (B/B2)(3 mo. EUR EURIBOR + 3.400%) | Mehilainen Yhtiot OYJ (B/B2)(3 mo. EUR EURIBOR + 3.400%) | Mehilainen Yhtiot OYJ (B/B2)(3 mo. EUR EURIBOR + 3.400%) |
| 5100000 | 5.527 | 08/05/31 | 5886465 |
| Onex TSG Intermediate Corp. (B/B2)(3 mo. USD Term SOFR + 3.250%) | Onex TSG Intermediate Corp. (B/B2)(3 mo. USD Term SOFR + 3.250%) | Onex TSG Intermediate Corp. (B/B2)(3 mo. USD Term SOFR + 3.250%) | Onex TSG Intermediate Corp. (B/B2)(3 mo. USD Term SOFR + 3.250%) |
| 2150000 | 6.950 | 08/06/32 | 2157525 |
| Phoenix Guarantor, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.500%) | Phoenix Guarantor, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.500%) | Phoenix Guarantor, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.500%) | Phoenix Guarantor, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.500%) |
| 4875873 | 6.168 | 02/21/31 | 4873338 |
| TEAM Services Holding, Inc.<sup>(b)</sup> (B-/B2) | TEAM Services Holding, Inc.<sup>(b)</sup> (B-/B2) | TEAM Services Holding, Inc.<sup>(b)</sup> (B-/B2) | TEAM Services Holding, Inc.<sup>(b)</sup> (B-/B2) |
| 4950000 | 0.000 | 03/31/33 | 4673097 |
|  |  |  | 44958169 |
| Home Construction – 0.9% | Home Construction – 0.9% | Home Construction – 0.9% | Home Construction – 0.9% |
| AI Aqua Merger Sub, Inc. (B/B2)((1 mo. USD Term SOFR + 2.750%) – (3 mo. USD Term SOFR + 2.750%)) | AI Aqua Merger Sub, Inc. (B/B2)((1 mo. USD Term SOFR + 2.750%) – (3 mo. USD Term SOFR + 2.750%)) | AI Aqua Merger Sub, Inc. (B/B2)((1 mo. USD Term SOFR + 2.750%) – (3 mo. USD Term SOFR + 2.750%)) | AI Aqua Merger Sub, Inc. (B/B2)((1 mo. USD Term SOFR + 2.750%) – (3 mo. USD Term SOFR + 2.750%)) |
| 9555835 | 6.411– |  |  |
|  | 6.414 | 07/31/28 | 9527454 |
| Hunter Douglas, Inc. (B/B1)(3 mo. USD Term SOFR + 3.000%) | Hunter Douglas, Inc. (B/B1)(3 mo. USD Term SOFR + 3.000%) | Hunter Douglas, Inc. (B/B1)(3 mo. USD Term SOFR + 3.000%) | Hunter Douglas, Inc. (B/B1)(3 mo. USD Term SOFR + 3.000%) |
| 3246476 | 6.700 | 01/20/32 | 3227549 |
|  |  |  | 12755003 |
| Insurance – 5.6% | Insurance – 5.6% | Insurance – 5.6% | Insurance – 5.6% |
| Acrisure LLC (B/B2) | Acrisure LLC (B/B2) | Acrisure LLC (B/B2) | Acrisure LLC (B/B2) |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 14291010 | 6.668 | 11/06/30 | 13822980 |
| (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) |
| 1935375 | 6.918 | 06/21/32 | 1872475 |
| Alliant Holdings Intermediate LLC (B/B2)(1 mo. USD Term SOFR + 2.500%) | Alliant Holdings Intermediate LLC (B/B2)(1 mo. USD Term SOFR + 2.500%) | Alliant Holdings Intermediate LLC (B/B2)(1 mo. USD Term SOFR + 2.500%) | Alliant Holdings Intermediate LLC (B/B2)(1 mo. USD Term SOFR + 2.500%) |
| 14306230 | 6.168 | 09/19/31 | 14182624 |
| AmWINS Group, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.000%) | AmWINS Group, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.000%) | AmWINS Group, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.000%) | AmWINS Group, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.000%) |
| 8340771 | 5.668 | 01/30/32 | 8276714 |
| Broadstreet Partners, Inc. (B/B2)(1 mo. USD Term SOFR + 2.500%) | Broadstreet Partners, Inc. (B/B2)(1 mo. USD Term SOFR + 2.500%) | Broadstreet Partners, Inc. (B/B2)(1 mo. USD Term SOFR + 2.500%) | Broadstreet Partners, Inc. (B/B2)(1 mo. USD Term SOFR + 2.500%) |
| 2670702 | 6.168 | 06/13/31 | 2601611 |
| Howden Group Holdings Ltd. (B/B2)(1 mo. USD Term SOFR + 2.750%) | Howden Group Holdings Ltd. (B/B2)(1 mo. USD Term SOFR + 2.750%) | Howden Group Holdings Ltd. (B/B2)(1 mo. USD Term SOFR + 2.750%) | Howden Group Holdings Ltd. (B/B2)(1 mo. USD Term SOFR + 2.750%) |
| 8485527 | 6.418 | 02/15/31 | 8206862 |
| HUB International Ltd. (B+/B1)(3 mo. USD Term SOFR + 2.250%) | HUB International Ltd. (B+/B1)(3 mo. USD Term SOFR + 2.250%) | HUB International Ltd. (B+/B1)(3 mo. USD Term SOFR + 2.250%) | HUB International Ltd. (B+/B1)(3 mo. USD Term SOFR + 2.250%) |
| 7294135 | 5.920 | 06/20/30 | 7273201 |
| Hyperion Insurance Group Ltd. (B/B2)(1 mo. USD Term SOFR + 2.750%) | Hyperion Insurance Group Ltd. (B/B2)(1 mo. USD Term SOFR + 2.750%) | Hyperion Insurance Group Ltd. (B/B2)(1 mo. USD Term SOFR + 2.750%) | Hyperion Insurance Group Ltd. (B/B2)(1 mo. USD Term SOFR + 2.750%) |
| 1221812 | 6.418 | 04/18/30 | 1190179 |
| Sedgwick Claims Management Services, Inc. (B+/B2)(1 mo. USD Term SOFR + 2.500%) | Sedgwick Claims Management Services, Inc. (B+/B2)(1 mo. USD Term SOFR + 2.500%) | Sedgwick Claims Management Services, Inc. (B+/B2)(1 mo. USD Term SOFR + 2.500%) | Sedgwick Claims Management Services, Inc. (B+/B2)(1 mo. USD Term SOFR + 2.500%) |
| 5342289 | 6.168 | 07/31/31 | 5238328 |
| Trucordia Insurance Holdings LLC (B-/B2)(1 mo. USD Term SOFR + 3.250%) | Trucordia Insurance Holdings LLC (B-/B2)(1 mo. USD Term SOFR + 3.250%) | Trucordia Insurance Holdings LLC (B-/B2)(1 mo. USD Term SOFR + 3.250%) | Trucordia Insurance Holdings LLC (B-/B2)(1 mo. USD Term SOFR + 3.250%) |
| 1815875 | 6.918 | 06/17/32 | 1670605 |
| Truist Insurance Holdings LLC (B/B2)(3 mo. USD Term SOFR + 2.750%) | Truist Insurance Holdings LLC (B/B2)(3 mo. USD Term SOFR + 2.750%) | Truist Insurance Holdings LLC (B/B2)(3 mo. USD Term SOFR + 2.750%) | Truist Insurance Holdings LLC (B/B2)(3 mo. USD Term SOFR + 2.750%) |
| 5707726 | 6.450 | 05/06/31 | 5620341 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **43** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) |
| Insurance – (continued) | Insurance – (continued) | Insurance – (continued) | Insurance – (continued) |
| USI, Inc. (B/B1)(3 mo. USD Term SOFR + 2.250%) | USI, Inc. (B/B1)(3 mo. USD Term SOFR + 2.250%) | USI, Inc. (B/B1)(3 mo. USD Term SOFR + 2.250%) | USI, Inc. (B/B1)(3 mo. USD Term SOFR + 2.250%) |
| 8939948 | 5.950% | 11/21/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8912055 |
|  |  |  | 78867975 |
| Internet – 0.9% | Internet – 0.9% | Internet – 0.9% | Internet – 0.9% |
| Barracuda Networks, Inc. (CCC+/B2)(3 mo. USD Term SOFR + 4.500%) | Barracuda Networks, Inc. (CCC+/B2)(3 mo. USD Term SOFR + 4.500%) | Barracuda Networks, Inc. (CCC+/B2)(3 mo. USD Term SOFR + 4.500%) | Barracuda Networks, Inc. (CCC+/B2)(3 mo. USD Term SOFR + 4.500%) |
| 4113 | 8.167 | 08/15/29 | 2601 |
| BEP Intermediate Holdco LLC (B/B1)(1 mo. USD Term SOFR + 2.750%) | BEP Intermediate Holdco LLC (B/B1)(1 mo. USD Term SOFR + 2.750%) | BEP Intermediate Holdco LLC (B/B1)(1 mo. USD Term SOFR + 2.750%) | BEP Intermediate Holdco LLC (B/B1)(1 mo. USD Term SOFR + 2.750%) |
| 3780633 | 6.418 | 04/25/31 | 3771182 |
| CNT Holdings I Corp. (B/B2)(3 mo. USD Term SOFR + 2.500%) | CNT Holdings I Corp. (B/B2)(3 mo. USD Term SOFR + 2.500%) | CNT Holdings I Corp. (B/B2)(3 mo. USD Term SOFR + 2.500%) | CNT Holdings I Corp. (B/B2)(3 mo. USD Term SOFR + 2.500%) |
| 4472232 | 6.167 | 11/08/32 | 4467089 |
| Plano HoldCo, Inc. (B/B2)(3 mo. USD Term SOFR + 3.500%) | Plano HoldCo, Inc. (B/B2)(3 mo. USD Term SOFR + 3.500%) | Plano HoldCo, Inc. (B/B2)(3 mo. USD Term SOFR + 3.500%) | Plano HoldCo, Inc. (B/B2)(3 mo. USD Term SOFR + 3.500%) |
| 4879674 | 7.200 | 10/02/31 | 3903739 |
|  |  |  | 12144611 |
| Lodging – 0.9% | Lodging – 0.9% | Lodging – 0.9% | Lodging – 0.9% |
| Caesars Entertainment, Inc. (BB-/Ba3)(1 mo. USD Term SOFR + 2.250%) | Caesars Entertainment, Inc. (BB-/Ba3)(1 mo. USD Term SOFR + 2.250%) | Caesars Entertainment, Inc. (BB-/Ba3)(1 mo. USD Term SOFR + 2.250%) | Caesars Entertainment, Inc. (BB-/Ba3)(1 mo. USD Term SOFR + 2.250%) |
| 4333500 | 5.918 | 02/06/30 | 4203495 |
| Fertitta Entertainment LLC (B/B2)(1 mo. USD Term SOFR + 3.250%) | Fertitta Entertainment LLC (B/B2)(1 mo. USD Term SOFR + 3.250%) | Fertitta Entertainment LLC (B/B2)(1 mo. USD Term SOFR + 3.250%) | Fertitta Entertainment LLC (B/B2)(1 mo. USD Term SOFR + 3.250%) |
| 2719412 | 6.918 | 01/27/29 | 2662658 |
| Hilton Grand Vacations Borrower LLC (BB/Ba3)(1 mo. USD Term SOFR + 2.000%) | Hilton Grand Vacations Borrower LLC (BB/Ba3)(1 mo. USD Term SOFR + 2.000%) | Hilton Grand Vacations Borrower LLC (BB/Ba3)(1 mo. USD Term SOFR + 2.000%) | Hilton Grand Vacations Borrower LLC (BB/Ba3)(1 mo. USD Term SOFR + 2.000%) |
| 2832328 | 5.668 | 08/02/28 | 2828788 |
| Travel & Leisure Co. (BB-/Ba3)(1 mo. USD Term SOFR + 2.000%) | Travel & Leisure Co. (BB-/Ba3)(1 mo. USD Term SOFR + 2.000%) | Travel & Leisure Co. (BB-/Ba3)(1 mo. USD Term SOFR + 2.000%) | Travel & Leisure Co. (BB-/Ba3)(1 mo. USD Term SOFR + 2.000%) |
| 2823324 | 5.668 | 12/14/29 | 2814515 |
|  |  |  | 12509456 |
| Machinery – 1.5% | Machinery – 1.5% | Machinery – 1.5% | Machinery – 1.5% |
| Apex Tool Group LLC (B-/B3)(1 mo. USD Term SOFR + 7.000%) | Apex Tool Group LLC (B-/B3)(1 mo. USD Term SOFR + 7.000%) | Apex Tool Group LLC (B-/B3)(1 mo. USD Term SOFR + 7.000%) | Apex Tool Group LLC (B-/B3)(1 mo. USD Term SOFR + 7.000%) |
| 126759 | 10.668 | 04/08/30 | 123590 |
| Apex Tool Group LLC (CC/Caa3)(1 mo. USD Term SOFR + 10.000%) | Apex Tool Group LLC (CC/Caa3)(1 mo. USD Term SOFR + 10.000%) | Apex Tool Group LLC (CC/Caa3)(1 mo. USD Term SOFR + 10.000%) | Apex Tool Group LLC (CC/Caa3)(1 mo. USD Term SOFR + 10.000%) |
| 2094550 | 13.668 | 04/08/30 | 1366693 |
| Apex Tool Group LLC<sup>(c)</sup> (CCC-/Ca)(1 mo. USD Term SOFR + 6.000%) | Apex Tool Group LLC<sup>(c)</sup> (CCC-/Ca)(1 mo. USD Term SOFR + 6.000%) | Apex Tool Group LLC<sup>(c)</sup> (CCC-/Ca)(1 mo. USD Term SOFR + 6.000%) | Apex Tool Group LLC<sup>(c)</sup> (CCC-/Ca)(1 mo. USD Term SOFR + 6.000%) |
| 1754037 | 9.668 | 04/08/31 | 666534 |
| Apex Tool Group LLC (CCC+/Caa2)(1 mo. USD Term SOFR + 5.250%) | Apex Tool Group LLC (CCC+/Caa2)(1 mo. USD Term SOFR + 5.250%) | Apex Tool Group LLC (CCC+/Caa2)(1 mo. USD Term SOFR + 5.250%) | Apex Tool Group LLC (CCC+/Caa2)(1 mo. USD Term SOFR + 5.250%) |
| 3159499 | 8.918 | 04/08/30 | 2685574 |
| Apex Tool Group LLC<sup>(c)</sup> (NR/Ca)(1 mo. USD Term SOFR + 6.000%) | Apex Tool Group LLC<sup>(c)</sup> (NR/Ca)(1 mo. USD Term SOFR + 6.000%) | Apex Tool Group LLC<sup>(c)</sup> (NR/Ca)(1 mo. USD Term SOFR + 6.000%) | Apex Tool Group LLC<sup>(c)</sup> (NR/Ca)(1 mo. USD Term SOFR + 6.000%) |
| 241989 | 9.668 | 04/08/31 | 91956 |
| CD&R Hydra Buyer, Inc. (B/B3)(1 mo. USD Term SOFR + 4.000%) | CD&R Hydra Buyer, Inc. (B/B3)(1 mo. USD Term SOFR + 4.000%) | CD&R Hydra Buyer, Inc. (B/B3)(1 mo. USD Term SOFR + 4.000%) | CD&R Hydra Buyer, Inc. (B/B3)(1 mo. USD Term SOFR + 4.000%) |
| 3969000 | 7.768 | 03/25/31 | 3964872 |
| TK Elevator Midco GmbH (B/B2)(6 mo. USD Term SOFR + 2.750%) | TK Elevator Midco GmbH (B/B2)(6 mo. USD Term SOFR + 2.750%) | TK Elevator Midco GmbH (B/B2)(6 mo. USD Term SOFR + 2.750%) | TK Elevator Midco GmbH (B/B2)(6 mo. USD Term SOFR + 2.750%) |
| 10279508 | 6.377 | 04/30/30 | 10295956 |
| Victory Buyer LLC (B-/B2)(1 mo. USD Term SOFR + 3.000%) | Victory Buyer LLC (B-/B2)(1 mo. USD Term SOFR + 3.000%) | Victory Buyer LLC (B-/B2)(1 mo. USD Term SOFR + 3.000%) | Victory Buyer LLC (B-/B2)(1 mo. USD Term SOFR + 3.000%) |
| 2550000 | 6.668 | 02/14/33 | 2548419 |
|  |  |  | 21743594 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) |
| Machinery - Construction & Mining – 0.7% | Machinery - Construction & Mining – 0.7% | Machinery - Construction & Mining – 0.7% | Machinery - Construction & Mining – 0.7% |
| Chromalloy Corp. (B-/B2)(3 mo. USD Term SOFR + 3.250%) | Chromalloy Corp. (B-/B2)(3 mo. USD Term SOFR + 3.250%) | Chromalloy Corp. (B-/B2)(3 mo. USD Term SOFR + 3.250%) | Chromalloy Corp. (B-/B2)(3 mo. USD Term SOFR + 3.250%) |
| 8679797 | 6.911% | 03/27/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8675717 |
| WEC U.S. Holdings Ltd. (B+/B1)(1 mo. USD Term SOFR + 2.000%) | WEC U.S. Holdings Ltd. (B+/B1)(1 mo. USD Term SOFR + 2.000%) | WEC U.S. Holdings Ltd. (B+/B1)(1 mo. USD Term SOFR + 2.000%) | WEC U.S. Holdings Ltd. (B+/B1)(1 mo. USD Term SOFR + 2.000%) |
| 1424865 | 5.668 | 01/27/31 | 1421745 |
|  |  |  | 10097462 |
| Media – 0.3% | Media – 0.3% | Media – 0.3% | Media – 0.3% |
| Cogeco Communications Finance (USA) LP (BB/B1)(1 mo. USD Term SOFR + 3.250%) | Cogeco Communications Finance (USA) LP (BB/B1)(1 mo. USD Term SOFR + 3.250%) | Cogeco Communications Finance (USA) LP (BB/B1)(1 mo. USD Term SOFR + 3.250%) | Cogeco Communications Finance (USA) LP (BB/B1)(1 mo. USD Term SOFR + 3.250%) |
| 1943655 | 6.918 | 09/18/30 | 1838484 |
| EOC Borrower LLC (B+/B2)(1 mo. USD Term SOFR + 2.750%) | EOC Borrower LLC (B+/B2)(1 mo. USD Term SOFR + 2.750%) | EOC Borrower LLC (B+/B2)(1 mo. USD Term SOFR + 2.750%) | EOC Borrower LLC (B+/B2)(1 mo. USD Term SOFR + 2.750%) |
| 1985000 | 6.418 | 03/24/32 | 1975571 |
|  |  |  | 3814055 |
| Media - Cable – 1.4% | Media - Cable – 1.4% | Media - Cable – 1.4% | Media - Cable – 1.4% |
| Altice Financing SA (CCC/Caa2)(3 mo. USD Term SOFR + 5.000%) | Altice Financing SA (CCC/Caa2)(3 mo. USD Term SOFR + 5.000%) | Altice Financing SA (CCC/Caa2)(3 mo. USD Term SOFR + 5.000%) | Altice Financing SA (CCC/Caa2)(3 mo. USD Term SOFR + 5.000%) |
| 1379556 | 8.672 | 10/31/27 | 997599 |
| CSC Holdings LLC (CCC+/Caa1)(3 mo. Federal Reserve Bank Prime Loan Rate + 1.500%) | CSC Holdings LLC (CCC+/Caa1)(3 mo. Federal Reserve Bank Prime Loan Rate + 1.500%) | CSC Holdings LLC (CCC+/Caa1)(3 mo. Federal Reserve Bank Prime Loan Rate + 1.500%) | CSC Holdings LLC (CCC+/Caa1)(3 mo. Federal Reserve Bank Prime Loan Rate + 1.500%) |
| 3779446 | 8.250 | 04/15/27 | 3322360 |
| DirecTV Financing LLC (B+/B1)(3 mo. USD Term SOFR + 5.250%) | DirecTV Financing LLC (B+/B1)(3 mo. USD Term SOFR + 5.250%) | DirecTV Financing LLC (B+/B1)(3 mo. USD Term SOFR + 5.250%) | DirecTV Financing LLC (B+/B1)(3 mo. USD Term SOFR + 5.250%) |
| 2212717 | 9.179 | 08/02/29 | 2215837 |
| iHeartCommunications, Inc.<sup>(b)</sup> (CCC+/Caa1) | iHeartCommunications, Inc.<sup>(b)</sup> (CCC+/Caa1) | iHeartCommunications, Inc.<sup>(b)</sup> (CCC+/Caa1) | iHeartCommunications, Inc.<sup>(b)</sup> (CCC+/Caa1) |
| 2294192 | 0.000 | 05/01/29 | 2004183 |
| Radiate Holdco LLC<sup>(b)</sup> (CCC+/Caa1) | Radiate Holdco LLC<sup>(b)</sup> (CCC+/Caa1) | Radiate Holdco LLC<sup>(b)</sup> (CCC+/Caa1) | Radiate Holdco LLC<sup>(b)</sup> (CCC+/Caa1) |
| 1122206 | 0.000 | 09/25/29 | 995486 |
| Sinclair Television Group, Inc. (B-/Caa1)(1 mo. USD Term SOFR + 4.100%) | Sinclair Television Group, Inc. (B-/Caa1)(1 mo. USD Term SOFR + 4.100%) | Sinclair Television Group, Inc. (B-/Caa1)(1 mo. USD Term SOFR + 4.100%) | Sinclair Television Group, Inc. (B-/Caa1)(1 mo. USD Term SOFR + 4.100%) |
| 6678487 | 7.868 | 12/31/30 | 5943853 |
| Virgin Media Bristol LLC (B+/Ba3)(6 mo. USD Term SOFR + 3.175%) | Virgin Media Bristol LLC (B+/Ba3)(6 mo. USD Term SOFR + 3.175%) | Virgin Media Bristol LLC (B+/Ba3)(6 mo. USD Term SOFR + 3.175%) | Virgin Media Bristol LLC (B+/Ba3)(6 mo. USD Term SOFR + 3.175%) |
| 5333080 | 7.052 | 03/31/31 | 4849796 |
|  |  |  | 20329114 |
| Media - Non Cable – 1.7% | Media - Non Cable – 1.7% | Media - Non Cable – 1.7% | Media - Non Cable – 1.7% |
| CMG Media Corp. (B/B3)(3 mo. USD Term SOFR + 3.500%) | CMG Media Corp. (B/B3)(3 mo. USD Term SOFR + 3.500%) | CMG Media Corp. (B/B3)(3 mo. USD Term SOFR + 3.500%) | CMG Media Corp. (B/B3)(3 mo. USD Term SOFR + 3.500%) |
| 8554256 | 7.300 | 06/18/29 | 7989675 |
| Diamond Sports Group LLC (NR/NR)(Fixed + 12.000%) | Diamond Sports Group LLC (NR/NR)(Fixed + 12.000%) | Diamond Sports Group LLC (NR/NR)(Fixed + 12.000%) | Diamond Sports Group LLC (NR/NR)(Fixed + 12.000%) |
| 233107 | 12.000 | 01/02/28 | 38463 |
| Neptune Bidco U.S., Inc. (B-/B3)(3 mo. USD Term SOFR + 5.000%) | Neptune Bidco U.S., Inc. (B-/B3)(3 mo. USD Term SOFR + 5.000%) | Neptune Bidco U.S., Inc. (B-/B3)(3 mo. USD Term SOFR + 5.000%) | Neptune Bidco U.S., Inc. (B-/B3)(3 mo. USD Term SOFR + 5.000%) |
| 9298173 | 8.760 | 02/03/33 | 8861159 |
| Univision Communications, Inc. (B+/B2)(1 mo. USD Term SOFR + 3.250%) | Univision Communications, Inc. (B+/B2)(1 mo. USD Term SOFR + 3.250%) | Univision Communications, Inc. (B+/B2)(1 mo. USD Term SOFR + 3.250%) | Univision Communications, Inc. (B+/B2)(1 mo. USD Term SOFR + 3.250%) |
| 1786047 | 7.032 | 01/31/29 | 1760595 |
| Versant Media Group, Inc. (BB/Ba2)(3 mo. USD Term SOFR + 3.500%) | Versant Media Group, Inc. (BB/Ba2)(3 mo. USD Term SOFR + 3.500%) | Versant Media Group, Inc. (BB/Ba2)(3 mo. USD Term SOFR + 3.500%) | Versant Media Group, Inc. (BB/Ba2)(3 mo. USD Term SOFR + 3.500%) |
| 5250000 | 7.200 | 01/30/31 | 5240183 |
|  |  |  | 23890075 |
| Midstream – 2.6% | Midstream – 2.6% | Midstream – 2.6% | Midstream – 2.6% |
| AL GCX Holdings LLC (B+/Ba3)(1 mo. USD Term SOFR + 2.250%) | AL GCX Holdings LLC (B+/Ba3)(1 mo. USD Term SOFR + 2.250%) | AL GCX Holdings LLC (B+/Ba3)(1 mo. USD Term SOFR + 2.250%) | AL GCX Holdings LLC (B+/Ba3)(1 mo. USD Term SOFR + 2.250%) |
| 6050000 | 5.923 | 12/17/32 | 6044313 |
| AL NGPL Holdings LLC (B+/Ba3)(3 mo. USD Term SOFR + 2.000%) | AL NGPL Holdings LLC (B+/Ba3)(3 mo. USD Term SOFR + 2.000%) | AL NGPL Holdings LLC (B+/Ba3)(3 mo. USD Term SOFR + 2.000%) | AL NGPL Holdings LLC (B+/Ba3)(3 mo. USD Term SOFR + 2.000%) |
| 7127446 | 5.646 | 12/09/30 | 7109628 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **44** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) |
| Midstream – (continued) | Midstream – (continued) | Midstream – (continued) | Midstream – (continued) |
| Crescent Midstream Operating LLC (B+/B1)(3 mo. USD Term SOFR + 3.750%) | Crescent Midstream Operating LLC (B+/B1)(3 mo. USD Term SOFR + 3.750%) | Crescent Midstream Operating LLC (B+/B1)(3 mo. USD Term SOFR + 3.750%) | Crescent Midstream Operating LLC (B+/B1)(3 mo. USD Term SOFR + 3.750%) |
| 2025000 | 7.416% | 02/18/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2029212 |
| Meade Pipeline Co. LLC (BB/Ba2)(3 mo. USD Term SOFR + 2.000%) | Meade Pipeline Co. LLC (BB/Ba2)(3 mo. USD Term SOFR + 2.000%) | Meade Pipeline Co. LLC (BB/Ba2)(3 mo. USD Term SOFR + 2.000%) | Meade Pipeline Co. LLC (BB/Ba2)(3 mo. USD Term SOFR + 2.000%) |
| 6300000 | 5.687 | 09/22/32 | 6289479 |
| NGL Energy Operating LLC (B+/B2)(1 mo. USD Term SOFR + 3.500%) | NGL Energy Operating LLC (B+/B2)(1 mo. USD Term SOFR + 3.500%) | NGL Energy Operating LLC (B+/B2)(1 mo. USD Term SOFR + 3.500%) | NGL Energy Operating LLC (B+/B2)(1 mo. USD Term SOFR + 3.500%) |
| 1850001 | 7.177 | 03/11/33 | 1850001 |
| Pelican Pipeline LLC (BB/Ba2)(3 mo. USD Term SOFR + 2.750%) | Pelican Pipeline LLC (BB/Ba2)(3 mo. USD Term SOFR + 2.750%) | Pelican Pipeline LLC (BB/Ba2)(3 mo. USD Term SOFR + 2.750%) | Pelican Pipeline LLC (BB/Ba2)(3 mo. USD Term SOFR + 2.750%) |
| 1525000 | 6.466 | 03/25/33 | 1525000 |
| Prairie ECI Acquiror LP (B-/B3)(1 mo. USD Term SOFR + 3.250%) | Prairie ECI Acquiror LP (B-/B3)(1 mo. USD Term SOFR + 3.250%) | Prairie ECI Acquiror LP (B-/B3)(1 mo. USD Term SOFR + 3.250%) | Prairie ECI Acquiror LP (B-/B3)(1 mo. USD Term SOFR + 3.250%) |
| 4998731 | 6.918 | 08/01/29 | 5002480 |
| Whitewater Matterhorn Holdings LLC (BB/Ba3)(3 mo. USD Term SOFR + 1.750%) | Whitewater Matterhorn Holdings LLC (BB/Ba3)(3 mo. USD Term SOFR + 1.750%) | Whitewater Matterhorn Holdings LLC (BB/Ba3)(3 mo. USD Term SOFR + 1.750%) | Whitewater Matterhorn Holdings LLC (BB/Ba3)(3 mo. USD Term SOFR + 1.750%) |
| 6309188 | 5.450 | 06/16/32 | 6269755 |
|  |  |  | 36119868 |
| Mining – 0.4% | Mining – 0.4% | Mining – 0.4% | Mining – 0.4% |
| Arsenal AIC Parent LLC (B+/Ba3)(1 mo. USD Term SOFR + 2.750%) | Arsenal AIC Parent LLC (B+/Ba3)(1 mo. USD Term SOFR + 2.750%) | Arsenal AIC Parent LLC (B+/Ba3)(1 mo. USD Term SOFR + 2.750%) | Arsenal AIC Parent LLC (B+/Ba3)(1 mo. USD Term SOFR + 2.750%) |
| 4780165 | 6.418 | 08/19/30 | 4786140 |
| Atkore International, Inc.<sup>(c)</sup> (BBB-/Ba1)(1 mo. USD Term SOFR + 2.000%) | Atkore International, Inc.<sup>(c)</sup> (BBB-/Ba1)(1 mo. USD Term SOFR + 2.000%) | Atkore International, Inc.<sup>(c)</sup> (BBB-/Ba1)(1 mo. USD Term SOFR + 2.000%) | Atkore International, Inc.<sup>(c)</sup> (BBB-/Ba1)(1 mo. USD Term SOFR + 2.000%) |
| 1218875 | 5.668 | 09/29/32 | 1218875 |
|  |  |  | 6005015 |
| Packaging – 2.7% | Packaging – 2.7% | Packaging – 2.7% | Packaging – 2.7% |
| Charter NEX U.S., Inc. (B/B2)(1 mo. USD Term SOFR + 2.500%) | Charter NEX U.S., Inc. (B/B2)(1 mo. USD Term SOFR + 2.500%) | Charter NEX U.S., Inc. (B/B2)(1 mo. USD Term SOFR + 2.500%) | Charter NEX U.S., Inc. (B/B2)(1 mo. USD Term SOFR + 2.500%) |
| 3937641 | 6.171 | 11/29/30 | 3909762 |
| Clydesdale Acquisition Holdings, Inc. (B+/B2) | Clydesdale Acquisition Holdings, Inc. (B+/B2) | Clydesdale Acquisition Holdings, Inc. (B+/B2) | Clydesdale Acquisition Holdings, Inc. (B+/B2) |
| (1 mo. USD Term SOFR + 3.175%) | (1 mo. USD Term SOFR + 3.175%) | (1 mo. USD Term SOFR + 3.175%) | (1 mo. USD Term SOFR + 3.175%) |
| 3803872 | 6.843 | 04/13/29 | 3620145 |
| (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) |
| 4503104 | 6.918 | 04/01/32 | 4194642 |
| Pregis TopCo Corp. (B-/B2)(1 mo. USD Term SOFR + 4.000%) | Pregis TopCo Corp. (B-/B2)(1 mo. USD Term SOFR + 4.000%) | Pregis TopCo Corp. (B-/B2)(1 mo. USD Term SOFR + 4.000%) | Pregis TopCo Corp. (B-/B2)(1 mo. USD Term SOFR + 4.000%) |
| 3638672 | 7.668 | 02/01/29 | 3631395 |
| Pro Mach Group, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) | Pro Mach Group, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) | Pro Mach Group, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) | Pro Mach Group, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) |
| 1745625 | 6.418 | 10/15/32 | 1741261 |
| Proampac PG Borrower LLC (B-/B3)(1 mo. USD Term SOFR + 4.000%) | Proampac PG Borrower LLC (B-/B3)(1 mo. USD Term SOFR + 4.000%) | Proampac PG Borrower LLC (B-/B3)(1 mo. USD Term SOFR + 4.000%) | Proampac PG Borrower LLC (B-/B3)(1 mo. USD Term SOFR + 4.000%) |
| 11094831 | 7.782 | 03/07/33 | 10687096 |
| Tosca Services LLC (B/B2)(3 mo. USD Term SOFR + 5.500%) | Tosca Services LLC (B/B2)(3 mo. USD Term SOFR + 5.500%) | Tosca Services LLC (B/B2)(3 mo. USD Term SOFR + 5.500%) | Tosca Services LLC (B/B2)(3 mo. USD Term SOFR + 5.500%) |
| 1395211 | 9.200 | 11/30/28 | 1407600 |
| Tosca Services LLC (CCC/Caa2)(3 mo. USD Term SOFR + 4.250%) | Tosca Services LLC (CCC/Caa2)(3 mo. USD Term SOFR + 4.250%) | Tosca Services LLC (CCC/Caa2)(3 mo. USD Term SOFR + 4.250%) | Tosca Services LLC (CCC/Caa2)(3 mo. USD Term SOFR + 4.250%) |
| 5155271 | 8.050 | 11/30/28 | 4783679 |
| TricorBraun Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.250%) | TricorBraun Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.250%) | TricorBraun Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.250%) | TricorBraun Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.250%) |
| 3922933 | 6.918 | 03/03/31 | 3720235 |
|  |  |  | 37695815 |
| Paper<sup>(b)</sup> – 0.1% | Paper<sup>(b)</sup> – 0.1% | Paper<sup>(b)</sup> – 0.1% | Paper<sup>(b)</sup> – 0.1% |
| Mativ Holdings, Inc. (B+/Ba3) | Mativ Holdings, Inc. (B+/Ba3) | Mativ Holdings, Inc. (B+/Ba3) | Mativ Holdings, Inc. (B+/Ba3) |
| 1490000 | 0.000 | 04/04/33 | 1430400 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) |
| Pharmaceuticals – 1.3% | Pharmaceuticals – 1.3% | Pharmaceuticals – 1.3% | Pharmaceuticals – 1.3% |
| Alkermes, Inc. (BB/Ba2)(1 mo. USD Term SOFR + 2.750%) | Alkermes, Inc. (BB/Ba2)(1 mo. USD Term SOFR + 2.750%) | Alkermes, Inc. (BB/Ba2)(1 mo. USD Term SOFR + 2.750%) | Alkermes, Inc. (BB/Ba2)(1 mo. USD Term SOFR + 2.750%) |
| 1250000 | 6.418% | 08/12/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258600 |
| Amneal Pharmaceuticals LLC (B+/B1)(1 mo. USD Term SOFR + 3.000%) | Amneal Pharmaceuticals LLC (B+/B1)(1 mo. USD Term SOFR + 3.000%) | Amneal Pharmaceuticals LLC (B+/B1)(1 mo. USD Term SOFR + 3.000%) | Amneal Pharmaceuticals LLC (B+/B1)(1 mo. USD Term SOFR + 3.000%) |
| 5422750 | 6.668 | 08/01/32 | 5436307 |
| Bausch Health Cos., Inc. (B/Caa1)(1 mo. USD Term SOFR + 6.250%) | Bausch Health Cos., Inc. (B/Caa1)(1 mo. USD Term SOFR + 6.250%) | Bausch Health Cos., Inc. (B/Caa1)(1 mo. USD Term SOFR + 6.250%) | Bausch Health Cos., Inc. (B/Caa1)(1 mo. USD Term SOFR + 6.250%) |
| 7656502 | 9.918 | 10/08/30 | 7377882 |
| Covetrus, Inc. (CCC+/B2)(3 mo. USD Term SOFR + 5.000%) | Covetrus, Inc. (CCC+/B2)(3 mo. USD Term SOFR + 5.000%) | Covetrus, Inc. (CCC+/B2)(3 mo. USD Term SOFR + 5.000%) | Covetrus, Inc. (CCC+/B2)(3 mo. USD Term SOFR + 5.000%) |
| 1530326 | 8.700 | 10/13/29 | 1417296 |
| Gainwell Acquisition Corp. (B-/B3)(3 mo. USD Term SOFR + 4.000%) | Gainwell Acquisition Corp. (B-/B3)(3 mo. USD Term SOFR + 4.000%) | Gainwell Acquisition Corp. (B-/B3)(3 mo. USD Term SOFR + 4.000%) | Gainwell Acquisition Corp. (B-/B3)(3 mo. USD Term SOFR + 4.000%) |
| 3335715 | 7.800 | 10/01/27 | 3232874 |
|  |  |  | 18722959 |
| Pipelines – 0.6% | Pipelines – 0.6% | Pipelines – 0.6% | Pipelines – 0.6% |
| ITT Holdings LLC (BB-/Ba2)(1 mo. USD Term SOFR + 1.975%) | ITT Holdings LLC (BB-/Ba2)(1 mo. USD Term SOFR + 1.975%) | ITT Holdings LLC (BB-/Ba2)(1 mo. USD Term SOFR + 1.975%) | ITT Holdings LLC (BB-/Ba2)(1 mo. USD Term SOFR + 1.975%) |
| 1452903 | 5.643 | 10/11/30 | 1447004 |
| Traverse Midstream Partners LLC (B+/B2)(3 mo. USD Term SOFR + 2.500%) | Traverse Midstream Partners LLC (B+/B2)(3 mo. USD Term SOFR + 2.500%) | Traverse Midstream Partners LLC (B+/B2)(3 mo. USD Term SOFR + 2.500%) | Traverse Midstream Partners LLC (B+/B2)(3 mo. USD Term SOFR + 2.500%) |
| 6377475 | 6.167 | 02/16/28 | 6372182 |
|  |  |  | 7819186 |
| Restaurants – 0.3% | Restaurants – 0.3% | Restaurants – 0.3% | Restaurants – 0.3% |
| Dave & Buster's, Inc. (B-/B3)(3 mo. USD Term SOFR + 3.250%) | Dave & Buster's, Inc. (B-/B3)(3 mo. USD Term SOFR + 3.250%) | Dave & Buster's, Inc. (B-/B3)(3 mo. USD Term SOFR + 3.250%) | Dave & Buster's, Inc. (B-/B3)(3 mo. USD Term SOFR + 3.250%) |
| 2925000 | 6.938 | 06/29/29 | 2547178 |
| Horizon U.S. Finco LP<sup>(b)</sup> (B/B1) | Horizon U.S. Finco LP<sup>(b)</sup> (B/B1) | Horizon U.S. Finco LP<sup>(b)</sup> (B/B1) | Horizon U.S. Finco LP<sup>(b)</sup> (B/B1) |
| 2418543 | 0.000 | 10/31/31 | 2249245 |
|  |  |  | 4796423 |
| Retailers – 3.5% | Retailers – 3.5% | Retailers – 3.5% | Retailers – 3.5% |
| BCPE Empire Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.250%) | BCPE Empire Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.250%) | BCPE Empire Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.250%) | BCPE Empire Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.250%) |
| 4462766 | 6.918 | 12/11/30 | 4390246 |
| BCPE Grill Parent<sup>(b)</sup> (B-/B3) | BCPE Grill Parent<sup>(b)</sup> (B-/B3) | BCPE Grill Parent<sup>(b)</sup> (B-/B3) | BCPE Grill Parent<sup>(b)</sup> (B-/B3) |
| 1595918 | 0.000 | 09/30/30 | 1515628 |
| EG America LLC (B/B2)(1 mo. USD Term SOFR + 3.250%) | EG America LLC (B/B2)(1 mo. USD Term SOFR + 3.250%) | EG America LLC (B/B2)(1 mo. USD Term SOFR + 3.250%) | EG America LLC (B/B2)(1 mo. USD Term SOFR + 3.250%) |
| 5000000 | 6.918 | 02/10/31 | 4996250 |
| Great Outdoors Group LLC (BB-/B1)(1 mo. USD Term SOFR + 3.250%) | Great Outdoors Group LLC (BB-/B1)(1 mo. USD Term SOFR + 3.250%) | Great Outdoors Group LLC (BB-/B1)(1 mo. USD Term SOFR + 3.250%) | Great Outdoors Group LLC (BB-/B1)(1 mo. USD Term SOFR + 3.250%) |
| 1831454 | 6.918 | 01/23/32 | 1825959 |
| Harbor Freight Tools USA, Inc. (BB-/B2)(1 mo. USD Term SOFR + 2.250%) | Harbor Freight Tools USA, Inc. (BB-/B2)(1 mo. USD Term SOFR + 2.250%) | Harbor Freight Tools USA, Inc. (BB-/B2)(1 mo. USD Term SOFR + 2.250%) | Harbor Freight Tools USA, Inc. (BB-/B2)(1 mo. USD Term SOFR + 2.250%) |
| 6574310 | 5.918 | 06/11/31 | 6498574 |
| Mister Car Wash Holdings, Inc. (B/B2) | Mister Car Wash Holdings, Inc. (B/B2) | Mister Car Wash Holdings, Inc. (B/B2) | Mister Car Wash Holdings, Inc. (B/B2) |
| 2000000 | 0.000 <sup>(b)</sup> | 03/27/31 | 1976260 |
| (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) |
| 1259616 | 5.918 | 03/27/31 | 1242888 |
| Peer Holding III BV (BB+/Ba1)(3 mo. USD Term SOFR + 2.500%) | Peer Holding III BV (BB+/Ba1)(3 mo. USD Term SOFR + 2.500%) | Peer Holding III BV (BB+/Ba1)(3 mo. USD Term SOFR + 2.500%) | Peer Holding III BV (BB+/Ba1)(3 mo. USD Term SOFR + 2.500%) |
| 6542188 | 6.200 | 07/01/31 | 6521776 |
| PetSmart, Inc. (BB-/B2)(1 mo. USD Term SOFR + 4.000%) | PetSmart, Inc. (BB-/B2)(1 mo. USD Term SOFR + 4.000%) | PetSmart, Inc. (BB-/B2)(1 mo. USD Term SOFR + 4.000%) | PetSmart, Inc. (BB-/B2)(1 mo. USD Term SOFR + 4.000%) |
| 2969351 | 7.675 | 08/18/32 | 2946338 |
| Restoration Hardware, Inc. (B/B3)(1 mo. USD Term SOFR + 2.500%) | Restoration Hardware, Inc. (B/B3)(1 mo. USD Term SOFR + 2.500%) | Restoration Hardware, Inc. (B/B3)(1 mo. USD Term SOFR + 2.500%) | Restoration Hardware, Inc. (B/B3)(1 mo. USD Term SOFR + 2.500%) |
| 3047761 | 6.282 | 10/20/28 | 2961784 |
| Staples, Inc. (B-/B3)(3 mo. USD Term SOFR + 5.750%) | Staples, Inc. (B-/B3)(3 mo. USD Term SOFR + 5.750%) | Staples, Inc. (B-/B3)(3 mo. USD Term SOFR + 5.750%) | Staples, Inc. (B-/B3)(3 mo. USD Term SOFR + 5.750%) |
| 5852170 | 9.414 | 09/04/29 | 5305344 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **45** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) |
| Retailers – (continued) | Retailers – (continued) | Retailers – (continued) | Retailers – (continued) |
| TruGreen LP (CCC/Caa3)(3 mo. USD Term SOFR + 8.500%) | TruGreen LP (CCC/Caa3)(3 mo. USD Term SOFR + 8.500%) | TruGreen LP (CCC/Caa3)(3 mo. USD Term SOFR + 8.500%) | TruGreen LP (CCC/Caa3)(3 mo. USD Term SOFR + 8.500%) |
| 2200000 | 12.429% | 11/02/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035000 |
| White Cap Buyer LLC (B/B3)(1 mo. USD Term SOFR + 3.250%) | White Cap Buyer LLC (B/B3)(1 mo. USD Term SOFR + 3.250%) | White Cap Buyer LLC (B/B3)(1 mo. USD Term SOFR + 3.250%) | White Cap Buyer LLC (B/B3)(1 mo. USD Term SOFR + 3.250%) |
| 6927630 | 6.918 | 10/19/29 | 6647961 |
|  |  |  | 48864008 |
| Technology – 3.7% | Technology – 3.7% | Technology – 3.7% | Technology – 3.7% |
| Arches Buyer, Inc. (B/B1)(1 mo. USD Term SOFR + 3.250%) | Arches Buyer, Inc. (B/B1)(1 mo. USD Term SOFR + 3.250%) | Arches Buyer, Inc. (B/B1)(1 mo. USD Term SOFR + 3.250%) | Arches Buyer, Inc. (B/B1)(1 mo. USD Term SOFR + 3.250%) |
| 2678796 | 7.018 | 12/06/27 | 2665831 |
| Central Parent, Inc. (B-/B3)(3 mo. USD Term SOFR + 3.250%) | Central Parent, Inc. (B-/B3)(3 mo. USD Term SOFR + 3.250%) | Central Parent, Inc. (B-/B3)(3 mo. USD Term SOFR + 3.250%) | Central Parent, Inc. (B-/B3)(3 mo. USD Term SOFR + 3.250%) |
| 6081759 | 6.950 | 07/06/29 | 4318596 |
| Cloud Software Group, Inc. (B/B1)(3 mo. USD Term SOFR + 3.250%) | Cloud Software Group, Inc. (B/B1)(3 mo. USD Term SOFR + 3.250%) | Cloud Software Group, Inc. (B/B1)(3 mo. USD Term SOFR + 3.250%) | Cloud Software Group, Inc. (B/B1)(3 mo. USD Term SOFR + 3.250%) |
| 10696250 | 6.950 | 08/13/32 | 9754552 |
| Go Daddy Operating Co. LLC (BB/Ba1)(1 mo. USD Term SOFR + 1.750%) | Go Daddy Operating Co. LLC (BB/Ba1)(1 mo. USD Term SOFR + 1.750%) | Go Daddy Operating Co. LLC (BB/Ba1)(1 mo. USD Term SOFR + 1.750%) | Go Daddy Operating Co. LLC (BB/Ba1)(1 mo. USD Term SOFR + 1.750%) |
| 3241772 | 5.418 | 11/09/29 | 3190455 |
| LSF12 Crown U.S. Commercial Bidco LLC (B-/B1)(1 mo. USD Term SOFR + 3.000%) | LSF12 Crown U.S. Commercial Bidco LLC (B-/B1)(1 mo. USD Term SOFR + 3.000%) | LSF12 Crown U.S. Commercial Bidco LLC (B-/B1)(1 mo. USD Term SOFR + 3.000%) | LSF12 Crown U.S. Commercial Bidco LLC (B-/B1)(1 mo. USD Term SOFR + 3.000%) |
| 7635465 | 6.668 | 12/02/31 | 7635465 |
| McAfee LLC (B-/B1)(1 mo. USD Term SOFR + 3.000%) | McAfee LLC (B-/B1)(1 mo. USD Term SOFR + 3.000%) | McAfee LLC (B-/B1)(1 mo. USD Term SOFR + 3.000%) | McAfee LLC (B-/B1)(1 mo. USD Term SOFR + 3.000%) |
| 8910275 | 6.668 | 03/01/29 | 7930145 |
| MKS Instruments, Inc. (BB+/Ba1)(1 mo. EUR EURIBOR + 2.000%) | MKS Instruments, Inc. (BB+/Ba1)(1 mo. EUR EURIBOR + 2.000%) | MKS Instruments, Inc. (BB+/Ba1)(1 mo. EUR EURIBOR + 2.000%) | MKS Instruments, Inc. (BB+/Ba1)(1 mo. EUR EURIBOR + 2.000%) |
| 750000 | 3.937 | 02/04/33 | 865804 |
| OAK-Eagle Acquireco, Inc.<sup>(b)</sup> (NR/Ba3) | OAK-Eagle Acquireco, Inc.<sup>(b)</sup> (NR/Ba3) | OAK-Eagle Acquireco, Inc.<sup>(b)</sup> (NR/Ba3) | OAK-Eagle Acquireco, Inc.<sup>(b)</sup> (NR/Ba3) |
| 2415000 | 0.000 | 03/24/33 | 2399906 |
| Pitney Bowes, Inc. (BB/Ba2)(3 mo. USD Term SOFR + 3.750%) | Pitney Bowes, Inc. (BB/Ba2)(3 mo. USD Term SOFR + 3.750%) | Pitney Bowes, Inc. (BB/Ba2)(3 mo. USD Term SOFR + 3.750%) | Pitney Bowes, Inc. (BB/Ba2)(3 mo. USD Term SOFR + 3.750%) |
| 7720558 | 7.450 | 03/19/32 | 7656246 |
| Project Boost Purchaser LLC (B-/B3)(3 mo. USD Term SOFR + 2.750%) | Project Boost Purchaser LLC (B-/B3)(3 mo. USD Term SOFR + 2.750%) | Project Boost Purchaser LLC (B-/B3)(3 mo. USD Term SOFR + 2.750%) | Project Boost Purchaser LLC (B-/B3)(3 mo. USD Term SOFR + 2.750%) |
| 2888631 | 6.450 | 07/16/31 | 2779960 |
| Resilience Parent LLC (B/B2)(6 mo. USD Term SOFR + 2.500%) | Resilience Parent LLC (B/B2)(6 mo. USD Term SOFR + 2.500%) | Resilience Parent LLC (B/B2)(6 mo. USD Term SOFR + 2.500%) | Resilience Parent LLC (B/B2)(6 mo. USD Term SOFR + 2.500%) |
| 3175000 | 6.100 | 02/28/33 | 3156141 |
|  |  |  | 52353101 |
| Technology - Hardware – 0.5% | Technology - Hardware – 0.5% | Technology - Hardware – 0.5% | Technology - Hardware – 0.5% |
| Grinding Media, Inc. (B-/B3)(3 mo. USD Term SOFR + 3.500%) | Grinding Media, Inc. (B-/B3)(3 mo. USD Term SOFR + 3.500%) | Grinding Media, Inc. (B-/B3)(3 mo. USD Term SOFR + 3.500%) | Grinding Media, Inc. (B-/B3)(3 mo. USD Term SOFR + 3.500%) |
| 7068066 | 7.173 | 10/12/28 | 7068066 |
| Technology - Software – 5.0% | Technology - Software – 5.0% | Technology - Software – 5.0% | Technology - Software – 5.0% |
| Ahead DB Holdings LLC (B/B1)(3 mo. USD Term SOFR + 2.500%) | Ahead DB Holdings LLC (B/B1)(3 mo. USD Term SOFR + 2.500%) | Ahead DB Holdings LLC (B/B1)(3 mo. USD Term SOFR + 2.500%) | Ahead DB Holdings LLC (B/B1)(3 mo. USD Term SOFR + 2.500%) |
| 4518973 | 6.200 | 02/03/31 | 4447663 |
| Clearwater Analytics LLC (BB-/B1)(1 mo. USD Term SOFR + 2.000%) | Clearwater Analytics LLC (BB-/B1)(1 mo. USD Term SOFR + 2.000%) | Clearwater Analytics LLC (BB-/B1)(1 mo. USD Term SOFR + 2.000%) | Clearwater Analytics LLC (BB-/B1)(1 mo. USD Term SOFR + 2.000%) |
| 1417875 | 5.675 | 04/21/32 | 1416103 |
| Clover Holdings 2 LLC (B/B2)(1 mo. USD Term SOFR + 4.000%) | Clover Holdings 2 LLC (B/B2)(1 mo. USD Term SOFR + 4.000%) | Clover Holdings 2 LLC (B/B2)(1 mo. USD Term SOFR + 4.000%) | Clover Holdings 2 LLC (B/B2)(1 mo. USD Term SOFR + 4.000%) |
| 2756249 | 7.677 | 12/09/31 | 2635663 |
| ConnectWise LLC (NR/B2)(3 mo. USD Term SOFR + 3.500%) | ConnectWise LLC (NR/B2)(3 mo. USD Term SOFR + 3.500%) | ConnectWise LLC (NR/B2)(3 mo. USD Term SOFR + 3.500%) | ConnectWise LLC (NR/B2)(3 mo. USD Term SOFR + 3.500%) |
| 6883483 | 7.461 | 09/29/28 | 6338517 |
| Constant Contact, Inc. (B-/B2)(3 mo. USD Term SOFR + 4.000%) | Constant Contact, Inc. (B-/B2)(3 mo. USD Term SOFR + 4.000%) | Constant Contact, Inc. (B-/B2)(3 mo. USD Term SOFR + 4.000%) | Constant Contact, Inc. (B-/B2)(3 mo. USD Term SOFR + 4.000%) |
| 2519458 | 7.934 | 02/10/28 | 2337704 |
| Cotiviti Corp. (B/B2)(1 mo. USD Term SOFR + 2.750%) | Cotiviti Corp. (B/B2)(1 mo. USD Term SOFR + 2.750%) | Cotiviti Corp. (B/B2)(1 mo. USD Term SOFR + 2.750%) | Cotiviti Corp. (B/B2)(1 mo. USD Term SOFR + 2.750%) |
| 4826869 | 6.418 | 05/01/31 | 4437727 |
| Dayforce, Inc.<sup>(b)</sup> (B-/B3) | Dayforce, Inc.<sup>(b)</sup> (B-/B3) | Dayforce, Inc.<sup>(b)</sup> (B-/B3) | Dayforce, Inc.<sup>(b)</sup> (B-/B3) |
| 2700000 | 0.000 | 02/04/33 | 2550744 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) |
| Technology - Software – (continued) | Technology - Software – (continued) | Technology - Software – (continued) | Technology - Software – (continued) |
| DCert Buyer, Inc.<sup>(b)</sup> (CCC/Caa2) | DCert Buyer, Inc.<sup>(b)</sup> (CCC/Caa2) | DCert Buyer, Inc.<sup>(b)</sup> (CCC/Caa2) | DCert Buyer, Inc.<sup>(b)</sup> (CCC/Caa2) |
| 3125000 | 0.000% | 02/19/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2367188 |
| Epicor Software Corp. (B-/B2)(1 mo. USD Term SOFR + 2.500%) | Epicor Software Corp. (B-/B2)(1 mo. USD Term SOFR + 2.500%) | Epicor Software Corp. (B-/B2)(1 mo. USD Term SOFR + 2.500%) | Epicor Software Corp. (B-/B2)(1 mo. USD Term SOFR + 2.500%) |
| 3742155 | 6.168 | 05/30/31 | 3666377 |
| Finastra USA, Inc. (B-/B3)(3 mo. USD Term SOFR + 4.000%) | Finastra USA, Inc. (B-/B3)(3 mo. USD Term SOFR + 4.000%) | Finastra USA, Inc. (B-/B3)(3 mo. USD Term SOFR + 4.000%) | Finastra USA, Inc. (B-/B3)(3 mo. USD Term SOFR + 4.000%) |
| 4275000 | 7.671 | 09/15/32 | 4007813 |
| Fortress Intermediate 3, Inc. (B/B2)(1 mo. USD Term SOFR + 3.000%) | Fortress Intermediate 3, Inc. (B/B2)(1 mo. USD Term SOFR + 3.000%) | Fortress Intermediate 3, Inc. (B/B2)(1 mo. USD Term SOFR + 3.000%) | Fortress Intermediate 3, Inc. (B/B2)(1 mo. USD Term SOFR + 3.000%) |
| 4416942 | 6.669 | 06/27/31 | 4378294 |
| Genuine Financial Holdings LLC (B/B3)(1 mo. USD Term SOFR + 3.250%) | Genuine Financial Holdings LLC (B/B3)(1 mo. USD Term SOFR + 3.250%) | Genuine Financial Holdings LLC (B/B3)(1 mo. USD Term SOFR + 3.250%) | Genuine Financial Holdings LLC (B/B3)(1 mo. USD Term SOFR + 3.250%) |
| 708035 | 6.918 | 09/27/30 | 605724 |
| iSolved, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) | iSolved, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) | iSolved, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) | iSolved, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) |
| 3115913 | 6.418 | 10/15/30 | 2962081 |
| Javelin Buyer, Inc. (B-/B2)(3 mo. USD Term SOFR + 2.750%) | Javelin Buyer, Inc. (B-/B2)(3 mo. USD Term SOFR + 2.750%) | Javelin Buyer, Inc. (B-/B2)(3 mo. USD Term SOFR + 2.750%) | Javelin Buyer, Inc. (B-/B2)(3 mo. USD Term SOFR + 2.750%) |
| 2710519 | 6.417 | 12/05/31 | 2576700 |
| Javelin Buyer, Inc. (CCC+/Caa2)(3 mo. USD Term SOFR + 5.000%) | Javelin Buyer, Inc. (CCC+/Caa2)(3 mo. USD Term SOFR + 5.000%) | Javelin Buyer, Inc. (CCC+/Caa2)(3 mo. USD Term SOFR + 5.000%) | Javelin Buyer, Inc. (CCC+/Caa2)(3 mo. USD Term SOFR + 5.000%) |
| 2275000 | 8.673 | 12/06/32 | 2070250 |
| Mitchell International, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.000%) | Mitchell International, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.000%) | Mitchell International, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.000%) | Mitchell International, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.000%) |
| 3289163 | 6.668 | 06/17/31 | 3130395 |
| Peraton Corp. (B-/Caa1)(3 mo. USD Term SOFR + 3.750%) | Peraton Corp. (B-/Caa1)(3 mo. USD Term SOFR + 3.750%) | Peraton Corp. (B-/Caa1)(3 mo. USD Term SOFR + 3.750%) | Peraton Corp. (B-/Caa1)(3 mo. USD Term SOFR + 3.750%) |
| 4525985 | 7.517 | 02/01/28 | 3854646 |
| Polaris Newco LLC (CCC+/B3) | Polaris Newco LLC (CCC+/B3) | Polaris Newco LLC (CCC+/B3) | Polaris Newco LLC (CCC+/B3) |
| (3 mo. EUR EURIBOR + 4.000%) | (3 mo. EUR EURIBOR + 4.000%) | (3 mo. EUR EURIBOR + 4.000%) | (3 mo. EUR EURIBOR + 4.000%) |
| 1840013 | 6.026 | 06/02/28 | 1793577 |
| (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) |
| 3514919 | 7.679 | 06/02/28 | 3084342 |
| Project Alpha Intermediate Holding, Inc. (B-/Caa1)(3 mo. USD Term SOFR + 5.000%) | Project Alpha Intermediate Holding, Inc. (B-/Caa1)(3 mo. USD Term SOFR + 5.000%) | Project Alpha Intermediate Holding, Inc. (B-/Caa1)(3 mo. USD Term SOFR + 5.000%) | Project Alpha Intermediate Holding, Inc. (B-/Caa1)(3 mo. USD Term SOFR + 5.000%) |
| 2550000 | 8.700 | 05/09/33 | 1481550 |
| Spectris PLC (B/B2)(3 mo. USD Term SOFR + 2.750%) | Spectris PLC (B/B2)(3 mo. USD Term SOFR + 2.750%) | Spectris PLC (B/B2)(3 mo. USD Term SOFR + 2.750%) | Spectris PLC (B/B2)(3 mo. USD Term SOFR + 2.750%) |
| 1446375 | 6.450 | 12/06/32 | 1446375 |
| Spectris PLC (NR/NR)(3 mo. EUR EURIBOR + 3.250%) | Spectris PLC (NR/NR)(3 mo. EUR EURIBOR + 3.250%) | Spectris PLC (NR/NR)(3 mo. EUR EURIBOR + 3.250%) | Spectris PLC (NR/NR)(3 mo. EUR EURIBOR + 3.250%) |
| 1200000 | 5.377 | 12/06/32 | 1380959 |
| UKG, Inc. (B/B2)(3 mo. USD Term SOFR + 2.500%) | UKG, Inc. (B/B2)(3 mo. USD Term SOFR + 2.500%) | UKG, Inc. (B/B2)(3 mo. USD Term SOFR + 2.500%) | UKG, Inc. (B/B2)(3 mo. USD Term SOFR + 2.500%) |
| 5045002 | 6.167 | 02/10/31 | 4813587 |
| Virtusa Corp. (B+/B1)(1 mo. USD Term SOFR + 3.250%) | Virtusa Corp. (B+/B1)(1 mo. USD Term SOFR + 3.250%) | Virtusa Corp. (B+/B1)(1 mo. USD Term SOFR + 3.250%) | Virtusa Corp. (B+/B1)(1 mo. USD Term SOFR + 3.250%) |
| 549455 | 6.918 | 02/15/29 | 492449 |
| Zelis Payments Buyer, Inc. (B/B2)(1 mo. USD Term SOFR + 3.250%) | Zelis Payments Buyer, Inc. (B/B2)(1 mo. USD Term SOFR + 3.250%) | Zelis Payments Buyer, Inc. (B/B2)(1 mo. USD Term SOFR + 3.250%) | Zelis Payments Buyer, Inc. (B/B2)(1 mo. USD Term SOFR + 3.250%) |
| 1894070 | 6.918 | 11/26/31 | 1829671 |
|  |  |  | 70106099 |
| Textiles – 0.8% | Textiles – 0.8% | Textiles – 0.8% | Textiles – 0.8% |
| ABG Intermediate Holdings 2 LLC (B+/B1)(1 mo. USD Term SOFR + 2.250%) | ABG Intermediate Holdings 2 LLC (B+/B1)(1 mo. USD Term SOFR + 2.250%) | ABG Intermediate Holdings 2 LLC (B+/B1)(1 mo. USD Term SOFR + 2.250%) | ABG Intermediate Holdings 2 LLC (B+/B1)(1 mo. USD Term SOFR + 2.250%) |
| 5447217 | 5.918 | 12/21/28 | 5432074 |
| Beach Acquisition Bidco LLC (BB-/Ba3) | Beach Acquisition Bidco LLC (BB-/Ba3) | Beach Acquisition Bidco LLC (BB-/Ba3) | Beach Acquisition Bidco LLC (BB-/Ba3) |
| (3 mo. EUR EURIBOR + 3.500%) | (3 mo. EUR EURIBOR + 3.500%) | (3 mo. EUR EURIBOR + 3.500%) | (3 mo. EUR EURIBOR + 3.500%) |
| 5277826 | 5.627 | 09/12/32 | 6003807 |
| (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) |
| 456811 | 6.950 | 09/12/32 | 457382 |
|  |  |  | 11893263 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **46** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) | Bank Loans<sup>(a)</sup> – (continued) |
| Transportation Services – 0.8% | Transportation Services – 0.8% | Transportation Services – 0.8% | Transportation Services – 0.8% |
| Kenan Advantage Group, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.250%) | Kenan Advantage Group, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.250%) | Kenan Advantage Group, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.250%) | Kenan Advantage Group, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.250%) |
| 1786952 | 6.918% | 01/25/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1763722 |
| PODS LLC (B-/B3)(1 mo. USD Term SOFR + 3.000%) | PODS LLC (B-/B3)(1 mo. USD Term SOFR + 3.000%) | PODS LLC (B-/B3)(1 mo. USD Term SOFR + 3.000%) | PODS LLC (B-/B3)(1 mo. USD Term SOFR + 3.000%) |
| 1339481 | 6.782 | 03/31/28 | 1330506 |
| Third Coast Infrastructure LLC (BB+/Ba3)(1 mo. USD Term SOFR + 3.750%) | Third Coast Infrastructure LLC (BB+/Ba3)(1 mo. USD Term SOFR + 3.750%) | Third Coast Infrastructure LLC (BB+/Ba3)(1 mo. USD Term SOFR + 3.750%) | Third Coast Infrastructure LLC (BB+/Ba3)(1 mo. USD Term SOFR + 3.750%) |
| 7485404 | 7.418 | 09/25/30 | 7522831 |
|  |  |  | 10617059 |
| Wireless Telecommunication Services – 1.3% | Wireless Telecommunication Services – 1.3% | Wireless Telecommunication Services – 1.3% | Wireless Telecommunication Services – 1.3% |
| Altice France SA (CCC+/Caa1) | Altice France SA (CCC+/Caa1) | Altice France SA (CCC+/Caa1) | Altice France SA (CCC+/Caa1) |
| 3200000 | 0.000 <sup>(b)</sup> | 10/30/28 | 3182016 |
| (3 mo. USD Term SOFR + 6.875%) | (3 mo. USD Term SOFR + 6.875%) | (3 mo. USD Term SOFR + 6.875%) | (3 mo. USD Term SOFR + 6.875%) |
| 4384180 | 10.547 | 05/31/31 | 4386942 |
| ViaSat, Inc.<sup>(b)</sup> (B+/Ba3) | ViaSat, Inc.<sup>(b)</sup> (B+/Ba3) | ViaSat, Inc.<sup>(b)</sup> (B+/Ba3) | ViaSat, Inc.<sup>(b)</sup> (B+/Ba3) |
| 1595855 | 0.000 | 03/02/29 | 1598743 |
| Voyage Digital Ltd. (BB/NR)(3 mo. USD Term SOFR + 3.250%) | Voyage Digital Ltd. (BB/NR)(3 mo. USD Term SOFR + 3.250%) | Voyage Digital Ltd. (BB/NR)(3 mo. USD Term SOFR + 3.250%) | Voyage Digital Ltd. (BB/NR)(3 mo. USD Term SOFR + 3.250%) |
| 2576908 | 6.902 | 05/11/29 | 2583350 |
| Zacapa SARL (B/B2)(3 mo. USD Term SOFR + 3.750%) | Zacapa SARL (B/B2)(3 mo. USD Term SOFR + 3.750%) | Zacapa SARL (B/B2)(3 mo. USD Term SOFR + 3.750%) | Zacapa SARL (B/B2)(3 mo. USD Term SOFR + 3.750%) |
| 4257690 | 7.450 | 03/22/29 | 4240659 |
| Zayo Group Holdings, Inc. (B-/B3) | Zayo Group Holdings, Inc. (B-/B3) | Zayo Group Holdings, Inc. (B-/B3) | Zayo Group Holdings, Inc. (B-/B3) |
| (1 mo. EUR EURIBOR + 3.250%) | (1 mo. EUR EURIBOR + 3.250%) | (1 mo. EUR EURIBOR + 3.250%) | (1 mo. EUR EURIBOR + 3.250%) |
| 701298 | 5.142 | 03/11/30 | 799742 |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 1923832 | 6.782 | 03/11/30 | 1886010 |
|  |  |  | 18677462 |
| **TOTAL BANK LOANS**<br> **(Cost $1,250,887,334)** | **TOTAL BANK LOANS**<br> **(Cost $1,250,887,334)** | **TOTAL BANK LOANS**<br> **(Cost $1,250,887,334)** | $1206815414 |
| Corporate Obligations – 6.0% | Corporate Obligations – 6.0% | Corporate Obligations – 6.0% | Corporate Obligations – 6.0% |
| Automotive<sup>(e)(f)</sup> – 0.1% | Automotive<sup>(e)(f)</sup> – 0.1% | Automotive<sup>(e)(f)</sup> – 0.1% | Automotive<sup>(e)(f)</sup> – 0.1% |
| Qnity Electronics, Inc. (BB/B1) | Qnity Electronics, Inc. (BB/B1) | Qnity Electronics, Inc. (BB/B1) | Qnity Electronics, Inc. (BB/B1) |
| 890000 | 6.250% | 08/15/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902950 |
| Chemicals<sup>(e)(f)(g)</sup> – 0.1% | Chemicals<sup>(e)(f)(g)</sup> – 0.1% | Chemicals<sup>(e)(f)(g)</sup> – 0.1% | Chemicals<sup>(e)(f)(g)</sup> – 0.1% |
| Consolidated Energy Finance SA (B-/Caa2) | Consolidated Energy Finance SA (B-/Caa2) | Consolidated Energy Finance SA (B-/Caa2) | Consolidated Energy Finance SA (B-/Caa2) |
| 766000 | 5.625 | 10/15/28 | 713246 |
| Commercial Services<sup>(e)</sup> – 0.4% | Commercial Services<sup>(e)</sup> – 0.4% | Commercial Services<sup>(e)</sup> – 0.4% | Commercial Services<sup>(e)</sup> – 0.4% |
| Block, Inc. (BB+/Ba1) | Block, Inc. (BB+/Ba1) | Block, Inc. (BB+/Ba1) | Block, Inc. (BB+/Ba1) |
| 2113000 | 6.500 | 05/15/32 | 2124854 |
| Graham Holdings Co.<sup>(f)</sup> (BB/Ba1) | Graham Holdings Co.<sup>(f)</sup> (BB/Ba1) | Graham Holdings Co.<sup>(f)</sup> (BB/Ba1) | Graham Holdings Co.<sup>(f)</sup> (BB/Ba1) |
| 2449000 | 5.625 | 12/01/33 | 2394485 |
| Verisure Midholding AB<sup>(f)</sup> (BB-/Ba3) | Verisure Midholding AB<sup>(f)</sup> (BB-/Ba3) | Verisure Midholding AB<sup>(f)</sup> (BB-/Ba3) | Verisure Midholding AB<sup>(f)</sup> (BB-/Ba3) |
| 1075000 | 5.250 | 02/15/29 | 1239669 |
|  |  |  | 5759008 |
| Diversified Financial Services<sup>(e)</sup> – 0.8% | Diversified Financial Services<sup>(e)</sup> – 0.8% | Diversified Financial Services<sup>(e)</sup> – 0.8% | Diversified Financial Services<sup>(e)</sup> – 0.8% |
| Ally Financial, Inc.<sup>(g)(h)</sup> (BB-/Ba2) (7 yr. CMT + 3.481%) | Ally Financial, Inc.<sup>(g)(h)</sup> (BB-/Ba2) (7 yr. CMT + 3.481%) | Ally Financial, Inc.<sup>(g)(h)</sup> (BB-/Ba2) (7 yr. CMT + 3.481%) | Ally Financial, Inc.<sup>(g)(h)</sup> (BB-/Ba2) (7 yr. CMT + 3.481%) |
| 6366000 | 4.700 | 05/15/28 | 5882884 |
| Enova International, Inc.<sup>(f)</sup> (B/B2) | Enova International, Inc.<sup>(f)</sup> (B/B2) | Enova International, Inc.<sup>(f)</sup> (B/B2) | Enova International, Inc.<sup>(f)</sup> (B/B2) |
| 2087000 | 9.125 | 08/01/29 | 2143140 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Diversified Financial Services<sup>(e)</sup> – (continued) | Diversified Financial Services<sup>(e)</sup> – (continued) | Diversified Financial Services<sup>(e)</sup> – (continued) | Diversified Financial Services<sup>(e)</sup> – (continued) |
| United Wholesale Mortgage LLC<sup>(f)</sup> (NR/Ba3) | United Wholesale Mortgage LLC<sup>(f)</sup> (NR/Ba3) | United Wholesale Mortgage LLC<sup>(f)</sup> (NR/Ba3) | United Wholesale Mortgage LLC<sup>(f)</sup> (NR/Ba3) |
| 3330000 | 5.500% | 04/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3116514 |
|  |  |  | 11142538 |
| Engineering & Construction<sup>(e)(f)</sup> – 0.2% | Engineering & Construction<sup>(e)(f)</sup> – 0.2% | Engineering & Construction<sup>(e)(f)</sup> – 0.2% | Engineering & Construction<sup>(e)(f)</sup> – 0.2% |
| Global Infrastructure Solutions, Inc. (BB/Ba3) | Global Infrastructure Solutions, Inc. (BB/Ba3) | Global Infrastructure Solutions, Inc. (BB/Ba3) | Global Infrastructure Solutions, Inc. (BB/Ba3) |
| 3372000 | 7.500 | 04/15/32 | 3524212 |
| Insurance<sup>(e)(f)</sup> – 0.3% | Insurance<sup>(e)(f)</sup> – 0.3% | Insurance<sup>(e)(f)</sup> – 0.3% | Insurance<sup>(e)(f)</sup> – 0.3% |
| Acrisure LLC/Acrisure Finance, Inc. (B/B2) | Acrisure LLC/Acrisure Finance, Inc. (B/B2) | Acrisure LLC/Acrisure Finance, Inc. (B/B2) | Acrisure LLC/Acrisure Finance, Inc. (B/B2) |
| 420000 | 6.750 | 07/01/32 | 403750 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC (CCC+/Caa1) | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC (CCC+/Caa1) | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC (CCC+/Caa1) | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC (CCC+/Caa1) |
| 3395000 | 8.125 | 02/15/32 | 3184103 |
|  |  |  | 3587853 |
| Internet<sup>(e)(f)</sup> – 0.9% | Internet<sup>(e)(f)</sup> – 0.9% | Internet<sup>(e)(f)</sup> – 0.9% | Internet<sup>(e)(f)</sup> – 0.9% |
| ANGI Group LLC<sup>(g)</sup> (B/B2) | ANGI Group LLC<sup>(g)</sup> (B/B2) | ANGI Group LLC<sup>(g)</sup> (B/B2) | ANGI Group LLC<sup>(g)</sup> (B/B2) |
| 4485000 | 3.875 | 08/15/28 | 4006585 |
| Gen Digital, Inc. (BB-/B1) | Gen Digital, Inc. (BB-/B1) | Gen Digital, Inc. (BB-/B1) | Gen Digital, Inc. (BB-/B1) |
| 2433000 | 6.250 | 04/01/33 | 2368185 |
| Go Daddy Operating Co. LLC/GD Finance Co., Inc. (BB-/Ba3) | Go Daddy Operating Co. LLC/GD Finance Co., Inc. (BB-/Ba3) | Go Daddy Operating Co. LLC/GD Finance Co., Inc. (BB-/Ba3) | Go Daddy Operating Co. LLC/GD Finance Co., Inc. (BB-/Ba3) |
| 1510000 | 3.500 | 03/01/29 | 1406021 |
| Match Group Holdings II LLC (BB/Ba2) | Match Group Holdings II LLC (BB/Ba2) | Match Group Holdings II LLC (BB/Ba2) | Match Group Holdings II LLC (BB/Ba2) |
| 665000 | 3.625 | 10/01/31 | 590720 |
| Snap, Inc. (B+/B1) | Snap, Inc. (B+/B1) | Snap, Inc. (B+/B1) | Snap, Inc. (B+/B1) |
| 2454000 | 6.875 | 03/01/33 | 2322809 |
| Wayfair LLC (BB-/B2u) | Wayfair LLC (BB-/B2u) | Wayfair LLC (BB-/B2u) | Wayfair LLC (BB-/B2u) |
| 2401000 | 6.750 | 11/15/32 | 2418911 |
|  |  |  | 13113231 |
| Investment Companies<sup>(e)(f)</sup> – 0.2% | Investment Companies<sup>(e)(f)</sup> – 0.2% | Investment Companies<sup>(e)(f)</sup> – 0.2% | Investment Companies<sup>(e)(f)</sup> – 0.2% |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. (BB-/B1) | Icahn Enterprises LP/Icahn Enterprises Finance Corp. (BB-/B1) | Icahn Enterprises LP/Icahn Enterprises Finance Corp. (BB-/B1) | Icahn Enterprises LP/Icahn Enterprises Finance Corp. (BB-/B1) |
| 3411000 | 10.000 | 11/15/29 | 3355981 |
| Leisure Time<sup>(e)(f)</sup> – 0.3% | Leisure Time<sup>(e)(f)</sup> – 0.3% | Leisure Time<sup>(e)(f)</sup> – 0.3% | Leisure Time<sup>(e)(f)</sup> – 0.3% |
| MajorDrive Holdings IV LLC (CCC-/Caa3) | MajorDrive Holdings IV LLC (CCC-/Caa3) | MajorDrive Holdings IV LLC (CCC-/Caa3) | MajorDrive Holdings IV LLC (CCC-/Caa3) |
| 2113000 | 6.375 | 06/01/29 | 1556985 |
| Sabre GLBL, Inc. (B-/B3) | Sabre GLBL, Inc. (B-/B3) | Sabre GLBL, Inc. (B-/B3) | Sabre GLBL, Inc. (B-/B3) |
| 2356000 | 10.750 | 11/15/29 | 2015252 |
|  |  |  | 3572237 |
| Media – 0.4% | Media – 0.4% | Media – 0.4% | Media – 0.4% |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>(e)(f)</sup> (B+/B1) | Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>(e)(f)</sup> (B+/B1) | Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>(e)(f)</sup> (B+/B1) | Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>(e)(f)</sup> (B+/B1) |
| 4475000 | 10.000 | 02/15/31 | 4568796 |
| iHeartCommunications, Inc.<sup>(e)</sup> (CCC-/Caa3) | iHeartCommunications, Inc.<sup>(e)</sup> (CCC-/Caa3) | iHeartCommunications, Inc.<sup>(e)</sup> (CCC-/Caa3) | iHeartCommunications, Inc.<sup>(e)</sup> (CCC-/Caa3) |
| 1 | 8.375 | 05/01/27 | 1 |
| Paramount Global (BB+/Baa3) | Paramount Global (BB+/Baa3) | Paramount Global (BB+/Baa3) | Paramount Global (BB+/Baa3) |
| 2324000 | 4.375 | 03/15/43 | 1400837 |
|  |  |  | 5969634 |
| Oil Field Services<sup>(e)</sup> – 0.8% | Oil Field Services<sup>(e)</sup> – 0.8% | Oil Field Services<sup>(e)</sup> – 0.8% | Oil Field Services<sup>(e)</sup> – 0.8% |
| California Resources Corp.<sup>(f)</sup> (BB-/B1) | California Resources Corp.<sup>(f)</sup> (BB-/B1) | California Resources Corp.<sup>(f)</sup> (BB-/B1) | California Resources Corp.<sup>(f)</sup> (BB-/B1) |
| 2127000 | 7.000 | 01/15/34 | 2139869 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **47** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Oil Field Services<sup>(e)</sup> – (continued) | Oil Field Services<sup>(e)</sup> – (continued) | Oil Field Services<sup>(e)</sup> – (continued) | Oil Field Services<sup>(e)</sup> – (continued) |
| DBR Land Holdings LLC<sup>(f)</sup> (BB-/B1) | DBR Land Holdings LLC<sup>(f)</sup> (BB-/B1) | DBR Land Holdings LLC<sup>(f)</sup> (BB-/B1) | DBR Land Holdings LLC<sup>(f)</sup> (BB-/B1) |
| $3425000 | 6.250% | 12/01/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3469662 |
| Noble Finance II LLC<sup>(f)</sup> (BB-/B1) | Noble Finance II LLC<sup>(f)</sup> (BB-/B1) | Noble Finance II LLC<sup>(f)</sup> (BB-/B1) | Noble Finance II LLC<sup>(f)</sup> (BB-/B1) |
| 1880000 | 8.000 | 04/15/30 | 1940254 |
| Sunoco LP<sup>(f)</sup> (BB+/Ba1) | Sunoco LP<sup>(f)</sup> (BB+/Ba1) | Sunoco LP<sup>(f)</sup> (BB+/Ba1) | Sunoco LP<sup>(f)</sup> (BB+/Ba1) |
| 880000 | 7.250 | 05/01/32 | 911293 |
| Sunoco LP/Sunoco Finance Corp. (BB+/Ba1) | Sunoco LP/Sunoco Finance Corp. (BB+/Ba1) | Sunoco LP/Sunoco Finance Corp. (BB+/Ba1) | Sunoco LP/Sunoco Finance Corp. (BB+/Ba1) |
| 1425000 | 4.500 | 04/30/30 | 1378103 |
| Western Midstream Operating LP<sup>(f)</sup> (BBB-/Baa3) | Western Midstream Operating LP<sup>(f)</sup> (BBB-/Baa3) | Western Midstream Operating LP<sup>(f)</sup> (BBB-/Baa3) | Western Midstream Operating LP<sup>(f)</sup> (BBB-/Baa3) |
| 1770000 | 7.250 | 04/01/30 | 1862323 |
|  |  |  | 11701504 |
| Pharmaceuticals<sup>(e)(f)</sup> – 0.1% | Pharmaceuticals<sup>(e)(f)</sup> – 0.1% | Pharmaceuticals<sup>(e)(f)</sup> – 0.1% | Pharmaceuticals<sup>(e)(f)</sup> – 0.1% |
| Amneal Pharmaceuticals LLC (B+/B1) | Amneal Pharmaceuticals LLC (B+/B1) | Amneal Pharmaceuticals LLC (B+/B1) | Amneal Pharmaceuticals LLC (B+/B1) |
| 2006000 | 6.875 | 08/01/32 | 2065638 |
| Pipelines<sup>(e)</sup> – 0.8% | Pipelines<sup>(e)</sup> – 0.8% | Pipelines<sup>(e)</sup> – 0.8% | Pipelines<sup>(e)</sup> – 0.8% |
| Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(f)</sup> (BB-/B2) | Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(f)</sup> (BB-/B2) | Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(f)</sup> (BB-/B2) | Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(f)</sup> (BB-/B2) |
| 800000 | 7.375 | 06/30/33 | 806120 |
| Plains All American Pipeline LP<sup>(h)</sup> (BB+/Ba1) (3 mo. USD Term SOFR + 4.372%) | Plains All American Pipeline LP<sup>(h)</sup> (BB+/Ba1) (3 mo. USD Term SOFR + 4.372%) | Plains All American Pipeline LP<sup>(h)</sup> (BB+/Ba1) (3 mo. USD Term SOFR + 4.372%) | Plains All American Pipeline LP<sup>(h)</sup> (BB+/Ba1) (3 mo. USD Term SOFR + 4.372%) |
| 6695000 | 8.024 | 04/30/26 | 6668688 |
| Venture Global LNG, Inc.<sup>(f)(h)</sup> (B-/B3) (5 yr. CMT + 5.440%) | Venture Global LNG, Inc.<sup>(f)(h)</sup> (B-/B3) (5 yr. CMT + 5.440%) | Venture Global LNG, Inc.<sup>(f)(h)</sup> (B-/B3) (5 yr. CMT + 5.440%) | Venture Global LNG, Inc.<sup>(f)(h)</sup> (B-/B3) (5 yr. CMT + 5.440%) |
| 4510000 | 9.000 | 09/30/29 | 4489570 |
|  |  |  | 11964378 |
| Real Estate Investment Trust<sup>(e)(f)(i)</sup> – 0.0% | Real Estate Investment Trust<sup>(e)(f)(i)</sup> – 0.0% | Real Estate Investment Trust<sup>(e)(f)(i)</sup> – 0.0% | Real Estate Investment Trust<sup>(e)(f)(i)</sup> – 0.0% |
| Service Properties Trust (B/Caa1) | Service Properties Trust (B/Caa1) | Service Properties Trust (B/Caa1) | Service Properties Trust (B/Caa1) |
| 155000 | 0.000 | 09/30/28 | 141321 |
| Software<sup>(e)(f)</sup> – 0.2% | Software<sup>(e)(f)</sup> – 0.2% | Software<sup>(e)(f)</sup> – 0.2% | Software<sup>(e)(f)</sup> – 0.2% |
| Fair Isaac Corp. (BB+/Ba1) | Fair Isaac Corp. (BB+/Ba1) | Fair Isaac Corp. (BB+/Ba1) | Fair Isaac Corp. (BB+/Ba1) |
| 2440000 | 6.000 | 05/15/33 | 2394006 |
| OAK-Eagle Acquireco, Inc. (BB/Ba3) | OAK-Eagle Acquireco, Inc. (BB/Ba3) | OAK-Eagle Acquireco, Inc. (BB/Ba3) | OAK-Eagle Acquireco, Inc. (BB/Ba3) |
| 270000 | 7.250 | 07/01/33 | 279631 |
|  |  |  | 2673637 |
| Telecommunication Services<sup>(e)(f)</sup> – 0.2% | Telecommunication Services<sup>(e)(f)</sup> – 0.2% | Telecommunication Services<sup>(e)(f)</sup> – 0.2% | Telecommunication Services<sup>(e)(f)</sup> – 0.2% |
| SV RNO Property Owner 1 LLC (NR/Ba1) | SV RNO Property Owner 1 LLC (NR/Ba1) | SV RNO Property Owner 1 LLC (NR/Ba1) | SV RNO Property Owner 1 LLC (NR/Ba1) |
| 2137000 | 5.875 | 03/01/31 | 2117703 |
| Transportation<sup>(e)(f)</sup> – 0.2% | Transportation<sup>(e)(f)</sup> – 0.2% | Transportation<sup>(e)(f)</sup> – 0.2% | Transportation<sup>(e)(f)</sup> – 0.2% |
| Rand Parent LLC (BB-/Ba1) | Rand Parent LLC (BB-/Ba1) | Rand Parent LLC (BB-/Ba1) | Rand Parent LLC (BB-/Ba1) |
| 2705000 | 8.500 | 02/15/30 | 2783093 |
| **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $85,365,850)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $85,365,850)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $85,365,850)** | $85088164 |
| Asset-Backed Securities<sup>(e)(f)(h)</sup> – 1.2% | Asset-Backed Securities<sup>(e)(f)(h)</sup> – 1.2% | Asset-Backed Securities<sup>(e)(f)(h)</sup> – 1.2% | Asset-Backed Securities<sup>(e)(f)(h)</sup> – 1.2% |
| Collateralized Loan Obligations – 1.2% | Collateralized Loan Obligations – 1.2% | Collateralized Loan Obligations – 1.2% | Collateralized Loan Obligations – 1.2% |
| AGL CLO 45 Ltd. Series 2025-45A, Class E (NR/NR) (3 mo. USD Term SOFR + 4.650%) | AGL CLO 45 Ltd. Series 2025-45A, Class E (NR/NR) (3 mo. USD Term SOFR + 4.650%) | AGL CLO 45 Ltd. Series 2025-45A, Class E (NR/NR) (3 mo. USD Term SOFR + 4.650%) | AGL CLO 45 Ltd. Series 2025-45A, Class E (NR/NR) (3 mo. USD Term SOFR + 4.650%) |
| $2500000 | 8.532% | 01/22/39 | $2437470 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Asset-Backed Securities<sup>(e)(f)(h)</sup> – (continued) | Asset-Backed Securities<sup>(e)(f)(h)</sup> – (continued) | Asset-Backed Securities<sup>(e)(f)(h)</sup> – (continued) | Asset-Backed Securities<sup>(e)(f)(h)</sup> – (continued) |
| Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) |
| Bryant Park CLO Ltd. Series 2025-27A, Class E (BB-/NR) (3 mo. USD Term SOFR + 5.450%) | Bryant Park CLO Ltd. Series 2025-27A, Class E (BB-/NR) (3 mo. USD Term SOFR + 5.450%) | Bryant Park CLO Ltd. Series 2025-27A, Class E (BB-/NR) (3 mo. USD Term SOFR + 5.450%) | Bryant Park CLO Ltd. Series 2025-27A, Class E (BB-/NR) (3 mo. USD Term SOFR + 5.450%) |
| $4000000 | 9.543% | 07/20/38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3874868 |
| Elmwood CLO 45 Ltd. Series 2025-8A, Class E (NR/NR) (3 mo. USD Term SOFR + 4.850%) | Elmwood CLO 45 Ltd. Series 2025-8A, Class E (NR/NR) (3 mo. USD Term SOFR + 4.850%) | Elmwood CLO 45 Ltd. Series 2025-8A, Class E (NR/NR) (3 mo. USD Term SOFR + 4.850%) | Elmwood CLO 45 Ltd. Series 2025-8A, Class E (NR/NR) (3 mo. USD Term SOFR + 4.850%) |
| 2500000 | 8.739 | 10/17/38 | 2418863 |
| Palmer Square CLO Ltd. Series 2025-4A, Class E (BB-/NR) (3 mo. USD Term SOFR + 4.700%) | Palmer Square CLO Ltd. Series 2025-4A, Class E (BB-/NR) (3 mo. USD Term SOFR + 4.700%) | Palmer Square CLO Ltd. Series 2025-4A, Class E (BB-/NR) (3 mo. USD Term SOFR + 4.700%) | Palmer Square CLO Ltd. Series 2025-4A, Class E (BB-/NR) (3 mo. USD Term SOFR + 4.700%) |
| 3000000 | 8.657 | 10/20/38 | 2901111 |
| TCW CLO AMR Ltd. Series 2019-1A, Class DR (BBB-/NR) (3 mo. USD Term SOFR + 3.932%) | TCW CLO AMR Ltd. Series 2019-1A, Class DR (BBB-/NR) (3 mo. USD Term SOFR + 3.932%) | TCW CLO AMR Ltd. Series 2019-1A, Class DR (BBB-/NR) (3 mo. USD Term SOFR + 3.932%) | TCW CLO AMR Ltd. Series 2019-1A, Class DR (BBB-/NR) (3 mo. USD Term SOFR + 3.932%) |
| 4900000 | 7.584 | 08/16/34 | 4661355 |
| **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $16,851,000)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $16,851,000)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $16,851,000)** | $16293667 |
| **Shares** | **Description** | **Description** | **Value** |
| Common Stocks – 0.8% | Common Stocks – 0.8% | Common Stocks – 0.8% | Common Stocks – 0.8% |
| Aerospace & Defense<sup>(d)</sup> – 0.3% | Aerospace & Defense<sup>(d)</sup> – 0.3% | Aerospace & Defense<sup>(d)</sup> – 0.3% | Aerospace & Defense<sup>(d)</sup> – 0.3% |
| 204620 | Swissport Ltd. | Swissport Ltd. | $3665906 |
| Broadline Retail<sup>(c)</sup> – 0.1% | Broadline Retail<sup>(c)</sup> – 0.1% | Broadline Retail<sup>(c)</sup> – 0.1% | Broadline Retail<sup>(c)</sup> – 0.1% |
| 9541 | Neiman Marcus Group<br>Ltd. LLC | Neiman Marcus Group<br>Ltd. LLC | 1192625 |
| Financial Services<sup>(d)</sup> – 0.0% | Financial Services<sup>(d)</sup> – 0.0% | Financial Services<sup>(d)</sup> – 0.0% | Financial Services<sup>(d)</sup> – 0.0% |
| 11094 | DSG TopCo, Inc. | DSG TopCo, Inc. | 2086 |
| Health Care Providers & Services<sup>(c)(d)</sup> – 0.1% | Health Care Providers & Services<sup>(c)(d)</sup> – 0.1% | Health Care Providers & Services<sup>(c)(d)</sup> – 0.1% | Health Care Providers & Services<sup>(c)(d)</sup> – 0.1% |
| 50617 | New Trojan/<br>Careismatic | New Trojan/<br>Careismatic | 1366659 |
| Insurance – 0.1% | Insurance – 0.1% | Insurance – 0.1% | Insurance – 0.1% |
| 6257 | Arthur J Gallagher &<br>Co. | Arthur J Gallagher &<br>Co. | 1355141 |
| Machinery<sup>(c)(d)</sup> – 0.0% | Machinery<sup>(c)(d)</sup> – 0.0% | Machinery<sup>(c)(d)</sup> – 0.0% | Machinery<sup>(c)(d)</sup> – 0.0% |
| 63083 | Apex Tool Group LLC<br>Class A | Apex Tool Group LLC<br>Class A | 0 |
| Media<sup>(d)</sup> – 0.0% | Media<sup>(d)</sup> – 0.0% | Media<sup>(d)</sup> – 0.0% | Media<sup>(d)</sup> – 0.0% |
| 8495 | Audacy Capital Corp.<br>Class B | Audacy Capital Corp.<br>Class B | 29733 |
| 77495 | Audacy Capital LLC<br>Class A | Audacy Capital LLC<br>Class A | 213111 |
| 162749 | Bright Pattern Holdco<sup>(c)</sup> | Bright Pattern Holdco<sup>(c)</sup> | 0 |
|  |  |  | 242844 |
| Real Estate Investment Trusts<sup>(d)</sup> – 0.0% | Real Estate Investment Trusts<sup>(d)</sup> – 0.0% | Real Estate Investment Trusts<sup>(d)</sup> – 0.0% | Real Estate Investment Trusts<sup>(d)</sup> – 0.0% |
| 29951 | Luxco Co. Ltd. | Luxco Co. Ltd. | 498512 |
| Software – 0.2% | Software – 0.2% | Software – 0.2% | Software – 0.2% |
| 3320 | Crowdstrike Holdings,<br>Inc. Class A<sup>(d)</sup> | Crowdstrike Holdings,<br>Inc. Class A<sup>(d)</sup> | 1296161 |
| 3490 | Microsoft Corp. | Microsoft Corp. | 1291893 |
| 229 | Travelport LLC<sup>(c)(d)</sup> | Travelport LLC<sup>(c)(d)</sup> | 0 |
|  |  |  | 2588054 |
| **TOTAL COMMON STOCKS**<br> **(Cost $21,873,317)** | **TOTAL COMMON STOCKS**<br> **(Cost $21,873,317)** | **TOTAL COMMON STOCKS**<br> **(Cost $21,873,317)** | $10911827 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **48** | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Units** | **Expiration<br>Date** | **Value** |
| Rights<sup>(d)</sup> – 0.1% | Rights<sup>(d)</sup> – 0.1% | Rights<sup>(d)</sup> – 0.1% |
| Entertainment – 0.1% | Entertainment – 0.1% | Entertainment – 0.1% |
| Cineworld Group PLC (NR/NR) | Cineworld Group PLC (NR/NR) | Cineworld Group PLC (NR/NR) |
| 63702 | 12/31/99 | $1119304 |
| (Cost $962,523) |  |  |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Preferred Stocks – 0.1% | Preferred Stocks – 0.1% | Preferred Stocks – 0.1% |
| Investment Companies<sup>(e)</sup> – 0.1% | Investment Companies<sup>(e)</sup> – 0.1% | Investment Companies<sup>(e)</sup> – 0.1% |
| Compass Diversified Holdings (3 mo. USD Term SOFR + 4.985%) | Compass Diversified Holdings (3 mo. USD Term SOFR + 4.985%) | Compass Diversified Holdings (3 mo. USD Term SOFR + 4.985%) |
| 17155 | 7.875%<sup>(h)</sup> | $334694 |
| Compass Diversified Holdings | Compass Diversified Holdings | Compass Diversified Holdings |
| 14751 | 7.875 | 288235 |
|  |  | 622929 |
| Post Secondary Education<sup>(c)(d)</sup> – 0.0% | Post Secondary Education<sup>(c)(d)</sup> – 0.0% | Post Secondary Education<sup>(c)(d)</sup> – 0.0% |
| Travelport LLC | Travelport LLC | Travelport LLC |
| 163 | 0.000 | 0 |
| (Cost $163,000) |  |  |
| TOTAL PREFERRED STOCKS<br> **(Cost $823,602)** | TOTAL PREFERRED STOCKS<br> **(Cost $823,602)** | $622929 |
| **Units** | **Expiration**<br> **Date** | **Value** |
| Warrants<sup>(d)</sup> – 0.0% | Warrants<sup>(d)</sup> – 0.0% | Warrants<sup>(d)</sup> – 0.0% |
| Aspect Software, Inc. (NR/NR)<sup>(c)</sup> | Aspect Software, Inc. (NR/NR)<sup>(c)</sup> | Aspect Software, Inc. (NR/NR)<sup>(c)</sup> |
| 162749 | 12/31/99 | $0 |
| New Trojan/Careismatic (NR/NR) | New Trojan/Careismatic (NR/NR) | New Trojan/Careismatic (NR/NR) |
| 5698 | 12/31/99 |  |
| Noble Corp. PLC (NR/NR) | Noble Corp. PLC (NR/NR) | Noble Corp. PLC (NR/NR) |
| 6346 | 02/04/28 | 180449 |
| (Cost $15,865) | (Cost $15,865) | (Cost $15,865) |
| TOTAL WARRANTS<br> **(Cost $1,115,865)** | TOTAL WARRANTS<br> **(Cost $1,115,865)** | $180449 |
| **Shares** | **Description** | **Value** |
| Exchange Traded Funds – 2.4% | Exchange Traded Funds – 2.4% | Exchange Traded Funds – 2.4% |
| 40519 | Eaton Vance Senior Floating-Rate Trust (NR/NR) | $427070 |
| 755230 | Invesco Senior Loan ETF (NR/NR) | 15414244 |
| 439106 | State Street Blackstone Senior Loan ETF (NR/NR)<sup>(g)</sup> | 17625715 |
| TOTAL EXCHANGE TRADED FUNDS<br> **(Cost $34,400,732)** | TOTAL EXCHANGE TRADED FUNDS<br> **(Cost $34,400,732)** | $&nbsp;&nbsp;&nbsp;&nbsp;33467029 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| Investment Company<sup>(j)</sup> – 3.6% | Investment Company<sup>(j)</sup> – 3.6% | Investment Company<sup>(j)</sup> – 3.6% |
| Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51306572 | 3.553% | $51306572 |
| (Cost $51,306,572) | (Cost $51,306,572) | (Cost $51,306,572) |
| Securities Lending Reinvestment Vehicle<sup>(j)</sup> – 1.5% | Securities Lending Reinvestment Vehicle<sup>(j)</sup> – 1.5% | Securities Lending Reinvestment Vehicle<sup>(j)</sup> – 1.5% |
| Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21307829 | 3.553% | $21307829 |
| (Cost $21,307,829) | (Cost $21,307,829) | (Cost $21,307,829) |
| TOTAL INVESTMENTS – 101.4%<br> **(Cost $1,484,894,624)** | TOTAL INVESTMENTS – 101.4%<br> **(Cost $1,484,894,624)** | $1427113184 |
| **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (1.4)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (1.4)%** | $(19089070) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $1408024114 |

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---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on March 31, 2026. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the Secured Overnight Financing Rate ("SOFR"), and secondarily the prime rate offered by one or more major United States banks (the "Prime Rate") and the certificate of deposit ("CD") rate or other base lending rates used by commercial lenders. |
| (b) | This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate. |
| (c) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3. |
| (d) | Security is currently in default and/or non-income producing. |
| (e) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (f) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (g) | All or a portion of security is on loan. |
| (h) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2026. |
| (i) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (j) | Represents an affiliated issuer. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **49** |

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GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Security ratings disclosed, if any, are obtained from S&P's /Moody's Investor Service and are unaudited. A brief description of the ratings is available in the Fund's Statement of Additional Information.

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At March 31, 2026, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Principal<br>Amount** | **Current<br>Value** | **Unrealized<br>Gain (Loss)** |
|  Air Comm Corp. LLC (NR/B2), due 12/11/31 | $541822 | $542499 | $678 |
|  Kaman Corp. (NR/B2), due 02/26/32 | 594231 | 589211 | (112) |
|  Salas O'Brien, Inc. (B/B2), due 01/31/33 | 325429 | 324615 | (3) |
| TOTAL |  |  | $563 |

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FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2026, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  MS & Co. Int. PLC | USD | 48231599 | EUR | 40733258 | 05/22/26 | $1033114 |

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FUTURES CONTRACTS — At March 31, 2026, the Fund had the following futures contracts:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  5 Year U.S. Treasury Notes | 223 | 06/30/26 | $24124070 | $(281192) |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | (140) | 06/18/26 | (15546562) | 87945 |
|  2 Year U.S. Treasury Notes | (187) | 06/30/26 | (38792273) | 151583 |
| Total |  |  |  | $239528 |
| TOTAL FUTURES CONTRACTS |  |  |  | $(41664) |

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SWAP CONTRACTS — At March 31, 2026, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>March 31,<br>2026<sup>(b)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Sold:** |  |  |  |  |  |  |  |
|  CDX.NA.HY Ind 45 | 5.000% | 3.648% | 12/20/30 | $80231 | $4363773 | $5658836 | $(1295063) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **50** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS (continued)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>March 31,<br>2026<sup>(b)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  CDX.NA.HY Ind 46 | 5.000% | 3.856% | 06/20/31 | $13625 | $676061 | $538985 | $137076 |
| TOTAL |  |  |  |  | $5039834 | $6197821 | $(1157987) |

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&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

---

---

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

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| CDX.NA.HY Ind 45 | —CDX North America High Yield Index 45 |
| CDX.NA.HY Ind 46 | —CDX North America High Yield Index 46 |
| MS & Co. Int. PLC | —Morgan Stanley & Co. International PLC |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **51** |

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------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – 89.6% | Corporate Obligations – 89.6% | Corporate Obligations – 89.6% | Corporate Obligations – 89.6% |
| Aerospace & Defense – 3.5% | Aerospace & Defense – 3.5% | Aerospace & Defense – 3.5% | Aerospace & Defense – 3.5% |
| Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
| $1950000 | 3.450 %<sup>(a)</sup> | 11/01/28 | $&nbsp;&nbsp;&nbsp;&nbsp;1905618 |
| 5577000 | 2.950 <sup>(a)</sup> | 02/01/30 | 5245949 |
| 431000 | 5.150 <sup>(a)</sup> | 05/01/30 | 437586 |
| 3750000 | 3.600 <sup>(a)</sup> | 05/01/34 | 3352688 |
| 1679000 | 6.528 <sup>(a)</sup> | 05/01/34 | 1828935 |
| 1375000 | 3.250 <sup>(a)</sup> | 02/01/35 | 1177426 |
| 500000 | 3.550 <sup>(a)</sup> | 03/01/38 | 415190 |
| 2827000 | 5.875 | 02/15/40 | 2836470 |
| 1306000 | 3.375 <sup>(a)</sup> | 06/15/46 | 899455 |
| 575000 | 3.625 <sup>(a)</sup> | 03/01/48 | 399901 |
| 900000 | 3.850 <sup>(a)</sup> | 11/01/48 | 647514 |
| 1201000 | 6.858 <sup>(a)</sup> | 05/01/54 | 1321352 |
| Hexcel Corp. <sup>(a)</sup>  | Hexcel Corp. <sup>(a)</sup>  | Hexcel Corp. <sup>(a)</sup>  | Hexcel Corp. <sup>(a)</sup>  |
| 796000 | 5.875 | 02/26/35 | 816433 |
| Howmet Aerospace, Inc. <sup>(a)</sup>  | Howmet Aerospace, Inc. <sup>(a)</sup>  | Howmet Aerospace, Inc. <sup>(a)</sup>  | Howmet Aerospace, Inc. <sup>(a)</sup>  |
| 802000 | 4.850 | 10/15/31 | 810958 |
| RTX Corp. <sup>(a)</sup>  | RTX Corp. <sup>(a)</sup>  | RTX Corp. <sup>(a)</sup>  | RTX Corp. <sup>(a)</sup>  |
| 1625000 | 4.125 | 11/16/28 | 1618598 |
|  |  |  | 23714073 |
| Agriculture<sup>(a)</sup> – 3.1% | Agriculture<sup>(a)</sup> – 3.1% | Agriculture<sup>(a)</sup> – 3.1% | Agriculture<sup>(a)</sup> – 3.1% |
| Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
| 975000 | 4.800 | 02/14/29 | 982761 |
| 1880000 | 5.250 | 08/06/35 | 1871935 |
| BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
| 1125000 | 3.215 | 09/06/26 | 1117913 |
| 200000 | 3.557 | 08/15/27 | 197818 |
| 1350000 | 2.259 | 03/25/28 | 1296365 |
| 6900000 | 5.834 | 02/20/31 | 7223196 |
| 545000 | 4.625 | 03/22/33 | 533261 |
| 650000 | 5.625 | 08/15/35 | 668772 |
| BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC |
| 4575000 | 5.931 | 02/02/29 | 4746745 |
| Imperial Brands Finance PLC <sup>(b)</sup>  | Imperial Brands Finance PLC <sup>(b)</sup>  | Imperial Brands Finance PLC <sup>(b)</sup>  | Imperial Brands Finance PLC <sup>(b)</sup>  |
| 1230000 | 5.625 | 07/01/35 | 1236937 |
| Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
| 1370000 | 5.375 | 02/15/33 | 1408113 |
|  |  |  | 21283816 |
| Airlines – 0.5% | Airlines – 0.5% | Airlines – 0.5% | Airlines – 0.5% |
| American Airlines Pass-Through Trust , Class B | American Airlines Pass-Through Trust , Class B | American Airlines Pass-Through Trust , Class B | American Airlines Pass-Through Trust , Class B |
| 575000 | 5.650 | 05/11/36 | 573120 |
| 1034000 | 4.900 | 11/11/39 | 996435 |
| Delta Air Lines, Inc. <sup>(a)</sup>  | Delta Air Lines, Inc. <sup>(a)</sup>  | Delta Air Lines, Inc. <sup>(a)</sup>  | Delta Air Lines, Inc. <sup>(a)</sup>  |
| 1670000 | 5.250 | 07/10/30 | 1682775 |
|  |  |  | 3252330 |
| Automotive<sup>(a)</sup> – 4.4% | Automotive<sup>(a)</sup> – 4.4% | Automotive<sup>(a)</sup> – 4.4% | Automotive<sup>(a)</sup> – 4.4% |
| Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
| 5725000 | 6.950 | 06/10/26 | 5737481 |
| 586000 | 5.850 | 05/17/27 | 590301 |
| 2095000 | 5.420 | 04/09/31 | 2056431 |
| General Motors Co. | General Motors Co. | General Motors Co. | General Motors Co. |
| 2925000 | 6.800 | 10/01/27 | 3008129 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Automotive<sup>(a)</sup> – (continued) | Automotive<sup>(a)</sup> – (continued) | Automotive<sup>(a)</sup> – (continued) | Automotive<sup>(a)</sup> – (continued) |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 2575000 | 1.500% | 06/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;2559009 |
| 4750000 | 5.000 | 04/09/27 | 4772230 |
| 400000 | 2.700 | 08/20/27 | 390256 |
| 775000 | 3.850 | 01/05/28 | 765506 |
| 1705000 | 5.850 | 04/06/30 | 1765425 |
| 3245000 | 5.450 | 07/15/30 | 3319895 |
| 266000 | 5.750 | 02/08/31 | 274352 |
| 1088000 | 3.100 | 01/12/32 | 976273 |
| 449000 | 5.950 | 04/04/34 | 460813 |
| 351000 | 5.450 | 09/06/34 | 348181 |
| Hyundai Capital America <sup>(b)</sup>  | Hyundai Capital America <sup>(b)</sup>  | Hyundai Capital America <sup>(b)</sup>  | Hyundai Capital America <sup>(b)</sup>  |
| 1450000 | 5.600 | 03/30/28 | 1475868 |
| 440000 | 4.500 | 09/18/30 | 432846 |
| 980000 | 4.550 | 01/08/31 | 963644 |
|  |  |  | 29896640 |
| Banks – 22.0% | Banks – 22.0% | Banks – 22.0% | Banks – 22.0% |
| Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
| 1200000 | 5.565 | 01/17/30 | 1229724 |
| 1600000 | 6.921 | 08/08/33 | 1726320 |
| (1 yr. CMT + 1.600%) | (1 yr. CMT + 1.600%) | (1 yr. CMT + 1.600%) | (1 yr. CMT + 1.600%) |
| 400000 | 3.225 <sup>(a)(c)</sup> | 11/22/32 | 358884 |
| Bank of America Corp. <sup>(a)(c)</sup>  | Bank of America Corp. <sup>(a)(c)</sup>  | Bank of America Corp. <sup>(a)(c)</sup>  | Bank of America Corp. <sup>(a)(c)</sup>  |
| (3 mo. USD Term SOFR + 1.252%) | (3 mo. USD Term SOFR + 1.252%) | (3 mo. USD Term SOFR + 1.252%) | (3 mo. USD Term SOFR + 1.252%) |
| 3925000 | 2.496 | 02/13/31 | 3627995 |
| (3 mo. USD Term SOFR + 1.302%) | (3 mo. USD Term SOFR + 1.302%) | (3 mo. USD Term SOFR + 1.302%) | (3 mo. USD Term SOFR + 1.302%) |
| 968000 | 3.419 | 12/20/28 | 950992 |
| (3 mo. USD Term SOFR + 1.332%) | (3 mo. USD Term SOFR + 1.332%) | (3 mo. USD Term SOFR + 1.332%) | (3 mo. USD Term SOFR + 1.332%) |
| 5356000 | 3.970 | 03/05/29 | 5308814 |
| (3 mo. USD Term SOFR + 1.572%) | (3 mo. USD Term SOFR + 1.572%) | (3 mo. USD Term SOFR + 1.572%) | (3 mo. USD Term SOFR + 1.572%) |
| 1950000 | 4.271 | 07/23/29 | 1941946 |
| (5 yr. CMT + 1.200%) | (5 yr. CMT + 1.200%) | (5 yr. CMT + 1.200%) | (5 yr. CMT + 1.200%) |
| 1025000 | 2.482 | 09/21/36 | 885467 |
| (Secured Overnight Financing Rate + 1.130%) | (Secured Overnight Financing Rate + 1.130%) | (Secured Overnight Financing Rate + 1.130%) | (Secured Overnight Financing Rate + 1.130%) |
| 1930000 | 5.045 | 02/06/37 | 1904138 |
| (Secured Overnight Financing Rate + 1.330%) | (Secured Overnight Financing Rate + 1.330%) | (Secured Overnight Financing Rate + 1.330%) | (Secured Overnight Financing Rate + 1.330%) |
| 675000 | 2.972 | 02/04/33 | 610963 |
| (Secured Overnight Financing Rate + 1.570%) | (Secured Overnight Financing Rate + 1.570%) | (Secured Overnight Financing Rate + 1.570%) | (Secured Overnight Financing Rate + 1.570%) |
| 1615000 | 5.819 | 09/15/29 | 1665921 |
| (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) |
| 1210000 | 5.202 | 04/25/29 | 1227170 |
| (Secured Overnight Financing Rate + 1.738%) | (Secured Overnight Financing Rate + 1.738%) | (Secured Overnight Financing Rate + 1.738%) | (Secured Overnight Financing Rate + 1.738%) |
| 2395000 | 5.518 | 10/25/35 | 2395934 |
| (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) |
| 3640000 | 4.571 | 04/27/33 | 3572988 |
| Bank of New York Mellon Corp. <sup>(a)(c)</sup> (5 yr. CMT + 3.352%) | Bank of New York Mellon Corp. <sup>(a)(c)</sup> (5 yr. CMT + 3.352%) | Bank of New York Mellon Corp. <sup>(a)(c)</sup> (5 yr. CMT + 3.352%) | Bank of New York Mellon Corp. <sup>(a)(c)</sup> (5 yr. CMT + 3.352%) |
| 520000 | 7.166 | 06/20/26 | 521378 |
| Bank of Nova Scotia <sup>(a)(c)</sup> (5 yr. CMT + 4.389%) | Bank of Nova Scotia <sup>(a)(c)</sup> (5 yr. CMT + 4.389%) | Bank of Nova Scotia <sup>(a)(c)</sup> (5 yr. CMT + 4.389%) | Bank of Nova Scotia <sup>(a)(c)</sup> (5 yr. CMT + 4.389%) |
| 1300000 | 8.625 | 10/27/82 | 1349777 |
| Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC |
| 1375000 | 5.200 | 05/12/26 | 1375743 |
| 6625000 | 4.836 <sup>(a)</sup> | 05/09/28 | 6627517 |
| (Secured Overnight Financing Rate + 1.080%) | (Secured Overnight Financing Rate + 1.080%) | (Secured Overnight Financing Rate + 1.080%) | (Secured Overnight Financing Rate + 1.080%) |
| 1605000 | 4.476 <sup>(a)(c)</sup> | 11/11/29 | 1595530 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **52** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) |
| $1135000 | 4.942 %<sup>(a)(c)</sup> | 09/10/30 | $&nbsp;&nbsp;&nbsp;&nbsp;1140902 |
| (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) |
| 1235000 | 5.785 <sup>(a)(c)</sup> | 02/25/36 | 1250549 |
| BNP Paribas SA <sup>(a)(b)(c)</sup> <br> (1 yr. CMT + 1.500%) | BNP Paribas SA <sup>(a)(b)(c)</sup> <br> (1 yr. CMT + 1.500%) | BNP Paribas SA <sup>(a)(b)(c)</sup> <br> (1 yr. CMT + 1.500%) | BNP Paribas SA <sup>(a)(b)(c)</sup> <br> (1 yr. CMT + 1.500%) |
| 1680000 | 5.335 | 06/12/29 | 1704763 |
| (Secured Overnight Financing Rate + 1.507%) | (Secured Overnight Financing Rate + 1.507%) | (Secured Overnight Financing Rate + 1.507%) | (Secured Overnight Financing Rate + 1.507%) |
| 370000 | 3.052 | 01/13/31 | 347019 |
| (Secured Overnight Financing Rate + 1.920%) | (Secured Overnight Financing Rate + 1.920%) | (Secured Overnight Financing Rate + 1.920%) | (Secured Overnight Financing Rate + 1.920%) |
| 1275000 | 5.906 | 11/19/35 | 1292863 |
| BPCE SA <sup>(b)</sup>  | BPCE SA <sup>(b)</sup>  | BPCE SA <sup>(b)</sup>  | BPCE SA <sup>(b)</sup>  |
| 1350000 | 4.625 | 09/12/28 | 1349595 |
| Capital One NA <sup>(a)</sup>  | Capital One NA <sup>(a)</sup>  | Capital One NA <sup>(a)</sup>  | Capital One NA <sup>(a)</sup>  |
| 1500000 | 4.650 | 09/13/28 | 1505760 |
| Citigroup, Inc. <sup>(a)(c)</sup> <br> (3 mo. USD Term SOFR + 1.825%) | Citigroup, Inc. <sup>(a)(c)</sup> <br> (3 mo. USD Term SOFR + 1.825%) | Citigroup, Inc. <sup>(a)(c)</sup> <br> (3 mo. USD Term SOFR + 1.825%) | Citigroup, Inc. <sup>(a)(c)</sup> <br> (3 mo. USD Term SOFR + 1.825%) |
| 1973000 | 3.887 | 01/10/28 | 1963490 |
| (3 mo. USD Term SOFR + 4.779%) | (3 mo. USD Term SOFR + 4.779%) | (3 mo. USD Term SOFR + 4.779%) | (3 mo. USD Term SOFR + 4.779%) |
| 1405000 | 6.250 | 08/15/26 | 1405520 |
| (5 yr. CMT + 1.730%) | (5 yr. CMT + 1.730%) | (5 yr. CMT + 1.730%) | (5 yr. CMT + 1.730%) |
| 830000 | 5.411 | 09/19/39 | 812628 |
| (5 yr. CMT + 2.572%) | (5 yr. CMT + 2.572%) | (5 yr. CMT + 2.572%) | (5 yr. CMT + 2.572%) |
| 1480000 | 6.750 | 02/15/30 | 1478831 |
| (5 yr. CMT + 3.001%) | (5 yr. CMT + 3.001%) | (5 yr. CMT + 3.001%) | (5 yr. CMT + 3.001%) |
| 700000 | 6.625 | 02/15/31 | 699937 |
| (Secured Overnight Financing Rate + 1.171%) | (Secured Overnight Financing Rate + 1.171%) | (Secured Overnight Financing Rate + 1.171%) | (Secured Overnight Financing Rate + 1.171%) |
| 3025000 | 4.503 | 09/11/31 | 2988851 |
| (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) |
| 1025000 | 2.976 | 11/05/30 | 967662 |
| (Secured Overnight Financing Rate + 2.338%) | (Secured Overnight Financing Rate + 2.338%) | (Secured Overnight Financing Rate + 2.338%) | (Secured Overnight Financing Rate + 2.338%) |
| 1645000 | 6.270 | 11/17/33 | 1757929 |
| (Secured Overnight Financing Rate + 3.914%) | (Secured Overnight Financing Rate + 3.914%) | (Secured Overnight Financing Rate + 3.914%) | (Secured Overnight Financing Rate + 3.914%) |
| 675000 | 4.412 | 03/31/31 | 666711 |
| Citizens Financial Group, Inc. <sup>(a)(c)</sup> <br> (Secured Overnight Financing Rate + 1.259%) | Citizens Financial Group, Inc. <sup>(a)(c)</sup> <br> (Secured Overnight Financing Rate + 1.259%) | Citizens Financial Group, Inc. <sup>(a)(c)</sup> <br> (Secured Overnight Financing Rate + 1.259%) | Citizens Financial Group, Inc. <sup>(a)(c)</sup> <br> (Secured Overnight Financing Rate + 1.259%) |
| 440000 | 5.253 | 03/05/31 | 445113 |
| (Secured Overnight Financing Rate + 2.010%) | (Secured Overnight Financing Rate + 2.010%) | (Secured Overnight Financing Rate + 2.010%) | (Secured Overnight Financing Rate + 2.010%) |
| 3075000 | 5.841 | 01/23/30 | 3167311 |
| Fifth Third Bancorp <sup>(a)(c)</sup> <br> (Secured Overnight Financing Rate + 1.240%) | Fifth Third Bancorp <sup>(a)(c)</sup> <br> (Secured Overnight Financing Rate + 1.240%) | Fifth Third Bancorp <sup>(a)(c)</sup> <br> (Secured Overnight Financing Rate + 1.240%) | Fifth Third Bancorp <sup>(a)(c)</sup> <br> (Secured Overnight Financing Rate + 1.240%) |
| 705000 | 5.141 | 01/29/37 | 687248 |
| (Secured Overnight Financing Rate + 1.486%) | (Secured Overnight Financing Rate + 1.486%) | (Secured Overnight Financing Rate + 1.486%) | (Secured Overnight Financing Rate + 1.486%) |
| 782000 | 4.895 | 09/06/30 | 784667 |
| (Secured Overnight Financing Rate + 2.340%) | (Secured Overnight Financing Rate + 2.340%) | (Secured Overnight Financing Rate + 2.340%) | (Secured Overnight Financing Rate + 2.340%) |
| 303000 | 6.339 | 07/27/29 | 314181 |
| First Horizon Corp. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + | First Horizon Corp. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + | First Horizon Corp. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + | First Horizon Corp. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + |
| 1.766%) |  |  |  |
| 580000 | 5.514 | 03/07/31 | 587465 |
| HSBC Bank USA NA | HSBC Bank USA NA | HSBC Bank USA NA | HSBC Bank USA NA |
| 800000 | 5.625 | 08/15/35 | 816808 |
| HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
| 600000 | 7.625 | 05/17/32 | 666186 |

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| Huntington Bancshares, Inc. <sup>(a)(c)</sup> <br> (5 yr. CMT + 1.700%) | Huntington Bancshares, Inc. <sup>(a)(c)</sup> <br> (5 yr. CMT + 1.700%) | Huntington Bancshares, Inc. <sup>(a)(c)</sup> <br> (5 yr. CMT + 1.700%) | Huntington Bancshares, Inc. <sup>(a)(c)</sup> <br> (5 yr. CMT + 1.700%) |
| $185000 | 6.141% | 11/18/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188273 |
| (Secured Overnight Financing Rate + 1.276%) | (Secured Overnight Financing Rate + 1.276%) | (Secured Overnight Financing Rate + 1.276%) | (Secured Overnight Financing Rate + 1.276%) |
| 1590000 | 5.272 | 01/15/31 | 1613723 |
| (Secured Overnight Financing Rate + 1.870%) | (Secured Overnight Financing Rate + 1.870%) | (Secured Overnight Financing Rate + 1.870%) | (Secured Overnight Financing Rate + 1.870%) |
| 2685000 | 5.709 | 02/02/35 | 2740230 |
| (Secured Overnight Financing Rate + 2.020%) | (Secured Overnight Financing Rate + 2.020%) | (Secured Overnight Financing Rate + 2.020%) | (Secured Overnight Financing Rate + 2.020%) |
| 3035000 | 6.208 | 08/21/29 | 3146809 |
| ING Groep NV <sup>(a)(c)</sup>  | ING Groep NV <sup>(a)(c)</sup>  | ING Groep NV <sup>(a)(c)</sup>  | ING Groep NV <sup>(a)(c)</sup>  |
| (Secured Overnight Financing Rate + 1.005%) | (Secured Overnight Financing Rate + 1.005%) | (Secured Overnight Financing Rate + 1.005%) | (Secured Overnight Financing Rate + 1.005%) |
| 1725000 | 1.726 | 04/01/27 | 1725000 |
| (Secured Overnight Financing Rate + 1.440%) | (Secured Overnight Financing Rate + 1.440%) | (Secured Overnight Financing Rate + 1.440%) | (Secured Overnight Financing Rate + 1.440%) |
| 1620000 | 5.335 | 03/19/30 | 1654360 |
| JPMorgan Chase & Co. <sup>(a)(c)</sup>  | JPMorgan Chase & Co. <sup>(a)(c)</sup>  | JPMorgan Chase & Co. <sup>(a)(c)</sup>  | JPMorgan Chase & Co. <sup>(a)(c)</sup>  |
| (3 mo. USD Term SOFR + 1.622%) | (3 mo. USD Term SOFR + 1.622%) | (3 mo. USD Term SOFR + 1.622%) | (3 mo. USD Term SOFR + 1.622%) |
| 875000 | 3.882 | 07/24/38 | 767953 |
| (3 mo. USD Term SOFR + 2.515%) | (3 mo. USD Term SOFR + 2.515%) | (3 mo. USD Term SOFR + 2.515%) | (3 mo. USD Term SOFR + 2.515%) |
| 3650000 | 2.956 | 05/13/31 | 3401325 |
| (Secured Overnight Financing Rate + 0.840%) | (Secured Overnight Financing Rate + 0.840%) | (Secured Overnight Financing Rate + 0.840%) | (Secured Overnight Financing Rate + 0.840%) |
| 1340000 | 4.347 | 01/22/32 | 1320972 |
| (Secured Overnight Financing Rate + 1.070%) | (Secured Overnight Financing Rate + 1.070%) | (Secured Overnight Financing Rate + 1.070%) | (Secured Overnight Financing Rate + 1.070%) |
| 1405000 | 4.898 | 01/22/37 | 1374483 |
| (Secured Overnight Financing Rate + 1.190%) | (Secured Overnight Financing Rate + 1.190%) | (Secured Overnight Financing Rate + 1.190%) | (Secured Overnight Financing Rate + 1.190%) |
| 1010000 | 4.810 | 10/22/36 | 980387 |
| (Secured Overnight Financing Rate + 1.300%) | (Secured Overnight Financing Rate + 1.300%) | (Secured Overnight Financing Rate + 1.300%) | (Secured Overnight Financing Rate + 1.300%) |
| 905000 | 5.193 | 02/05/37 | 888565 |
| (Secured Overnight Financing Rate + 1.635%) | (Secured Overnight Financing Rate + 1.635%) | (Secured Overnight Financing Rate + 1.635%) | (Secured Overnight Financing Rate + 1.635%) |
| 1445000 | 5.576 | 07/23/36 | 1464291 |
| (Secured Overnight Financing Rate + 1.680%) | (Secured Overnight Financing Rate + 1.680%) | (Secured Overnight Financing Rate + 1.680%) | (Secured Overnight Financing Rate + 1.680%) |
| 1550000 | 5.572 | 04/22/36 | 1594485 |
| (Secured Overnight Financing Rate + 1.800%) | (Secured Overnight Financing Rate + 1.800%) | (Secured Overnight Financing Rate + 1.800%) | (Secured Overnight Financing Rate + 1.800%) |
| 3424000 | 4.586 | 04/26/33 | 3375619 |
| Lloyds Banking Group PLC <sup>(a)(c)</sup> (1 yr. CMT + 0.850%) | Lloyds Banking Group PLC <sup>(a)(c)</sup> (1 yr. CMT + 0.850%) | Lloyds Banking Group PLC <sup>(a)(c)</sup> (1 yr. CMT + 0.850%) | Lloyds Banking Group PLC <sup>(a)(c)</sup> (1 yr. CMT + 0.850%) |
| 350000 | 1.627 | 05/11/27 | 348775 |
| M&T Bank Corp. <sup>(a)(c)</sup>  | M&T Bank Corp. <sup>(a)(c)</sup>  | M&T Bank Corp. <sup>(a)(c)</sup>  | M&T Bank Corp. <sup>(a)(c)</sup>  |
| (3 mo. USD Term SOFR + 3.782%) | (3 mo. USD Term SOFR + 3.782%) | (3 mo. USD Term SOFR + 3.782%) | (3 mo. USD Term SOFR + 3.782%) |
| 895000 | 5.125 | 11/01/26 | 886703 |
| (5 yr. CMT + 1.430%) | (5 yr. CMT + 1.430%) | (5 yr. CMT + 1.430%) | (5 yr. CMT + 1.430%) |
| 1225000 | 5.400 | 07/30/35 | 1221068 |
| (Secured Overnight Financing Rate + 1.400%) | (Secured Overnight Financing Rate + 1.400%) | (Secured Overnight Financing Rate + 1.400%) | (Secured Overnight Financing Rate + 1.400%) |
| 620000 | 5.179 | 07/08/31 | 626138 |
| (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) |
| 1670000 | 5.385 | 01/16/36 | 1655888 |
| (Secured Overnight Financing Rate + 2.260%) | (Secured Overnight Financing Rate + 2.260%) | (Secured Overnight Financing Rate + 2.260%) | (Secured Overnight Financing Rate + 2.260%) |
| 3355000 | 6.082 | 03/13/32 | 3515268 |
| Macquarie Group Ltd. <sup>(a)(b)(c)</sup> (3 mo. USD Term SOFR + 1.634%) | Macquarie Group Ltd. <sup>(a)(b)(c)</sup> (3 mo. USD Term SOFR + 1.634%) | Macquarie Group Ltd. <sup>(a)(b)(c)</sup> (3 mo. USD Term SOFR + 1.634%) | Macquarie Group Ltd. <sup>(a)(b)(c)</sup> (3 mo. USD Term SOFR + 1.634%) |
| 1900000 | 3.763 | 11/28/28 | 1875414 |
| Morgan Stanley <sup>(a)(c)</sup>  | Morgan Stanley <sup>(a)(c)</sup>  | Morgan Stanley <sup>(a)(c)</sup>  | Morgan Stanley <sup>(a)(c)</sup>  |
| 2295000 | 3.971 | 07/22/38 | 2002594 |
| (Secured Overnight Financing Rate + 0.950%) | (Secured Overnight Financing Rate + 0.950%) | (Secured Overnight Financing Rate + 0.950%) | (Secured Overnight Financing Rate + 0.950%) |
| 455000 | 4.493 | 01/16/32 | 447524 |
| (Secured Overnight Financing Rate + 1.314%) | (Secured Overnight Financing Rate + 1.314%) | (Secured Overnight Financing Rate + 1.314%) | (Secured Overnight Financing Rate + 1.314%) |
| 1260000 | 4.892 | 10/22/36 | 1217664 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **53** |

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------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |  |
| Banks – (continued) | Banks – (continued) |  |  |
| (Secured Overnight Financing Rate + 1.360%) | (Secured Overnight Financing Rate + 1.360%) | (Secured Overnight Financing Rate + 1.360%) | (Secured Overnight Financing Rate + 1.360%) |
| $725000 | 2.484% | 09/16/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623681 |
| (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) |
| 1645000 | 5.164 | 04/20/29 | 1663917 |
| (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) |
| 6385000 | 5.449 | 07/20/29 | 6502101 |
| (Secured Overnight Financing Rate + 2.076%) | (Secured Overnight Financing Rate + 2.076%) | (Secured Overnight Financing Rate + 2.076%) | (Secured Overnight Financing Rate + 2.076%) |
| 1606000 | 4.889 | 07/20/33 | 1597087 |
| Morgan Stanley Private Bank NA <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.080%) | Morgan Stanley Private Bank NA <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.080%) | Morgan Stanley Private Bank NA <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.080%) | Morgan Stanley Private Bank NA <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.080%) |
| 1650000 | 4.734 | 07/18/31 | 1644357 |
| NatWest Group PLC <sup>(a)(c)</sup> (1 yr. CMT + 1.050%) | NatWest Group PLC <sup>(a)(c)</sup> (1 yr. CMT + 1.050%) | NatWest Group PLC <sup>(a)(c)</sup> (1 yr. CMT + 1.050%) | NatWest Group PLC <sup>(a)(c)</sup> (1 yr. CMT + 1.050%) |
| 380000 | 5.115 | 05/23/31 | 383811 |
| Norinchukin Bank <sup>(b)</sup>  | Norinchukin Bank <sup>(b)</sup>  |  |  |
| 760000 | 4.683 | 03/10/31 | 751070 |
| PNC Financial Services Group, Inc. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.599%) | PNC Financial Services Group, Inc. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.599%) | PNC Financial Services Group, Inc. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.599%) | PNC Financial Services Group, Inc. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.599%) |
| 1170000 | 5.401 | 07/23/35 | 1183046 |
| Regions Financial Corp. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.490%) | Regions Financial Corp. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.490%) | Regions Financial Corp. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.490%) | Regions Financial Corp. <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.490%) |
| 1975000 | 5.722 | 06/06/30 | 2026626 |
| Santander U.K. Group Holdings PLC <sup>(a)(c)</sup>  | Santander U.K. Group Holdings PLC <sup>(a)(c)</sup>  | Santander U.K. Group Holdings PLC <sup>(a)(c)</sup>  |  |
| (3 mo. USD Term SOFR + 1.400%) | (3 mo. USD Term SOFR + 1.400%) | (3 mo. USD Term SOFR + 1.400%) |  |
| 325000 | 3.823 | 11/03/28 | 320834 |
| (Secured Overnight Financing Rate + 1.070%) | (Secured Overnight Financing Rate + 1.070%) | (Secured Overnight Financing Rate + 1.070%) | (Secured Overnight Financing Rate + 1.070%) |
| 420000 | 4.320 | 09/22/29 | 416094 |
| Shinhan Bank Co. Ltd. <sup>(b)</sup>  | Shinhan Bank Co. Ltd. <sup>(b)</sup>  | Shinhan Bank Co. Ltd. <sup>(b)</sup>  |  |
| 260000 | 4.500 | 04/12/28 | 261071 |
| State Street Corp. <sup>(a)(c)</sup> (5 yr. CMT + 2.135%) | State Street Corp. <sup>(a)(c)</sup> (5 yr. CMT + 2.135%) | State Street Corp. <sup>(a)(c)</sup> (5 yr. CMT + 2.135%) | State Street Corp. <sup>(a)(c)</sup> (5 yr. CMT + 2.135%) |
| 1375000 | 6.450 | 09/15/30 | 1394222 |
| Sumitomo Mitsui Trust Group, Inc. <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.650%) | Sumitomo Mitsui Trust Group, Inc. <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.650%) | Sumitomo Mitsui Trust Group, Inc. <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.650%) | Sumitomo Mitsui Trust Group, Inc. <sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.650%) |
| 695000 | 5.416 | 09/11/36 | 682726 |
| Truist Financial Corp. <sup>(a)(c)</sup>  | Truist Financial Corp. <sup>(a)(c)</sup>  | Truist Financial Corp. <sup>(a)(c)</sup>  |  |
| (Secured Overnight Financing Rate + 1.395%) | (Secured Overnight Financing Rate + 1.395%) | (Secured Overnight Financing Rate + 1.395%) | (Secured Overnight Financing Rate + 1.395%) |
| 1428000 | 4.964 | 10/23/36 | 1383218 |
| (Secured Overnight Financing Rate + 1.620%) | (Secured Overnight Financing Rate + 1.620%) | (Secured Overnight Financing Rate + 1.620%) | (Secured Overnight Financing Rate + 1.620%) |
| 837000 | 5.435 | 01/24/30 | 856159 |
| (Secured Overnight Financing Rate + 1.922%) | (Secured Overnight Financing Rate + 1.922%) | (Secured Overnight Financing Rate + 1.922%) | (Secured Overnight Financing Rate + 1.922%) |
| 2810000 | 5.711 | 01/24/35 | 2896520 |
| (Secured Overnight Financing Rate + 2.361%) | (Secured Overnight Financing Rate + 2.361%) | (Secured Overnight Financing Rate + 2.361%) | (Secured Overnight Financing Rate + 2.361%) |
| 1055000 | 5.867 | 06/08/34 | 1098065 |
| U.S. Bancorp <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 2.020%) | U.S. Bancorp <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 2.020%) | U.S. Bancorp <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 2.020%) | U.S. Bancorp <sup>(a)(c)</sup> (Secured Overnight Financing Rate + 2.020%) |
| 1260000 | 5.775 | 06/12/29 | 1295507 |
| UBS Group AG <sup>(a)(b)</sup>  | UBS Group AG <sup>(a)(b)</sup>  |  |  |
| 3347000 | 4.282 | 01/09/28 | 3334081 |
| (5 yr. CMT + 4.758%) | (5 yr. CMT + 4.758%) |  |  |
| 405000 | 9.250 <sup>(c)</sup> | 11/13/33 | 456330 |
| (5 yr. USD SOFR ICE Swap + 3.240%) | (5 yr. USD SOFR ICE Swap + 3.240%) | (5 yr. USD SOFR ICE Swap + 3.240%) |  |
| 455000 | 6.625 <sup>(c)</sup> | 01/08/31 | 441810 |
| (Secured Overnight Financing Rate + 1.290%) | (Secured Overnight Financing Rate + 1.290%) | (Secured Overnight Financing Rate + 1.290%) | (Secured Overnight Financing Rate + 1.290%) |
| 1395000 | 4.844 <sup>(c)</sup> | 11/06/33 | 1370127 |
| (Secured Overnight Financing Rate + 1.730%) | (Secured Overnight Financing Rate + 1.730%) | (Secured Overnight Financing Rate + 1.730%) | (Secured Overnight Financing Rate + 1.730%) |
| 1260000 | 3.091 <sup>(c)</sup> | 05/14/32 | 1154475 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |  |
| Banks – (continued) | Banks – (continued) |  |  |
| (Secured Overnight Financing Rate + 1.760%) | (Secured Overnight Financing Rate + 1.760%) | (Secured Overnight Financing Rate + 1.760%) | (Secured Overnight Financing Rate + 1.760%) |
| $615000 | 5.580 %<sup>(c)</sup> | 05/09/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623278 |
| Wells Fargo & Co. <sup>(a)(c)</sup>  | Wells Fargo & Co. <sup>(a)(c)</sup>  |  |  |
| (3 mo. USD Term SOFR + 1.572%) | (3 mo. USD Term SOFR + 1.572%) | (3 mo. USD Term SOFR + 1.572%) |  |
| 498000 | 3.584 | 05/22/28 | 493095 |
| (5 yr. CMT + 2.340%) | (5 yr. CMT + 2.340%) |  |  |
| 175000 | 6.125 | 06/15/31 | 175511 |
| (Secured Overnight Financing Rate + 0.740%) | (Secured Overnight Financing Rate + 0.740%) | (Secured Overnight Financing Rate + 0.740%) | (Secured Overnight Financing Rate + 0.740%) |
| 2000000 | 4.182 | 01/23/30 | 1982280 |
| (Secured Overnight Financing Rate + 1.340%) | (Secured Overnight Financing Rate + 1.340%) | (Secured Overnight Financing Rate + 1.340%) | (Secured Overnight Financing Rate + 1.340%) |
| 1380000 | 4.892 | 09/15/36 | 1342354 |
| (Secured Overnight Financing Rate + 1.510%) | (Secured Overnight Financing Rate + 1.510%) | (Secured Overnight Financing Rate + 1.510%) | (Secured Overnight Financing Rate + 1.510%) |
| 1325000 | 3.526 | 03/24/28 | 1314162 |
| (Secured Overnight Financing Rate + 2.100%) | (Secured Overnight Financing Rate + 2.100%) | (Secured Overnight Financing Rate + 2.100%) | (Secured Overnight Financing Rate + 2.100%) |
| 2378000 | 4.897 | 07/25/33 | 2364683 |
| Wells Fargo Bank NA | Wells Fargo Bank NA |  |  |
| 824000 | 5.950 | 08/26/36 | 857800 |
|  |  |  | 150602799 |
| Beverages – 1.3% | Beverages – 1.3% |  |  |
| Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |  |
| 180000 | 8.200 | 01/15/39 | 226397 |
| Bacardi Ltd. <sup>(a)(b)</sup>  | Bacardi Ltd. <sup>(a)(b)</sup>  |  |  |
| 2275000 | 4.700 | 05/15/28 | 2271132 |
| 700000 | 5.300 | 05/15/48 | 607446 |
| Bacardi Ltd./Bacardi-Martini BV <sup>(a)(b)</sup>  | Bacardi Ltd./Bacardi-Martini BV <sup>(a)(b)</sup>  | Bacardi Ltd./Bacardi-Martini BV <sup>(a)(b)</sup>  |  |
| 1075000 | 5.900 | 06/15/43 | 1015724 |
| Constellation Brands, Inc. <sup>(a)</sup>  | Constellation Brands, Inc. <sup>(a)</sup>  | Constellation Brands, Inc. <sup>(a)</sup>  |  |
| 450000 | 4.350 | 05/09/27 | 449532 |
| 350000 | 4.650 | 11/15/28 | 351375 |
| 455000 | 4.800 | 01/15/29 | 457530 |
| 477000 | 4.800 | 05/01/30 | 479872 |
| JDE Peet's NV <sup>(a)(b)</sup>  | JDE Peet's NV <sup>(a)(b)</sup>  |  |  |
| 1970000 | 2.250 | 09/24/31 | 1711516 |
| Pernod Ricard International Finance LLC <sup>(a)(b)</sup>  | Pernod Ricard International Finance LLC <sup>(a)(b)</sup>  | Pernod Ricard International Finance LLC <sup>(a)(b)</sup>  | Pernod Ricard International Finance LLC <sup>(a)(b)</sup>  |
| 1107000 | 1.625 | 04/01/31 | 957478 |
|  |  |  | 8528002 |
| Biotechnology<sup>(a)</sup> – 0.2% | Biotechnology<sup>(a)</sup> – 0.2% |  |  |
| Royalty Pharma PLC | Royalty Pharma PLC |  |  |
| 739000 | 2.200 | 09/02/30 | 665189 |
| 761000 | 5.400 | 09/02/34 | 767293 |
|  |  |  | 1432482 |
| Building Materials<sup>(a)</sup> – 0.1% | Building Materials<sup>(a)</sup> – 0.1% | Building Materials<sup>(a)</sup> – 0.1% |  |
| Carlisle Cos., Inc. | Carlisle Cos., Inc. |  |  |
| 425000 | 5.550 | 09/15/40 | 420355 |
| Owens Corning | Owens Corning |  |  |
| 422000 | 5.950 | 06/15/54 | 418071 |
|  |  |  | 838426 |
| Chemicals<sup>(a)</sup> – 0.1% | Chemicals<sup>(a)</sup> – 0.1% |  |  |
| DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | DuPont de Nemours, Inc. |  |
| 76000 | 5.319 | 11/15/38 | 74763 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **54** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |  |  |
| Chemicals<sup>(a)</sup> – (continued) | Chemicals<sup>(a)</sup> – (continued) | Chemicals<sup>(a)</sup> – (continued) |  |  |
| International Flavors & Fragrances, Inc. <sup>(b)</sup>  | International Flavors & Fragrances, Inc. <sup>(b)</sup>  | International Flavors & Fragrances, Inc. <sup>(b)</sup>  |  |  |
| 190000 | 2.300% | 11/01/30 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169068 |
| LYB International Finance BV | LYB International Finance BV | LYB International Finance BV |  |  |
| 650000 | 4.875 | 03/15/44 |  | 533344 |
|  |  |  |  | 777175 |
| Commercial Services – 1.1% | Commercial Services – 1.1% | Commercial Services – 1.1% |  |  |
| Ashtead Capital, Inc. <sup>(a)(b)</sup>  | Ashtead Capital, Inc. <sup>(a)(b)</sup>  | Ashtead Capital, Inc. <sup>(a)(b)</sup>  |  |  |
| 925000 | 1.500 | 08/12/26 |  | 913595 |
| 525000 | 2.450 | 08/12/31 |  | 460887 |
| 456000 | 5.800 | 04/15/34 |  | 465230 |
| DP World Ltd. | DP World Ltd. |  |  |  |
| 360000 | 5.625 | 09/25/48 |  | 321390 |
| Global Payments, Inc. <sup>(a)</sup>  | Global Payments, Inc. <sup>(a)</sup>  |  |  |  |
| 1150000 | 4.450 | 06/01/28 |  | 1140478 |
| 1020000 | 5.550 | 11/15/35 |  | 980801 |
| GXO Logistics, Inc. <sup>(a)</sup>  | GXO Logistics, Inc. <sup>(a)</sup>  |  |  |  |
| 2573000 | 2.650 | 07/15/31 |  | 2291462 |
| 887000 | 6.500 | 05/06/34 |  | 930472 |
|  |  |  |  | 7504315 |
| Computers – 0.6% | Computers – 0.6% |  |  |  |
| Dell International LLC/EMC Corp. <sup>(a)</sup>  | Dell International LLC/EMC Corp. <sup>(a)</sup>  | Dell International LLC/EMC Corp. <sup>(a)</sup>  |  |  |
| 1325000 | 4.900 | 10/01/26 |  | 1326563 |
| Dell, Inc. | Dell, Inc. |  |  |  |
| 2075000 | 7.100 | 04/15/28 |  | 2179165 |
| Hewlett Packard Enterprise Co. <sup>(a)</sup>  | Hewlett Packard Enterprise Co. <sup>(a)</sup>  | Hewlett Packard Enterprise Co. <sup>(a)</sup>  |  |  |
| 105000 | 5.000 | 10/15/34 |  | 101572 |
| NetApp, Inc. <sup>(a)</sup>  | NetApp, Inc. <sup>(a)</sup>  |  |  |  |
| 705000 | 5.500 | 03/17/32 |  | 720545 |
|  |  |  |  | 4327845 |
| Diversified Financial Services<sup>(a)</sup> – 4.7% | Diversified Financial Services<sup>(a)</sup> – 4.7% | Diversified Financial Services<sup>(a)</sup> – 4.7% |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
| 725000 | 6.450 | 04/15/27 |  | 738761 |
| 4025000 | 4.625 | 10/15/27 |  | 4030434 |
| 775000 | 3.000 | 10/29/28 |  | 746294 |
| 920000 | 5.375 | 12/15/31 |  | 934536 |
| 1870000 | 4.750 | 01/15/33 |  | 1817453 |
| Air Lease Corp. | Air Lease Corp. |  |  |  |
| 2450000 | 3.750 | 06/01/26 |  | 2444242 |
| 325000 | 3.625 | 04/01/27 |  | 321932 |
| Aircastle Ltd./Aircastle Ireland DAC <sup>(b)</sup>  | Aircastle Ltd./Aircastle Ireland DAC <sup>(b)</sup>  | Aircastle Ltd./Aircastle Ireland DAC <sup>(b)</sup>  |  |  |
| 478000 | 5.250 | 03/15/30 |  | 482417 |
| 695000 | 5.000 | 09/15/30 |  | 693221 |
| Ally Financial, Inc. | Ally Financial, Inc. |  |  |  |
| 2610000 | 4.750 | 06/09/27 |  | 2614176 |
| 1575000 | 2.200 | 11/02/28 |  | 1482910 |
| (Secured Overnight Financing Rate + 1.960%) | (Secured Overnight Financing Rate + 1.960%) | (Secured Overnight Financing Rate + 1.960%) | (Secured Overnight Financing Rate + 1.960%) | (Secured Overnight Financing Rate + 1.960%) |
| 407000 | 5.737 <sup>(c)</sup> | 05/15/29 |  | 413337 |
| Aviation Capital Group LLC <sup>(b)</sup>  | Aviation Capital Group LLC <sup>(b)</sup>  | Aviation Capital Group LLC <sup>(b)</sup>  |  |  |
| 655000 | 5.375 | 07/15/29 |  | 665133 |
| 530000 | 4.875 | 01/28/33 |  | 511270 |
| Avolon Holdings Funding Ltd. <sup>(b)</sup>  | Avolon Holdings Funding Ltd. <sup>(b)</sup>  | Avolon Holdings Funding Ltd. <sup>(b)</sup>  |  |  |
| 1450000 | 3.250 | 02/15/27 |  | 1433687 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Diversified Financial Services(a) – (continued) | Diversified Financial Services(a) – (continued) | Diversified Financial Services(a) – (continued) | Diversified Financial Services(a) – (continued) |
| 1125000 | 4.950% | 10/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;1097291 |
| Capital One Financial Corp. <sup>(c)</sup> | Capital One Financial Corp. <sup>(c)</sup> | Capital One Financial Corp. <sup>(c)</sup> | Capital One Financial Corp. <sup>(c)</sup> |
| (Secured Overnight Financing Rate + 1.990%) | (Secured Overnight Financing Rate + 1.990%) | (Secured Overnight Financing Rate + 1.990%) | (Secured Overnight Financing Rate + 1.990%) |
| 2125000 | 5.884 | 07/26/35 | 2177487 |
| (Secured Overnight Financing Rate + 2.036%) | (Secured Overnight Financing Rate + 2.036%) | (Secured Overnight Financing Rate + 2.036%) | (Secured Overnight Financing Rate + 2.036%) |
| 430000 | 6.183 | 01/30/36 | 436957 |
| (Secured Overnight Financing Rate + 2.600%) | (Secured Overnight Financing Rate + 2.600%) | (Secured Overnight Financing Rate + 2.600%) | (Secured Overnight Financing Rate + 2.600%) |
| 1590000 | 5.247 | 07/26/30 | 1610988 |
| (Secured Overnight Financing Rate + 3.070%) | (Secured Overnight Financing Rate + 3.070%) | (Secured Overnight Financing Rate + 3.070%) | (Secured Overnight Financing Rate + 3.070%) |
| 1165000 | 7.624 | 10/30/31 | 1286731 |
| Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. |
| 350000 | 3.625 | 09/01/28 | 344789 |
| Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. |
| 720000 | 6.200 | 04/14/34 | 733673 |
| Macquarie Airfinance Holdings Ltd. <sup>(b)</sup> | Macquarie Airfinance Holdings Ltd. <sup>(b)</sup> | Macquarie Airfinance Holdings Ltd. <sup>(b)</sup> | Macquarie Airfinance Holdings Ltd. <sup>(b)</sup> |
| 1267000 | 5.200 | 03/27/28 | 1272334 |
| 135000 | 6.400 | 03/26/29 | 139938 |
| Takeoff Merger Sub, Inc. <sup>(b)</sup> | Takeoff Merger Sub, Inc. <sup>(b)</sup> | Takeoff Merger Sub, Inc. <sup>(b)</sup> | Takeoff Merger Sub, Inc. <sup>(b)</sup> |
| 1245000 | 4.850 | 03/24/31 | 1230097 |
| 2145000 | 5.500 | 03/24/36 | 2111452 |
|  |  |  | 31771540 |
| Electrical – 3.8% | Electrical – 3.8% | Electrical – 3.8% | Electrical – 3.8% |
| American Electric Power Co., Inc. <sup>(a)</sup> | American Electric Power Co., Inc. <sup>(a)</sup> | American Electric Power Co., Inc. <sup>(a)</sup> | American Electric Power Co., Inc. <sup>(a)</sup> |
| 350000 | 2.300 | 03/01/30 | 320593 |
| CMS Energy Corp. <sup>(a)</sup> | CMS Energy Corp. <sup>(a)</sup> | CMS Energy Corp. <sup>(a)</sup> | CMS Energy Corp. <sup>(a)</sup> |
| 500000 | 4.875 | 03/01/44 | 439640 |
| Dominion Energy, Inc. <sup>(a)</sup> | Dominion Energy, Inc. <sup>(a)</sup> | Dominion Energy, Inc. <sup>(a)</sup> | Dominion Energy, Inc. <sup>(a)</sup> |
| 925000 | 3.375 | 04/01/30 | 884050 |
| DTE Energy Co. <sup>(a)</sup> | DTE Energy Co. <sup>(a)</sup> | DTE Energy Co. <sup>(a)</sup> | DTE Energy Co. <sup>(a)</sup> |
| 4311000 | 4.875 | 06/01/28 | 4350747 |
| Duke Energy Corp. <sup>(a)</sup> | Duke Energy Corp. <sup>(a)</sup> | Duke Energy Corp. <sup>(a)</sup> | Duke Energy Corp. <sup>(a)</sup> |
| 400000 | 4.800 | 12/15/45 | 342652 |
| Duquesne Light Holdings, Inc. <sup>(a)(b)</sup> | Duquesne Light Holdings, Inc. <sup>(a)(b)</sup> | Duquesne Light Holdings, Inc. <sup>(a)(b)</sup> | Duquesne Light Holdings, Inc. <sup>(a)(b)</sup> |
| 1075000 | 2.532 | 10/01/30 | 978605 |
| Emera U.S. Finance LP <sup>(a)</sup> | Emera U.S. Finance LP <sup>(a)</sup> | Emera U.S. Finance LP <sup>(a)</sup> | Emera U.S. Finance LP <sup>(a)</sup> |
| 575000 | 3.550 | 06/15/26 | 573287 |
| ITC Holdings Corp. <sup>(a)(b)</sup> | ITC Holdings Corp. <sup>(a)(b)</sup> | ITC Holdings Corp. <sup>(a)(b)</sup> | ITC Holdings Corp. <sup>(a)(b)</sup> |
| 673000 | 2.950 | 05/14/30 | 629154 |
| NextEra Energy Capital Holdings, Inc. <sup>(a)</sup> | NextEra Energy Capital Holdings, Inc. <sup>(a)</sup> | NextEra Energy Capital Holdings, Inc. <sup>(a)</sup> | NextEra Energy Capital Holdings, Inc. <sup>(a)</sup> |
| 1605000 | 1.900 | 06/15/28 | 1522551 |
| Pacific Gas & Electric Co. <sup>(a)</sup> | Pacific Gas & Electric Co. <sup>(a)</sup> | Pacific Gas & Electric Co. <sup>(a)</sup> | Pacific Gas & Electric Co. <sup>(a)</sup> |
| 2075000 | 2.100 | 08/01/27 | 2010633 |
| 480000 | 5.000 | 06/04/28 | 484037 |
| 950000 | 6.400 | 06/15/33 | 1008530 |
| 650000 | 6.950 | 03/15/34 | 712277 |
| 675000 | 5.800 | 05/15/34 | 691254 |
| 1594000 | 5.700 | 03/01/35 | 1614531 |
| Progress Energy, Inc. | Progress Energy, Inc. | Progress Energy, Inc. | Progress Energy, Inc. |
| 800000 | 7.000 | 10/30/31 | 879808 |
| Public Service Electric & Gas Co. <sup>(a)</sup> | Public Service Electric & Gas Co. <sup>(a)</sup> | Public Service Electric & Gas Co. <sup>(a)</sup> | Public Service Electric & Gas Co. <sup>(a)</sup> |
| 975000 | 3.950 | 05/01/42 | 804619 |
| Sempra <sup>(a)</sup> | Sempra <sup>(a)</sup> | Sempra <sup>(a)</sup> | Sempra <sup>(a)</sup> |
| 1125000 | 3.800 | 02/01/38 | 949725 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **55** |

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------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electrical – (continued) | Electrical – (continued) | Electrical – (continued) | Electrical – (continued) |
| Southern California Edison Co. <sup>(a)</sup>  | Southern California Edison Co. <sup>(a)</sup>  | Southern California Edison Co. <sup>(a)</sup>  | Southern California Edison Co. <sup>(a)</sup>  |
| 1325000 | 4.200% | 03/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;1310226 |
| 275000 | 4.050 | 03/15/42 | 215531 |
| Vistra Operations Co. LLC <sup>(a)(b)</sup>  | Vistra Operations Co. LLC <sup>(a)(b)</sup>  | Vistra Operations Co. LLC <sup>(a)(b)</sup>  | Vistra Operations Co. LLC <sup>(a)(b)</sup>  |
| 975000 | 4.300 | 07/15/29 | 958688 |
| 1190000 | 4.700 | 01/31/31 | 1171222 |
| 1030000 | 5.250 | 10/15/35 | 1003601 |
| Xcel Energy, Inc. <sup>(a)</sup>  | Xcel Energy, Inc. <sup>(a)</sup>  | Xcel Energy, Inc. <sup>(a)</sup>  | Xcel Energy, Inc. <sup>(a)</sup>  |
| 2380000 | 3.350 | 12/01/26 | 2364268 |
|  |  |  | 26220229 |
| Electronics<sup>(a)</sup> – 0.3% | Electronics<sup>(a)</sup> – 0.3% | Electronics<sup>(a)</sup> – 0.3% | Electronics<sup>(a)</sup> – 0.3% |
| Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. |
| 460000 | 5.600 | 05/29/34 | 469476 |
| Keysight Technologies, Inc. | Keysight Technologies, Inc. | Keysight Technologies, Inc. | Keysight Technologies, Inc. |
| 851000 | 5.350 | 07/30/30 | 874411 |
| Tyco Electronics Group SA | Tyco Electronics Group SA | Tyco Electronics Group SA | Tyco Electronics Group SA |
| 580000 | 4.500 | 02/09/31 | 578979 |
|  |  |  | 1922866 |
| Engineering & Construction<sup>(a)</sup> – 0.2% | Engineering & Construction<sup>(a)</sup> – 0.2% | Engineering & Construction<sup>(a)</sup> – 0.2% | Engineering & Construction<sup>(a)</sup> – 0.2% |
| MasTec, Inc. | MasTec, Inc. | MasTec, Inc. | MasTec, Inc. |
| 551000 | 5.900 | 06/15/29 | 569056 |
| Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust |
| 240000 | 3.875 <sup>(b)</sup> | 04/30/28 | 234132 |
| 800000 | 5.500 | 07/31/47 | 664720 |
| 220000 | 5.500 <sup>(b)</sup> | 07/31/47 | 182798 |
|  |  |  | 1650706 |
| Entertainment<sup>(a)(b)</sup> – 0.2% | Entertainment<sup>(a)(b)</sup> – 0.2% | Entertainment<sup>(a)(b)</sup> – 0.2% | Entertainment<sup>(a)(b)</sup> – 0.2% |
| Flutter Treasury DAC | Flutter Treasury DAC | Flutter Treasury DAC | Flutter Treasury DAC |
| 1235000 | 5.875 | 06/04/31 | 1221625 |
| Food & Drug Retailing<sup>(a)</sup> – 2.0% | Food & Drug Retailing<sup>(a)</sup> – 2.0% | Food & Drug Retailing<sup>(a)</sup> – 2.0% | Food & Drug Retailing<sup>(a)</sup> – 2.0% |
| Campbell's Co. | Campbell's Co. | Campbell's Co. | Campbell's Co. |
| 1270000 | 4.550 | 03/21/31 | 1230503 |
| 314000 | 5.400 | 03/21/34 | 304398 |
| 1540000 | 4.750 | 03/23/35 | 1417493 |
| Grupo Bimbo SAB de CV | Grupo Bimbo SAB de CV | Grupo Bimbo SAB de CV | Grupo Bimbo SAB de CV |
| 1070000 | 4.700 | 11/10/47 | 907959 |
| J.M. Smucker Co. | J.M. Smucker Co. | J.M. Smucker Co. | J.M. Smucker Co. |
| 997000 | 6.200 | 11/15/33 | 1055803 |
| Mars, Inc. <sup>(b)</sup>  | Mars, Inc. <sup>(b)</sup>  | Mars, Inc. <sup>(b)</sup>  | Mars, Inc. <sup>(b)</sup>  |
| 375000 | 4.800 | 03/01/30 | 378915 |
| 7075000 | 5.000 | 03/01/32 | 7158131 |
| 1350000 | 5.700 | 05/01/55 | 1315993 |
| Sysco Corp. | Sysco Corp. | Sysco Corp. | Sysco Corp. |
| 150000 | 6.600 | 04/01/40 | 159422 |
|  |  |  | 13928617 |
| Food Service<sup>(a)(b)</sup> – 0.2% | Food Service<sup>(a)(b)</sup> – 0.2% | Food Service<sup>(a)(b)</sup> – 0.2% | Food Service<sup>(a)(b)</sup> – 0.2% |
| Sodexo, Inc. | Sodexo, Inc. | Sodexo, Inc. | Sodexo, Inc. |
| 1217000 | 5.150 | 08/15/30 | 1233709 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Forest Products & Paper<sup>(a)</sup> – 0.1% | Forest Products & Paper<sup>(a)</sup> – 0.1% | Forest Products & Paper<sup>(a)</sup> – 0.1% | Forest Products & Paper<sup>(a)</sup> – 0.1% |
| Suzano Netherlands BV | Suzano Netherlands BV | Suzano Netherlands BV | Suzano Netherlands BV |
| $360000 | 5.500% | 01/15/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346050 |
| Hand/Machine Tools<sup>(a)</sup> – 0.3% | Hand/Machine Tools<sup>(a)</sup> – 0.3% | Hand/Machine Tools<sup>(a)</sup> – 0.3% | Hand/Machine Tools<sup>(a)</sup> – 0.3% |
| Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. |
| 2054000 | 6.300 | 02/15/30 | 2152448 |
| Healthcare Providers & Services – 4.2% | Healthcare Providers & Services – 4.2% | Healthcare Providers & Services – 4.2% | Healthcare Providers & Services – 4.2% |
| Augusta SpinCo Corp. <sup>(a)</sup>  | Augusta SpinCo Corp. <sup>(a)</sup>  | Augusta SpinCo Corp. <sup>(a)</sup>  | Augusta SpinCo Corp. <sup>(a)</sup>  |
| 755000 | 4.945 | 03/23/33 | 752176 |
| CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
| 150000 | 4.350 | 11/01/42 | 127500 |
| 510000 | 6.461 <sup>(a)</sup> | 11/01/52 | 541341 |
| Elevance Health, Inc. <sup>(a)</sup>  | Elevance Health, Inc. <sup>(a)</sup>  | Elevance Health, Inc. <sup>(a)</sup>  | Elevance Health, Inc. <sup>(a)</sup>  |
| 1630000 | 4.600 | 09/15/32 | 1604181 |
| HCA, Inc. <sup>(a)</sup>  | HCA, Inc. <sup>(a)</sup>  | HCA, Inc. <sup>(a)</sup>  | HCA, Inc. <sup>(a)</sup>  |
| 8984000 | 3.500 | 09/01/30 | 8530847 |
| Humana, Inc. <sup>(a)</sup>  | Humana, Inc. <sup>(a)</sup>  | Humana, Inc. <sup>(a)</sup>  | Humana, Inc. <sup>(a)</sup>  |
| 345000 | 5.375 | 04/15/31 | 348585 |
| Icon Investments Six DAC <sup>(a)</sup>  | Icon Investments Six DAC <sup>(a)</sup>  | Icon Investments Six DAC <sup>(a)</sup>  | Icon Investments Six DAC <sup>(a)</sup>  |
| 2275000 | 5.849 | 05/08/29 | 2318771 |
| IQVIA, Inc. <sup>(a)</sup>  | IQVIA, Inc. <sup>(a)</sup>  | IQVIA, Inc. <sup>(a)</sup>  | IQVIA, Inc. <sup>(a)</sup>  |
| 1140000 | 6.250 | 02/01/29 | 1185315 |
| Novant Health, Inc. <sup>(a)</sup>  | Novant Health, Inc. <sup>(a)</sup>  | Novant Health, Inc. <sup>(a)</sup>  | Novant Health, Inc. <sup>(a)</sup>  |
| 710000 | 3.168 | 11/01/51 | 463993 |
| Revvity, Inc. <sup>(a)</sup>  | Revvity, Inc. <sup>(a)</sup>  | Revvity, Inc. <sup>(a)</sup>  | Revvity, Inc. <sup>(a)</sup>  |
| 1405000 | 1.900 | 09/15/28 | 1319155 |
| 1200000 | 3.300 | 09/15/29 | 1148820 |
| Solventum Corp. <sup>(a)</sup>  | Solventum Corp. <sup>(a)</sup>  | Solventum Corp. <sup>(a)</sup>  | Solventum Corp. <sup>(a)</sup>  |
| 1311000 | 5.400 | 03/01/29 | 1342123 |
| 4605000 | 5.600 | 03/23/34 | 4707323 |
| STERIS Irish FinCo UnLtd Co. <sup>(a)</sup>  | STERIS Irish FinCo UnLtd Co. <sup>(a)</sup>  | STERIS Irish FinCo UnLtd Co. <sup>(a)</sup>  | STERIS Irish FinCo UnLtd Co. <sup>(a)</sup>  |
| 218000 | 2.700 | 03/15/31 | 197842 |
| Thermo Fisher Scientific, Inc. <sup>(a)</sup>  | Thermo Fisher Scientific, Inc. <sup>(a)</sup>  | Thermo Fisher Scientific, Inc. <sup>(a)</sup>  | Thermo Fisher Scientific, Inc. <sup>(a)</sup>  |
| 445000 | 4.902 | 02/12/36 | 441253 |
| UnitedHealth Group, Inc. <sup>(a)</sup>  | UnitedHealth Group, Inc. <sup>(a)</sup>  | UnitedHealth Group, Inc. <sup>(a)</sup>  | UnitedHealth Group, Inc. <sup>(a)</sup>  |
| 500000 | 3.050 | 05/15/41 | 370520 |
| 1074000 | 5.625 | 07/15/54 | 1022308 |
| 2275000 | 6.050 | 02/15/63 | 2272384 |
|  |  |  | 28694437 |
| Insurance – 0.5% | Insurance – 0.5% | Insurance – 0.5% | Insurance – 0.5% |
| American International Group, Inc. <sup>(a)</sup>  | American International Group, Inc. <sup>(a)</sup>  | American International Group, Inc. <sup>(a)</sup>  | American International Group, Inc. <sup>(a)</sup>  |
| 420000 | 4.850 | 05/07/30 | 424137 |
| Arch Capital Finance LLC <sup>(a)</sup>  | Arch Capital Finance LLC <sup>(a)</sup>  | Arch Capital Finance LLC <sup>(a)</sup>  | Arch Capital Finance LLC <sup>(a)</sup>  |
| 400000 | 4.011 | 12/15/26 | 398716 |
| Arthur J Gallagher & Co. <sup>(a)</sup>  | Arthur J Gallagher & Co. <sup>(a)</sup>  | Arthur J Gallagher & Co. <sup>(a)</sup>  | Arthur J Gallagher & Co. <sup>(a)</sup>  |
| 1378000 | 5.150 | 02/15/35 | 1367541 |
| Hartford Insurance Group, Inc. | Hartford Insurance Group, Inc. | Hartford Insurance Group, Inc. | Hartford Insurance Group, Inc. |
| 200000 | 6.625 | 04/15/42 | 215024 |
| Willis North America, Inc. <sup>(a)</sup>  | Willis North America, Inc. <sup>(a)</sup>  | Willis North America, Inc. <sup>(a)</sup>  | Willis North America, Inc. <sup>(a)</sup>  |
| 700000 | 2.950 | 09/15/29 | 662837 |
|  |  |  | 3068255 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **56** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Internet<sup>(a)</sup> – 1.2% | Internet<sup>(a)</sup> – 1.2% | Internet<sup>(a)</sup> – 1.2% | Internet<sup>(a)</sup> – 1.2% |
| Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
| $196000 | 2.950% | 03/15/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179650 |
| 2475000 | 5.400 | 02/15/35 | 2455076 |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| 1300000 | 4.600 | 11/15/32 | 1286506 |
| 1225000 | 4.875 | 11/15/35 | 1201492 |
| Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
| 475000 | 4.500 <sup>(b)</sup> | 08/15/29 | 470692 |
| 1600000 | 4.150 | 01/15/31 | 1564496 |
| 1275000 | 4.800 | 09/15/34 | 1246988 |
|  |  |  | 8404900 |
| Investment Companies<sup>(a)</sup> – 1.4% | Investment Companies<sup>(a)</sup> – 1.4% | Investment Companies<sup>(a)</sup> – 1.4% | Investment Companies<sup>(a)</sup> – 1.4% |
| Apollo Debt Solutions BDC | Apollo Debt Solutions BDC | Apollo Debt Solutions BDC | Apollo Debt Solutions BDC |
| 1266000 | 6.550 | 03/15/32 | 1270646 |
| Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund |
| 2425000 | 2.625 | 12/15/26 | 2376330 |
| 125000 | 3.250 | 03/15/27 | 121885 |
| 690000 | 5.050 | 09/10/30 | 651236 |
| Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund |
| 3000000 | 2.125 | 02/15/27 | 2909610 |
| 282000 | 5.300 | 06/30/30 | 272869 |
| Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. |
| 1685000 | 5.800 | 03/15/30 | 1626952 |
| JAB Holdings BV <sup>(b)</sup>  | JAB Holdings BV <sup>(b)</sup>  | JAB Holdings BV <sup>(b)</sup>  | JAB Holdings BV <sup>(b)</sup>  |
| 700000 | 2.200 | 11/23/30 | 624764 |
|  |  |  | 9854292 |
| Iron/Steel – 0.5% | Iron/Steel – 0.5% | Iron/Steel – 0.5% | Iron/Steel – 0.5% |
| POSCO <sup>(b)</sup>  | POSCO <sup>(b)</sup>  | POSCO <sup>(b)</sup>  | POSCO <sup>(b)</sup>  |
| 240000 | 5.750 | 01/17/28 | 244541 |
| Steel Dynamics, Inc. <sup>(a)</sup>  | Steel Dynamics, Inc. <sup>(a)</sup>  | Steel Dynamics, Inc. <sup>(a)</sup>  | Steel Dynamics, Inc. <sup>(a)</sup>  |
| 1950000 | 1.650 | 10/15/27 | 1871902 |
| Vale Overseas Ltd. <sup>(a)</sup>  | Vale Overseas Ltd. <sup>(a)</sup>  | Vale Overseas Ltd. <sup>(a)</sup>  | Vale Overseas Ltd. <sup>(a)</sup>  |
| 1520000 | 6.400 | 06/28/54 | 1529394 |
|  |  |  | 3645837 |
| Leisure Time<sup>(a)</sup> – 0.6% | Leisure Time<sup>(a)</sup> – 0.6% | Leisure Time<sup>(a)</sup> – 0.6% | Leisure Time<sup>(a)</sup> – 0.6% |
| Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
| 850000 | 6.250 <sup>(b)</sup> | 03/15/32 | 869346 |
| 1525000 | 6.000 <sup>(b)</sup> | 02/01/33 | 1542583 |
| 395000 | 5.375 | 01/15/36 | 388214 |
| 1160000 | 5.250 | 02/27/38 | 1102940 |
|  |  |  | 3903083 |
| Lodging<sup>(a)</sup> – 1.7% | Lodging<sup>(a)</sup> – 1.7% | Lodging<sup>(a)</sup> – 1.7% | Lodging<sup>(a)</sup> – 1.7% |
| Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
| 1349000 | 3.700 | 01/15/31 | 1265322 |
| 4012000 | 5.850 | 08/01/34 | 4039041 |
| Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
| 1963000 | 5.500 | 06/30/34 | 1982748 |
| Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
| 430000 | 5.625 | 06/15/28 | 435322 |
| 160000 | 6.000 | 06/14/30 | 164362 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Lodging<sup>(a)</sup> – (continued) | Lodging<sup>(a)</sup> – (continued) | Lodging<sup>(a)</sup> – (continued) | Lodging<sup>(a)</sup> – (continued) |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
| 543000 | 4.000% | 04/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538846 |
| 1350000 | 5.550 | 10/15/28 | 1385302 |
| 675000 | 4.650 | 12/01/28 | 678483 |
| 325000 | 4.800 | 03/15/30 | 327763 |
| 750000 | 5.500 | 04/15/37 | 747240 |
|  |  |  | 11564429 |
| Machinery - Construction & Mining<sup>(a)</sup> – 0.2% | Machinery - Construction & Mining<sup>(a)</sup> – 0.2% | Machinery - Construction & Mining<sup>(a)</sup> – 0.2% | Machinery - Construction & Mining<sup>(a)</sup> – 0.2% |
| Vertiv Holdings Co. | Vertiv Holdings Co. | Vertiv Holdings Co. | Vertiv Holdings Co. |
| 1442000 | 4.850 | 03/15/36 | 1402013 |
| Machinery-Diversified<sup>(a)</sup> – 0.1% | Machinery-Diversified<sup>(a)</sup> – 0.1% | Machinery-Diversified<sup>(a)</sup> – 0.1% | Machinery-Diversified<sup>(a)</sup> – 0.1% |
| AGCO Corp. | AGCO Corp. | AGCO Corp. | AGCO Corp. |
| 805000 | 5.800 | 03/21/34 | 822976 |
| Media – 2.2% | Media – 2.2% | Media – 2.2% | Media – 2.2% |
| Charter Communications Operating LLC/Charter Communications Operating Capital <sup>(a)</sup>  | Charter Communications Operating LLC/Charter Communications Operating Capital <sup>(a)</sup>  | Charter Communications Operating LLC/Charter Communications Operating Capital <sup>(a)</sup>  | Charter Communications Operating LLC/Charter Communications Operating Capital <sup>(a)</sup>  |
| 1050000 | 3.750 | 02/15/28 | 1031551 |
| 6750000 | 4.200 | 03/15/28 | 6686550 |
| 256000 | 6.650 | 02/01/34 | 266936 |
| 800000 | 6.550 | 06/01/34 | 830040 |
| 625000 | 6.384 | 10/23/35 | 636250 |
| Comcast Corp. <sup>(a)</sup>  | Comcast Corp. <sup>(a)</sup>  | Comcast Corp. <sup>(a)</sup>  | Comcast Corp. <sup>(a)</sup>  |
| 475000 | 3.750 | 04/01/40 | 384726 |
| News Corp. <sup>(a)(b)</sup>  | News Corp. <sup>(a)(b)</sup>  | News Corp. <sup>(a)(b)</sup>  | News Corp. <sup>(a)(b)</sup>  |
| 2096000 | 3.875 | 05/15/29 | 2021173 |
| Time Warner Cable Enterprises LLC | Time Warner Cable Enterprises LLC | Time Warner Cable Enterprises LLC | Time Warner Cable Enterprises LLC |
| 700000 | 8.375 | 07/15/33 | 793198 |
| Time Warner Cable LLC <sup>(a)</sup>  | Time Warner Cable LLC <sup>(a)</sup>  | Time Warner Cable LLC <sup>(a)</sup>  | Time Warner Cable LLC <sup>(a)</sup>  |
| 675000 | 5.875 | 11/15/40 | 609620 |
| Videotron Ltd. <sup>(a)(b)</sup>  | Videotron Ltd. <sup>(a)(b)</sup>  | Videotron Ltd. <sup>(a)(b)</sup>  | Videotron Ltd. <sup>(a)(b)</sup>  |
| 1659000 | 5.700 | 01/15/35 | 1673583 |
|  |  |  | 14933627 |
| Mining<sup>(b)</sup> – 0.4% | Mining<sup>(b)</sup> – 0.4% | Mining<sup>(b)</sup> – 0.4% | Mining<sup>(b)</sup> – 0.4% |
| Glencore Finance Canada Ltd. | Glencore Finance Canada Ltd. | Glencore Finance Canada Ltd. | Glencore Finance Canada Ltd. |
| 525000 | 5.550 | 10/25/42 | 500005 |
| Glencore Funding LLC <sup>(a)</sup>  | Glencore Funding LLC <sup>(a)</sup>  | Glencore Funding LLC <sup>(a)</sup>  | Glencore Funding LLC <sup>(a)</sup>  |
| 1075000 | 4.000 | 03/27/27 | 1070453 |
| 925000 | 2.850 | 04/27/31 | 842296 |
| 725000 | 2.625 | 09/23/31 | 645750 |
|  |  |  | 3058504 |
| Oil Field Services – 2.0% | Oil Field Services – 2.0% | Oil Field Services – 2.0% | Oil Field Services – 2.0% |
| Continental Resources, Inc. <sup>(a)</sup>  | Continental Resources, Inc. <sup>(a)</sup>  | Continental Resources, Inc. <sup>(a)</sup>  | Continental Resources, Inc. <sup>(a)</sup>  |
| 25000 | 4.375 | 01/15/28 | 24811 |
| 925000 | 5.750 <sup>(b)</sup> | 01/15/31 | 942899 |
| Diamondback Energy, Inc. <sup>(a)</sup>  | Diamondback Energy, Inc. <sup>(a)</sup>  | Diamondback Energy, Inc. <sup>(a)</sup>  | Diamondback Energy, Inc. <sup>(a)</sup>  |
| 2215000 | 6.250 | 03/15/33 | 2365111 |
| 890000 | 5.400 | 04/18/34 | 904000 |
| Marathon Petroleum Corp. <sup>(a)</sup>  | Marathon Petroleum Corp. <sup>(a)</sup>  | Marathon Petroleum Corp. <sup>(a)</sup>  | Marathon Petroleum Corp. <sup>(a)</sup>  |
| 2095000 | 3.800 | 04/01/28 | 2069127 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 2500000 | 8.875 <sup>(a)</sup> | 07/15/30 | 2846950 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **57** |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) |
| 1030000 | 5.375 %<sup>(a)</sup> | 01/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;1048900 |
| 575000 | 5.550 <sup>(a)</sup> | 10/01/34 | 584355 |
| 350000 | 6.450 | 09/15/36 | 373642 |
| Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. |
| 1025000 | 8.125 | 09/15/30 | 1152602 |
| Reliance Industries Ltd. <sup>(b)</sup>  | Reliance Industries Ltd. <sup>(b)</sup>  | Reliance Industries Ltd. <sup>(b)</sup>  | Reliance Industries Ltd. <sup>(b)</sup>  |
| 890000 | 3.625 | 01/12/52 | 626658 |
| Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
| 1100000 | 3.500 | 04/16/29 | 1053800 |
|  |  |  | 13992855 |
| Packaging<sup>(a)</sup> – 0.2% | Packaging<sup>(a)</sup> – 0.2% | Packaging<sup>(a)</sup> – 0.2% | Packaging<sup>(a)</sup> – 0.2% |
| Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| 1225000 | 1.650 | 01/15/27 | 1199398 |
| Pharmaceuticals<sup>(a)</sup> – 2.7% | Pharmaceuticals<sup>(a)</sup> – 2.7% | Pharmaceuticals<sup>(a)</sup> – 2.7% | Pharmaceuticals<sup>(a)</sup> – 2.7% |
| Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. |
| 575000 | 4.500 | 09/15/30 | 572004 |
| 335000 | 5.450 | 02/15/34 | 342229 |
| 1990000 | 5.350 | 11/15/34 | 2008228 |
| Cigna Group | Cigna Group | Cigna Group | Cigna Group |
| 4631000 | 4.800 | 08/15/38 | 4351195 |
| 1300000 | 4.900 | 12/15/48 | 1127529 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 1125000 | 4.875 | 07/20/35 | 1082093 |
| 1250000 | 5.450 | 09/15/35 | 1254213 |
| 6664000 | 4.780 | 03/25/38 | 6138544 |
| EMD Finance LLC <sup>(b)</sup>  | EMD Finance LLC <sup>(b)</sup>  | EMD Finance LLC <sup>(b)</sup>  | EMD Finance LLC <sup>(b)</sup>  |
| 1465000 | 5.000 | 10/15/35 | 1444050 |
|  |  |  | 18320085 |
| Pipelines – 2.3% | Pipelines – 2.3% | Pipelines – 2.3% | Pipelines – 2.3% |
| Columbia Pipelines Operating Co. LLC <sup>(a)(b)</sup>  | Columbia Pipelines Operating Co. LLC <sup>(a)(b)</sup>  | Columbia Pipelines Operating Co. LLC <sup>(a)(b)</sup>  | Columbia Pipelines Operating Co. LLC <sup>(a)(b)</sup>  |
| 1010000 | 6.036 | 11/15/33 | 1064712 |
| Enbridge, Inc. <sup>(a)</sup>  | Enbridge, Inc. <sup>(a)</sup>  | Enbridge, Inc. <sup>(a)</sup>  | Enbridge, Inc. <sup>(a)</sup>  |
| 40000 | 6.200 | 11/15/30 | 42419 |
| Energy Transfer LP <sup>(a)</sup>  | Energy Transfer LP <sup>(a)</sup>  | Energy Transfer LP <sup>(a)</sup>  | Energy Transfer LP <sup>(a)</sup>  |
| 300000 | 5.500 | 06/01/27 | 302835 |
| 354000 | 4.950 | 05/15/28 | 357101 |
| 650000 | 7.375 <sup>(b)</sup> | 02/01/31 | 674128 |
| 1472000 | 6.550 | 12/01/33 | 1589569 |
| 456000 | 5.150 | 03/15/45 | 397691 |
| Galaxy Pipeline Assets Bidco Ltd. <sup>(b)</sup>  | Galaxy Pipeline Assets Bidco Ltd. <sup>(b)</sup>  | Galaxy Pipeline Assets Bidco Ltd. <sup>(b)</sup>  | Galaxy Pipeline Assets Bidco Ltd. <sup>(b)</sup>  |
| 200000 | 2.625 | 03/31/36 | 169603 |
| Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP |
| 1100000 | 7.750 | 03/15/32 | 1253725 |
| 650000 | 6.550 | 09/15/40 | 695227 |
| MPLX LP <sup>(a)</sup>  | MPLX LP <sup>(a)</sup>  | MPLX LP <sup>(a)</sup>  | MPLX LP <sup>(a)</sup>  |
| 950000 | 4.500 | 04/15/38 | 854819 |
| 520000 | 5.500 | 02/15/49 | 470808 |
| ONEOK, Inc. <sup>(a)</sup>  | ONEOK, Inc. <sup>(a)</sup>  | ONEOK, Inc. <sup>(a)</sup>  | ONEOK, Inc. <sup>(a)</sup>  |
| 2618000 | 5.550 | 11/01/26 | 2633289 |
| 2245000 | 4.550 | 07/15/28 | 2247447 |
| Sabine Pass Liquefaction LLC <sup>(a)</sup>  | Sabine Pass Liquefaction LLC <sup>(a)</sup>  | Sabine Pass Liquefaction LLC <sup>(a)</sup>  | Sabine Pass Liquefaction LLC <sup>(a)</sup>  |
| 900000 | 5.000 | 03/15/27 | 901764 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Pipelines – (continued) | Pipelines – (continued) | Pipelines – (continued) | Pipelines – (continued) |
| Valero Energy Partners LP <sup>(a)</sup>  | Valero Energy Partners LP <sup>(a)</sup>  | Valero Energy Partners LP <sup>(a)</sup>  | Valero Energy Partners LP <sup>(a)</sup>  |
| 675000 | 4.500% | 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675655 |
| Williams Cos., Inc. <sup>(a)</sup>  | Williams Cos., Inc. <sup>(a)</sup>  | Williams Cos., Inc. <sup>(a)</sup>  | Williams Cos., Inc. <sup>(a)</sup>  |
| 1050000 | 4.650 | 08/15/32 | 1038030 |
|  |  |  | 15368822 |
| Real Estate<sup>(a)</sup> – 0.1% | Real Estate<sup>(a)</sup> – 0.1% | Real Estate<sup>(a)</sup> – 0.1% | Real Estate<sup>(a)</sup> – 0.1% |
| CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
| 450000 | 5.500 | 04/01/29 | 460737 |
| 485000 | 5.950 | 08/15/34 | 504919 |
|  |  |  | 965656 |
| Real Estate Investment Trust<sup>(a)</sup> – 4.3% | Real Estate Investment Trust<sup>(a)</sup> – 4.3% | Real Estate Investment Trust<sup>(a)</sup> – 4.3% | Real Estate Investment Trust<sup>(a)</sup> – 4.3% |
| Agree LP | Agree LP | Agree LP | Agree LP |
| 295000 | 4.800 | 10/01/32 | 291734 |
| 695000 | 5.625 | 06/15/34 | 709908 |
| 430000 | 5.600 | 06/15/35 | 441309 |
| American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
| 710000 | 4.950 | 06/15/30 | 712272 |
| 225000 | 2.375 | 07/15/31 | 198110 |
| 275000 | 5.250 | 03/15/35 | 270812 |
| Cousins Properties LP | Cousins Properties LP | Cousins Properties LP | Cousins Properties LP |
| 1350000 | 5.250 | 07/15/30 | 1367671 |
| 1782000 | 5.375 | 02/15/32 | 1793227 |
| 590000 | 4.875 | 03/01/33 | 567344 |
| 1863000 | 5.875 | 10/01/34 | 1889510 |
| Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| 6225000 | 4.000 | 03/01/27 | 6197050 |
| Essential Properties LP | Essential Properties LP | Essential Properties LP | Essential Properties LP |
| 870000 | 5.400 | 12/01/35 | 856367 |
| Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
| 1925000 | 3.000 | 01/15/30 | 1813042 |
| Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
| 1408000 | 2.550 | 06/01/31 | 1256640 |
| 430000 | 4.950 | 01/15/33 | 423920 |
| GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
| 830000 | 6.750 | 12/01/33 | 875700 |
| Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
| 875000 | 2.050 | 03/15/31 | 759981 |
| Healthpeak OP LLC | Healthpeak OP LLC | Healthpeak OP LLC | Healthpeak OP LLC |
| 381000 | 5.375 | 02/15/35 | 382234 |
| Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
| 635000 | 5.350 | 01/15/33 | 620522 |
| 1585000 | 7.650 | 02/01/34 | 1752915 |
| Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
| 350000 | 4.250 | 12/15/28 | 345793 |
| 860000 | 5.700 | 06/15/32 | 881663 |
| 480000 | 5.700 | 07/01/34 | 485275 |
| Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
| 600000 | 2.300 | 11/15/28 | 564570 |
| 305000 | 5.450 | 08/15/30 | 309383 |
| Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
| 670000 | 6.250 | 01/15/36 | 662355 |
| NNN REIT, Inc. | NNN REIT, Inc. | NNN REIT, Inc. | NNN REIT, Inc. |
| 870000 | 5.600 | 10/15/33 | 894595 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **58** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Real Estate Investment Trust<sup>(a)</sup> – (continued) | Real Estate Investment Trust<sup>(a)</sup> – (continued) | Real Estate Investment Trust<sup>(a)</sup> – (continued) | Real Estate Investment Trust<sup>(a)</sup> – (continued) |
| Phillips Edison Grocery Center Operating Partnership I LP | Phillips Edison Grocery Center Operating Partnership I LP | Phillips Edison Grocery Center Operating Partnership I LP | Phillips Edison Grocery Center Operating Partnership I LP |
| 465000 | 4.750% | 03/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453138 |
| 415000 | 5.750 | 07/15/34 | 426234 |
| 425000 | 4.950 | 01/15/35 | 411226 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| 650000 | 4.000 | 07/15/29 | 641713 |
| WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
| 50000 | 2.400 | 02/01/31 | 44730 |
|  |  |  | 29300943 |
| Retailing<sup>(a)</sup> –1.7% | Retailing<sup>(a)</sup> –1.7% | Retailing<sup>(a)</sup> –1.7% | Retailing<sup>(a)</sup> –1.7% |
| 7-Eleven, Inc. <sup>(b)</sup>  | 7-Eleven, Inc. <sup>(b)</sup>  | 7-Eleven, Inc. <sup>(b)</sup>  | 7-Eleven, Inc. <sup>(b)</sup>  |
| 1586000 | 1.800 | 02/10/31 | 1374269 |
| 1280000 | 2.500 | 02/10/41 | 862579 |
| AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
| 1425000 | 4.750 | 06/01/30 | 1415666 |
| 1525000 | 2.400 | 08/01/31 | 1332362 |
| 2326000 | 5.890 | 03/15/35 | 2373753 |
| Dollar General Corp. | Dollar General Corp. | Dollar General Corp. | Dollar General Corp. |
| 1178000 | 3.500 | 04/03/30 | 1122116 |
| 2075000 | 5.450 | 07/05/33 | 2099340 |
| Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. |
| 405000 | 4.350 | 03/15/31 | 398455 |
| O'Reilly Automotive, Inc. | O'Reilly Automotive, Inc. | O'Reilly Automotive, Inc. | O'Reilly Automotive, Inc. |
| 455000 | 5.100 | 03/12/36 | 449203 |
|  |  |  | 11427743 |
| Savings & Loans<sup>(a)(b)(c)</sup> – 0.5% | Savings & Loans<sup>(a)(b)(c)</sup> – 0.5% | Savings & Loans<sup>(a)(b)(c)</sup> – 0.5% | Savings & Loans<sup>(a)(b)(c)</sup> – 0.5% |
| Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
| (3 mo. USD Term SOFR + 1.855%) | (3 mo. USD Term SOFR + 1.855%) | (3 mo. USD Term SOFR + 1.855%) | (3 mo. USD Term SOFR + 1.855%) |
| 2525000 | 3.960 | 07/18/30 | 2467607 |
| (Secured Overnight Financing Rate + 1.650%) | (Secured Overnight Financing Rate + 1.650%) | (Secured Overnight Financing Rate + 1.650%) | (Secured Overnight Financing Rate + 1.650%) |
| 845000 | 5.537 | 07/14/36 | 846622 |
|  |  |  | 3314229 |
| Semiconductors<sup>(a)</sup> – 1.9% | Semiconductors<sup>(a)</sup> – 1.9% | Semiconductors<sup>(a)</sup> – 1.9% | Semiconductors<sup>(a)</sup> – 1.9% |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 1555000 | 5.200 | 07/15/35 | 1566383 |
| 2364000 | 3.137 <sup>(b)</sup> | 11/15/35 | 2008573 |
| 1380000 | 4.950 | 01/15/36 | 1363247 |
| 1306000 | 3.187 <sup>(b)</sup> | 11/15/36 | 1091529 |
| 2155000 | 4.900 | 02/15/38 | 2078691 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 549000 | 5.150 | 02/21/34 | 547441 |
| 1260000 | 5.700 | 02/10/53 | 1159263 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
| 525000 | 4.400 | 06/01/27 | 524905 |
| 1435000 | 2.650 | 02/15/32 | 1266488 |
| 1301000 | 5.000 | 01/15/33 | 1295002 |
|  |  |  | 12901522 |
| Software<sup>(a)</sup> – 8.7% | Software<sup>(a)</sup> – 8.7% | Software<sup>(a)</sup> – 8.7% | Software<sup>(a)</sup> – 8.7% |
| AppLovin Corp. | AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |
| 782000 | 5.125 | 12/01/29 | 785847 |
| 4976000 | 5.375 | 12/01/31 | 5022874 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Software<sup>(a)</sup> – (continued) | Software<sup>(a)</sup> – (continued) | Software<sup>(a)</sup> – (continued) | Software<sup>(a)</sup> – (continued) |
| 2387000 | 5.500% | 12/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;2367307 |
| Constellation Software, Inc. <sup>(b)</sup>  | Constellation Software, Inc. <sup>(b)</sup>  | Constellation Software, Inc. <sup>(b)</sup>  | Constellation Software, Inc. <sup>(b)</sup>  |
| 780000 | 5.461 | 02/16/34 | 764275 |
| Electronic Arts, Inc. | Electronic Arts, Inc. | Electronic Arts, Inc. | Electronic Arts, Inc. |
| 4191000 | 2.950 | 02/15/51 | 3383688 |
| Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. |
| 1285000 | 4.800 | 03/10/31 | 1274476 |
| Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
| 450000 | 5.250 | 08/11/35 | 437485 |
| MSCI, Inc. <sup>(b)</sup>  | MSCI, Inc. <sup>(b)</sup>  | MSCI, Inc. <sup>(b)</sup>  | MSCI, Inc. <sup>(b)</sup>  |
| 3500000 | 4.000 | 11/15/29 | 3396925 |
| 2795000 | 3.875 | 02/15/31 | 2645663 |
| 2125000 | 3.625 | 11/01/31 | 1966050 |
| 700000 | 3.250 | 08/15/33 | 609651 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 2020000 | 4.800 | 09/26/32 | 1922030 |
| 1725000 | 5.350 | 05/04/33 | 1678373 |
| 2270000 | 4.700 | 09/27/34 | 2070603 |
| 2275000 | 5.500 | 08/03/35 | 2173376 |
| 3160000 | 5.200 | 09/26/35 | 2961647 |
| 1790000 | 5.700 | 02/04/36 | 1720942 |
| 425000 | 3.600 | 04/01/40 | 308461 |
| 2900000 | 6.550 | 02/04/46 | 2707527 |
| 950000 | 4.000 | 11/15/47 | 626183 |
| 2775000 | 6.900 | 11/09/52 | 2622236 |
| Paychex, Inc. | Paychex, Inc. | Paychex, Inc. | Paychex, Inc. |
| 4175000 | 5.100 | 04/15/30 | 4214120 |
| 276000 | 5.350 | 04/15/32 | 277430 |
| ROBLOX Corp. <sup>(b)</sup>  | ROBLOX Corp. <sup>(b)</sup>  | ROBLOX Corp. <sup>(b)</sup>  | ROBLOX Corp. <sup>(b)</sup>  |
| 1450000 | 3.875 | 05/01/30 | 1361405 |
| Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. |
| 2870000 | 4.900 | 09/15/31 | 2866097 |
| 3493000 | 5.550 | 03/15/36 | 3482416 |
| 865000 | 6.550 | 03/15/56 | 867085 |
| Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
| 1325000 | 4.850 | 04/01/30 | 1334871 |
| 867000 | 5.000 | 04/01/32 | 874430 |
| 1796000 | 5.150 | 04/01/35 | 1799251 |
| VMware LLC | VMware LLC | VMware LLC | VMware LLC |
| 1075000 | 1.800 | 08/15/28 | 1012091 |
|  |  |  | 59534815 |
| Sovereign<sup>(a)(b)</sup> – 0.3% | Sovereign<sup>(a)(b)</sup> – 0.3% | Sovereign<sup>(a)(b)</sup> – 0.3% | Sovereign<sup>(a)(b)</sup> – 0.3% |
| Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
| 1990000 | 5.500 | 08/17/30 | 1994975 |
| Telecommunication Services – 2.2% | Telecommunication Services – 2.2% | Telecommunication Services – 2.2% | Telecommunication Services – 2.2% |
| AT&T, Inc. <sup>(a)</sup>  | AT&T, Inc. <sup>(a)</sup>  | AT&T, Inc. <sup>(a)</sup>  | AT&T, Inc. <sup>(a)</sup>  |
| 175000 | 4.900 | 08/15/37 | 167928 |
| 925000 | 4.850 | 03/01/39 | 860888 |
| British Telecommunications PLC | British Telecommunications PLC | British Telecommunications PLC | British Telecommunications PLC |
| 1415000 | 9.625 | 12/15/30 | 1690161 |
| NTT Finance Corp. <sup>(a)(b)</sup>  | NTT Finance Corp. <sup>(a)(b)</sup>  | NTT Finance Corp. <sup>(a)(b)</sup>  | NTT Finance Corp. <sup>(a)(b)</sup>  |
| 987000 | 5.171 | 07/16/32 | 994758 |
| 934000 | 5.502 | 07/16/35 | 947086 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **59** |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Telecommunication Services – (continued) | Telecommunication Services – (continued) | Telecommunication Services – (continued) | Telecommunication Services – (continued) |
| Rogers Communications, Inc. <sup>(a)</sup>  | Rogers Communications, Inc. <sup>(a)</sup>  | Rogers Communications, Inc. <sup>(a)</sup>  | Rogers Communications, Inc. <sup>(a)</sup>  |
| $2628000 | 3.800% | 03/15/32 | $&nbsp;&nbsp;&nbsp;&nbsp;2453501 |
| 300000 | 4.500 | 03/15/42 | 253131 |
| T-Mobile USA, Inc. <sup>(a)</sup>  | T-Mobile USA, Inc. <sup>(a)</sup>  | T-Mobile USA, Inc. <sup>(a)</sup>  | T-Mobile USA, Inc. <sup>(a)</sup>  |
| 2191000 | 3.875 | 04/15/30 | 2133004 |
| 380000 | 2.875 | 02/15/31 | 349942 |
| 2725000 | 3.500 | 04/15/31 | 2579567 |
| Verizon Communications, Inc. <sup>(a)</sup>  | Verizon Communications, Inc. <sup>(a)</sup>  | Verizon Communications, Inc. <sup>(a)</sup>  | Verizon Communications, Inc. <sup>(a)</sup>  |
| 475000 | 3.150 | 03/22/30 | 452024 |
| 2300000 | 2.550 | 03/21/31 | 2088124 |
|  |  |  | 14970114 |
| Trucking & Leasing<sup>(a)(b)</sup> – 1.0% | Trucking & Leasing<sup>(a)(b)</sup> – 1.0% | Trucking & Leasing<sup>(a)(b)</sup> – 1.0% | Trucking & Leasing<sup>(a)(b)</sup> – 1.0% |
| Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. |
| 3675000 | 4.400 | 07/01/27 | 3665482 |
| 525000 | 5.875 | 11/15/27 | 534886 |
| 836000 | 5.250 | 07/01/29 | 847671 |
| SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC |
| 2105000 | 5.250 | 11/26/35 | 2056353 |
|  |  |  | 7104392 |
| TOTAL CORPORATE OBLIGATIONS | TOTAL CORPORATE OBLIGATIONS | TOTAL CORPORATE OBLIGATIONS | TOTAL CORPORATE OBLIGATIONS |
| (Cost $618,640,569) | (Cost $618,640,569) |  | $612353595 |
| Sovereign Debt Obligations – 2.0% | Sovereign Debt Obligations – 2.0% | Sovereign Debt Obligations – 2.0% | Sovereign Debt Obligations – 2.0% |
| Euro – 0.3% | Euro – 0.3% | Euro – 0.3% | Euro – 0.3% |
| Indonesia Government International Bonds <sup>(a)</sup>  | Indonesia Government International Bonds <sup>(a)</sup>  | Indonesia Government International Bonds <sup>(a)</sup>  | Indonesia Government International Bonds <sup>(a)</sup>  |
| 610000 | 4.100% | 03/04/34 | $676429 |
| Mexico Government International Bonds <sup>(a)</sup>  | Mexico Government International Bonds <sup>(a)</sup>  | Mexico Government International Bonds <sup>(a)</sup>  | Mexico Government International Bonds <sup>(a)</sup>  |
| 130000 | 1.350 | 09/18/27 | 145617 |
| 1152000 | 1.450 | 10/25/33 | 1053913 |
| Peru Government International Bonds <sup>(a)</sup>  | Peru Government International Bonds <sup>(a)</sup>  | Peru Government International Bonds <sup>(a)</sup>  | Peru Government International Bonds <sup>(a)</sup>  |
| 100000 | 1.250 | 03/11/33 | 95646 |
| Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds |
| 450000 | 0.700 | 02/03/29 | 482496 |
| Romania Government International Bonds <sup>(b)</sup>  | Romania Government International Bonds <sup>(b)</sup>  | Romania Government International Bonds <sup>(b)</sup>  | Romania Government International Bonds <sup>(b)</sup>  |
| 90000 | 2.124 | 07/16/31 | 89280 |
|  |  |  | 2543381 |
| United States Dollar – 1.7% | United States Dollar – 1.7% | United States Dollar – 1.7% | United States Dollar – 1.7% |
| Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
| $150000 | 3.625 | 10/30/42 | 119700 |
| 200000 | 3.500 <sup>(a)</sup> | 01/25/50 | 143400 |
| Export-Import Bank of Korea | Export-Import Bank of Korea | Export-Import Bank of Korea | Export-Import Bank of Korea |
| 390000 | 5.125 | 01/11/33 | 405389 |
| Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
| 470000 | 3.125<sup></sup> <sup>(b)</sup> | 09/21/51 | 277300 |
| 640000 | 6.750 | 09/23/55 | 650611 |
| Mexico Government International Bonds <sup>(a)</sup>  | Mexico Government International Bonds <sup>(a)</sup>  | Mexico Government International Bonds <sup>(a)</sup>  | Mexico Government International Bonds <sup>(a)</sup>  |
| 2540000 | 3.250 | 04/16/30 | 2375662 |
| 570000 | 5.625 | 02/09/34 | 559740 |
| 802000 | 3.500 | 02/12/34 | 682799 |
| 1399000 | 3.771 | 05/24/61 | 834503 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) |
| United States Dollar – (continued) | United States Dollar – (continued) | United States Dollar – (continued) |  |
| 440000 | 3.750% | 04/19/71 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252120 |
| Panama Government International Bonds <sup>(a)</sup>  | Panama Government International Bonds <sup>(a)</sup>  | Panama Government International Bonds <sup>(a)</sup>  | Panama Government International Bonds <sup>(a)</sup>  |
| 380000 | 2.252 | 09/29/32 | 312293 |
| 650000 | 6.853 | 03/28/54 | 669818 |
| 200000 | 3.870 | 07/23/60 | 129800 |
| 390000 | 4.500 | 01/19/63 | 285340 |
| Peru Government International Bonds <sup>(a)</sup>  | Peru Government International Bonds <sup>(a)</sup>  | Peru Government International Bonds <sup>(a)</sup>  |  |
| 630000 | 5.500 | 03/30/36 | 629213 |
| 430000 | 2.780 | 12/01/60 | 228223 |
| Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds |
| 210000 | 2.650 | 12/10/45 | 132090 |
| Republic of Poland Government International Bonds <sup>(a)</sup>  | Republic of Poland Government International Bonds <sup>(a)</sup>  | Republic of Poland Government International Bonds <sup>(a)</sup>  | Republic of Poland Government International Bonds <sup>(a)</sup>  |
| 570000 | 5.125 | 09/18/34 | 571140 |
| 700000 | 5.500 | 03/18/54 | 644903 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |  |
| 160000 | 3.000 <sup>(b)</sup> | 02/27/27 | 156680 |
| 70000 | 6.375 | 01/30/34 | 69580 |
| 600000 | 5.750 <sup>(b)</sup> | 07/04/36 | 555671 |
| 560000 | 6.125 | 01/22/44 | 514080 |
| State of Israel | State of Israel |  |  |
| 400000 | 3.800 | 05/13/60 | 257264 |
|  |  |  | 11457319 |
| TOTAL SOVEREIGN DEBT OBLIGATIONS | TOTAL SOVEREIGN DEBT OBLIGATIONS | TOTAL SOVEREIGN DEBT OBLIGATIONS |  |
| (Cost $16,102,919) | (Cost $16,102,919) |  | $14000700 |
| Municipal Debt Obligations – 0.4% | Municipal Debt Obligations – 0.4% | Municipal Debt Obligations – 0.4% |  |
| California – 0.1% | California – 0.1% |  |  |
| California State GO Bonds Build America Taxable Series 2009 | California State GO Bonds Build America Taxable Series 2009 | California State GO Bonds Build America Taxable Series 2009 | California State GO Bonds Build America Taxable Series 2009 |
| 455000 | 7.300% | 10/01/39 | $522703 |
| Illinois – 0.3% | Illinois – 0.3% |  |  |
| Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 |
| 1125000 | 6.630 | 02/01/35 | 1178034 |
| Illinois State GO Bonds Taxable-Pension Series 2003 | Illinois State GO Bonds Taxable-Pension Series 2003 | Illinois State GO Bonds Taxable-Pension Series 2003 | Illinois State GO Bonds Taxable-Pension Series 2003 |
| 872549 | 5.100 | 06/01/33 | 888785 |
|  |  |  | 2066819 |
| Pennsylvania – 0.0% | Pennsylvania – 0.0% |  |  |
| Pennsylvania Commonwealth Financing Authority RB (Taxable) Series A | Pennsylvania Commonwealth Financing Authority RB (Taxable) Series A | Pennsylvania Commonwealth Financing Authority RB (Taxable) Series A | Pennsylvania Commonwealth Financing Authority RB (Taxable) Series A |
| 335000 | 2.991 | 06/01/42 | 256694 |
| TOTAL MUNICIPAL DEBT OBLIGATIONS | TOTAL MUNICIPAL DEBT OBLIGATIONS | TOTAL MUNICIPAL DEBT OBLIGATIONS | TOTAL MUNICIPAL DEBT OBLIGATIONS |
| (Cost $2,779,768) | (Cost $2,779,768) |  | $2846216 |
| **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| Preferred Stocks<sup>(d)</sup> – 0.0% | Preferred Stocks<sup>(d)</sup> – 0.0% | Preferred Stocks<sup>(d)</sup> – 0.0% |  |
| Software – 0.0% | Software – 0.0% |  |  |
| Oracle Corp. | Oracle Corp. |  |  |
| 5506 | 6.500% | 6.500% | $247825 |
| (Cost $275,300) | (Cost $275,300) |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **60** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Obligations<sup>(e)</sup> –0.2% | U.S. Treasury Obligations<sup>(e)</sup> –0.2% | U.S. Treasury Obligations<sup>(e)</sup> –0.2% | U.S. Treasury Obligations<sup>(e)</sup> –0.2% |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| $1160000 | 4.750% | 11/15/53 | $&nbsp;&nbsp;&nbsp;&nbsp;1127919 |
| (Cost $1,190,206) | (Cost $1,190,206) | (Cost $1,190,206) | (Cost $1,190,206) |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Exchange Traded Funds<sup>(f)</sup> –0.3% | Exchange Traded Funds<sup>(f)</sup> –0.3% | Exchange Traded Funds<sup>(f)</sup> –0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;40640 | Goldman Sachs Corporate Bond ETF | $&nbsp;&nbsp;&nbsp;&nbsp;2042160 |
| (Cost $2,074,241) | (Cost $2,074,241) | (Cost $2,074,241) |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(f)</sup> –2.4% | Investment Company<sup>(f)</sup> –2.4% | Investment Company<sup>(f)</sup> –2.4% |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 16308335 | 3.553% | $16308335 |
| (Cost $16,308,335) | (Cost $16,308,335) |  |
| **TOTAL INVESTMENTS – 94.9%**<br> **(Cost $657,371,338)** | **TOTAL INVESTMENTS – 94.9%**<br> **(Cost $657,371,338)** | $648926750 |
| OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 5.1% | OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 5.1% | 34586825 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $683513575 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2026.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2026, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  State Street Bank and Trust | USD | 718602 | EUR | 609835 | 05/22/26 | $11973 |
|  Westpac Banking Corp. | USD | 1954555 | EUR | 1652771 | 05/22/26 | 39455 |
| TOTAL |  |  |  |  |  | $51428 |

---

FUTURES CONTRACTS — At March 31, 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  2 Year U.S. Treasury Notes | 187 | 06/30/26 | $38792273 | $(263106) |
|  20 Year U.S. Treasury Bonds | 507 | 06/18/26 | 57734625 | (1666976) |
|  5 Year U.S. Treasury Notes | 125 | 06/30/26 | 13522461 | 37631 |
|  Ultra Long U.S. Treasury Bonds | 527 | 06/18/26 | 61428438 | (1889819) |
| Total |  |  |  | $(3782270) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **61** |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | (8) | 06/18/26 | $(888375) | $(1250) |
|  Ultra 10-Year U.S. Treasury Notes | (161) | 06/18/26 | (18276016) | 356647 |
| Total |  |  |  | $355397 |
| TOTAL FUTURES CONTRACTS |  |  |  | $(3426873) |

---

SWAP CONTRACTS — At March 31, 2026, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Payments**<br> **Received**<br> **by Fund** | **Termination**<br> **Date** | **Notional**<br> **Amount**<br> (000s)<sup>(a)</sup> | **Market**<br> **Value** | **Upfront**<br> **Premium**<br> (Received)<br> **Paid** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  3.062%<sup>(b)</sup>  | 12M SOFR<sup>(b)</sup> | 08/31/27 | $6130 | $35546 | $1970 | $33576 |
| 3.174<sup>(b)</sup>  | 12M SOFR<sup>(b)</sup> | 08/31/27 | 2050 | 9680 | (234) | 9914 |
| 3.175<sup>(c)</sup>  | 12M SOFR<sup>(c)</sup> | 03/15/28 | 17460 | 120705 | 7290 | 113415 |
| 2.500<sup>(d)</sup>  | 12M CDOR<sup>(d)</sup> | 06/17/28 | 1710 | 7319 | 851 | 6468 |
| 3.298<sup>(c)</sup>  | 12M SOFR<sup>(c)</sup> | 08/31/30 | $13520 | 153028 | 71723 | 81305 |
|  12M SOFR<sup>(c)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;3.379%<sup>(c)</sup> | 08/31/31 | 8770 | (99595) | (22292) | (77303) |
|  12M SOFR<sup>(c)</sup>  | 3.469<sup>(c)</sup> | 08/31/31 | 3160 | (23152) | (6581) | (16571) |
| 3.407<sup>(c)</sup>  | 12M SOFR<sup>(c)</sup> | 01/31/33 | 11440 | 200314 | 1609 | 198705 |
| 2.750<sup>(c)</sup>  | 6M EURO<sup>(d)</sup> | 06/17/36 | 910 | 30555 | (56) | 30611 |
| 3.805<sup>(c)</sup>  | 12M SOFR<sup>(c)</sup> | 08/31/36 | $4880 | 35461 | (60029) | 95490 |
| 3.829<sup>(c)</sup>  | 12M SOFR<sup>(c)</sup> | 08/31/36 | 1860 | 9984 | 2 | 9982 |
| TOTAL |  |  |  | $479845 | $(5747) | $485592 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Payments made annually.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Payments made semi-annually.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>March 31,<br>2026<sup>(b)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Sold:** |  |  |  |  |  |  |  |
|  AT&T, Inc., 3.800%, 02/15/27 | 1.000% | 0.290% | 06/20/26 | $2375 | $4545 | $1931 | $&nbsp;&nbsp;&nbsp;&nbsp;2614 |
|  CDX.NA.IG Ind 43 | 1.000 | 0.482 | 12/20/29 | 129924 | 2379661 | 2041418 | 338243 |
|  CDX.NA.IG Ind 44 | 1.000 | 0.538 | 06/20/30 | 21718 | 397149 | 162737 | 234412 |
|  CDX.NA.IG Ind 45 | 1.000 | 0.588 | 12/20/30 | 360138 | 6492472 | 7417395 | (924923) |
|  Oracle Corp., 3.250%, 11/15/27 | 1.000 | 1.761 | 12/20/30 | 3475 | (109134) | (36246) | (72888) |
|  Republic of Chile, 3.240%, 2/06/28 | 1.000 | 0.632 | 06/20/31 | 2630 | 46662 | 53834 | (7172) |
|  Republic of Indonesia, 2.150%, 07/28/31 | 1.000 | 1.020 | 06/20/31 | 2700 | (1593) | (6194) | 4601 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **62** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>March 31,<br>2026<sup>(b)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Republic of Peru, 8.750%, 11/21/33 | 1.000% | 0.871% | 06/20/31 | $2680 | $17153 | $22992 | $(5839) |
|  Republic of the Philippines, 9.500%, 02/02/30 | 1.000 | 0.911 | 06/20/31 | 2690 | 12123 | 9071 | 3052 |
| TOTAL |  |  |  |  | $9239038 | $9666938 | $(427900) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made quarterly.

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

---

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

---

---

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

---

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **63** |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – 87.0% | Corporate Obligations – 87.0% | Corporate Obligations – 87.0% | Corporate Obligations – 87.0% |
| Advertising – 1.5% | Advertising – 1.5% | Advertising – 1.5% | Advertising – 1.5% |
| Clear Channel Outdoor Holdings, Inc.<sup>(a)(b)</sup> (B/B2) | Clear Channel Outdoor Holdings, Inc.<sup>(a)(b)</sup> (B/B2) | Clear Channel Outdoor Holdings, Inc.<sup>(a)(b)</sup> (B/B2) | Clear Channel Outdoor Holdings, Inc.<sup>(a)(b)</sup> (B/B2) |
| $146000 | 7.875% | 04/01/30 | $152979 |
| 25000 | 7.125 | 02/15/31 | 26203 |
| 27000 | 7.500 | 03/15/33 | 28600 |
| Neptune Bidco U.S., Inc.<sup>(a)(b)</sup> (B-/B3) | Neptune Bidco U.S., Inc.<sup>(a)(b)</sup> (B-/B3) | Neptune Bidco U.S., Inc.<sup>(a)(b)</sup> (B-/B3) |  |
| 105000 | 9.290 | 04/15/29 | 105389 |
| 60000 | 10.375 | 05/15/31 | 60678 |
| 110000 | 9.500 | 02/15/33 | 107143 |
| Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(a)(b)</sup> (B/B1) | Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(a)(b)</sup> (B/B1) | Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(a)(b)</sup> (B/B1) | Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(a)(b)</sup> (B/B1) |
| 108000 | 4.625 | 03/15/30 | 104224 |
| Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(a)(b)</sup> (BB/Ba1) | Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(a)(b)</sup> (BB/Ba1) | Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(a)(b)</sup> (BB/Ba1) | Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(a)(b)</sup> (BB/Ba1) |
| 10000 | 7.375 | 02/15/31 | 10433 |
|  |  |  | 595649 |
| Aerospace & Defense – 0.7% | Aerospace & Defense – 0.7% | Aerospace & Defense – 0.7% | Aerospace & Defense – 0.7% |
| Moog, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Moog, Inc.<sup>(a)(b)</sup> (BB/Ba2) |  |  |
| 30000 | 5.500 | 10/15/34 | 30118 |
| TransDigm, Inc.<sup>(a)</sup> (B/B3) | TransDigm, Inc.<sup>(a)</sup> (B/B3) |  |  |
| 188000 | 4.625 | 01/15/29 | 184678 |
| 20000 | 6.750 <sup>(b)</sup> | 01/31/34 | 20268 |
| 30000 | 6.125 <sup>(b)</sup> | 07/31/34 | 29554 |
|  |  |  | 264618 |
| Airlines – 0.9% | Airlines – 0.9% |  |  |
| OneSky Flight LLC<sup>(a)(b)</sup> (B+/B3) | OneSky Flight LLC<sup>(a)(b)</sup> (B+/B3) | OneSky Flight LLC<sup>(a)(b)</sup> (B+/B3) |  |
| 102000 | 8.875 | 12/15/29 | 105186 |
| United Airlines Holdings, Inc.<sup>(a)</sup> (BB+/Ba2) | United Airlines Holdings, Inc.<sup>(a)</sup> (BB+/Ba2) | United Airlines Holdings, Inc.<sup>(a)</sup> (BB+/Ba2) |  |
| 158000 | 4.875 | 03/01/29 | 155028 |
| 74000 | 5.375 | 03/01/31 | 72474 |
|  |  |  | 332688 |
| Automotive – 2.1% | Automotive – 2.1% |  |  |
| Allison Transmission, Inc.<sup>(a)(b)</sup> (NR/Ba2) | Allison Transmission, Inc.<sup>(a)(b)</sup> (NR/Ba2) | Allison Transmission, Inc.<sup>(a)(b)</sup> (NR/Ba2) |  |
| 299000 | 3.750 | 01/30/31 | 278318 |
| American Axle & Manufacturing, Inc.<sup>(a)(b)</sup> (BB/Ba2) | American Axle & Manufacturing, Inc.<sup>(a)(b)</sup> (BB/Ba2) | American Axle & Manufacturing, Inc.<sup>(a)(b)</sup> (BB/Ba2) | American Axle & Manufacturing, Inc.<sup>(a)(b)</sup> (BB/Ba2) |
| 65000 | 6.375 | 10/15/32 | 64317 |
| Clarios Global LP/Clarios U.S. Finance Co.<sup>(a)(b)</sup> (BB-/B2) | Clarios Global LP/Clarios U.S. Finance Co.<sup>(a)(b)</sup> (BB-/B2) | Clarios Global LP/Clarios U.S. Finance Co.<sup>(a)(b)</sup> (BB-/B2) | Clarios Global LP/Clarios U.S. Finance Co.<sup>(a)(b)</sup> (BB-/B2) |
| 47000 | 6.750 | 02/15/30 | 47877 |
| Cyprium Corp./Cyprium Holdings Luxembourg SARL<sup>(a)(b)</sup> (BB-/Ba2) | Cyprium Corp./Cyprium Holdings Luxembourg SARL<sup>(a)(b)</sup> (BB-/Ba2) | Cyprium Corp./Cyprium Holdings Luxembourg SARL<sup>(a)(b)</sup> (BB-/Ba2) | Cyprium Corp./Cyprium Holdings Luxembourg SARL<sup>(a)(b)</sup> (BB-/Ba2) |
| 25000 | 6.125 | 04/15/31 | 24718 |
| 60000 | 6.375 | 04/15/34 | 58303 |
| Nissan Motor Acceptance Co. LLC<sup>(a)(b)</sup> (NR/Ba2) | Nissan Motor Acceptance Co. LLC<sup>(a)(b)</sup> (NR/Ba2) | Nissan Motor Acceptance Co. LLC<sup>(a)(b)</sup> (NR/Ba2) | Nissan Motor Acceptance Co. LLC<sup>(a)(b)</sup> (NR/Ba2) |
| 55000 | 6.125 | 09/30/30 | 52899 |
| Phinia, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Phinia, Inc.<sup>(a)(b)</sup> (BB/Ba2) |  |  |
| 56000 | 6.625 | 10/15/32 | 56740 |
| Phinia, Inc.<sup>(a)(b)</sup> (BB+/Baa3) | Phinia, Inc.<sup>(a)(b)</sup> (BB+/Baa3) | Phinia, Inc.<sup>(a)(b)</sup> (BB+/Baa3) |  |
| 144000 | 6.750 | 04/15/29 | 146988 |
| Qnity Electronics, Inc.<sup>(a)(b)</sup> (BB/B1) | Qnity Electronics, Inc.<sup>(a)(b)</sup> (BB/B1) | Qnity Electronics, Inc.<sup>(a)(b)</sup> (BB/B1) |  |
| 25000 | 6.250 | 08/15/33 | 25364 |
| Qnity Electronics, Inc.<sup>(a)(b)</sup> (BB+/Ba1) | Qnity Electronics, Inc.<sup>(a)(b)</sup> (BB+/Ba1) | Qnity Electronics, Inc.<sup>(a)(b)</sup> (BB+/Ba1) |  |
| 55000 | 5.750 | 08/15/32 | 55069 |
|  |  |  | 810593 |
| Banks<sup>(a)</sup> –0.6% | Banks<sup>(a)</sup> –0.6% |  |  |
| Freedom Mortgage Corp.<sup>(b)</sup> (B/B2) | Freedom Mortgage Corp.<sup>(b)</sup> (B/B2) | Freedom Mortgage Corp.<sup>(b)</sup> (B/B2) |  |
| 159000 | 6.625 | 01/15/27 | 158668 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks<sup>(a)</sup> – (continued) | Banks<sup>(a)</sup> – (continued) | Banks<sup>(a)</sup> – (continued) | Banks<sup>(a)</sup> – (continued) |
| JPMorgan Chase & Co.<sup>(c)</sup> (BBB/Baa1) (5 yr. CMT + 2.152%) | JPMorgan Chase & Co.<sup>(c)</sup> (BBB/Baa1) (5 yr. CMT + 2.152%) | JPMorgan Chase & Co.<sup>(c)</sup> (BBB/Baa1) (5 yr. CMT + 2.152%) | JPMorgan Chase & Co.<sup>(c)</sup> (BBB/Baa1) (5 yr. CMT + 2.152%) |
| $88000 | 6.500% | 04/01/30 | $90264 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;248932 |
| Building Materials – 2.1% | Building Materials – 2.1% |  |  |
| Builders FirstSource, Inc.<sup>(a)(b)</sup> (BB-/Ba2) | Builders FirstSource, Inc.<sup>(a)(b)</sup> (BB-/Ba2) | Builders FirstSource, Inc.<sup>(a)(b)</sup> (BB-/Ba2) |  |
| 254000 | 4.250 | 02/01/32 | 234246 |
| 55000 | 6.750 | 05/15/35 | 55033 |
| Quikrete Holdings, Inc.<sup>(a)(b)</sup> (B+/B2) | Quikrete Holdings, Inc.<sup>(a)(b)</sup> (B+/B2) | Quikrete Holdings, Inc.<sup>(a)(b)</sup> (B+/B2) |  |
| 33000 | 6.750 | 03/01/33 | 33520 |
| Quikrete Holdings, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Quikrete Holdings, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Quikrete Holdings, Inc.<sup>(a)(b)</sup> (BB/Ba3) |  |
| 131000 | 6.375 | 03/01/32 | 133151 |
| Smyrna Ready Mix Concrete LLC<sup>(a)(b)</sup> (B+/B1) | Smyrna Ready Mix Concrete LLC<sup>(a)(b)</sup> (B+/B1) | Smyrna Ready Mix Concrete LLC<sup>(a)(b)</sup> (B+/B1) | Smyrna Ready Mix Concrete LLC<sup>(a)(b)</sup> (B+/B1) |
| 109000 | 8.875 | 11/15/31 | 111485 |
| Standard Building Solutions, Inc.<sup>(a)(b)</sup> (BB+/Ba3) | Standard Building Solutions, Inc.<sup>(a)(b)</sup> (BB+/Ba3) | Standard Building Solutions, Inc.<sup>(a)(b)</sup> (BB+/Ba3) | Standard Building Solutions, Inc.<sup>(a)(b)</sup> (BB+/Ba3) |
| 136000 | 6.500 | 08/15/32 | 136676 |
| Standard Industries, Inc.<sup>(a)(b)</sup> (BB+/Ba3) | Standard Industries, Inc.<sup>(a)(b)</sup> (BB+/Ba3) | Standard Industries, Inc.<sup>(a)(b)</sup> (BB+/Ba3) |  |
| 108000 | 4.375 | 07/15/30 | 101968 |
|  |  |  | 806079 |
| Chemicals – 2.1% | Chemicals – 2.1% |  |  |
| Avient Corp.<sup>(a)(b)</sup> (BB-/Ba3) | Avient Corp.<sup>(a)(b)</sup> (BB-/Ba3) | Avient Corp.<sup>(a)(b)</sup> (BB-/Ba3) |  |
| 114000 | 7.125 | 08/01/30 | 115667 |
| 56000 | 6.250 | 11/01/31 | 56378 |
| Celanese U.S. Holdings LLC<sup>(a)</sup> (BB/Ba2) | Celanese U.S. Holdings LLC<sup>(a)</sup> (BB/Ba2) | Celanese U.S. Holdings LLC<sup>(a)</sup> (BB/Ba2) |  |
| 155000 | 7.200 | 11/15/33 | 165528 |
| 45000 | 7.375 | 02/15/34 | 46162 |
| Ingevity Corp.<sup>(a)(b)</sup> (NR/Ba3) | Ingevity Corp.<sup>(a)(b)</sup> (NR/Ba3) | Ingevity Corp.<sup>(a)(b)</sup> (NR/Ba3) |  |
| 170000 | 3.875 | 11/01/28 | 163030 |
| Solstice Advanced Materials, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Solstice Advanced Materials, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Solstice Advanced Materials, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Solstice Advanced Materials, Inc.<sup>(a)(b)</sup> (BB+/Ba2) |
| 25000 | 5.625 | 09/30/33 | 24651 |
| WR Grace Holdings LLC<sup>(a)(b)</sup> (B-/B2) | WR Grace Holdings LLC<sup>(a)(b)</sup> (B-/B2) | WR Grace Holdings LLC<sup>(a)(b)</sup> (B-/B2) |  |
| 245000 | 6.625 | 08/15/32 | 238748 |
|  |  |  | 810164 |
| Commercial Services – 3.7% | Commercial Services – 3.7% | Commercial Services – 3.7% | Commercial Services – 3.7% |
| APi Group DE, Inc.<sup>(a)(b)</sup> (B+/B1) | APi Group DE, Inc.<sup>(a)(b)</sup> (B+/B1) | APi Group DE, Inc.<sup>(a)(b)</sup> (B+/B1) |  |
| 481000 | 4.125 | 07/15/29 | 458364 |
| 31000 | 4.750 | 10/15/29 | 30025 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<sup>(a)(b)</sup> (B/B1) | Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<sup>(a)(b)</sup> (B/B1) | Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<sup>(a)(b)</sup> (B/B1) | Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<sup>(a)(b)</sup> (B/B1) |
| 50000 | 8.375 | 06/15/32 | 49800 |
| Block, Inc.<sup>(a)(b)</sup> (BB+/Ba1) | Block, Inc.<sup>(a)(b)</sup> (BB+/Ba1) | Block, Inc.<sup>(a)(b)</sup> (BB+/Ba1) |  |
| 118000 | 6.000 | 08/15/33 | 116071 |
| CompoSecure Holdings LLC<sup>(a)(b)</sup> (B+/B1) | CompoSecure Holdings LLC<sup>(a)(b)</sup> (B+/B1) | CompoSecure Holdings LLC<sup>(a)(b)</sup> (B+/B1) |  |
| 105000 | 5.625 | 02/01/33 | 102659 |
| Garda World Security Corp.<sup>(a)(b)</sup> (B/B1) | Garda World Security Corp.<sup>(a)(b)</sup> (B/B1) | Garda World Security Corp.<sup>(a)(b)</sup> (B/B1) |  |
| 94000 | 7.750 | 02/15/28 | 95739 |
| 120000 | 6.500 | 01/15/31 | 121840 |
| Graham Holdings Co.<sup>(a)(b)</sup> (BB/Ba1) | Graham Holdings Co.<sup>(a)(b)</sup> (BB/Ba1) | Graham Holdings Co.<sup>(a)(b)</sup> (BB/Ba1) |  |
| 145000 | 5.625 | 12/01/33 | 141772 |
| Hertz Corp.<sup>(a)(b)</sup> (B-/Ba3) | Hertz Corp.<sup>(a)(b)</sup> (B-/Ba3) |  |  |
| 88000 | 12.625 | 07/15/29 | 77199 |
| NESCO Holdings II, Inc.<sup>(a)(b)</sup> (B/B3) | NESCO Holdings II, Inc.<sup>(a)(b)</sup> (B/B3) | NESCO Holdings II, Inc.<sup>(a)(b)</sup> (B/B3) |  |
| 56000 | 5.500 | 04/15/29 | 54800 |
| Service Corp. International<sup>(a)</sup> (BB/Ba3) | Service Corp. International<sup>(a)</sup> (BB/Ba3) | Service Corp. International<sup>(a)</sup> (BB/Ba3) |  |
| 49000 | 5.750 | 10/15/32 | 48944 |
| United Rentals North America, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | United Rentals North America, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | United Rentals North America, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | United Rentals North America, Inc.<sup>(a)(b)</sup> (BB+/Ba2) |
| 115000 | 5.375 | 11/15/33 | 112026 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **64** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Commercial Services – (continued) | Commercial Services – (continued) | Commercial Services – (continued) | Commercial Services – (continued) |
| Williams Scotsman, Inc.<sup>(a)(b)</sup> (BB-/B2) | Williams Scotsman, Inc.<sup>(a)(b)</sup> (BB-/B2) | Williams Scotsman, Inc.<sup>(a)(b)</sup> (BB-/B2) |  |
| 28000 | 6.625% | 04/15/30 | 28379 |
|  |  |  | 1437618 |
| Computers<sup>(a)(b)</sup> –0.9% | Computers<sup>(a)(b)</sup> –0.9% | Computers<sup>(a)(b)</sup> –0.9% | Computers<sup>(a)(b)</sup> –0.9% |
| Ahead DB Holdings LLC (CCC+/Caa1) | Ahead DB Holdings LLC (CCC+/Caa1) | Ahead DB Holdings LLC (CCC+/Caa1) |  |
| 54000 | 6.625 | 05/01/28 | 52842 |
| CACI International, Inc. (BB-/Ba2) | CACI International, Inc. (BB-/Ba2) | CACI International, Inc. (BB-/Ba2) |  |
| 65000 | 6.375 | 06/15/33 | 66114 |
| Diebold Nixdorf, Inc. (B+/B1) | Diebold Nixdorf, Inc. (B+/B1) | Diebold Nixdorf, Inc. (B+/B1) |  |
| 108000 | 7.750 | 03/31/30 | 112485 |
| Seagate Data Storage Technology Pte. Ltd. (BB+/Ba3) | Seagate Data Storage Technology Pte. Ltd. (BB+/Ba3) | Seagate Data Storage Technology Pte. Ltd. (BB+/Ba3) | Seagate Data Storage Technology Pte. Ltd. (BB+/Ba3) |
| 45000 | 5.875 | 07/15/30 | 45764 |
| Virtusa Corp. (B-/Caa1) | Virtusa Corp. (B-/Caa1) |  |  |
| 80000 | 7.125 | 12/15/28 | 62526 |
|  |  |  | 339731 |
| Distribution & Wholesale<sup>(a)(b)</sup> –0.3% | Distribution & Wholesale<sup>(a)(b)</sup> –0.3% | Distribution & Wholesale<sup>(a)(b)</sup> –0.3% | Distribution & Wholesale<sup>(a)(b)</sup> –0.3% |
| American Builders & Contractors Supply Co., Inc. (BB-/Ba3) | American Builders & Contractors Supply Co., Inc. (BB-/Ba3) | American Builders & Contractors Supply Co., Inc. (BB-/Ba3) | American Builders & Contractors Supply Co., Inc. (BB-/Ba3) |
| 110000 | 3.875 | 11/15/29 | 104290 |
| Diversified Financial Services – 3.4% | Diversified Financial Services – 3.4% | Diversified Financial Services – 3.4% | Diversified Financial Services – 3.4% |
| Coinbase Global, Inc.<sup>(a)(b)</sup> (BB-/Ba2) | Coinbase Global, Inc.<sup>(a)(b)</sup> (BB-/Ba2) | Coinbase Global, Inc.<sup>(a)(b)</sup> (BB-/Ba2) |  |
| 117000 | 3.375 | 10/01/28 | 109570 |
| Credit Acceptance Corp.<sup>(a)(b)</sup> (BB/Ba3) | Credit Acceptance Corp.<sup>(a)(b)</sup> (BB/Ba3) | Credit Acceptance Corp.<sup>(a)(b)</sup> (BB/Ba3) |  |
| 52000 | 6.625 | 03/15/30 | 50706 |
| Focus Financial Partners LLC<sup>(a)(b)</sup> (B/B2) | Focus Financial Partners LLC<sup>(a)(b)</sup> (B/B2) | Focus Financial Partners LLC<sup>(a)(b)</sup> (B/B2) |  |
| 94000 | 6.750 | 09/15/31 | 93508 |
| Freedom Mortgage Holdings LLC<sup>(a)(b)</sup> (B/B2) | Freedom Mortgage Holdings LLC<sup>(a)(b)</sup> (B/B2) | Freedom Mortgage Holdings LLC<sup>(a)(b)</sup> (B/B2) | Freedom Mortgage Holdings LLC<sup>(a)(b)</sup> (B/B2) |
| 18000 | 9.250 | 02/01/29 | 18252 |
| Jane Street Group/JSG Finance, Inc.<sup>(a)(b)</sup> (BB/Ba1) | Jane Street Group/JSG Finance, Inc.<sup>(a)(b)</sup> (BB/Ba1) | Jane Street Group/JSG Finance, Inc.<sup>(a)(b)</sup> (BB/Ba1) | Jane Street Group/JSG Finance, Inc.<sup>(a)(b)</sup> (BB/Ba1) |
| 103000 | 6.125 | 11/01/32 | 102044 |
| 65000 | 6.750 | 05/01/33 | 65976 |
| OneMain Finance Corp.<sup>(a)</sup> (BB/Ba2) | OneMain Finance Corp.<sup>(a)</sup> (BB/Ba2) | OneMain Finance Corp.<sup>(a)</sup> (BB/Ba2) |  |
| 85000 | 6.125 | 05/15/30 | 83066 |
| Osaic Holdings, Inc.<sup>(a)(b)</sup> (B/B1) | Osaic Holdings, Inc.<sup>(a)(b)</sup> (B/B1) | Osaic Holdings, Inc.<sup>(a)(b)</sup> (B/B1) |  |
| 35000 | 6.750 | 08/01/32 | 34959 |
| PennyMac Financial Services, Inc.<sup>(a)(b)</sup> (B+/Ba3) | PennyMac Financial Services, Inc.<sup>(a)(b)</sup> (B+/Ba3) | PennyMac Financial Services, Inc.<sup>(a)(b)</sup> (B+/Ba3) | PennyMac Financial Services, Inc.<sup>(a)(b)</sup> (B+/Ba3) |
| 80000 | 6.875 | 02/15/33 | 76626 |
| 50000 | 6.750 | 02/15/34 | 46827 |
| Rocket Cos., Inc.<sup>(a)(b)</sup> (BB/Ba1) | Rocket Cos., Inc.<sup>(a)(b)</sup> (BB/Ba1) | Rocket Cos., Inc.<sup>(a)(b)</sup> (BB/Ba1) |  |
| 55000 | 6.125 | 08/01/30 | 55540 |
| 100000 | 6.375 | 08/01/33 | 101044 |
| Stonex Escrow Issuer LLC<sup>(a)(b)</sup> (BB-/Ba3) | Stonex Escrow Issuer LLC<sup>(a)(b)</sup> (BB-/Ba3) | Stonex Escrow Issuer LLC<sup>(a)(b)</sup> (BB-/Ba3) |  |
| 50000 | 6.875 | 07/15/32 | 50656 |
| United Wholesale Mortgage LLC<sup>(a)(b)</sup> (NR/Ba3) | United Wholesale Mortgage LLC<sup>(a)(b)</sup> (NR/Ba3) | United Wholesale Mortgage LLC<sup>(a)(b)</sup> (NR/Ba3) | United Wholesale Mortgage LLC<sup>(a)(b)</sup> (NR/Ba3) |
| 158000 | 5.500 | 04/15/29 | 147871 |
| UWM Holdings LLC<sup>(a)(b)</sup> (NR/Ba3) | UWM Holdings LLC<sup>(a)(b)</sup> (NR/Ba3) | UWM Holdings LLC<sup>(a)(b)</sup> (NR/Ba3) |  |
| 80000 | 6.625 | 02/01/30 | 75446 |
| 109000 | 6.250 | 03/15/31 | 99270 |
| VFH Parent LLC/Valor Co-Issuer, Inc.<sup>(a)(b)</sup> (B+/B1) | VFH Parent LLC/Valor Co-Issuer, Inc.<sup>(a)(b)</sup> (B+/B1) | VFH Parent LLC/Valor Co-Issuer, Inc.<sup>(a)(b)</sup> (B+/B1) | VFH Parent LLC/Valor Co-Issuer, Inc.<sup>(a)(b)</sup> (B+/B1) |
| 84000 | 7.500 | 06/15/31 | 86375 |
|  |  |  | 1297736 |
| Electrical – 0.9% | Electrical – 0.9% | Electrical – 0.9% | Electrical – 0.9% |
| Lightning Power LLC<sup>(a)(b)</sup> (BBB-/Ba3) | Lightning Power LLC<sup>(a)(b)</sup> (BBB-/Ba3) | Lightning Power LLC<sup>(a)(b)</sup> (BBB-/Ba3) |  |
| 56000 | 7.250 | 08/15/32 | 58339 |

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---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electrical – (continued) | Electrical – (continued) | Electrical – (continued) | Electrical – (continued) |
| NRG Energy, Inc.<sup>(a)(b)</sup> (BB/Ba2) | NRG Energy, Inc.<sup>(a)(b)</sup> (BB/Ba2) | NRG Energy, Inc.<sup>(a)(b)</sup> (BB/Ba2) |  |
| 86000 | 5.750% | 07/15/29 | 85868 |
| 76000 | 3.625 | 02/15/31 | 70189 |
| 55000 | 6.000 | 01/15/36 | 54497 |
| Talen Energy Supply LLC<sup>(a)(b)</sup> (B/B2) | Talen Energy Supply LLC<sup>(a)(b)</sup> (B/B2) | Talen Energy Supply LLC<sup>(a)(b)</sup> (B/B2) |  |
| 35000 | 6.250 | 02/01/34 | 34762 |
| 35000 | 6.500 | 02/01/36 | 35275 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;338930 |
| Electrical Components & Equipment – 1.5% | Electrical Components & Equipment – 1.5% | Electrical Components & Equipment – 1.5% | Electrical Components & Equipment – 1.5% |
| WESCO Distribution, Inc.<sup>(a)(b)</sup> (BB/Ba3) | WESCO Distribution, Inc.<sup>(a)(b)</sup> (BB/Ba3) | WESCO Distribution, Inc.<sup>(a)(b)</sup> (BB/Ba3) |  |
| 254000 | 7.250 | 06/15/28 | 255442 |
| 18000 | 6.375 | 03/15/29 | 18322 |
| 75000 | 5.250 | 04/15/31 | 74527 |
| 107000 | 6.625 | 03/15/32 | 109442 |
| 105000 | 5.500 | 04/15/34 | 103492 |
|  |  |  | 561225 |
| Electronics<sup>(a)(b)</sup> –0.7% | Electronics<sup>(a)(b)</sup> –0.7% | Electronics<sup>(a)(b)</sup> –0.7% | Electronics<sup>(a)(b)</sup> –0.7% |
| Atkore, Inc. (BB+/Ba2) | Atkore, Inc. (BB+/Ba2) |  |  |
| 300000 | 4.250 | 06/01/31 | 281544 |
| Engineering & Construction – 2.0% | Engineering & Construction – 2.0% | Engineering & Construction – 2.0% | Engineering & Construction – 2.0% |
| AECOM<sup>(a)(b)</sup> (BB/Ba2) | AECOM<sup>(a)(b)</sup> (BB/Ba2) |  |  |
| 165000 | 6.000 | 08/01/33 | 164858 |
| Arcosa, Inc.<sup>(a)(b)</sup> (B+/Ba3) | Arcosa, Inc.<sup>(a)(b)</sup> (B+/Ba3) |  |  |
| 52000 | 6.875 | 08/15/32 | 53335 |
| Global Infrastructure Solutions, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Global Infrastructure Solutions, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Global Infrastructure Solutions, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Global Infrastructure Solutions, Inc.<sup>(a)(b)</sup> (BB/Ba3) |
| 293000 | 5.625 | 06/01/29 | 287404 |
| 159000 | 7.500 | 04/15/32 | 166177 |
| Weekley Homes LLC/Weekley Finance Corp.<sup>(a)(b)</sup> (BB-/Ba2) | Weekley Homes LLC/Weekley Finance Corp.<sup>(a)(b)</sup> (BB-/Ba2) | Weekley Homes LLC/Weekley Finance Corp.<sup>(a)(b)</sup> (BB-/Ba2) | Weekley Homes LLC/Weekley Finance Corp.<sup>(a)(b)</sup> (BB-/Ba2) |
| 115000 | 6.750 | 01/15/34 | 110233 |
|  |  |  | 782007 |
| Entertainment – 1.9% | Entertainment – 1.9% | Entertainment – 1.9% | Entertainment – 1.9% |
| Boyne USA, Inc.<sup>(a)(b)</sup> (B/B1) | Boyne USA, Inc.<sup>(a)(b)</sup> (B/B1) | Boyne USA, Inc.<sup>(a)(b)</sup> (B/B1) |  |
| 252000 | 4.750 | 05/15/29 | 244702 |
| Cinemark USA, Inc.<sup>(a)(b)</sup> (BB/B2) | Cinemark USA, Inc.<sup>(a)(b)</sup> (BB/B2) | Cinemark USA, Inc.<sup>(a)(b)</sup> (BB/B2) |  |
| 247000 | 5.250 | 07/15/28 | 245286 |
| 47000 | 7.000 | 08/01/32 | 48275 |
| Discovery Global Holdings, Inc.<sup>(a)</sup> (BB/Ba2) | Discovery Global Holdings, Inc.<sup>(a)</sup> (BB/Ba2) | Discovery Global Holdings, Inc.<sup>(a)</sup> (BB/Ba2) |  |
| 259000 | 5.050 | 03/15/42 | 172789 |
| Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.<sup>(a)(b)</sup> (B+/B1) | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.<sup>(a)(b)</sup> (B+/B1) | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.<sup>(a)(b)</sup> (B+/B1) | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.<sup>(a)(b)</sup> (B+/B1) |
| 33000 | 6.625 | 02/01/33 | 32858 |
|  |  |  | 743910 |
| Environmental<sup>(a)(b)</sup> –1.0% | Environmental<sup>(a)(b)</sup> –1.0% | Environmental<sup>(a)(b)</sup> –1.0% | Environmental<sup>(a)(b)</sup> –1.0% |
| GFL Environmental Holdings U.S., Inc. (BB/Ba3) | GFL Environmental Holdings U.S., Inc. (BB/Ba3) | GFL Environmental Holdings U.S., Inc. (BB/Ba3) | GFL Environmental Holdings U.S., Inc. (BB/Ba3) |
| 90000 | 5.500 | 02/01/34 | 88312 |
| Madison IAQ LLC (CCC+/Caa1) | Madison IAQ LLC (CCC+/Caa1) | Madison IAQ LLC (CCC+/Caa1) |  |
| 255000 | 5.875 | 06/30/29 | 250509 |
| Waste Pro USA, Inc. (B-/Caa1) | Waste Pro USA, Inc. (B-/Caa1) | Waste Pro USA, Inc. (B-/Caa1) |  |
| 33000 | 7.000 | 02/01/33 | 33460 |
|  |  |  | 372281 |
| Food & Drug Retailing – 1.9% | Food & Drug Retailing – 1.9% | Food & Drug Retailing – 1.9% | Food & Drug Retailing – 1.9% |
| Albertsons Cos., Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Albertsons Cos., Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Albertsons Cos., Inc.<sup>(a)(b)</sup> (BB+/Ba2) |  |
| 130000 | 5.625 | 03/31/32 | 127919 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **65** |

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------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Food & Drug Retailing – (continued) | Food & Drug Retailing – (continued) | Food & Drug Retailing – (continued) | Food & Drug Retailing – (continued) |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons<br>LLC<sup>(a)(b)</sup> (BB+/Ba2) | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons<br>LLC<sup>(a)(b)</sup> (BB+/Ba2) | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons<br>LLC<sup>(a)(b)</sup> (BB+/Ba2) | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons<br>LLC<sup>(a)(b)</sup> (BB+/Ba2) |
| 103000 | 6.250% | 03/15/33 | $103886 |
| Performance Food Group, Inc.<sup>(a)(b)</sup> (BB/B1) | Performance Food Group, Inc.<sup>(a)(b)</sup> (BB/B1) | Performance Food Group, Inc.<sup>(a)(b)</sup> (BB/B1) | Performance Food Group, Inc.<sup>(a)(b)</sup> (BB/B1) |
| 87000 | 4.250 | 08/01/29 | 83644 |
| 140000 | 5.625 | 03/01/34 | 135327 |
| Post Holdings, Inc.<sup>(a)(b)</sup> (B+/B2) | Post Holdings, Inc.<sup>(a)(b)</sup> (B+/B2) | Post Holdings, Inc.<sup>(a)(b)</sup> (B+/B2) | Post Holdings, Inc.<sup>(a)(b)</sup> (B+/B2) |
| 142000 | 6.375 | 03/01/33 | 140099 |
| Post Holdings, Inc.<sup>(a)(b)</sup> (BB/Ba1) | Post Holdings, Inc.<sup>(a)(b)</sup> (BB/Ba1) | Post Holdings, Inc.<sup>(a)(b)</sup> (BB/Ba1) | Post Holdings, Inc.<sup>(a)(b)</sup> (BB/Ba1) |
| 56000 | 6.250 | 02/15/32 | 56678 |
| U.S. Foods, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | U.S. Foods, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | U.S. Foods, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | U.S. Foods, Inc.<sup>(a)(b)</sup> (BB+/Ba2) |
| 93000 | 4.625 | 06/01/30 | 90591 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;738144 |
| Healthcare Providers & Services<sup>(a)(b)</sup> –1.3% | Healthcare Providers & Services<sup>(a)(b)</sup> –1.3% | Healthcare Providers & Services<sup>(a)(b)</sup> –1.3% |  |
| DaVita, Inc. (BB-/Ba3) | DaVita, Inc. (BB-/Ba3) | DaVita, Inc. (BB-/Ba3) | DaVita, Inc. (BB-/Ba3) |
| 109000 | 6.875 | 09/01/32 | 111823 |
| Global Medical Response, Inc. (B/B2) | Global Medical Response, Inc. (B/B2) | Global Medical Response, Inc. (B/B2) | Global Medical Response, Inc. (B/B2) |
| 73000 | 7.375 | 10/01/32 | 75800 |
| Medline Borrower LP (BBB-/Ba1) | Medline Borrower LP (BBB-/Ba1) | Medline Borrower LP (BBB-/Ba1) | Medline Borrower LP (BBB-/Ba1) |
| 95000 | 3.875 | 04/01/29 | 91942 |
| Molina Healthcare, Inc. (BB/Ba2) | Molina Healthcare, Inc. (BB/Ba2) | Molina Healthcare, Inc. (BB/Ba2) | Molina Healthcare, Inc. (BB/Ba2) |
| 65000 | 6.500 | 02/15/31 | 63995 |
| Select Medical Corp. (B-/B3) | Select Medical Corp. (B-/B3) | Select Medical Corp. (B-/B3) | Select Medical Corp. (B-/B3) |
| 136000 | 6.250 | 12/01/32 | 129268 |
| Team Health Holdings, Inc. (B-/Caa1) | Team Health Holdings, Inc. (B-/Caa1) | Team Health Holdings, Inc. (B-/Caa1) | Team Health Holdings, Inc. (B-/Caa1) |
| 31000 | 8.375 | 06/30/28 | 30708 |
|  |  |  | 503536 |
| Home Builders – 1.7% | Home Builders – 1.7% | Home Builders – 1.7% |  |
| Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC<sup>(a)(b)</sup> (B+/B1) | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC<sup>(a)(b)</sup> (B+/B1) | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC<sup>(a)(b)</sup> (B+/B1) | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC<sup>(a)(b)</sup> (B+/B1) |
| 160000 | 4.875 | 02/15/30 | 147450 |
| Century Communities, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Century Communities, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Century Communities, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Century Communities, Inc.<sup>(a)(b)</sup> (BB/Ba2) |
| 224000 | 3.875 | 08/15/29 | 210258 |
| Forestar Group, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Forestar Group, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Forestar Group, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Forestar Group, Inc.<sup>(a)(b)</sup> (BB-/Ba3) |
| 155000 | 6.500 | 03/15/33 | 153420 |
| K Hovnanian Enterprises, Inc.<sup>(a)(b)</sup> (BB-/B3) | K Hovnanian Enterprises, Inc.<sup>(a)(b)</sup> (BB-/B3) | K Hovnanian Enterprises, Inc.<sup>(a)(b)</sup> (BB-/B3) | K Hovnanian Enterprises, Inc.<sup>(a)(b)</sup> (BB-/B3) |
| 18000 | 8.000 | 04/01/31 | 17849 |
| 23000 | 8.375 | 10/01/33 | 22742 |
| KB Home<sup>(a)</sup> (BB+/Ba1) | KB Home<sup>(a)</sup> (BB+/Ba1) | KB Home<sup>(a)</sup> (BB+/Ba1) | KB Home<sup>(a)</sup> (BB+/Ba1) |
| 91000 | 7.250 | 07/15/30 | 92852 |
|  |  |  | 644571 |
| Housewares – 0.7% | Housewares – 0.7% | Housewares – 0.7% |  |
| Newell Brands, Inc.<sup>(a)</sup> (B+/B2) | Newell Brands, Inc.<sup>(a)</sup> (B+/B2) | Newell Brands, Inc.<sup>(a)</sup> (B+/B2) | Newell Brands, Inc.<sup>(a)</sup> (B+/B2) |
| 18000 | 6.375 | 05/15/30 | 17333 |
| 28000 | 6.625 | 05/15/32 | 26766 |
| Scotts Miracle-Gro Co.<sup>(a)</sup> (B-/B2) | Scotts Miracle-Gro Co.<sup>(a)</sup> (B-/B2) | Scotts Miracle-Gro Co.<sup>(a)</sup> (B-/B2) | Scotts Miracle-Gro Co.<sup>(a)</sup> (B-/B2) |
| 257000 | 4.375 | 02/01/32 | 239069 |
|  |  |  | 283168 |
| Insurance<sup>(a)(b)</sup> –3.3% | Insurance<sup>(a)(b)</sup> –3.3% | Insurance<sup>(a)(b)</sup> –3.3% |  |
| Acrisure LLC/Acrisure Finance, Inc. (B/B2) | Acrisure LLC/Acrisure Finance, Inc. (B/B2) | Acrisure LLC/Acrisure Finance, Inc. (B/B2) | Acrisure LLC/Acrisure Finance, Inc. (B/B2) |
| 35000 | 6.750 | 07/01/32 | 33646 |
| Acrisure LLC/Acrisure Finance, Inc. (CCC+/Caa2) | Acrisure LLC/Acrisure Finance, Inc. (CCC+/Caa2) | Acrisure LLC/Acrisure Finance, Inc. (CCC+/Caa2) | Acrisure LLC/Acrisure Finance, Inc. (CCC+/Caa2) |
| 363000 | 6.000 | 08/01/29 | 340919 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Insurance<sup>(a)(b)</sup> – (continued) | Insurance<sup>(a)(b)</sup> – (continued) | Insurance<sup>(a)(b)</sup> – (continued) | Insurance<sup>(a)(b)</sup> – (continued) |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (B/B2) | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (B/B2) | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (B/B2) | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (B/B2) |
| 163000 | 6.750% | 04/15/28 | 163856 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC (BB+/NR) | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC (BB+/NR) | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC (BB+/NR) | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC (BB+/NR) |
| 133000 | 7.875 | 11/01/29 | 120204 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC (CCC+/Caa1) | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC (CCC+/Caa1) | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC (CCC+/Caa1) | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC (CCC+/Caa1) |
| 200000 | 8.125 | 02/15/32 | 187576 |
| HUB International Ltd. (B/Caa1) | HUB International Ltd. (B/Caa1) | HUB International Ltd. (B/Caa1) | HUB International Ltd. (B/Caa1) |
| 145000 | 7.375 | 01/31/32 | 147907 |
| Panther Escrow Issuer LLC (B/B2) | Panther Escrow Issuer LLC (B/B2) | Panther Escrow Issuer LLC (B/B2) | Panther Escrow Issuer LLC (B/B2) |
| 158000 | 7.125 | 06/01/31 | 158251 |
| Ryan Specialty LLC (BB-/Ba3) | Ryan Specialty LLC (BB-/Ba3) | Ryan Specialty LLC (BB-/Ba3) | Ryan Specialty LLC (BB-/Ba3) |
| 75000 | 5.875 | 08/01/32 | 74219 |
| USI, Inc. (CCC+/Caa1) | USI, Inc. (CCC+/Caa1) | USI, Inc. (CCC+/Caa1) | USI, Inc. (CCC+/Caa1) |
| 52000 | 7.500 | 01/15/32 | 53106 |
|  |  |  | 1279684 |
| Internet – 3.1% | Internet – 3.1% | Internet – 3.1% |  |
| ANGI Group LLC<sup>(a)(b)</sup> (B/B2) | ANGI Group LLC<sup>(a)(b)</sup> (B/B2) | ANGI Group LLC<sup>(a)(b)</sup> (B/B2) | ANGI Group LLC<sup>(a)(b)</sup> (B/B2) |
| 331000 | 3.875 | 08/15/28 | 295692 |
| Gen Digital, Inc.<sup>(a)(b)</sup> (BB-/B1) | Gen Digital, Inc.<sup>(a)(b)</sup> (BB-/B1) | Gen Digital, Inc.<sup>(a)(b)</sup> (BB-/B1) | Gen Digital, Inc.<sup>(a)(b)</sup> (BB-/B1) |
| 168000 | 7.125 | 09/30/30 | 169611 |
| 47000 | 6.250 | 04/01/33 | 45748 |
| Go Daddy Operating Co. LLC/GD Finance Co., Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Go Daddy Operating Co. LLC/GD Finance Co., Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Go Daddy Operating Co. LLC/GD Finance Co., Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Go Daddy Operating Co. LLC/GD Finance Co., Inc.<sup>(a)(b)</sup> (BB-/Ba3) |
| 125000 | 3.500 | 03/01/29 | 116392 |
| Match Group Holdings II LLC<sup>(a)(b)</sup> (BB/Ba2) | Match Group Holdings II LLC<sup>(a)(b)</sup> (BB/Ba2) | Match Group Holdings II LLC<sup>(a)(b)</sup> (BB/Ba2) | Match Group Holdings II LLC<sup>(a)(b)</sup> (BB/Ba2) |
| 142000 | 4.625 | 06/01/28 | 138884 |
| 123000 | 4.125 | 08/01/30 | 114202 |
| Meta Platforms, Inc.<sup>(a)</sup> (AA-/Aa3) | Meta Platforms, Inc.<sup>(a)</sup> (AA-/Aa3) | Meta Platforms, Inc.<sup>(a)</sup> (AA-/Aa3) | Meta Platforms, Inc.<sup>(a)</sup> (AA-/Aa3) |
| 110000 | 5.625 | 11/15/55 | 103037 |
| Snap, Inc.<sup>(a)(b)</sup> (B+/B1) | Snap, Inc.<sup>(a)(b)</sup> (B+/B1) | Snap, Inc.<sup>(a)(b)</sup> (B+/B1) | Snap, Inc.<sup>(a)(b)</sup> (B+/B1) |
| 131000 | 6.875 | 03/01/33 | 123997 |
| 82000 | 6.875 | 03/15/34 | 77096 |
|  |  |  | 1184659 |
| Investment Companies<sup>(a)(b)</sup> –0.3% | Investment Companies<sup>(a)(b)</sup> –0.3% | Investment Companies<sup>(a)(b)</sup> –0.3% |  |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. (BB-/B1) | Icahn Enterprises LP/Icahn Enterprises Finance Corp. (BB-/B1) | Icahn Enterprises LP/Icahn Enterprises Finance Corp. (BB-/B1) | Icahn Enterprises LP/Icahn Enterprises Finance Corp. (BB-/B1) |
| 115000 | 10.000 | 11/15/29 | 113145 |
| Iron/Steel – 0.5% | Iron/Steel – 0.5% | Iron/Steel – 0.5% | Iron/Steel – 0.5% |
| Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> (NR/Ba3) | Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> (NR/Ba3) | Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> (NR/Ba3) | Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> (NR/Ba3) |
| 56000 | 6.875 | 11/01/29 | 56000 |
| 80000 | 7.375 | 05/01/33 | 78290 |
| Mineral Resources Ltd.<sup>(a)(b)</sup> (NR/Ba3) | Mineral Resources Ltd.<sup>(a)(b)</sup> (NR/Ba3) | Mineral Resources Ltd.<sup>(a)(b)</sup> (NR/Ba3) | Mineral Resources Ltd.<sup>(a)(b)</sup> (NR/Ba3) |
| 50000 | 7.000 | 04/01/31 | 51044 |
|  |  |  | 185334 |
| Leisure Time – 2.7% | Leisure Time – 2.7% | Leisure Time – 2.7% |  |
| Carnival Corp.<sup>(a)(b)</sup> (BB+/Ba3) | Carnival Corp.<sup>(a)(b)</sup> (BB+/Ba3) | Carnival Corp.<sup>(a)(b)</sup> (BB+/Ba3) | Carnival Corp.<sup>(a)(b)</sup> (BB+/Ba3) |
| 305000 | 5.875 | 06/15/31 | 308715 |
| 155000 | 5.750 | 08/01/32 | 155030 |
| 108000 | 6.125 | 02/15/33 | 109009 |
| MajorDrive Holdings IV LLC<sup>(a)(b)</sup> (CCC-/Caa3) | MajorDrive Holdings IV LLC<sup>(a)(b)</sup> (CCC-/Caa3) | MajorDrive Holdings IV LLC<sup>(a)(b)</sup> (CCC-/Caa3) | MajorDrive Holdings IV LLC<sup>(a)(b)</sup> (CCC-/Caa3) |
| 147000 | 6.375 | 06/01/29 | 108318 |
| Royal Caribbean Cruises Ltd.<sup>(a)(b)</sup> (BBB/Baa2) | Royal Caribbean Cruises Ltd.<sup>(a)(b)</sup> (BBB/Baa2) | Royal Caribbean Cruises Ltd.<sup>(a)(b)</sup> (BBB/Baa2) | Royal Caribbean Cruises Ltd.<sup>(a)(b)</sup> (BBB/Baa2) |
| 87000 | 6.250 | 03/15/32 | 88980 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **66** | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Leisure Time – (continued) | Leisure Time – (continued) | Leisure Time – (continued) | Leisure Time – (continued) |
| Viking Cruises Ltd.<sup>(a)(b)</sup> (BB+/Ba3) | Viking Cruises Ltd.<sup>(a)(b)</sup> (BB+/Ba3) | Viking Cruises Ltd.<sup>(a)(b)</sup> (BB+/Ba3) | Viking Cruises Ltd.<sup>(a)(b)</sup> (BB+/Ba3) |
| 47000 | 7.000% | 02/15/29 | 47059 |
| 90000 | 5.875 | 10/15/33 | 89021 |
| Viking Ocean Cruises Ship VII Ltd.<sup>(a)(b)</sup> (BBB-/Baa3) | Viking Ocean Cruises Ship VII Ltd.<sup>(a)(b)</sup> (BBB-/Baa3) | Viking Ocean Cruises Ship VII Ltd.<sup>(a)(b)</sup> (BBB-/Baa3) | Viking Ocean Cruises Ship VII Ltd.<sup>(a)(b)</sup> (BBB-/Baa3) |
| 53000 | 5.625 | 02/15/29 | 52891 |
| VOC Escrow Ltd.<sup>(a)(b)</sup> (BBB-/Baa3) | VOC Escrow Ltd.<sup>(a)(b)</sup> (BBB-/Baa3) | VOC Escrow Ltd.<sup>(a)(b)</sup> (BBB-/Baa3) | VOC Escrow Ltd.<sup>(a)(b)</sup> (BBB-/Baa3) |
| 77000 | 5.000 | 02/15/28 | 76711 |
|  |  |  | 1035734 |
| Lodging – 2.5% | Lodging – 2.5% | Lodging – 2.5% | Lodging – 2.5% |
| Genting New York LLC/GENNY Capital, Inc.<sup>(a)(b)</sup> (BB+/NR) | Genting New York LLC/GENNY Capital, Inc.<sup>(a)(b)</sup> (BB+/NR) | Genting New York LLC/GENNY Capital, Inc.<sup>(a)(b)</sup> (BB+/NR) | Genting New York LLC/GENNY Capital, Inc.<sup>(a)(b)</sup> (BB+/NR) |
| 200000 | 7.250 | 10/01/29 | 201068 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (B/B3) | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (B/B3) | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (B/B3) | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (B/B3) |
| 190000 | 5.000 | 06/01/29 | 180597 |
| 199000 | 4.875 | 07/01/31 | 179801 |
| Travel & Leisure Co.<sup>(a)(b)</sup> (BB-/Ba3) | Travel & Leisure Co.<sup>(a)(b)</sup> (BB-/Ba3) | Travel & Leisure Co.<sup>(a)(b)</sup> (BB-/Ba3) | Travel & Leisure Co.<sup>(a)(b)</sup> (BB-/Ba3) |
| 257000 | 4.500 | 12/01/29 | 245959 |
| Wyndham Hotels & Resorts, Inc.<sup>(a)(b)</sup> (BB-/Ba2) | Wyndham Hotels & Resorts, Inc.<sup>(a)(b)</sup> (BB-/Ba2) | Wyndham Hotels & Resorts, Inc.<sup>(a)(b)</sup> (BB-/Ba2) | Wyndham Hotels & Resorts, Inc.<sup>(a)(b)</sup> (BB-/Ba2) |
| 170000 | 5.625 | 03/01/33 | 167263 |
|  |  |  | 974688 |
| Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.1% | Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.1% | Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.1% | Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.1% |
| Terex Corp. (BB/Ba3) | Terex Corp. (BB/Ba3) | Terex Corp. (BB/Ba3) | Terex Corp. (BB/Ba3) |
| 47000 | 6.250 | 10/15/32 | 47318 |
| Machinery-Diversified – 0.3% | Machinery-Diversified – 0.3% | Machinery-Diversified – 0.3% | Machinery-Diversified – 0.3% |
| Esab Corp.<sup>(a)(b)</sup> (BB+/Ba1) | Esab Corp.<sup>(a)(b)</sup> (BB+/Ba1) | Esab Corp.<sup>(a)(b)</sup> (BB+/Ba1) | Esab Corp.<sup>(a)(b)</sup> (BB+/Ba1) |
| 80000 | 6.250 | 04/15/29 | 81040 |
| 40000 | 5.625 | 04/01/31 | 40278 |
|  |  |  | 121318 |
| Media – 7.6% | Media – 7.6% | Media – 7.6% | Media – 7.6% |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)(b)</sup> (BB-/B1) | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)(b)</sup> (BB-/B1) | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)(b)</sup> (BB-/B1) | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)(b)</sup> (BB-/B1) |
| 211000 | 4.250 | 02/01/31 | 191961 |
| 155000 | 7.000 | 02/01/33 | 155670 |
| 588000 | 4.250 | 01/15/34 | 503058 |
| 175000 | 7.375 | 02/01/36 | 174123 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>(a)(b)</sup> (B+/B1) | Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>(a)(b)</sup> (B+/B1) | Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>(a)(b)</sup> (B+/B1) | Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>(a)(b)</sup> (B+/B1) |
| 190000 | 10.000 | 02/15/31 | 193982 |
| DISH Network Corp.<sup>(a)(b)</sup> (B/Caa1) | DISH Network Corp.<sup>(a)(b)</sup> (B/Caa1) | DISH Network Corp.<sup>(a)(b)</sup> (B/Caa1) | DISH Network Corp.<sup>(a)(b)</sup> (B/Caa1) |
| 97000 | 11.750 | 11/15/27 | 99931 |
| GCI LLC<sup>(a)(b)</sup> (BB-/B3) | GCI LLC<sup>(a)(b)</sup> (BB-/B3) | GCI LLC<sup>(a)(b)</sup> (BB-/B3) | GCI LLC<sup>(a)(b)</sup> (BB-/B3) |
| 293000 | 4.750 | 10/15/28 | 283612 |
| Gray Media, Inc.<sup>(a)(b)</sup> (B+/Ba3) | Gray Media, Inc.<sup>(a)(b)</sup> (B+/Ba3) | Gray Media, Inc.<sup>(a)(b)</sup> (B+/Ba3) | Gray Media, Inc.<sup>(a)(b)</sup> (B+/Ba3) |
| 107000 | 10.500 | 07/15/29 | 113882 |
| 61000 | 7.250 | 08/15/33 | 61446 |
| McGraw-Hill Education, Inc.<sup>(a)(b)</sup> (BB-/B1) | McGraw-Hill Education, Inc.<sup>(a)(b)</sup> (BB-/B1) | McGraw-Hill Education, Inc.<sup>(a)(b)</sup> (BB-/B1) | McGraw-Hill Education, Inc.<sup>(a)(b)</sup> (BB-/B1) |
| 163000 | 7.375 | 09/01/31 | 166491 |
| Midcontinent Communications<sup>(a)(b)</sup> (B+/B3) | Midcontinent Communications<sup>(a)(b)</sup> (B+/B3) | Midcontinent Communications<sup>(a)(b)</sup> (B+/B3) | Midcontinent Communications<sup>(a)(b)</sup> (B+/B3) |
| 158000 | 8.000 | 08/15/32 | 147341 |
| Nexstar Media, Inc.<sup>(a)(b)</sup> (BB-/B2) | Nexstar Media, Inc.<sup>(a)(b)</sup> (BB-/B2) | Nexstar Media, Inc.<sup>(a)(b)</sup> (BB-/B2) | Nexstar Media, Inc.<sup>(a)(b)</sup> (BB-/B2) |
| 55000 | 4.750 | 11/01/28 | 54060 |
| 125000 | 7.250 | 04/15/34 | 125273 |
| Nexstar Media, Inc.<sup>(a)(b)</sup> (BBB-/Ba2) | Nexstar Media, Inc.<sup>(a)(b)</sup> (BBB-/Ba2) | Nexstar Media, Inc.<sup>(a)(b)</sup> (BBB-/Ba2) | Nexstar Media, Inc.<sup>(a)(b)</sup> (BBB-/Ba2) |
| 225000 | 6.500 | 09/15/33 | 226742 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Media – (continued) | Media – (continued) | Media – (continued) | Media – (continued) |
| Sinclair Television Group, Inc.<sup>(a)(b)</sup> (B+/B3) | Sinclair Television Group, Inc.<sup>(a)(b)</sup> (B+/B3) | Sinclair Television Group, Inc.<sup>(a)(b)</sup> (B+/B3) | Sinclair Television Group, Inc.<sup>(a)(b)</sup> (B+/B3) |
| 211000 | 8.125% | 02/15/33 | 215045 |
| Sirius XM Radio LLC<sup>(a)(b)</sup> (BB+/Ba3) | Sirius XM Radio LLC<sup>(a)(b)</sup> (BB+/Ba3) | Sirius XM Radio LLC<sup>(a)(b)</sup> (BB+/Ba3) | Sirius XM Radio LLC<sup>(a)(b)</sup> (BB+/Ba3) |
| 157000 | 4.125 | 07/01/30 | 147436 |
| Univision Communications, Inc.<sup>(a)(b)</sup> (B+/B2) | Univision Communications, Inc.<sup>(a)(b)</sup> (B+/B2) | Univision Communications, Inc.<sup>(a)(b)</sup> (B+/B2) | Univision Communications, Inc.<sup>(a)(b)</sup> (B+/B2) |
| 60000 | 9.375 | 08/01/32 | 61873 |
|  |  |  | 2921926 |
| Metal Fabricate & Hardware<sup>(a)(b)</sup> –0.6% | Metal Fabricate & Hardware<sup>(a)(b)</sup> –0.6% | Metal Fabricate & Hardware<sup>(a)(b)</sup> –0.6% | Metal Fabricate & Hardware<sup>(a)(b)</sup> –0.6% |
| Advanced Drainage Systems, Inc. (BB-/Ba2) | Advanced Drainage Systems, Inc. (BB-/Ba2) | Advanced Drainage Systems, Inc. (BB-/Ba2) | Advanced Drainage Systems, Inc. (BB-/Ba2) |
| 45000 | 5.375 | 03/01/34 | 43888 |
| Roller Bearing Co. of America, Inc. (BB/Ba3) | Roller Bearing Co. of America, Inc. (BB/Ba3) | Roller Bearing Co. of America, Inc. (BB/Ba3) | Roller Bearing Co. of America, Inc. (BB/Ba3) |
| 203000 | 4.375 | 10/15/29 | 197072 |
|  |  |  | 240960 |
| Miscellaneous Manufacturing – 0.3% | Miscellaneous Manufacturing – 0.3% | Miscellaneous Manufacturing – 0.3% | Miscellaneous Manufacturing – 0.3% |
| Amsted Industries, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Amsted Industries, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Amsted Industries, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Amsted Industries, Inc.<sup>(a)(b)</sup> (BB/Ba3) |
| 28000 | 6.375 | 03/15/33 | 28168 |
| Axon Enterprise, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Axon Enterprise, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Axon Enterprise, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Axon Enterprise, Inc.<sup>(a)(b)</sup> (BB+/Ba2) |
| 47000 | 6.125 | 03/15/30 | 47965 |
| 47000 | 6.250 | 03/15/33 | 47971 |
|  |  |  | 124104 |
| Oil Field Services – 10.5% | Oil Field Services – 10.5% | Oil Field Services – 10.5% | Oil Field Services – 10.5% |
| Archrock Partners LP/Archrock Partners Finance Corp.<sup>(a)(b)</sup> (BB-/B1) | Archrock Partners LP/Archrock Partners Finance Corp.<sup>(a)(b)</sup> (BB-/B1) | Archrock Partners LP/Archrock Partners Finance Corp.<sup>(a)(b)</sup> (BB-/B1) | Archrock Partners LP/Archrock Partners Finance Corp.<sup>(a)(b)</sup> (BB-/B1) |
| 222000 | 6.250 | 04/01/28 | 222000 |
| 75000 | 6.625 | 09/01/32 | 76478 |
| Archrock Services LP/Archrock Partners Finance Corp.<sup>(a)(b)</sup> (BB-/B1) | Archrock Services LP/Archrock Partners Finance Corp.<sup>(a)(b)</sup> (BB-/B1) | Archrock Services LP/Archrock Partners Finance Corp.<sup>(a)(b)</sup> (BB-/B1) | Archrock Services LP/Archrock Partners Finance Corp.<sup>(a)(b)</sup> (BB-/B1) |
| 35000 | 6.000 | 02/01/34 | 34669 |
| California Resources Corp.<sup>(a)(b)</sup> (BB-/B1) | California Resources Corp.<sup>(a)(b)</sup> (BB-/B1) | California Resources Corp.<sup>(a)(b)</sup> (BB-/B1) | California Resources Corp.<sup>(a)(b)</sup> (BB-/B1) |
| 55000 | 7.000 | 01/15/34 | 55333 |
| Chord Energy Corp.<sup>(a)(b)</sup> (BB/Ba2) | Chord Energy Corp.<sup>(a)(b)</sup> (BB/Ba2) | Chord Energy Corp.<sup>(a)(b)</sup> (BB/Ba2) | Chord Energy Corp.<sup>(a)(b)</sup> (BB/Ba2) |
| 75000 | 6.000 | 10/01/30 | 75797 |
| 228000 | 6.750 | 03/15/33 | 235456 |
| CNX Resources Corp.<sup>(a)(b)</sup> (BB/B1) | CNX Resources Corp.<sup>(a)(b)</sup> (BB/B1) | CNX Resources Corp.<sup>(a)(b)</sup> (BB/B1) | CNX Resources Corp.<sup>(a)(b)</sup> (BB/B1) |
| 103000 | 7.375 | 01/15/31 | 105817 |
| 47000 | 7.250 | 03/01/32 | 48296 |
| 90000 | 5.875 | 03/01/34 | 87603 |
| Crescent Energy Finance LLC<sup>(a)(b)</sup> (BB-/B1) | Crescent Energy Finance LLC<sup>(a)(b)</sup> (BB-/B1) | Crescent Energy Finance LLC<sup>(a)(b)</sup> (BB-/B1) | Crescent Energy Finance LLC<sup>(a)(b)</sup> (BB-/B1) |
| 286000 | 7.625 | 04/01/32 | 290024 |
| 128000 | 7.375 | 01/15/33 | 128032 |
| DBR Land Holdings LLC<sup>(a)(b)</sup> (BB-/B1) | DBR Land Holdings LLC<sup>(a)(b)</sup> (BB-/B1) | DBR Land Holdings LLC<sup>(a)(b)</sup> (BB-/B1) | DBR Land Holdings LLC<sup>(a)(b)</sup> (BB-/B1) |
| 60000 | 6.250 | 12/01/30 | 60782 |
| Gulfport Energy Operating Corp.<sup>(a)(b)</sup> (BB-/B3) | Gulfport Energy Operating Corp.<sup>(a)(b)</sup> (BB-/B3) | Gulfport Energy Operating Corp.<sup>(a)(b)</sup> (BB-/B3) | Gulfport Energy Operating Corp.<sup>(a)(b)</sup> (BB-/B3) |
| 158000 | 6.750 | 09/01/29 | 161678 |
| Kodiak Gas Services LLC<sup>(a)(b)</sup> (BB-/B1) | Kodiak Gas Services LLC<sup>(a)(b)</sup> (BB-/B1) | Kodiak Gas Services LLC<sup>(a)(b)</sup> (BB-/B1) | Kodiak Gas Services LLC<sup>(a)(b)</sup> (BB-/B1) |
| 203000 | 7.250 | 02/15/29 | 210357 |
| 65000 | 5.875 | 04/01/31 | 65274 |
| 25000 | 6.500 | 10/01/33 | 25214 |
| 30000 | 6.750 | 10/01/35 | 30472 |
| Matador Resources Co.<sup>(a)(b)</sup> (BB-/B1) | Matador Resources Co.<sup>(a)(b)</sup> (BB-/B1) | Matador Resources Co.<sup>(a)(b)</sup> (BB-/B1) | Matador Resources Co.<sup>(a)(b)</sup> (BB-/B1) |
| 61000 | 6.500 | 04/15/32 | 61649 |
| 82000 | 6.250 | 04/15/33 | 82025 |
| 80000 | 6.000 | 04/15/34 | 79448 |
| Noble Finance II LLC<sup>(a)(b)</sup> (BB-/B1) | Noble Finance II LLC<sup>(a)(b)</sup> (BB-/B1) | Noble Finance II LLC<sup>(a)(b)</sup> (BB-/B1) | Noble Finance II LLC<sup>(a)(b)</sup> (BB-/B1) |
| 243000 | 8.000 | 04/15/30 | 250788 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **67** |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) |
| Northern Oil & Gas, Inc.<sup>(a)(b)</sup> (B+/B1) | Northern Oil & Gas, Inc.<sup>(a)(b)</sup> (B+/B1) | Northern Oil & Gas, Inc.<sup>(a)(b)</sup> (B+/B1) | Northern Oil & Gas, Inc.<sup>(a)(b)</sup> (B+/B1) |
| 35000 | 7.875% | 10/15/33 | 36239 |
| Permian Resources Operating LLC<sup>(a)(b)</sup> (BBB-/Ba2) | Permian Resources Operating LLC<sup>(a)(b)</sup> (BBB-/Ba2) | Permian Resources Operating LLC<sup>(a)(b)</sup> (BBB-/Ba2) | Permian Resources Operating LLC<sup>(a)(b)</sup> (BBB-/Ba2) |
| 94000 | 5.875 | 07/01/29 | 94126 |
| 143000 | 7.000 | 01/15/32 | 148388 |
| 33000 | 6.250 | 02/01/33 | 33604 |
| SESI LLC<sup>(a)(b)</sup> (B+/B2) | SESI LLC<sup>(a)(b)</sup> (B+/B2) | SESI LLC<sup>(a)(b)</sup> (B+/B2) | SESI LLC<sup>(a)(b)</sup> (B+/B2) |
| 20000 | 7.875 | 09/30/30 | 20394 |
| SM Energy Co.<sup>(a)(b)</sup> (BB/B1) | SM Energy Co.<sup>(a)(b)</sup> (BB/B1) | SM Energy Co.<sup>(a)(b)</sup> (BB/B1) | SM Energy Co.<sup>(a)(b)</sup> (BB/B1) |
| 56000 | 6.750 | 08/01/29 | 56883 |
| 90000 | 6.625 | 04/15/34 | 89951 |
| Sunoco LP<sup>(a)(b)</sup> (BB+/Ba1) | Sunoco LP<sup>(a)(b)</sup> (BB+/Ba1) | Sunoco LP<sup>(a)(b)</sup> (BB+/Ba1) | Sunoco LP<sup>(a)(b)</sup> (BB+/Ba1) |
| 89000 | 7.000 | 05/01/29 | 91296 |
| 50000 | 5.375 | 07/15/31 | 49596 |
| 47000 | 6.250 | 07/01/33 | 47281 |
| 80000 | 5.625 | 07/15/34 | 78750 |
| Sunoco LP/Sunoco Finance Corp.<sup>(a)</sup> (BB+/Ba1) | Sunoco LP/Sunoco Finance Corp.<sup>(a)</sup> (BB+/Ba1) | Sunoco LP/Sunoco Finance Corp.<sup>(a)</sup> (BB+/Ba1) | Sunoco LP/Sunoco Finance Corp.<sup>(a)</sup> (BB+/Ba1) |
| 255000 | 4.500 | 04/30/30 | 246608 |
| Tidewater, Inc.<sup>(a)(b)</sup> (BB-/B3) | Tidewater, Inc.<sup>(a)(b)</sup> (BB-/B3) | Tidewater, Inc.<sup>(a)(b)</sup> (BB-/B3) | Tidewater, Inc.<sup>(a)(b)</sup> (BB-/B3) |
| 100000 | 9.125 | 07/15/30 | 106757 |
| Transocean International Ltd.<sup>(a)(b)</sup> (B-/B3) | Transocean International Ltd.<sup>(a)(b)</sup> (B-/B3) | Transocean International Ltd.<sup>(a)(b)</sup> (B-/B3) | Transocean International Ltd.<sup>(a)(b)</sup> (B-/B3) |
| 30000 | 7.875 | 10/15/32 | 31883 |
| USA Compression Partners LP/USA Compression Finance Corp.<sup>(a)(b)</sup> (B+/B1) | USA Compression Partners LP/USA Compression Finance Corp.<sup>(a)(b)</sup> (B+/B1) | USA Compression Partners LP/USA Compression Finance Corp.<sup>(a)(b)</sup> (B+/B1) | USA Compression Partners LP/USA Compression Finance Corp.<sup>(a)(b)</sup> (B+/B1) |
| 253000 | 7.125 | 03/15/29 | 258910 |
| WBI Operating LLC<sup>(a)(b)</sup> (BB-/B1) | WBI Operating LLC<sup>(a)(b)</sup> (BB-/B1) | WBI Operating LLC<sup>(a)(b)</sup> (BB-/B1) | WBI Operating LLC<sup>(a)(b)</sup> (BB-/B1) |
| 65000 | 6.250 | 10/15/30 | 65248 |
| 55000 | 6.500 | 10/15/33 | 54597 |
| Weatherford International Ltd.<sup>(a)(b)</sup> (BB/Ba3) | Weatherford International Ltd.<sup>(a)(b)</sup> (BB/Ba3) | Weatherford International Ltd.<sup>(a)(b)</sup> (BB/Ba3) | Weatherford International Ltd.<sup>(a)(b)</sup> (BB/Ba3) |
| 55000 | 6.750 | 10/15/33 | 56047 |
| Western Midstream Operating LP<sup>(a)(b)</sup> (BBB-/Baa3) | Western Midstream Operating LP<sup>(a)(b)</sup> (BBB-/Baa3) | Western Midstream Operating LP<sup>(a)(b)</sup> (BBB-/Baa3) | Western Midstream Operating LP<sup>(a)(b)</sup> (BBB-/Baa3) |
| 65000 | 7.250 | 04/01/30 | 68390 |
|  |  |  | 4022140 |
| Packaging<sup>(a)</sup> –0.2% | Packaging<sup>(a)</sup> –0.2% | Packaging<sup>(a)</sup> –0.2% | Packaging<sup>(a)</sup> –0.2% |
| Crown Americas LLC (BB+/Ba2) | Crown Americas LLC (BB+/Ba2) | Crown Americas LLC (BB+/Ba2) | Crown Americas LLC (BB+/Ba2) |
| 65000 | 5.875 | 06/01/33 | 65040 |
| Pharmaceuticals – 1.3% | Pharmaceuticals – 1.3% | Pharmaceuticals – 1.3% | Pharmaceuticals – 1.3% |
| 1261229 BC Ltd.<sup>(a)(b)</sup> (B/Caa1) | 1261229 BC Ltd.<sup>(a)(b)</sup> (B/Caa1) | 1261229 BC Ltd.<sup>(a)(b)</sup> (B/Caa1) | 1261229 BC Ltd.<sup>(a)(b)</sup> (B/Caa1) |
| 220000 | 10.000 | 04/15/32 | 223923 |
| AdaptHealth LLC<sup>(a)(b)</sup> (BB-/Ba3) | AdaptHealth LLC<sup>(a)(b)</sup> (BB-/Ba3) | AdaptHealth LLC<sup>(a)(b)</sup> (BB-/Ba3) | AdaptHealth LLC<sup>(a)(b)</sup> (BB-/Ba3) |
| 143000 | 6.125 | 08/01/28 | 142777 |
| 45000 | 4.625 | 08/01/29 | 42924 |
| 55000 | 5.125 | 03/01/30 | 52730 |
| Amneal Pharmaceuticals LLC<sup>(a)(b)</sup> (B+/B1) | Amneal Pharmaceuticals LLC<sup>(a)(b)</sup> (B+/B1) | Amneal Pharmaceuticals LLC<sup>(a)(b)</sup> (B+/B1) | Amneal Pharmaceuticals LLC<sup>(a)(b)</sup> (B+/B1) |
| 27000 | 6.875 | 08/01/32 | 27803 |
|  |  |  | 490157 |
| Pipelines – 7.5% | Pipelines – 7.5% | Pipelines – 7.5% | Pipelines – 7.5% |
| Antero Midstream Partners LP/Antero Midstream Finance Corp.<sup>(a)(b)</sup> (BB+/Ba2) | Antero Midstream Partners LP/Antero Midstream Finance Corp.<sup>(a)(b)</sup> (BB+/Ba2) | Antero Midstream Partners LP/Antero Midstream Finance Corp.<sup>(a)(b)</sup> (BB+/Ba2) | Antero Midstream Partners LP/Antero Midstream Finance Corp.<sup>(a)(b)</sup> (BB+/Ba2) |
| 136000 | 5.375 | 06/15/29 | 135568 |
| 37000 | 5.750 | 10/15/33 | 36619 |
| 65000 | 5.750 | 07/01/34 | 64043 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>(a)(b)</sup> (B+/B2) | Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>(a)(b)</sup> (B+/B2) | Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>(a)(b)</sup> (B+/B2) | Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>(a)(b)</sup> (B+/B2) |
| 56000 | 7.000 | 07/15/29 | 57787 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Pipelines – (continued) | Pipelines – (continued) | Pipelines – (continued) | Pipelines – (continued) |
| Buckeye Partners LP<sup>(a)(b)</sup> (BB/Ba3) | Buckeye Partners LP<sup>(a)(b)</sup> (BB/Ba3) | Buckeye Partners LP<sup>(a)(b)</sup> (BB/Ba3) | Buckeye Partners LP<sup>(a)(b)</sup> (BB/Ba3) |
| 89000 | 6.875% | 07/01/29 | 91531 |
| 47000 | 6.750 | 02/01/30 | 48461 |
| CNX Midstream Partners LP<sup>(a)(b)</sup> (BB/B1) | CNX Midstream Partners LP<sup>(a)(b)</sup> (BB/B1) | CNX Midstream Partners LP<sup>(a)(b)</sup> (BB/B1) | CNX Midstream Partners LP<sup>(a)(b)</sup> (BB/B1) |
| 54000 | 4.750 | 04/15/30 | 51460 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC<sup>(a)(b)</sup> (BB/Ba2) | CQP Holdco LP/BIP-V Chinook Holdco LLC<sup>(a)(b)</sup> (BB/Ba2) | CQP Holdco LP/BIP-V Chinook Holdco LLC<sup>(a)(b)</sup> (BB/Ba2) | CQP Holdco LP/BIP-V Chinook Holdco LLC<sup>(a)(b)</sup> (BB/Ba2) |
| 250000 | 7.500 | 12/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;262792 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(a)(b)</sup> (BB-/B2) | Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(a)(b)</sup> (BB-/B2) | Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(a)(b)</sup> (BB-/B2) | Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(a)(b)</sup> (BB-/B2) |
| 51000 | 8.625 | 03/15/29 | 52786 |
| 130000 | 7.375 | 06/30/33 | 130994 |
| Excelerate Energy LP<sup>(a)(b)</sup> (BB+/NR) | Excelerate Energy LP<sup>(a)(b)</sup> (BB+/NR) | Excelerate Energy LP<sup>(a)(b)</sup> (BB+/NR) | Excelerate Energy LP<sup>(a)(b)</sup> (BB+/NR) |
| 4000 | 8.000 | 05/15/30 | 4188 |
| Genesis Energy LP/Genesis Energy Finance Corp.<sup>(a)</sup> (B/B2) | Genesis Energy LP/Genesis Energy Finance Corp.<sup>(a)</sup> (B/B2) | Genesis Energy LP/Genesis Energy Finance Corp.<sup>(a)</sup> (B/B2) | Genesis Energy LP/Genesis Energy Finance Corp.<sup>(a)</sup> (B/B2) |
| 80000 | 7.875 | 05/15/32 | 82378 |
| 89000 | 8.000 | 05/15/33 | 92028 |
| 60000 | 6.750 | 03/15/34 | 59746 |
| Global Partners LP/GLP Finance Corp.<sup>(a)(b)</sup> (B+/B1) | Global Partners LP/GLP Finance Corp.<sup>(a)(b)</sup> (B+/B1) | Global Partners LP/GLP Finance Corp.<sup>(a)(b)</sup> (B+/B1) | Global Partners LP/GLP Finance Corp.<sup>(a)(b)</sup> (B+/B1) |
| 75000 | 8.250 | 01/15/32 | 77690 |
| Hess Midstream Operations LP<sup>(a)(b)</sup> (BBB-/Ba1) | Hess Midstream Operations LP<sup>(a)(b)</sup> (BBB-/Ba1) | Hess Midstream Operations LP<sup>(a)(b)</sup> (BBB-/Ba1) | Hess Midstream Operations LP<sup>(a)(b)</sup> (BBB-/Ba1) |
| 37000 | 6.500 | 06/01/29 | 37809 |
| Howard Midstream Energy Partners LLC<sup>(a)(b)</sup> (BB-/B1) | Howard Midstream Energy Partners LLC<sup>(a)(b)</sup> (BB-/B1) | Howard Midstream Energy Partners LLC<sup>(a)(b)</sup> (BB-/B1) | Howard Midstream Energy Partners LLC<sup>(a)(b)</sup> (BB-/B1) |
| 80000 | 7.375 | 07/15/32 | 82751 |
| 65000 | 6.625 | 01/15/34 | 65130 |
| Kinetik Holdings LP<sup>(a)(b)</sup> (BB+/Ba1) | Kinetik Holdings LP<sup>(a)(b)</sup> (BB+/Ba1) | Kinetik Holdings LP<sup>(a)(b)</sup> (BB+/Ba1) | Kinetik Holdings LP<sup>(a)(b)</sup> (BB+/Ba1) |
| 331000 | 5.875 | 06/15/30 | 332076 |
| Prairie Acquiror LP<sup>(a)(b)</sup> (B-/B3) | Prairie Acquiror LP<sup>(a)(b)</sup> (B-/B3) | Prairie Acquiror LP<sup>(a)(b)</sup> (B-/B3) | Prairie Acquiror LP<sup>(a)(b)</sup> (B-/B3) |
| 37000 | 9.000 | 08/01/29 | 38257 |
| Rockies Express Pipeline LLC<sup>(a)(b)</sup> (BB/Ba2) | Rockies Express Pipeline LLC<sup>(a)(b)</sup> (BB/Ba2) | Rockies Express Pipeline LLC<sup>(a)(b)</sup> (BB/Ba2) | Rockies Express Pipeline LLC<sup>(a)(b)</sup> (BB/Ba2) |
| 33000 | 6.750 | 03/15/33 | 33951 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(a)(b)</sup> (B+/B1) | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(a)(b)</sup> (B+/B1) | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(a)(b)</sup> (B+/B1) | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(a)(b)</sup> (B+/B1) |
| 75000 | 7.375 | 02/15/29 | 77086 |
| 169000 | 6.000 | 12/31/30 | 167885 |
| 159000 | 6.000 | 09/01/31 | 156615 |
| TransMontaigne Partners LLC<sup>(a)(b)</sup> (CCC+/Caa1) | TransMontaigne Partners LLC<sup>(a)(b)</sup> (CCC+/Caa1) | TransMontaigne Partners LLC<sup>(a)(b)</sup> (CCC+/Caa1) | TransMontaigne Partners LLC<sup>(a)(b)</sup> (CCC+/Caa1) |
| 61000 | 8.500 | 06/15/30 | 61843 |
| Venture Global Calcasieu Pass LLC<sup>(a)(b)</sup> (BBB-/Ba1) | Venture Global Calcasieu Pass LLC<sup>(a)(b)</sup> (BBB-/Ba1) | Venture Global Calcasieu Pass LLC<sup>(a)(b)</sup> (BBB-/Ba1) | Venture Global Calcasieu Pass LLC<sup>(a)(b)</sup> (BBB-/Ba1) |
| 115000 | 4.125 | 08/15/31 | 106957 |
| 110000 | 3.875 | 11/01/33 | 97512 |
| Venture Global Plaquemines LNG LLC<sup>(a)(b)</sup> (BB+/Ba2) | Venture Global Plaquemines LNG LLC<sup>(a)(b)</sup> (BB+/Ba2) | Venture Global Plaquemines LNG LLC<sup>(a)(b)</sup> (BB+/Ba2) | Venture Global Plaquemines LNG LLC<sup>(a)(b)</sup> (BB+/Ba2) |
| 50000 | 6.125 | 12/15/30 | 51434 |
| 50000 | 6.500 | 01/15/34 | 52129 |
| 50000 | 6.500 | 06/15/34 | 52025 |
| 199000 | 6.750 | 01/15/36 | 210564 |
|  |  |  | 2872095 |
| Real Estate Investment Trust<sup>(a)(b)</sup> –0.6% | Real Estate Investment Trust<sup>(a)(b)</sup> –0.6% | Real Estate Investment Trust<sup>(a)(b)</sup> –0.6% | Real Estate Investment Trust<sup>(a)(b)</sup> –0.6% |
| Iron Mountain Information Management Services, Inc. (BB-/Ba3) | Iron Mountain Information Management Services, Inc. (BB-/Ba3) | Iron Mountain Information Management Services, Inc. (BB-/Ba3) | Iron Mountain Information Management Services, Inc. (BB-/Ba3) |
| 117000 | 5.000 | 07/15/32 | 110346 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC (B/B2) | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC (B/B2) | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC (B/B2) | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC (B/B2) |
| 141000 | 4.750 | 04/15/28 | 140268 |
|  |  |  | 250614 |
| Retailing – 6.7% | Retailing – 6.7% | Retailing – 6.7% | Retailing – 6.7% |
| 1011778 BC ULC/New Red Finance, Inc.<sup>(a)(b)</sup> (B+/B2) | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)(b)</sup> (B+/B2) | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)(b)</sup> (B+/B2) | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)(b)</sup> (B+/B2) |
| 198000 | 4.375 | 01/15/28 | 195337 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **68** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Retailing – (continued) | Retailing – (continued) | Retailing – (continued) | Retailing – (continued) |
| $312000 | 4.000% | 10/15/30 | 293121 |
| Asbury Automotive Group, Inc.<sup>(a)</sup> (BB/B1) | Asbury Automotive Group, Inc.<sup>(a)</sup> (BB/B1) | Asbury Automotive Group, Inc.<sup>(a)</sup> (BB/B1) | Asbury Automotive Group, Inc.<sup>(a)</sup> (BB/B1) |
| 77000 | 4.625 <sup>(b)</sup> | 11/15/29 | 74388 |
| 147000 | 4.750 | 03/01/30 | 141671 |
| 31000 | 5.000 <sup>(b)</sup> | 02/15/32 | 29380 |
| Cougar JV Subsidiary LLC<sup>(a)(b)</sup> (B+/B2) | Cougar JV Subsidiary LLC<sup>(a)(b)</sup> (B+/B2) | Cougar JV Subsidiary LLC<sup>(a)(b)</sup> (B+/B2) | Cougar JV Subsidiary LLC<sup>(a)(b)</sup> (B+/B2) |
| 47000 | 8.000 | 05/15/32 | 48679 |
| Group 1 Automotive, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Group 1 Automotive, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Group 1 Automotive, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Group 1 Automotive, Inc.<sup>(a)(b)</sup> (BB+/Ba2) |
| 23000 | 6.375 | 01/15/30 | 23204 |
| Ken Garff Automotive LLC<sup>(a)(b)</sup> (BB/B1) | Ken Garff Automotive LLC<sup>(a)(b)</sup> (BB/B1) | Ken Garff Automotive LLC<sup>(a)(b)</sup> (BB/B1) | Ken Garff Automotive LLC<sup>(a)(b)</sup> (BB/B1) |
| 101000 | 4.875 | 09/15/28 | 99339 |
| LCM Investments Holdings II LLC<sup>(a)(b)</sup> (BB-/B2) | LCM Investments Holdings II LLC<sup>(a)(b)</sup> (BB-/B2) | LCM Investments Holdings II LLC<sup>(a)(b)</sup> (BB-/B2) | LCM Investments Holdings II LLC<sup>(a)(b)</sup> (BB-/B2) |
| 312000 | 4.875 | 05/01/29 | 304022 |
| 47000 | 8.250 | 08/01/31 | 48770 |
| Lithia Motors, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Lithia Motors, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Lithia Motors, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Lithia Motors, Inc.<sup>(a)(b)</sup> (BB+/Ba2) |
| 175000 | 3.875 | 06/01/29 | 166749 |
| 197000 | 4.375 | 01/15/31 | 184751 |
| Michaels Cos., Inc.<sup>(a)(b)</sup> (B-/B2) | Michaels Cos., Inc.<sup>(a)(b)</sup> (B-/B2) | Michaels Cos., Inc.<sup>(a)(b)</sup> (B-/B2) | Michaels Cos., Inc.<sup>(a)(b)</sup> (B-/B2) |
| 105000 | 8.500 | 03/15/33 | 102248 |
| Murphy Oil USA, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Murphy Oil USA, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Murphy Oil USA, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Murphy Oil USA, Inc.<sup>(a)(b)</sup> (BB+/Ba2) |
| 198000 | 3.750 | 02/15/31 | 183752 |
| Penske Automotive Group, Inc.<sup>(a)</sup> (BB-/Ba3) | Penske Automotive Group, Inc.<sup>(a)</sup> (BB-/Ba3) | Penske Automotive Group, Inc.<sup>(a)</sup> (BB-/Ba3) | Penske Automotive Group, Inc.<sup>(a)</sup> (BB-/Ba3) |
| 109000 | 3.750 | 06/15/29 | 103710 |
| QXO Building Products, Inc.<sup>(a)(b)</sup> (BB/Ba3) | QXO Building Products, Inc.<sup>(a)(b)</sup> (BB/Ba3) | QXO Building Products, Inc.<sup>(a)(b)</sup> (BB/Ba3) | QXO Building Products, Inc.<sup>(a)(b)</sup> (BB/Ba3) |
| 162000 | 6.750 | 04/30/32 | 165264 |
| Sonic Automotive, Inc.<sup>(a)(b)</sup> (BB-/B1) | Sonic Automotive, Inc.<sup>(a)(b)</sup> (BB-/B1) | Sonic Automotive, Inc.<sup>(a)(b)</sup> (BB-/B1) | Sonic Automotive, Inc.<sup>(a)(b)</sup> (BB-/B1) |
| 176000 | 4.625 | 11/15/29 | 170586 |
| 73000 | 4.875 | 11/15/31 | 69182 |
| Staples, Inc.<sup>(a)(b)</sup> (B-/B3) | Staples, Inc.<sup>(a)(b)</sup> (B-/B3) | Staples, Inc.<sup>(a)(b)</sup> (B-/B3) | Staples, Inc.<sup>(a)(b)</sup> (B-/B3) |
| 55000 | 10.750 | 09/01/29 | 51082 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp.<sup>(a)(b)</sup> (BB-/B1) | Suburban Propane Partners LP/Suburban Energy Finance Corp.<sup>(a)(b)</sup> (BB-/B1) | Suburban Propane Partners LP/Suburban Energy Finance Corp.<sup>(a)(b)</sup> (BB-/B1) | Suburban Propane Partners LP/Suburban Energy Finance Corp.<sup>(a)(b)</sup> (BB-/B1) |
| 120000 | 6.500 | 12/15/35 | 116665 |
|  |  |  | 2571900 |
| Semiconductors<sup>(a)(b)</sup> – 0.4% | Semiconductors<sup>(a)(b)</sup> – 0.4% | Semiconductors<sup>(a)(b)</sup> – 0.4% | Semiconductors<sup>(a)(b)</sup> – 0.4% |
| Amkor Technology, Inc. (BB/Ba3) | Amkor Technology, Inc. (BB/Ba3) | Amkor Technology, Inc. (BB/Ba3) | Amkor Technology, Inc. (BB/Ba3) |
| 28000 | 5.875 | 10/01/33 | 27886 |
| MKS, Inc. (BB-/Ba2) | MKS, Inc. (BB-/Ba2) | MKS, Inc. (BB-/Ba2) | MKS, Inc. (BB-/Ba2) |
| 101000 | 4.250 | 02/15/34 | 111527 |
|  |  |  | 139413 |
| Software – 1.2% | Software – 1.2% | Software – 1.2% | Software – 1.2% |
| Fair Isaac Corp.<sup>(a)(b)</sup> (BB+/Ba1) | Fair Isaac Corp.<sup>(a)(b)</sup> (BB+/Ba1) | Fair Isaac Corp.<sup>(a)(b)</sup> (BB+/Ba1) | Fair Isaac Corp.<sup>(a)(b)</sup> (BB+/Ba1) |
| $115000 | 6.000 | 05/15/33 | 112832 |
| 100000 | 6.250 | 09/15/34 | 98271 |
| OAK-Eagle Acquireco, Inc.<sup>(a)(b)</sup> (B/B3) | OAK-Eagle Acquireco, Inc.<sup>(a)(b)</sup> (B/B3) | OAK-Eagle Acquireco, Inc.<sup>(a)(b)</sup> (B/B3) | OAK-Eagle Acquireco, Inc.<sup>(a)(b)</sup> (B/B3) |
| 15000 | 8.750 | 07/01/34 | 15687 |
| OAK-Eagle Acquireco, Inc.<sup>(a)(b)</sup> (BB/Ba3) | OAK-Eagle Acquireco, Inc.<sup>(a)(b)</sup> (BB/Ba3) | OAK-Eagle Acquireco, Inc.<sup>(a)(b)</sup> (BB/Ba3) | OAK-Eagle Acquireco, Inc.<sup>(a)(b)</sup> (BB/Ba3) |
| 20000 | 7.250 | 07/01/33 | 20713 |
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp.<sup>(a)(b)</sup> (B+/B1) | ZoomInfo Technologies LLC/ZoomInfo Finance Corp.<sup>(a)(b)</sup> (B+/B1) | ZoomInfo Technologies LLC/ZoomInfo Finance Corp.<sup>(a)(b)</sup> (B+/B1) | ZoomInfo Technologies LLC/ZoomInfo Finance Corp.<sup>(a)(b)</sup> (B+/B1) |
| 257000 | 3.875 | 02/01/29 | 213742 |
|  |  |  | 461245 |
| Telecommunication Services<sup>(a)</sup> – 4.2% | Telecommunication Services<sup>(a)</sup> – 4.2% | Telecommunication Services<sup>(a)</sup> – 4.2% | Telecommunication Services<sup>(a)</sup> – 4.2% |
| APLD ComputeCo LLC<sup>(b)</sup> (BB-/NR) | APLD ComputeCo LLC<sup>(b)</sup> (BB-/NR) | APLD ComputeCo LLC<sup>(b)</sup> (BB-/NR) | APLD ComputeCo LLC<sup>(b)</sup> (BB-/NR) |
| 187000 | 9.250 | 12/15/30 | 192685 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Telecommunication Services<sup>(a)</sup> – (continued) | Telecommunication Services<sup>(a)</sup> – (continued) | Telecommunication Services<sup>(a)</sup> – (continued) | Telecommunication Services<sup>(a)</sup> – (continued) |
| Black Pearl Compute LLC<sup>(b)</sup> (NR/Ba2) | Black Pearl Compute LLC<sup>(b)</sup> (NR/Ba2) | Black Pearl Compute LLC<sup>(b)</sup> (NR/Ba2) | Black Pearl Compute LLC<sup>(b)</sup> (NR/Ba2) |
| $140000 | 6.125% | 02/15/31 | $142563 |
| Cipher Compute LLC<sup>(b)</sup> (NR/Ba3) | Cipher Compute LLC<sup>(b)</sup> (NR/Ba3) | Cipher Compute LLC<sup>(b)</sup> (NR/Ba3) | Cipher Compute LLC<sup>(b)</sup> (NR/Ba3) |
| 188000 | 7.125 | 11/15/30 | 194834 |
| EchoStar Corp. (B/Caa1) | EchoStar Corp. (B/Caa1) | EchoStar Corp. (B/Caa1) | EchoStar Corp. (B/Caa1) |
| 231000 | 10.750 | 11/30/29 | 249480 |
| Level 3 Financing, Inc.<sup>(b)</sup> (B-/B3) | Level 3 Financing, Inc.<sup>(b)</sup> (B-/B3) | Level 3 Financing, Inc.<sup>(b)</sup> (B-/B3) | Level 3 Financing, Inc.<sup>(b)</sup> (B-/B3) |
| 45000 | 8.500 | 01/15/36 | 46943 |
| Level 3 Financing, Inc.<sup>(b)</sup> (B+/Ba3) | Level 3 Financing, Inc.<sup>(b)</sup> (B+/Ba3) | Level 3 Financing, Inc.<sup>(b)</sup> (B+/Ba3) | Level 3 Financing, Inc.<sup>(b)</sup> (B+/Ba3) |
| 145000 | 7.000 | 03/31/34 | 148460 |
| SV RNO Property Owner 1 LLC<sup>(b)</sup> (NR/Ba1) | SV RNO Property Owner 1 LLC<sup>(b)</sup> (NR/Ba1) | SV RNO Property Owner 1 LLC<sup>(b)</sup> (NR/Ba1) | SV RNO Property Owner 1 LLC<sup>(b)</sup> (NR/Ba1) |
| 145000 | 5.875 | 03/01/31 | 143691 |
| Uniti Services LLC<sup>(b)</sup> (B/B2) | Uniti Services LLC<sup>(b)</sup> (B/B2) | Uniti Services LLC<sup>(b)</sup> (B/B2) | Uniti Services LLC<sup>(b)</sup> (B/B2) |
| 100000 | 7.500 | 10/15/33 | 103932 |
| Windstream Services LLC/Windstream Escrow Finance Corp.<sup>(b)</sup> (NR/B2) | Windstream Services LLC/Windstream Escrow Finance Corp.<sup>(b)</sup> (NR/B2) | Windstream Services LLC/Windstream Escrow Finance Corp.<sup>(b)</sup> (NR/B2) | Windstream Services LLC/Windstream Escrow Finance Corp.<sup>(b)</sup> (NR/B2) |
| 89000 | 8.250 | 10/01/31 | 93222 |
| WULF Compute LLC<sup>(b)</sup> (BB/Ba2) | WULF Compute LLC<sup>(b)</sup> (BB/Ba2) | WULF Compute LLC<sup>(b)</sup> (BB/Ba2) | WULF Compute LLC<sup>(b)</sup> (BB/Ba2) |
| 187000 | 7.750 | 10/15/30 | 197606 |
| Zayo Group Holdings, Inc.<sup>(b)(d)</sup> (B-/B3) (PIK 0.500%, Cash 8.750%) | Zayo Group Holdings, Inc.<sup>(b)(d)</sup> (B-/B3) (PIK 0.500%, Cash 8.750%) | Zayo Group Holdings, Inc.<sup>(b)(d)</sup> (B-/B3) (PIK 0.500%, Cash 8.750%) | Zayo Group Holdings, Inc.<sup>(b)(d)</sup> (B-/B3) (PIK 0.500%, Cash 8.750%) |
| 100000 | 9.250 | 03/09/30 | 99350 |
|  |  |  | 1612766 |
| Transportation<sup>(a)(b)</sup> –1.2% | Transportation<sup>(a)(b)</sup> –1.2% | Transportation<sup>(a)(b)</sup> –1.2% | Transportation<sup>(a)(b)</sup> –1.2% |
| Beacon Mobility Corp. (B/B1) | Beacon Mobility Corp. (B/B1) | Beacon Mobility Corp. (B/B1) | Beacon Mobility Corp. (B/B1) |
| 65000 | 7.250 | 08/01/30 | 67098 |
| Rand Parent LLC (BB-/Ba1) | Rand Parent LLC (BB-/Ba1) | Rand Parent LLC (BB-/Ba1) | Rand Parent LLC (BB-/Ba1) |
| 114000 | 8.500 | 02/15/30 | 117291 |
| XPO, Inc. (B+/Ba3) | XPO, Inc. (B+/Ba3) | XPO, Inc. (B+/Ba3) | XPO, Inc. (B+/Ba3) |
| 267000 | 7.125 | 02/01/32 | 275499 |
|  |  |  | 459888 |
| **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $33,665,846)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $33,665,846)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $33,665,846)** | $33471542 |
| Bank Loans<sup>(e)</sup> – 7.6% | Bank Loans<sup>(e)</sup> – 7.6% | Bank Loans<sup>(e)</sup> – 7.6% | Bank Loans<sup>(e)</sup> – 7.6% |
| Aerospace & Defense – 0.5% | Aerospace & Defense – 0.5% | Aerospace & Defense – 0.5% | Aerospace & Defense – 0.5% |
| Propulsion BC Finco SARL (B/B2)(3 mo. USD Term SOFR + 2.500%) | Propulsion BC Finco SARL (B/B2)(3 mo. USD Term SOFR + 2.500%) | Propulsion BC Finco SARL (B/B2)(3 mo. USD Term SOFR + 2.500%) | Propulsion BC Finco SARL (B/B2)(3 mo. USD Term SOFR + 2.500%) |
| $179824 | 6.200% | 12/01/32 $| 179792 |
| Airlines<sup>(f)</sup> – 0.3% | Airlines<sup>(f)</sup> – 0.3% | Airlines<sup>(f)</sup> – 0.3% | Airlines<sup>(f)</sup> – 0.3% |
| OneSky Flight LLC (BB-/Ba3)(1 mo. USD Term SOFR + 2.750%) | OneSky Flight LLC (BB-/Ba3)(1 mo. USD Term SOFR + 2.750%) | OneSky Flight LLC (BB-/Ba3)(1 mo. USD Term SOFR + 2.750%) | OneSky Flight LLC (BB-/Ba3)(1 mo. USD Term SOFR + 2.750%) |
| 125000 | 6.428 | 02/17/33 | 124531 |
| Automotive – 0.0% | Automotive – 0.0% | Automotive – 0.0% | Automotive – 0.0% |
| First Brands Group LLC (NR/NR)(3 mo. USD Term SOFR + 7.000%) | First Brands Group LLC (NR/NR)(3 mo. USD Term SOFR + 7.000%) | First Brands Group LLC (NR/NR)(3 mo. USD Term SOFR + 7.000%) | First Brands Group LLC (NR/NR)(3 mo. USD Term SOFR + 7.000%) |
| 2874 | 10.676 | 06/29/26 | 5 |
| Building & Construction – 0.8% | Building & Construction – 0.8% | Building & Construction – 0.8% | Building & Construction – 0.8% |
| AAL Delaware Holdco, Inc. (B/B2)(1 mo. USD Term SOFR + | AAL Delaware Holdco, Inc. (B/B2)(1 mo. USD Term SOFR + | AAL Delaware Holdco, Inc. (B/B2)(1 mo. USD Term SOFR + | AAL Delaware Holdco, Inc. (B/B2)(1 mo. USD Term SOFR + |
| 2.750%) |  |  |  |
| 98503 | 6.418 | 07/30/31 | 98287 |
| Cube Industrials Buyer, Inc. (B/B3)(3 mo. USD Term SOFR + | Cube Industrials Buyer, Inc. (B/B3)(3 mo. USD Term SOFR + | Cube Industrials Buyer, Inc. (B/B3)(3 mo. USD Term SOFR + | Cube Industrials Buyer, Inc. (B/B3)(3 mo. USD Term SOFR + |
| 3.000%) |  |  |  |
| 49501 | 6.667 | 10/17/31 | 49419 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **69** |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(e)</sup> – (continued) | Bank Loans<sup>(e)</sup> – (continued) | Bank Loans<sup>(e)</sup> – (continued) | Bank Loans<sup>(e)</sup> – (continued) |
| Building & Construction – (continued) | Building & Construction – (continued) | Building & Construction – (continued) | Building & Construction – (continued) |
| DG Investment Intermediate Holdings 2, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.250%) | DG Investment Intermediate Holdings 2, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.250%) | DG Investment Intermediate Holdings 2, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.250%) | DG Investment Intermediate Holdings 2, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.250%) |
| $141619 | 6.918% | 07/09/32 | $141442 |
|  |  |  | 289148 |
| Building Materials – 0.4% | Building Materials – 0.4% | Building Materials – 0.4% | Building Materials – 0.4% |
| Icebox Holdco III, Inc. (B-/B2)(3 mo. USD Term SOFR + 3.250%) | Icebox Holdco III, Inc. (B-/B2)(3 mo. USD Term SOFR + 3.250%) | Icebox Holdco III, Inc. (B-/B2)(3 mo. USD Term SOFR + 3.250%) | Icebox Holdco III, Inc. (B-/B2)(3 mo. USD Term SOFR + 3.250%) |
| 93739 | 6.950 | 12/22/31 | 93738 |
| Icebox Holdco III, Inc. (CCC/Caa2)(3 mo. USD Term SOFR + 6.500%) | Icebox Holdco III, Inc. (CCC/Caa2)(3 mo. USD Term SOFR + 6.500%) | Icebox Holdco III, Inc. (CCC/Caa2)(3 mo. USD Term SOFR + 6.500%) | Icebox Holdco III, Inc. (CCC/Caa2)(3 mo. USD Term SOFR + 6.500%) |
| 50000 | 10.200 | 12/22/32 | 50219 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;143957 |
| Capital Goods - Others – 0.8% | Capital Goods - Others – 0.8% | Capital Goods - Others – 0.8% | Capital Goods - Others – 0.8% |
| Engineered Machinery Holdings, Inc. (B-/B1) (3 mo. EUR EURIBOR + 3.500%) | Engineered Machinery Holdings, Inc. (B-/B1) (3 mo. EUR EURIBOR + 3.500%) | Engineered Machinery Holdings, Inc. (B-/B1) (3 mo. EUR EURIBOR + 3.500%) | Engineered Machinery Holdings, Inc. (B-/B1) (3 mo. EUR EURIBOR + 3.500%) |
| 70769 | 5.627 | 11/26/32 | 81475 |
| (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) |
| $69498 | 6.950 | 11/26/32 | 69689 |
| Terex Corp. (BBB-/Baa3)(1 mo. USD Term SOFR + 1.750%) | Terex Corp. (BBB-/Baa3)(1 mo. USD Term SOFR + 1.750%) | Terex Corp. (BBB-/Baa3)(1 mo. USD Term SOFR + 1.750%) | Terex Corp. (BBB-/Baa3)(1 mo. USD Term SOFR + 1.750%) |
| 173253 | 5.418 | 10/08/31 | 173362 |
|  |  |  | 324526 |
| Commercial Services – 0.7% | Commercial Services – 0.7% | Commercial Services – 0.7% | Commercial Services – 0.7% |
| Ankura Consulting Group LLC (B-/B3)(3 mo. USD Term SOFR + 3.500%) | Ankura Consulting Group LLC (B-/B3)(3 mo. USD Term SOFR + 3.500%) | Ankura Consulting Group LLC (B-/B3)(3 mo. USD Term SOFR + 3.500%) | Ankura Consulting Group LLC (B-/B3)(3 mo. USD Term SOFR + 3.500%) |
| 80103 | 7.171 | 12/29/31 | 76298 |
| Holding Socotec (B/B2)(3 mo. EUR EURIBOR + 3.000%) | Holding Socotec (B/B2)(3 mo. EUR EURIBOR + 3.000%) | Holding Socotec (B/B2)(3 mo. EUR EURIBOR + 3.000%) | Holding Socotec (B/B2)(3 mo. EUR EURIBOR + 3.000%) |
| 75000 | 5.127 | 06/02/31 | 86472 |
| Holding Socotec (NR/B2)(3 mo. USD Term SOFR + 2.750%) | Holding Socotec (NR/B2)(3 mo. USD Term SOFR + 2.750%) | Holding Socotec (NR/B2)(3 mo. USD Term SOFR + 2.750%) | Holding Socotec (NR/B2)(3 mo. USD Term SOFR + 2.750%) |
| $99000 | 6.380 | 06/02/31 | 98815 |
|  |  |  | 261585 |
| Distributors – 0.3% | Distributors – 0.3% | Distributors – 0.3% | Distributors – 0.3% |
| AL GCX Fund VIII Holdings LLC (BB/Ba3)(1 mo. USD Term SOFR + 2.000%) | AL GCX Fund VIII Holdings LLC (BB/Ba3)(1 mo. USD Term SOFR + 2.000%) | AL GCX Fund VIII Holdings LLC (BB/Ba3)(1 mo. USD Term SOFR + 2.000%) | AL GCX Fund VIII Holdings LLC (BB/Ba3)(1 mo. USD Term SOFR + 2.000%) |
| 98507 | 5.673 | 01/30/32 | 98291 |
| Diversified Financial Services – 0.5% | Diversified Financial Services – 0.5% | Diversified Financial Services – 0.5% | Diversified Financial Services – 0.5% |
| Deep Blue Operating I LLC (BB-/Ba3)(1 mo. USD Term SOFR + 2.750%) | Deep Blue Operating I LLC (BB-/Ba3)(1 mo. USD Term SOFR + 2.750%) | Deep Blue Operating I LLC (BB-/Ba3)(1 mo. USD Term SOFR + 2.750%) | Deep Blue Operating I LLC (BB-/Ba3)(1 mo. USD Term SOFR + 2.750%) |
| 150000 | 6.421 | 10/01/32 | 150375 |
| FNZ Group Services Ltd. (B-/B3)(3 mo. USD Term SOFR + 5.000%) | FNZ Group Services Ltd. (B-/B3)(3 mo. USD Term SOFR + 5.000%) | FNZ Group Services Ltd. (B-/B3)(3 mo. USD Term SOFR + 5.000%) | FNZ Group Services Ltd. (B-/B3)(3 mo. USD Term SOFR + 5.000%) |
| 49500 | 8.663 | 11/05/31 | 38966 |
|  |  |  | 189341 |
| Electrical – 0.4% | Electrical – 0.4% | Electrical – 0.4% | Electrical – 0.4% |
| Kohler Energy Co. LLC (B/B1)(3 mo. USD Term SOFR + 3.000%) | Kohler Energy Co. LLC (B/B1)(3 mo. USD Term SOFR + 3.000%) | Kohler Energy Co. LLC (B/B1)(3 mo. USD Term SOFR + 3.000%) | Kohler Energy Co. LLC (B/B1)(3 mo. USD Term SOFR + 3.000%) |
| 137392 | 6.700 | 05/01/31 | 137049 |
| Entertainment – 0.3% | Entertainment – 0.3% | Entertainment – 0.3% | Entertainment – 0.3% |
| Crown Finance U.S., Inc. (B/B3)(1 mo. USD Term SOFR + 4.500%) | Crown Finance U.S., Inc. (B/B3)(1 mo. USD Term SOFR + 4.500%) | Crown Finance U.S., Inc. (B/B3)(1 mo. USD Term SOFR + 4.500%) | Crown Finance U.S., Inc. (B/B3)(1 mo. USD Term SOFR + 4.500%) |
| 123442 | 8.171 | 12/02/31 | 122034 |
| Food & Beverages – 0.2% | Food & Beverages – 0.2% | Food & Beverages – 0.2% | Food & Beverages – 0.2% |
| Sazerac Co., Inc. (BB-/Ba3)(1 mo. USD Term SOFR + 2.000%) | Sazerac Co., Inc. (BB-/Ba3)(1 mo. USD Term SOFR + 2.000%) | Sazerac Co., Inc. (BB-/Ba3)(1 mo. USD Term SOFR + 2.000%) | Sazerac Co., Inc. (BB-/Ba3)(1 mo. USD Term SOFR + 2.000%) |
| 74813 | 5.670 | 07/09/32 | 74708 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(e)</sup> – (continued) | Bank Loans<sup>(e)</sup> – (continued) | Bank Loans<sup>(e)</sup> – (continued) | Bank Loans<sup>(e)</sup> – (continued) |
| Internet – 0.1% | Internet – 0.1% | Internet – 0.1% | Internet – 0.1% |
| Plano HoldCo, Inc. (B/B2)(3 mo. USD Term SOFR + 3.500%) | Plano HoldCo, Inc. (B/B2)(3 mo. USD Term SOFR + 3.500%) | Plano HoldCo, Inc. (B/B2)(3 mo. USD Term SOFR + 3.500%) | Plano HoldCo, Inc. (B/B2)(3 mo. USD Term SOFR + 3.500%) |
| $66276 | 7.200% | 10/02/31 | $53021 |
| Machinery – 0.7% | Machinery – 0.7% | Machinery – 0.7% | Machinery – 0.7% |
| Apex Tool Group LLC (B-/B3)(1 mo. USD Term SOFR + 7.000%) | Apex Tool Group LLC (B-/B3)(1 mo. USD Term SOFR + 7.000%) | Apex Tool Group LLC (B-/B3)(1 mo. USD Term SOFR + 7.000%) | Apex Tool Group LLC (B-/B3)(1 mo. USD Term SOFR + 7.000%) |
| 1097 | 10.668 | 04/08/30 | 1070 |
| Apex Tool Group LLC (CC/Caa3)(1 mo. USD Term SOFR + 10.000%) | Apex Tool Group LLC (CC/Caa3)(1 mo. USD Term SOFR + 10.000%) | Apex Tool Group LLC (CC/Caa3)(1 mo. USD Term SOFR + 10.000%) | Apex Tool Group LLC (CC/Caa3)(1 mo. USD Term SOFR + 10.000%) |
| 18127 | 13.668 | 04/08/30 | 11828 |
| Apex Tool Group LLC (CCC-/Ca)<sup>(f)</sup>(1 mo. USD Term SOFR + 6.000%) | Apex Tool Group LLC (CCC-/Ca)<sup>(f)</sup>(1 mo. USD Term SOFR + 6.000%) | Apex Tool Group LLC (CCC-/Ca)<sup>(f)</sup>(1 mo. USD Term SOFR + 6.000%) | Apex Tool Group LLC (CCC-/Ca)<sup>(f)</sup>(1 mo. USD Term SOFR + 6.000%) |
| 61566 | 9.668 | 04/08/31 | 23395 |
| Apex Tool Group LLC (CCC+/Caa2)(1 mo. USD Term SOFR + 5.250%) | Apex Tool Group LLC (CCC+/Caa2)(1 mo. USD Term SOFR + 5.250%) | Apex Tool Group LLC (CCC+/Caa2)(1 mo. USD Term SOFR + 5.250%) | Apex Tool Group LLC (CCC+/Caa2)(1 mo. USD Term SOFR + 5.250%) |
| 27343 | 8.918 | 04/08/30 | 23241 |
| Apex Tool Group LLC (NR/Ca)<sup>(f)</sup>(1 mo. USD Term SOFR + 6.000%) | Apex Tool Group LLC (NR/Ca)<sup>(f)</sup>(1 mo. USD Term SOFR + 6.000%) | Apex Tool Group LLC (NR/Ca)<sup>(f)</sup>(1 mo. USD Term SOFR + 6.000%) | Apex Tool Group LLC (NR/Ca)<sup>(f)</sup>(1 mo. USD Term SOFR + 6.000%) |
| 2094 | 9.668 | 04/08/31 | 796 |
| TK Elevator Midco GmbH (B/B2)(6 mo. USD Term SOFR + 2.750%) | TK Elevator Midco GmbH (B/B2)(6 mo. USD Term SOFR + 2.750%) | TK Elevator Midco GmbH (B/B2)(6 mo. USD Term SOFR + 2.750%) | TK Elevator Midco GmbH (B/B2)(6 mo. USD Term SOFR + 2.750%) |
| 200904 | 6.377 | 04/30/30 | 201225 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;261555 |
| Media - Non Cable – 0.1% | Media - Non Cable – 0.1% | Media - Non Cable – 0.1% | Media - Non Cable – 0.1% |
| EW Scripps Co. (B/B2)(1 mo. USD Term SOFR + 5.750%) | EW Scripps Co. (B/B2)(1 mo. USD Term SOFR + 5.750%) | EW Scripps Co. (B/B2)(1 mo. USD Term SOFR + 5.750%) | EW Scripps Co. (B/B2)(1 mo. USD Term SOFR + 5.750%) |
| 53653 | 9.540 | 06/30/28 | 53888 |
| Midstream – 0.1% | Midstream – 0.1% | Midstream – 0.1% | Midstream – 0.1% |
| Prairie ECI Acquiror LP (B-/B3)(1 mo. USD Term SOFR + 3.250%) | Prairie ECI Acquiror LP (B-/B3)(1 mo. USD Term SOFR + 3.250%) | Prairie ECI Acquiror LP (B-/B3)(1 mo. USD Term SOFR + 3.250%) | Prairie ECI Acquiror LP (B-/B3)(1 mo. USD Term SOFR + 3.250%) |
| 24627 | 6.918 | 08/01/29 | 24645 |
| Packaging – 0.3% | Packaging – 0.3% | Packaging – 0.3% | Packaging – 0.3% |
| Clydesdale Acquisition Holdings, Inc. (B+/B2)(1 mo. USD Term SOFR + 3.175%) | Clydesdale Acquisition Holdings, Inc. (B+/B2)(1 mo. USD Term SOFR + 3.175%) | Clydesdale Acquisition Holdings, Inc. (B+/B2)(1 mo. USD Term SOFR + 3.175%) | Clydesdale Acquisition Holdings, Inc. (B+/B2)(1 mo. USD Term SOFR + 3.175%) |
| 118809 | 6.843 | 04/13/29 | 113070 |
| Retailers – 0.7% | Retailers – 0.7% | Retailers – 0.7% | Retailers – 0.7% |
| BCPE Empire Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.250%) | BCPE Empire Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.250%) | BCPE Empire Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.250%) | BCPE Empire Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.250%) |
| 141824 | 6.918 | 12/11/30 | 139520 |
| Harbor Freight Tools USA, Inc. (BB-/B2)(1 mo. USD Term SOFR + 2.250%) | Harbor Freight Tools USA, Inc. (BB-/B2)(1 mo. USD Term SOFR + 2.250%) | Harbor Freight Tools USA, Inc. (BB-/B2)(1 mo. USD Term SOFR + 2.250%) | Harbor Freight Tools USA, Inc. (BB-/B2)(1 mo. USD Term SOFR + 2.250%) |
| 147750 | 5.918 | 06/11/31 | 146048 |
|  |  |  | 285568 |
| Technology – 0.4% | Technology – 0.4% | Technology – 0.4% | Technology – 0.4% |
| Pitney Bowes, Inc. (BB/Ba2)(3 mo. USD Term SOFR + 3.750%) | Pitney Bowes, Inc. (BB/Ba2)(3 mo. USD Term SOFR + 3.750%) | Pitney Bowes, Inc. (BB/Ba2)(3 mo. USD Term SOFR + 3.750%) | Pitney Bowes, Inc. (BB/Ba2)(3 mo. USD Term SOFR + 3.750%) |
| 148472 | 7.450 | 03/19/32 | 147235 |
| Technology - Software – 0.0% | Technology - Software – 0.0% | Technology - Software – 0.0% | Technology - Software – 0.0% |
| Virtusa Corp. (B+/B1)(1 mo. USD Term SOFR + 3.250%) | Virtusa Corp. (B+/B1)(1 mo. USD Term SOFR + 3.250%) | Virtusa Corp. (B+/B1)(1 mo. USD Term SOFR + 3.250%) | Virtusa Corp. (B+/B1)(1 mo. USD Term SOFR + 3.250%) |
| 20983 | 6.918 | 02/15/29 | 18806 |
| Wireless Telecommunication Services – 0.0% | Wireless Telecommunication Services – 0.0% | Wireless Telecommunication Services – 0.0% | Wireless Telecommunication Services – 0.0% |
| Zayo Group Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + | Zayo Group Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + | Zayo Group Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + | Zayo Group Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + |
| 3.000%) |  |  |  |
| 168 | 6.782 | 03/11/30 | 165 |
| **TOTAL BANK LOANS**<br> **(Cost $2,981,053)** | **TOTAL BANK LOANS**<br> **(Cost $2,981,053)** | **TOTAL BANK LOANS**<br> **(Cost $2,981,053)** | $2902920 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **70** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Preferred Stocks<sup>(g)</sup> –0.1% | Preferred Stocks<sup>(g)</sup> –0.1% | Preferred Stocks<sup>(g)</sup> –0.1% |
| Software – 0.1% | Software – 0.1% | Software – 0.1% |
| Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 703 | 6.500% | $31642 |
| (Cost $34,634) | (Cost $34,634) | (Cost $34,634) |
| **Shares** | **Description** | **Value** |
| Common Stocks<sup>(g)</sup> –0.0% | Common Stocks<sup>(g)</sup> –0.0% | Common Stocks<sup>(g)</sup> –0.0% |
| Machinery<sup>(f)</sup> –0.0% | Machinery<sup>(f)</sup> –0.0% | Machinery<sup>(f)</sup> –0.0% |
| 546 | Apex Tool Group LLC Class A | $0 |
| Oil, Gas & Consumable Fuels – 0.0% | Oil, Gas & Consumable Fuels – 0.0% | Oil, Gas & Consumable Fuels – 0.0% |
| 38064 | Prairie Provident Resources, Inc. | 9086 |
| **TOTAL COMMON STOCKS**<br> **(Cost $2,946,391)** | **TOTAL COMMON STOCKS**<br> **(Cost $2,946,391)** | $9086 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(h)</sup> –3.2% | Investment Company<sup>(h)</sup> –3.2% | Investment Company<sup>(h)</sup> –3.2% |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 1224406 | 3.553% | $1224406 |
| (Cost $1,224,406) | (Cost $1,224,406) | (Cost $1,224,406) |
| **TOTAL INVESTMENTS – 97.9%**<br> **(Cost $40,852,330)** | **TOTAL INVESTMENTS – 97.9%**<br> **(Cost $40,852,330)** | $37639596 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES – 2.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 2.1%** | $822972 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $38462568 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (a) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (b) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (c) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2026. |
| (d) | Pay-in-kind securities. |
| (e) | Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on March 31, 2026. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the Secured Overnight Financing Rate ("SOFR"), and secondarily the prime rate offered by one or more major United States banks (the "Prime Rate") and the certificate of deposit ("CD") rate or other base lending rates used by commercial lenders. |
| (f) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3. |
| (g) | Security is currently in default and/or non-income producing. |
| (h) | Represents an affiliated issuer. |
| <br> 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. | <br> Security ratings disclosed, if any, are obtained from S&P's/Moody's Investor Service and are unaudited. A brief description of the ratings is available in the Fund's Statement of Additional Information. |

---

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2026, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  MS & Co. Int. PLC | USD | 292850 | EUR | 247382 | 05/22/26 | $6203 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **71** |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At March 31, 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  2 Year U.S. Treasury Notes | 38 | 06/30/26 | $7882922 | $(34282) |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | (42) | 06/18/26 | (4663969) | 61862 |
|  20 Year U.S. Treasury Bonds | (1) | 06/18/26 | (113875) | 3748 |
|  5 Year U.S. Treasury Notes | (14) | 06/30/26 | (1514516) | 20738 |
|  Ultra 10-Year U.S. Treasury Notes | (9) | 06/18/26 | (1021641) | 21385 |
|  Ultra Long U.S. Treasury Bonds | (1) | 06/18/26 | (116562) | 3999 |
| Total |  |  |  | $111732 |
| TOTAL FUTURES CONTRACTS |  |  |  | $77450 |

---

---

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

---

---

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

---

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **72** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging<br>Markets Credit Fund** | **Emerging Markets<br>Debt Fund** | **High Yield**<br> **Fund** |
| Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $19,030,492, $400,735,435 and $2,410,983,495, respectively)<sup>(a)</sup>  | $19571767 | $408215527 | $2375982587 |
|  Investments in affiliated issuers, at value (cost $135,035, $17,337,992 and $40,280,689, respectively) | 135035 | 17337992 | 40280689 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost |  |  | 65412269 |
|  Purchased options, at value (premium paid $0, $1,211,535 and $0, respectively) |  | 1357171 |  |
|  Cash | 301448 | 6385739 | 39515964 |
|  Foreign currencies, at value (cost $19,623, $385,755 and $411,392, respectively) | 35619 | 251875 | 413081 |
|  Unrealized gain on forward foreign currency exchange contracts | 5591 | 1207470 | 1596508 |
|  Variation margin on futures contracts | 1921 | 105390 |  |
|  Variation margin on swaps contracts |  | 53762 | 2282027 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 338819 | 5892444 | 38569721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(b)</sup>  | 56607 | 2610020 | 23247536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 30825 | 10099 | 1460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 1307 | 204981 | 504942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold on an extended-settlement basis |  |  | 1236862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 13681 | 17191206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from broker |  | 145618 |  |
|  Other assets | 40335 | 54513 | 84358 |
|  **Total assets** | 20519274 | 443846282 | 2606319210 |
| Liabilities: |  |  |  |
|  Variation margin on swaps contracts | 385 |  |  |
|  Unrealized loss on forward foreign currency exchange contracts |  | 1200011 | 69701 |
|  Variation margin on futures contracts |  |  | 493385 |
|  Written option contracts, at value (premium received $0, $1,048,107 and $0, respectively) |  | 1221130 |  |
|  Unrealized loss on unfunded loan commitment |  |  | 58 |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 132684 | 141838 | 115541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 131467 | 168083 | 107784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 34043 | 177554 | 707766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to broker | 33942 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 27155 | 572533 | 4345531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 1602 | 11305 | 46465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income distributions | 766 | 215202 | 37898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 296 | 58576 | 19746430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased on an extended-settlement basis |  |  | 5475000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to broker — upfront payment | —4024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned |  |  | 65412269 |
|  Accrued expenses | 26084 | 26195 | 103889 |
|  **Total liabilities** | 388424 | 3796451 | 96661717 |
| Net Assets: |  |  |  |
|  Paid-in capital | 175251007 | 886635242 | 3182383644 |
|  Total distributable loss | (155120157) | (446585411) | (672726151) |
|  **NET ASSETS** | $20130850 | $440049831 | $2509657493 |
|  Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $3012199 | $23686978 | $75978586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 1867150 | 1876655 | 3536796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 2019914 | 227328311 | 118789886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  |  | 2075309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 1745231 | 50696587 | 6746899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 21873 | 95526611 | 26911551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | 3866799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 11464483 | 40934689 | 2271751667 |
|  Total Net Assets | $20130850 | $440049831 | $2509657493 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 752942 | 2348211 | 13660007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 467847 | 186280 | 635467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 506992 | 22526965 | 21312148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  |  | 373172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 437156 | 5025562 | 1210771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 5486 | 9464269 | 4817057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | 696029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 2877723 | 4059151 | 407485337 |
|  Net asset value, offering and redemption price per share:<sup>(c)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 4.00 | 10.09 | 5.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 3.99 | 10.07 | 5.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 3.98 | 10.09 | 5.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  |  | 5.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 3.99 | 10.09 | 5.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 3.99 | 10.09 | 5.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | 5.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 3.98 | 10.08 | 5.58 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes loaned securities having a market value of $0, $0 and $63,980,269, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Segregated for initial margin and/or collateral as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Futures** | **Swaps** |
|  Emerging Markets Credit Fund | $52018 | $4589 |
|  Emerging Markets Debt Fund | 1123888 | 1486132 |
|  High Yield Fund | 3012543 | 20234993 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) Maximum public offering price per share for Class A Shares of Emerging Markets Credit Fund, Emerging Markets Debt Fund and High Yield Fund is $4.19, $10.57 and $5.82, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value ("NAV") or the original purchase price of the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **73** |

---

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **High Yield<br>Floating Rate Fund** | **Investment<br>Grade Credit Fund** | **Short Duration High<br>Yield Fund** |
| Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $1,412,280,223, $638,988,762 and $39,627,924, respectively)<sup>(a)</sup>  | $1354498783 | $630576255 | $36415190 |
|  Investments in affiliated issuers, at value (cost $51,306,572, $18,382,576 and $1,224,406, respectively) | 51306572 | 18350495 | 1224406 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 21307829 |  |  |
|  Cash | 23730605 | 10384641 | 467505 |
|  Foreign currencies, at value (cost $69,925, $1,144 and $0, respectively) | 76275 | 1188 |  |
|  Unrealized gain on forward foreign currency exchange contracts | 1033114 | 51428 | 6203 |
|  Unrealized gain on unfunded loan commitment | 563 |  |  |
|  Variation margin on futures contracts |  | 290593 |  |
|  Variation margin on swaps contracts | 850866 | 945884 |  |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 43614603 |  | 246162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 9008202 | 7109081 | 549348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(b)</sup>  | 7703393 | 19350890 | 152779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from broker | 498524 |  | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 104966 | 178811 |  |
|  Other assets | 74309 | 49856 | 55515 |
|  **Total assets** | 1513808604 | 687289122 | 39117235 |
| Liabilities: |  |  |  |
|  Variation margin on futures contracts | 16015 |  | 13056 |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 79104615 | 2931439 | 237767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 21307829 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 3738318 | 519478 | 37903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to broker | 487849 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 356000 | 112015 | 39560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased on an extended-settlement basis | 270000 |  | 160000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 253289 | 64876 | 39976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 159463 | 94879 | 104805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 20091 | 11158 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income distributions |  | 9650 | 268 |
|  Accrued expenses | 71021 | 32052 | 20601 |
|  **Total liabilities** | 105784490 | 3775547 | 654667 |
| Net Assets: |  |  |  |
|  Paid-in capital | 2186450114 | 756660202 | 90658249 |
|  Total distributable loss | (778426000) | (73146627) | (52195681) |
|  **NET ASSETS** | $1408024114 | $683513575 | $38462568 |
|  Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $3669821 | $6525425 | $640681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 1754147 |  | 202572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 17822534 | 112002379 | 7333569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate Account Institutional |  | 77677516 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 14297930 | 19452803 | 91238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 3066323 | 142539683 | 129306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 47249 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 1367366110 | 325315769 | 30065202 |
|  Total Net Assets | $1408024114 | $683513575 | $38462568 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 437748 | 813273 | 81558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 209090 |  | 25824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 2126168 | 13955217 | 934810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate Account Institutional |  | 9676282 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 1699894 | 2424132 | 11618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 365267 | 17751532 | 16513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 5632 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 162733743 | 40548013 | 3836906 |
|  Net asset value, offering and redemption price per share:<sup>(c)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 8.38 | 8.02 | 7.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 8.39 |  | 7.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 8.38 | 8.03 | 7.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate Account Institutional |  | 8.03 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 8.41 | 8.02 | 7.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 8.39 | 8.03 | 7.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 8.39 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 8.40 | 8.02 | 7.84 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes loaned securities having a market value of $20,966,112, $0 and $0, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Segregated for initial margin and/or collateral as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Futures** | **Swaps** |
|  High Yield Floating Rate Fund | $345400 | $7357993 |
|  Investment Grade Credit Fund | 3743393 | 15607497 |
|  Short Duration High Yield Fund | 152779 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) Maximum public offering price per share for Class A Shares of High Yield Floating Rate Fund, Investment Grade Credit Fund and Short Duration High Yield Fund is $8.57, $8.33 and $8.04, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value ("NAV") or the original purchase price of the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **74** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Fiscal Year Ended March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging**<br> **Markets Credit Fund** | **Emerging Markets<br>Debt Fund** | **High Yield**<br> **Fund** |
| Investment Income: |  |  |  |
|  Interest (net of foreign withholding taxes of $662, $0 and $0, respectively) | $1817214 | $29289583 | $147888021 |
|  Dividends — affiliated issuers | 9531 | 899213 | 1762491 |
|  Dividends — unaffiliated issuers |  | 4474 | 1139596 |
|  Securities lending income, net of rebates received or paid to borrowers |  |  | 976303 |
|  **Total investment income** | 1826745 | 30193270 | 151766411 |
| Expenses: |  |  |  |
|  Management fees | 193231 | 3735838 | 15655496 |
|  Professional fees | 176825 | 186338 | 158279 |
|  Registration fees | 78458 | 108620 | 219182 |
|  Trustee fees | 27194 | 28086 | 31615 |
|  Distribution and Service (12b-1) fees<sup>(a)</sup>  | 21436 | 75440 | 253858 |
|  Custody, accounting and administrative services | 20959 | 392592 | 240624 |
|  Transfer Agency fees<sup>(a)</sup>  | 16981 | 263989 | 776676 |
|  Service fees — Class C | 4532 | 5702 | 9515 |
|  Printing and mailing costs |  | 21027 | 37377 |
|  Prime broker fees |  | 46655 |  |
|  Shareholder Administration fees —Service Class |  |  | 5612 |
|  Other | 21413 | 34492 | 123597 |
|  **Total expenses** | 561029 | 4898779 | 17511831 |
|  Less — expense reductions | (327505) | (856892) | (1993276) |
|  **Net expenses** | 233524 | 4041887 | 15518555 |
|  **NET INVESTMENT INCOME** | 1593221 | 26151383 | 136247856 |
| Realized and unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 343862 | 280774 | (26142398) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | 161 | (6381173) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 15712 | 862996 | 868441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options |  | 7163205 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 1798 | 127982 | 11433992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (77655) | (2076221) | (6058437) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 11577 | 1130011 | 664992 |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (238977) | 24417181 | 20618549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitments |  |  | 13842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options |  | 688832 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (19528) | (1086513) | (2403522) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options |  | (610902) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 2244 | 301443 | (2141458) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 33884 | (268677) | 3177156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | 1085 | 10698 | (27815) |
|  **Net realized and unrealized gain** | 74163 | 24559636 | 3342 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $1667384 | $50711019 | $136251198 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Service** | **Class R** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Emerging Markets Credit Fund | $7841 | $13595 | $— | $— | $3764 | $2175 | $879 | $— | $6747 | $7 | $— | $3409 |
|  Emerging Markets Debt Fund | 58334 | 17106 |  |  | 28000 | 2737 | 88160 |  | 105069 | 28200 |  | 11823 |
|  High Yield Fund | 199618 | 28544 | 5612 | 20084 | 95817 | 4567 | 48581 | 898 | 8413 | 11336 | 4820 | 602244 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **75** |

---

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations (continued) *For the Fiscal Year Ended March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **High Yield**<br> **Floating Rate Fund** | **Investment**<br> **Grade Credit Fund** | **Short Duration High**<br> **Yield Fund** |
| Investment Income: |  |  |  |
|  Interest | $120699769 | $30430455 | $2371402 |
|  Dividends — affiliated issuers | 2927055 | 837662 | 32446 |
|  Dividends — unaffiliated issuers | 4791663 |  | 2582 |
|  Securities lending income, net of rebates received or paid to borrowers | 152819 |  |  |
|  **Total investment income** | 128571306 | 31268117 | 2406430 |
| Expenses: |  |  |  |
|  Management fees | 9764279 | 2263428 | 199931 |
|  Custody, accounting and administrative services | 588247 | 148923 | 97346 |
|  Transfer Agency fees<sup>(a)</sup>  | 537972 | 224919 | 12650 |
|  Interest expense | 422819 |  |  |
|  Professional fees | 228780 | 138570 | 147716 |
|  Registration fees | 129583 | 91610 | 88152 |
|  Trustee fees | 30615 | 28467 | 27216 |
|  Distribution and Service (12b-1) fees<sup>(a)</sup>  | 23510 | 16623 | 3343 |
|  Printing and mailing costs | 7686 | 12840 | 10000 |
|  Service fees — Class C | 4195 |  | 558 |
|  Prime broker fees | 1423 |  |  |
|  Other | 85204 | 37179 | 4028 |
|  **Total expenses** | 11824313 | 2962559 | 590940 |
|  Less — expense reductions | (127076) | (464601) | (363426) |
|  **Net expenses** | 11697237 | 2497958 | 227514 |
|  **NET INVESTMENT INCOME** | 116874069 | 28770159 | 2178916 |
| Realized and unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (75997279) | 632627 | (516151) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options |  | (6993) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (27702) | 957512 | (151100) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options |  | 13482 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 6461348 | 4170234 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (8360113) | (221356) | (20314) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 1313459 | 31302 | 4171 |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers |  | (32081) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 18083550 | 1145883 | 400924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitments | 23427 |  | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (61354) | (4279723) | 103269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 1957922 | 254478 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 4385758 | 129679 | 13860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | 92170 | (273) | (92) |
|  **Net realized and unrealized gain (loss)** | (52128814) | 2794771 | (164989) |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $64745255 | $31564930 | $2013927 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Class R** | **Class A** | **Class C** | **Institutional** | **Separate Account Institutional** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  High Yield Floating Rate Fund | $10638 | $12586 | $286 | $5106 | $2014 | $39546 | $— | $18091 | $7361 | $68 | $465786 |
|  Investment Grade Credit Fund | 16623 |  |  | 7979 |  | 42788 | 22525 | 11364 | 44680 |  | 95583 |
|  Short Duration High Yield Fund | 1668 | 1675 |  | 800 | 268 | 3255 |  | 173 | 37 |  | 8117 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **76** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** |
|  | **For the Fiscal<br>Year Ended<br>March 31, 2026** | **For the Fiscal<br>Year Ended<br>March 31, 2025** | **For the Fiscal<br>Year Ended<br>March 31, 2026** | **For the Fiscal<br>Year Ended<br>March 31, 2025** |
| From operations: |  |  |  |  |
|  Net investment income | $1593221 | $2011086 | $26151383 | $24560698 |
|  Net realized gain (loss) | 295455 | (1704609) | 1107574 | (51679968) |
|  Net change in unrealized gain (loss) | (221292) | 1845986 | 23452062 | 53376314 |
|  **Net increase in net assets resulting from operations** | 1667384 | 2152463 | 50711019 | 26257044 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (201959) |  | (1246757) | (1329501) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (103111) |  | (104914) | (153826) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (148167) |  | (12381515) | (14594514) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (375938) |  | (4770685) | (606161) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (1437) |  | (5283116) | (4552076) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (766589) |  | (2215257) | (2105402) |
|  Return of capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares |  | (202529) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares |  | (102583) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  | (197933) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | (697900) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares |  | (9031) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares |  | (818358) |  |  |
|  **Total distributions to shareholders** | (1597201) | (2028334) | (26002244) | (23341480) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 1594294 | 9005119 | 227951017 | 109789712 |
|  Reinvestment of distributions | 1587469 | 2006607 | 23754495 | 21031226 |
|  Cost of shares redeemed | (9616021) | (19112589) | (218037713) | (176789826) |
|  **Net increase (decrease) in net assets resulting from share transactions** | (6434258) | (8100863) | 33667799 | (45968888) |
|  **TOTAL INCREASE (DECREASE)** | (6364075) | (7976734) | 58376574 | (43053324) |
| Net assets: |  |  |  |  |
|  Beginning of year | 26494925 | 34471659 | 381673257 | 424726581 |
|  End of year | $20130850 | $26494925 | $440049831 | $381673257 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **77** |

---

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **High Yield Fund** | **High Yield Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** |
|  | **For the Fiscal**<br> **Year Ended**<br> **March 31, 2026** | **For the Fiscal**<br> **Year Ended**<br> **March 31, 2025** | **For the Fiscal**<br> **Year Ended**<br> **March 31, 2026** | **For the Fiscal**<br> **Year Ended**<br> **March 31, 2025** |
| From operations: |  |  |  |  |
|  Net investment income | $136247856 | $123874815 | $116874069 | $152145505 |
|  Net realized loss | (19233410) | (28438987) | (76610287) | (59223723) |
|  Net change in unrealized gain | 19236752 | 26348901 | 24481473 | 9646927 |
|  **Net increase in net assets resulting from operations** | 136251198 | 121784729 | 64745255 | 102568709 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (4523780) | (4897226) | (274409) | (464549) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (189718) | (212773) | (95802) | (95164) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (7204421) | (8474793) | (6615991) | (12220102) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (123015) | (235199) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (412703) | (442137) | (1006283) | (1450586) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (2245493) | (2733331) | (1646375) | (1894089) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (218488) | (254652) | (3558) | (20486) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (118983954) | (105303797) | (104260693) | (133869462) |
|  Return of capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (457532) | (303292) | (15134) | (6312) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (19188) | (13177) | (5284) | (1293) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (728649) | (524856) | (364883) | (166052) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (12442) | (14566) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (41741) | (27382) | (55498) | (19711) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (227108) | (169279) | (90800) | (25738) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (22098) | (15771) | (196) | (278) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (12033953) | (6521609) | (5750147) | (1819073) |
|  **Total distributions to shareholders** | (147444283) | (130143840) | (120185053) | (152052895) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 975213353 | 450136096 | 371234143 | 327760053 |
|  Reinvestment of distributions | 146898793 | 129272387 | 118625192 | 149097423 |
|  Cost of shares redeemed | (635473992) | (488106430) | (901538467) | (572563226) |
|  **Net increase (decrease) in net assets resulting from share transactions** | 486638154 | 91302053 | (411679132) | (95705750) |
|  **TOTAL INCREASE (DECREASE)** | 475445069 | 82942942 | (467118930) | (145189936) |
| Net assets: |  |  |  |  |
|  Beginning of year | 2034212424 | 1951269482 | 1875143044 | 2020332980 |
|  End of year | $2509657493 | $2034212424 | $1408024114 | $1875143044 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **78** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** |
|  | **For the Fiscal**<br> **Year Ended**<br> **March 31, 2026** | **For the Fiscal**<br> **Year Ended**<br> **March 31, 2025** | **For the Fiscal**<br> **Year Ended**<br> **March 31, 2026** | **For the Fiscal**<br> **Year Ended**<br> **March 31, 2025** |
| From operations: |  |  |  |  |
|  Net investment income | $28770159 | $26876713 | $2178916 | $2676453 |
|  Net realized gain (loss) | 5576808 | (5177205) | (683394) | (1421439) |
|  Net change in unrealized gain (loss) | (2782037) | 7883517 | 518405 | 1445562 |
|  **Net increase in net assets resulting from operations** | 31564930 | 29583025 | 2013927 | 2700576 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (245706) | (252683) | (37986) | (38965) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares |  |  | (11058) | (12026) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (4244352) | (3493480) | (490741) | (591117) |
| &nbsp;&nbsp;&nbsp;&nbsp; Separate Account Institutional Shares | (2984293) | (3596925) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (368915) | (368132) | (8561) | (17973) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (5921797) | (6240490) | (7419) | (222421) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (12663843) | (11250847) | (1633057) | (2024175) |
|  Return of capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (51113) | (36659) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (882933) | (506824) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Separate Account Institutional Shares | (620808) | (521831) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (76744) | (53407) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (1231884) | (905352) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (2634399) | (1632239) |  |  |
|  **Total distributions to shareholders** | (31926787) | (28858869) | (2188822) | (2906677) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 140272650 | 121097337 | 7320515 | 8728118 |
|  Reinvestment of distributions | 31751059 | 28600719 | 2183657 | 2903389 |
|  Cost of shares redeemed | (122925632) | (182268612) | (14159250) | (16396076) |
|  **Net increase (decrease) in net assets resulting from share transactions** | 49098077 | (32570556) | (4655078) | (4764569) |
|  **TOTAL INCREASE (DECREASE)** | 48736220 | (31846400) | (4829973) | (4970670) |
| Net assets: |  |  |  |  |
|  Beginning of year | 634777355 | 666623755 | 43292541 | 48263211 |
|  End of year | $683513575 | $634777355 | $38462568 | $43292541 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **79** |

---

------

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $4.01 | $3.99 | $4.55 | $5.00 | $5.56 |
|  Net investment income<sup>(a)</sup>  | 0.26 | 0.26 | 0.27 | 0.23 | 0.19 |
|  Net realized and unrealized gain (loss) | (0.01) | 0.02 | 0.03 | (0.33) | (0.55) |
|  Total from investment operations | 0.25 | 0.28 | 0.30 | (0.10) | (0.36) |
|  Distributions to shareholders from net investment income | (0.26) |  | (0.79) | (0.35) | (0.20) |
|  Distributions to shareholders from return of capital |  | (0.26) | (0.07) |  |  |
|  Total distributions | (0.26) | (0.26) | (0.86) | (0.35) | (0.20) |
|  Net asset value, end of year | $4.00 | $4.01 | $3.99 | $4.55 | $5.00 |
|  **Total return<sup>(b)</sup>**  | 6.36% | 7.34% | 7.31% | (1.79)% | (6.51)% |
|  Net assets, end of year (in 000s) | $3012 | $3264 | $2681 | $2794 | $3842 |
|  Ratio of net expenses to average net assets | 1.14% | 1.14% | 1.19% | 1.22% | 1.21% |
|  Ratio of total expenses to average net assets | 2.49% | 3.20% | 2.54% | 2.49% | 1.74% |
|  Ratio of net investment income to average net assets | 6.42% | 6.53% | 6.18% | 5.08% | 3.44% |
|  Portfolio turnover rate<sup>(c)</sup>  | 51% | 63% | 203% | 168% | 123% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **80** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $4.00 | $3.99 | $4.54 | $5.00 | $5.55 |
|  Net investment income<sup>(a)</sup>  | 0.23 | 0.23 | 0.24 | 0.20 | 0.15 |
|  Net realized and unrealized gain (loss) | (0.01) | 0.01 | 0.04 | (0.34) | (0.54) |
|  Total from investment operations | 0.22 | 0.24 | 0.28 | (0.14) | (0.39) |
|  Distributions to shareholders from net investment income | (0.23) |  | (0.77) | (0.32) | (0.16) |
|  Distributions to shareholders from return of capital |  | (0.23) | (0.06) |  |  |
|  Total distributions | (0.23) | (0.23) | (0.83) | (0.32) | (0.16) |
|  Net asset value, end of year | $3.99 | $4.00 | $3.99 | $4.54 | $5.00 |
|  **Total return<sup>(b)</sup>**  | 5.57% | 6.54% | 6.51% | (2.54)% | (7.39)% |
|  Net assets, end of year (in 000s) | $1867 | $1764 | $1693 | $1651 | $1879 |
|  Ratio of net expenses to average net assets | 1.89% | 1.89% | 1.94% | 1.97% | 1.96% |
|  Ratio of total expenses to average net assets | 3.22% | 3.95% | 3.30% | 3.24% | 2.50% |
|  Ratio of net investment income to average net assets | 5.67% | 5.78% | 5.43% | 4.34% | 2.69% |
|  Portfolio turnover rate<sup>(c)</sup>  | 51% | 63% | 203% | 168% | 123% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **81** |

---

------

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $3.99 | $3.98 | $4.53 | $4.99 | $5.54 |
|  Net investment income<sup>(a)</sup>  | 0.27 | 0.27 | 0.28 | 0.24 | 0.20 |
|  Net realized and unrealized gain (loss) | (0.01) | 0.02 | 0.05 | (0.33) | (0.53) |
|  Total from investment operations | 0.26 | 0.29 | 0.33 | (0.09) | (0.33) |
|  Distributions to shareholders from net investment income | (0.27) |  | (0.81) | (0.37) | (0.22) |
|  Distributions to shareholders from return of capital |  | (0.28) | (0.07) |  |  |
|  Total distributions | (0.27) | (0.28) | (0.88) | (0.37) | (0.22) |
|  Net asset value, end of year | $3.98 | $3.99 | $3.98 | $4.53 | $4.99 |
|  **Total return<sup>(b)</sup>**  | 6.67% | 7.39% | 7.67% | (1.31)% | (6.43)% |
|  Net assets, end of year (in 000s) | $2020 | $2279 | $5768 | $6569 | $11750 |
|  Ratio of net expenses to average net assets | 0.84% | 0.84% | 0.90% | 0.92% | 0.92% |
|  Ratio of total expenses to average net assets | 2.17% | 2.82% | 2.19% | 2.14% | 1.41% |
|  Ratio of net investment income to average net assets | 6.72% | 6.81% | 6.50% | 5.36% | 3.72% |
|  Portfolio turnover rate<sup>(c)</sup>  | 51% | 63% | 203% | 168% | 123% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **82** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $4.00 | $3.98 | $4.54 | $4.99 | $5.55 |
|  Net investment income<sup>(a)</sup>  | 0.27 | 0.27 | 0.28 | 0.24 | 0.20 |
|  Net realized and unrealized gain (loss) | (0.01) | 0.02 | 0.04 | (0.32) | (0.55) |
|  Total from investment operations | 0.26 | 0.29 | 0.32 | (0.08) | (0.35) |
|  Distributions to shareholders from net investment income | (0.27) |  | (0.81) | (0.37) | (0.21) |
|  Distributions to shareholders from return of capital |  | (0.27) | (0.07) |  |  |
|  Total distributions | (0.27) | (0.27) | (0.88) | (0.37) | (0.21) |
|  Net asset value, end of year | $3.99 | $4.00 | $3.98 | $4.54 | $4.99 |
|  **Total return<sup>(b)</sup>**  | 6.62% | 7.60% | 7.58% | (1.56)% | (6.29)% |
|  Net assets, end of year (in 000s) | $1745 | $8199 | $11022 | $6364 | $8364 |
|  Ratio of net expenses to average net assets | 0.89% | 0.89% | 0.95% | 0.97% | 0.96% |
|  Ratio of total expenses to average net assets | 2.39% | 2.96% | 2.32% | 2.24% | 1.50% |
|  Ratio of net investment income to average net assets | 6.67% | 6.77% | 6.41% | 5.31% | 3.70% |
|  Portfolio turnover rate<sup>(c)</sup>  | 51% | 63% | 203% | 168% | 123% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **83** |

---

------

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $4.00 | $3.98 | $4.53 | $4.99 | $5.55 |
|  Net investment income<sup>(a)</sup>  | 0.27 | 0.27 | 0.29 | 0.25 | 0.21 |
|  Net realized and unrealized gain (loss) | (0.01) | 0.03 | 0.04 | (0.34) | (0.55) |
|  Total from investment operations | 0.26 | 0.30 | 0.33 | (0.09) | (0.34) |
|  Distributions to shareholders from net investment income | (0.27) |  | (0.86) | (0.37) | (0.22) |
|  Distributions to shareholders from return of capital |  | (0.28) | (0.02) |  |  |
|  Total distributions | (0.27) | (0.28) | (0.88) | (0.37) | (0.22) |
|  Net asset value, end of year | $3.99 | $4.00 | $3.98 | $4.53 | $4.99 |
|  **Total return<sup>(b)</sup>**  | 6.68% | 7.66% | 7.92% | (1.52)% | (6.42)% |
|  Net assets, end of year (in 000s) | $22 | $20 | $14 | $25147 | $4672 |
|  Ratio of net expenses to average net assets | 0.83% | 0.83% | 0.90% | 0.90% | 0.90% |
|  Ratio of total expenses to average net assets | 2.13% | 2.87% | 1.88% | 2.14% | 1.36% |
|  Ratio of net investment income to average net assets | 6.73% | 6.71% | 6.43% | 5.56% | 3.72% |
|  Portfolio turnover rate<sup>(c)</sup>  | 51% | 63% | 203% | 168% | 123% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **84** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $3.99 | $3.98 | $4.53 | $4.99 | $5.55 |
|  Net investment income<sup>(a)</sup>  | 0.27 | 0.27 | 0.28 | 0.24 | 0.21 |
|  Net realized and unrealized gain (loss) | (0.01) | 0.02 | 0.05 | (0.33) | (0.55) |
|  Total from investment operations | 0.26 | 0.29 | 0.33 | (0.09) | (0.34) |
|  Distributions to shareholders from net investment income | (0.27) |  | (0.81) | (0.37) | (0.22) |
|  Distributions to shareholders from return of capital |  | (0.28) | (0.07) |  |  |
|  Total distributions | (0.27) | (0.28) | (0.88) | (0.37) | (0.22) |
|  Net asset value, end of year | $3.98 | $3.99 | $3.98 | $4.53 | $4.99 |
|  **Total return<sup>(b)</sup>**  | 6.68% | 7.40% | 7.68% | (1.30)% | (6.42)% |
|  Net assets, end of year (in 000s) | $11464 | $10968 | $13294 | $16196 | $20864 |
|  Ratio of net expenses to average net assets | 0.83% | 0.83% | 0.89% | 0.91% | 0.91% |
|  Ratio of total expenses to average net assets | 2.13% | 2.86% | 2.18% | 2.15% | 1.41% |
|  Ratio of net investment income to average net assets | 6.73% | 6.84% | 6.49% | 5.38% | 3.73% |
|  Portfolio turnover rate<sup>(c)</sup>  | 51% | 63% | 203% | 168% | 123% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **85** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.60 | $9.53 | $8.89 | $10.65 | $11.98 |
|  Net investment income<sup>(a)</sup>  | 0.54 | 0.57 | 0.47 | 0.44 | 0.44 |
|  Net realized and unrealized gain (loss) | 0.49 | 0.04 | 0.64 | (1.52) | (1.32) |
|  Total from investment operations | 1.03 | 0.61 | 1.11 | (1.08) | (0.88) |
|  Distributions to shareholders from net investment income | (0.54) | (0.54) | (0.47) | (0.68) | (0.45) |
|  Net asset value, end of year | $10.09 | $9.60 | $9.53 | $8.89 | $10.65 |
|  **Total return<sup>(b)</sup>**  | 10.84% | 6.51% | 12.87% | (10.08)% | (7.64)% |
|  Net assets, end of year (in 000s) | $23687 | $22859 | $24265 | $23037 | $29940 |
|  Ratio of net expenses to average net assets | 1.12% | 1.12% | 1.14% | 1.16% | 1.16% |
|  Ratio of total expenses to average net assets | 1.35% | 1.36% | 1.36% | 1.29% | 1.22% |
|  Ratio of net investment income to average net assets | 5.37% | 5.88% | 5.21% | 4.73% | 3.62% |
|  Portfolio turnover rate<sup>(c)</sup>  | 51% | 34% | 27% | 53% | 32% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **86** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.59 | $9.52 | $8.87 | $10.64 | $11.97 |
|  Net investment income<sup>(a)</sup>  | 0.46 | 0.49 | 0.40 | 0.37 | 0.35 |
|  Net realized and unrealized gain (loss) | 0.48 | 0.05 | 0.65 | (1.53) | (1.32) |
|  Total from investment operations | 0.94 | 0.54 | 1.05 | (1.16) | (0.97) |
|  Distributions to shareholders from net investment income | (0.46) | (0.47) | (0.40) | (0.61) | (0.36) |
|  Net asset value, end of year | $10.07 | $9.59 | $9.52 | $8.87 | $10.64 |
|  **Total return<sup>(b)</sup>**  | 9.92% | 5.72% | 12.05% | (10.76)% | (8.34)% |
|  Net assets, end of year (in 000s) | $1877 | $2652 | $3945 | $5112 | $8088 |
|  Ratio of net expenses to average net assets | 1.87% | 1.87% | 1.89% | 1.91% | 1.91% |
|  Ratio of total expenses to average net assets | 2.10% | 2.11% | 2.11% | 2.04% | 1.97% |
|  Ratio of net investment income to average net assets | 4.63% | 5.07% | 4.49% | 3.95% | 2.88% |
|  Portfolio turnover rate<sup>(c)</sup>  | 51% | 34% | 27% | 53% | 32% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **87** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.61 | $9.54 | $8.89 | $10.66 | $11.99 |
|  Net investment income<sup>(a)</sup>  | 0.57 | 0.59 | 0.50 | 0.46 | 0.47 |
|  Net realized and unrealized gain (loss) | 0.47 | 0.05 | 0.65 | (1.53) | (1.31) |
|  Total from investment operations | 1.04 | 0.64 | 1.15 | (1.07) | (0.84) |
|  Distributions to shareholders from net investment income | (0.56) | (0.57) | (0.50) | (0.70) | (0.49) |
|  Net asset value, end of year | $10.09 | $9.61 | $9.54 | $8.89 | $10.66 |
|  **Total return<sup>(b)</sup>**  | 11.02% | 6.79% | 13.30% | (9.90)% | (7.35)% |
|  Net assets, end of year (in 000s) | $227328 | $209522 | $282815 | $407041 | $726607 |
|  Ratio of net expenses to average net assets | 0.85% | 0.85% | 0.86% | 0.86% | 0.86% |
|  Ratio of total expenses to average net assets | 1.01% | 1.03% | 1.02% | 0.96% | 0.89% |
|  Ratio of net investment income to average net assets | 5.65% | 6.13% | 5.52% | 4.98% | 3.94% |
|  Portfolio turnover rate<sup>(c)</sup>  | 51% | 34% | 27% | 53% | 32% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **88** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.61 | $9.54 | $8.89 | $10.67 | $12.00 |
|  Net investment income<sup>(a)</sup>  | 0.56 | 0.58 | 0.52 | 0.47 | 0.47 |
|  Net realized and unrealized gain (loss) | 0.48 | 0.05 | 0.63 | (1.55) | (1.32) |
|  Total from investment operations | 1.04 | 0.63 | 1.15 | (1.08) | (0.85) |
|  Distributions to shareholders from net investment income | (0.56) | (0.56) | (0.50) | (0.70) | (0.48) |
|  Net asset value, end of year | $10.09 | $9.61 | $9.54 | $8.89 | $10.67 |
|  **Total return<sup>(b)</sup>**  | 11.00% | 6.77% | 13.15% | (9.84)% | (7.47)% |
|  Net assets, end of year (in 000s) | $50697 | $8573 | $13003 | $119488 | $38862 |
|  Ratio of net expenses to average net assets | 0.87% | 0.87% | 0.89% | 0.89% | 0.91% |
|  Ratio of total expenses to average net assets | 1.10% | 1.11% | 1.07% | 1.04% | 0.97% |
|  Ratio of net investment income to average net assets | 5.49% | 6.03% | 5.80% | 5.15% | 3.86% |
|  Portfolio turnover rate<sup>(c)</sup>  | 51% | 34% | 27% | 53% | 32% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **89** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.61 | $9.54 | $8.89 | $10.66 | $11.99 |
|  Net investment income<sup>(a)</sup>  | 0.57 | 0.60 | 0.50 | 0.47 | 0.47 |
|  Net realized and unrealized gain (loss) | 0.47 | 0.04 | 0.65 | (1.53) | (1.31) |
|  Total from investment operations | 1.04 | 0.64 | 1.15 | (1.06) | (0.84) |
|  Distributions to shareholders from net investment income | (0.56) | (0.57) | (0.50) | (0.71) | (0.49) |
|  Net asset value, end of year | $10.09 | $9.61 | $9.54 | $8.89 | $10.66 |
|  **Total return<sup>(b)</sup>**  | 11.03% | 6.80% | 13.31% | (9.89)% | (7.34)% |
|  Net assets, end of year (in 000s) | $95527 | $101697 | $65816 | $161802 | $183368 |
|  Ratio of net expenses to average net assets | 0.84% | 0.84% | 0.85% | 0.85% | 0.85% |
|  Ratio of total expenses to average net assets | 1.01% | 1.02% | 1.01% | 0.95% | 0.88% |
|  Ratio of net investment income to average net assets | 5.65% | 6.23% | 5.60% | 5.01% | 3.94% |
|  Portfolio turnover rate<sup>(c)</sup>  | 51% | 34% | 27% | 53% | 32% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **90** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.60 | $9.53 | $8.88 | $10.65 | $11.99 |
|  Net investment income<sup>(a)</sup>  | 0.57 | 0.59 | 0.50 | 0.46 | 0.47 |
|  Net realized and unrealized gain (loss) | 0.47 | 0.05 | 0.65 | (1.52) | (1.32) |
|  Total from investment operations | 1.04 | 0.64 | 1.15 | (1.06) | (0.85) |
|  Distributions to shareholders from net investment income | (0.56) | (0.57) | (0.50) | (0.71) | (0.49) |
|  Net asset value, end of year | $10.08 | $9.60 | $9.53 | $8.88 | $10.65 |
|  **Total return<sup>(b)</sup>**  | 11.04% | 6.81% | 13.19% | (9.81)% | (7.43)% |
|  Net assets, end of year (in 000s) | $40935 | $36370 | $34883 | $30394 | $35720 |
|  Ratio of net expenses to average net assets | 0.84% | 0.84% | 0.85% | 0.85% | 0.85% |
|  Ratio of total expenses to average net assets | 1.00% | 1.02% | 1.02% | 0.95% | 0.88% |
|  Ratio of net investment income to average net assets | 5.65% | 6.15% | 5.48% | 5.03% | 3.97% |
|  Portfolio turnover rate<sup>(c)</sup>  | 51% | 34% | 27% | 53% | 32% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **91** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $5.55 | $5.57 | $5.42 | $6.00 | $6.39 |
|  Net investment income<sup>(a)</sup>  | 0.32 | 0.33 | 0.32 | 0.28 | 0.26 |
|  Net realized and unrealized gain (loss) | 0.04 |  | 0.16 | (0.56) | (0.36) |
|  Total from investment operations | 0.36 | 0.33 | 0.48 | (0.28) | (0.10) |
|  Distributions to shareholders from net investment income | (0.32) | (0.33) | (0.32) | (0.28) | (0.26) |
|  Distributions to shareholders from return of capital | (0.03) | (0.02) | (0.01) | (0.02) | (0.03) |
|  Total distributions | (0.35) | (0.35) | (0.33) | (0.30) | (0.29) |
|  Net asset value, end of year | $5.56 | $5.55 | $5.57 | $5.42 | $6.00 |
|  **Total return<sup>(b)</sup>**  | 6.59% | 6.06% | 9.07% | (4.51)% | (1.77)% |
|  Net assets, end of year (in 000s) | $75979 | $83745 | $85376 | $96399 | $111249 |
|  Ratio of net expenses to average net assets | 0.98% | 0.98% | 0.98% | 0.99% | 1.00% |
|  Ratio of total expenses to average net assets | 1.10% | 1.11% | 1.11% | 1.11% | 1.10% |
|  Ratio of net investment income to average net assets | 5.74% | 5.95% | 5.89% | 5.18% | 4.15% |
|  Portfolio turnover rate<sup>(c)</sup>  | 69% | 42% | 26% | 39% | 56% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **92** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $5.56 | $5.57 | $5.42 | $6.01 | $6.40 |
|  Net investment income<sup>(a)</sup>  | 0.28 | 0.29 | 0.28 | 0.24 | 0.22 |
|  Net realized and unrealized gain (loss) | 0.04 | 0.01 | 0.16 | (0.57) | (0.37) |
|  Total from investment operations | 0.32 | 0.30 | 0.44 | (0.33) | (0.15) |
|  Distributions to shareholders from net investment income | (0.28) | (0.29) | (0.28) | (0.24) | (0.22) |
|  Distributions to shareholders from return of capital | (0.03) | (0.02) | (0.01) | (0.02) | (0.02) |
|  Total distributions | (0.31) | (0.31) | (0.29) | (0.26) | (0.24) |
|  Net asset value, end of year | $5.57 | $5.56 | $5.57 | $5.42 | $6.01 |
|  **Total return<sup>(b)</sup>**  | 5.80% | 5.46% | 8.26% | (5.38)% | (2.50)% |
|  Net assets, end of year (in 000s) | $3537 | $3997 | $3936 | $3721 | $5607 |
|  Ratio of net expenses to average net assets | 1.73% | 1.73% | 1.73% | 1.74% | 1.75% |
|  Ratio of total expenses to average net assets | 1.85% | 1.86% | 1.86% | 1.86% | 1.85% |
|  Ratio of net investment income to average net assets | 4.99% | 5.20% | 5.14% | 4.41% | 3.40% |
|  Portfolio turnover rate<sup>(c)</sup>  | 69% | 42% | 26% | 39% | 56% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **93** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $5.56 | $5.58 | $5.43 | $6.02 | $6.41 |
|  Net investment income<sup>(a)</sup>  | 0.34 | 0.35 | 0.34 | 0.30 | 0.28 |
|  Net realized and unrealized gain (loss) | 0.04 |  | 0.15 | (0.57) | (0.36) |
|  Total from investment operations | 0.38 | 0.35 | 0.49 | (0.27) | (0.08) |
|  Distributions to shareholders from net investment income | (0.34) | (0.35) | (0.33) | (0.30) | (0.28) |
|  Distributions to shareholders from return of capital | (0.03) | (0.02) | (0.01) | (0.02) | (0.03) |
|  Total distributions | (0.37) | (0.37) | (0.34) | (0.32) | (0.31) |
|  Net asset value, end of year | $5.57 | $5.56 | $5.58 | $5.43 | $6.02 |
|  **Total return<sup>(b)</sup>**  | 6.91% | 6.38% | 9.38% | (4.38)% | (1.48)% |
|  Net assets, end of year (in 000s) | $118790 | $114134 | $169826 | $178298 | $263256 |
|  Ratio of net expenses to average net assets | 0.68% | 0.68% | 0.69% | 0.71% | 0.72% |
|  Ratio of total expenses to average net assets | 0.77% | 0.78% | 0.78% | 0.78% | 0.77% |
|  Ratio of net investment income to average net assets | 6.03% | 6.25% | 6.19% | 5.44% | 4.43% |
|  Portfolio turnover rate<sup>(c)</sup>  | 69% | 42% | 26% | 39% | 56% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **94** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $5.55 | $5.57 | $5.41 | $6.00 | $6.39 |
|  Net investment income<sup>(a)</sup>  | 0.31 | 0.32 | 0.31 | 0.27 | 0.25 |
|  Net realized and unrealized gain (loss) | 0.04 |  | 0.16 | (0.57) | (0.37) |
|  Total from investment operations | 0.35 | 0.32 | 0.47 | (0.30) | (0.12) |
|  Distributions to shareholders from net investment income | (0.31) | (0.32) | (0.30) | (0.27) | (0.24) |
|  Distributions to shareholders from return of capital | (0.03) | (0.02) | (0.01) | (0.02) | (0.03) |
|  Total distributions | (0.34) | (0.34) | (0.31) | (0.29) | (0.27) |
|  Net asset value, end of year | $5.56 | $5.55 | $5.57 | $5.41 | $6.00 |
|  **Total return<sup>(b)</sup>**  | 6.38% | 5.85% | 9.04% | (4.89)% | (1.99)% |
|  Net assets, end of year (in 000s) | $2075 | $2273 | $4375 | $4258 | $6867 |
|  Ratio of net expenses to average net assets | 1.18% | 1.18% | 1.19% | 1.21% | 1.22% |
|  Ratio of total expenses to average net assets | 1.27% | 1.28% | 1.28% | 1.28% | 1.27% |
|  Ratio of net investment income to average net assets | 5.54% | 5.75% | 5.68% | 4.92% | 3.94% |
|  Portfolio turnover rate<sup>(c)</sup>  | 69% | 42% | 26% | 39% | 56% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **95** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $5.56 | $5.58 | $5.43 | $6.02 | $6.40 |
|  Net investment income<sup>(a)</sup>  | 0.34 | 0.35 | 0.33 | 0.30 | 0.28 |
|  Net realized and unrealized gain (loss) | 0.04 |  | 0.16 | (0.57) | (0.36) |
|  Total from investment operations | 0.38 | 0.35 | 0.49 | (0.27) | (0.08) |
|  Distributions to shareholders from net investment income | (0.34) | (0.35) | (0.33) | (0.30) | (0.27) |
|  Distributions to shareholders from return of capital | (0.03) | (0.02) | (0.01) | (0.02) | (0.03) |
|  Total distributions | (0.37) | (0.37) | (0.34) | (0.32) | (0.30) |
|  Net asset value, end of year | $5.57 | $5.56 | $5.58 | $5.43 | $6.02 |
|  **Total return<sup>(b)</sup>**  | 6.86% | 6.33% | 9.33% | (4.25)% | (1.52)% |
|  Net assets, end of year (in 000s) | $6747 | $6855 | $7242 | $7715 | $16174 |
|  Ratio of net expenses to average net assets | 0.73% | 0.73% | 0.73% | 0.74% | 0.75% |
|  Ratio of total expenses to average net assets | 0.85% | 0.86% | 0.86% | 0.86% | 0.85% |
|  Ratio of net investment income to average net assets | 5.99% | 6.20% | 6.14% | 5.40% | 4.40% |
|  Portfolio turnover rate<sup>(c)</sup>  | 69% | 42% | 26% | 39% | 56% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **96** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $5.58 | $5.59 | $5.44 | $6.03 | $6.42 |
|  Net investment income<sup>(a)</sup>  | 0.34 | 0.35 | 0.34 | 0.29 | 0.28 |
|  Net realized and unrealized gain (loss) | 0.04 | 0.01 | 0.15 | (0.56) | (0.36) |
|  Total from investment operations | 0.38 | 0.36 | 0.49 | (0.27) | (0.08) |
|  Distributions to shareholders from net investment income | (0.34) | (0.35) | (0.33) | (0.30) | (0.28) |
|  Distributions to shareholders from return of capital | (0.03) | (0.02) | (0.01) | (0.02) | (0.03) |
|  Total distributions | (0.37) | (0.37) | (0.34) | (0.32) | (0.31) |
|  Net asset value, end of year | $5.59 | $5.58 | $5.59 | $5.44 | $6.03 |
|  **Total return<sup>(b)</sup>**  | 6.92% | 6.58% | 9.39% | (4.36)% | (1.46)% |
|  Net assets, end of year (in 000s) | $26912 | $40624 | $37844 | $16748 | $70219 |
|  Ratio of net expenses to average net assets | 0.67% | 0.67% | 0.68% | 0.70% | 0.71% |
|  Ratio of total expenses to average net assets | 0.76% | 0.77% | 0.77% | 0.77% | 0.76% |
|  Ratio of net investment income to average net assets | 6.05% | 6.24% | 6.17% | 5.31% | 4.45% |
|  Portfolio turnover rate<sup>(c)</sup>  | 69% | 42% | 26% | 39% | 56% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **97** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $5.55 | $5.56 | $5.41 | $6.00 | $6.38 |
|  Net investment income<sup>(a)</sup>  | 0.31 | 0.32 | 0.31 | 0.27 | 0.25 |
|  Net realized and unrealized gain (loss) | 0.04 | 0.01 | 0.15 | (0.57) | (0.36) |
|  Total from investment operations | 0.35 | 0.33 | 0.46 | (0.30) | (0.11) |
|  Distributions to shareholders from net investment income | (0.31) | (0.32) | (0.30) | (0.27) | (0.24) |
|  Distributions to shareholders from return of capital | (0.03) | (0.02) | (0.01) | (0.02) | (0.03) |
|  Total distributions | (0.34) | (0.34) | (0.31) | (0.29) | (0.27) |
|  Net asset value, end of year | $5.56 | $5.55 | $5.56 | $5.41 | $6.00 |
|  **Total return<sup>(b)</sup>**  | 6.33% | 5.99% | 8.80% | (4.92)% | (1.87)% |
|  Net assets, end of year (in 000s) | $3867 | $4295 | $4512 | $3816 | $4551 |
|  Ratio of net expenses to average net assets | 1.23% | 1.23% | 1.23% | 1.24% | 1.25% |
|  Ratio of total expenses to average net assets | 1.35% | 1.36% | 1.36% | 1.36% | 1.35% |
|  Ratio of net investment income to average net assets | 5.49% | 5.70% | 5.64% | 4.93% | 3.90% |
|  Portfolio turnover rate<sup>(c)</sup>  | 69% | 42% | 26% | 39% | 56% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **98** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $5.57 | $5.58 | $5.43 | $6.02 | $6.41 |
|  Net investment income<sup>(a)</sup> | 0.34 | 0.35 | 0.34 | 0.30 | 0.28 |
|  Net realized and unrealized gain (loss) | 0.04 | 0.01 | 0.15 | (0.57) | (0.36) |
|  Total from investment operations | 0.38 | 0.36 | 0.49 | (0.27) | (0.08) |
|  Distributions to shareholders from net investment income | (0.34) | (0.35) | (0.33) | (0.30) | (0.28) |
|  Distributions to shareholders from return of capital | (0.03) | (0.02) | (0.01) | (0.02) | (0.03) |
|  Total distributions | (0.37) | (0.37) | (0.34) | (0.32) | (0.31) |
|  Net asset value, end of year | $5.58 | $5.57 | $5.58 | $5.43 | $6.02 |
|  **Total return<sup>(b)</sup>** | 6.92% | 6.58% | 9.39% | (4.37)% | (1.47)% |
|  Net assets, end of year (in 000s) | $2271752 | $1778290 | $1638158 | $1294140 | $1417912 |
|  Ratio of net expenses to average net assets | 0.67% | 0.67% | 0.68% | 0.70% | 0.71% |
|  Ratio of total expenses to average net assets | 0.76% | 0.77% | 0.77% | 0.77% | 0.76% |
|  Ratio of net investment income to average net assets | 6.03% | 6.26% | 6.19% | 5.47% | 4.44% |
|  Portfolio turnover rate<sup>(c)</sup> | 69% | 42% | 26% | 39% | 56% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **99** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.67 | $8.89 | $8.71 | $9.23 | $9.36 |
|  Net investment income<sup>(a)</sup> | 0.57 | 0.66 | 0.75 | 0.52 | 0.29 |
|  Net realized and unrealized gain (loss) | (0.28) | (0.22) | 0.18 | (0.46) | (0.13) |
|  Total from investment operations | 0.29 | 0.44 | 0.93 | 0.06 | 0.16 |
|  Distributions to shareholders from net investment income | (0.55) | (0.65) | (0.73) | (0.58) | (0.29) |
|  Distributions to shareholders from return of capital | (0.03) | (0.01) | (0.02) |  |  |
|  Total distributions | (0.58) | (0.66) | (0.75) | (0.58) | (0.29) |
|  Net asset value, end of year | $8.38 | $8.67 | $8.89 | $8.71 | $9.23 |
|  **Total return<sup>(b)</sup>** | 3.42% | 4.88% | 11.23% | 0.77% | 1.83% |
|  Net assets, end of year (in 000s) | $3670 | $4853 | $6260 | $2959 | $3623 |
|  Ratio of net expenses to average net assets after interest expense | 0.98% | 1.00% | 1.07% | 1.06% | 0.96% |
|  Ratio of net expenses to average net assets before interest expense | 0.96% | 0.96% | 1.03% | 0.99% | 0.94% |
|  Ratio of total expenses to average net assets after interest expense | 1.03% | 1.04% | 1.08% | 1.07% | 0.98% |
|  Ratio of net investment income to average net assets | 6.61% | 7.41% | 8.55% | 5.89% | 3.05% |
|  Portfolio turnover rate<sup>(c)</sup> | 53% | 54% | 29% | 24% | 26% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **100** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.67 | $8.90 | $8.71 | $9.23 | $9.36 |
|  Net investment income<sup>(a)</sup> | 0.50 | 0.59 | 0.69 | 0.44 | 0.22 |
|  Net realized and unrealized gain (loss) | (0.26) | (0.23) | 0.19 | (0.45) | (0.13) |
|  Total from investment operations | 0.24 | 0.36 | 0.88 | (0.01) | 0.09 |
|  Distributions to shareholders from net investment income | (0.49) | (0.58) | (0.67) | (0.51) | (0.22) |
|  Distributions to shareholders from return of capital | (0.03) | (0.01) | (0.02) |  |  |
|  Total distributions | (0.52) | (0.59) | (0.69) | (0.51) | (0.22) |
|  Net asset value, end of year | $8.39 | $8.67 | $8.90 | $8.71 | $9.23 |
|  **Total return<sup>(b)</sup>** | 2.78% | 4.10% | 10.41% | 0.02% | 0.96% |
|  Net assets, end of year (in 000s) | $1754 | $1591 | $898 | $731 | $1178 |
|  Ratio of net expenses to average net assets after interest expense | 1.73% | 1.75% | 1.83% | 1.80% | 1.71% |
|  Ratio of net expenses to average net assets before interest expense | 1.71% | 1.71% | 1.77% | 1.74% | 1.69% |
|  Ratio of total expenses to average net assets after interest expense | 1.78% | 1.79% | 1.83% | 1.81% | 1.73% |
|  Ratio of net investment income to average net assets | 5.83% | 6.61% | 7.77% | 5.01% | 2.31% |
|  Portfolio turnover rate<sup>(c)</sup> | 53% | 54% | 29% | 24% | 26% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **101** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.67 | $8.89 | $8.71 | $9.23 | $9.36 |
|  Net investment income<sup>(a)</sup> | 0.59 | 0.70 | 0.78 | 0.58 | 0.32 |
|  Net realized and unrealized gain (loss) | (0.27) | (0.24) | 0.18 | (0.49) | (0.13) |
|  Total from investment operations | 0.32 | 0.46 | 0.96 | 0.09 | 0.19 |
|  Distributions to shareholders from net investment income | (0.58) | (0.67) | (0.76) | (0.61) | (0.32) |
|  Distributions to shareholders from return of capital | (0.03) | (0.01) | (0.02) |  |  |
|  Total distributions | (0.61) | (0.68) | (0.78) | (0.61) | (0.32) |
|  Net asset value, end of year | $8.38 | $8.67 | $8.89 | $8.71 | $9.23 |
|  **Total return<sup>(b)</sup>** | 3.71% | 5.19% | 11.59% | 1.10% | 2.06% |
|  Net assets, end of year (in 000s) | $17823 | $103572 | $200199 | $131964 | $71792 |
|  Ratio of net expenses to average net assets after interest expense | 0.70% | 0.70% | 0.75% | 0.75% | 0.63% |
|  Ratio of net expenses to average net assets before interest expense | 0.69% | 0.67% | 0.70% | 0.67% | 0.61% |
|  Ratio of total expenses to average net assets after interest expense | 0.70% | 0.71% | 0.75% | 0.75% | 0.65% |
|  Ratio of net investment income to average net assets | 6.87% | 7.87% | 8.88% | 6.58% | 3.38% |
|  Portfolio turnover rate<sup>(c)</sup> | 53% | 54% | 29% | 24% | 26% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **102** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.70 | $8.92 | $8.73 | $9.25 | $9.38 |
|  Net investment income<sup>(a)</sup> | 0.59 | 0.68 | 0.77 | 0.57 | 0.31 |
|  Net realized and unrealized gain (loss) | (0.27) | (0.22) | 0.20 | (0.49) | (0.13) |
|  Total from investment operations | 0.32 | 0.46 | 0.97 | 0.08 | 0.18 |
|  Distributions to shareholders from net investment income | (0.58) | (0.67) | (0.76) | (0.60) | (0.31) |
|  Distributions to shareholders from return of capital | (0.03) | (0.01) | (0.02) |  |  |
|  Total distributions | (0.61) | (0.68) | (0.78) | (0.60) | (0.31) |
|  Net asset value, end of year | $8.41 | $8.70 | $8.92 | $8.73 | $9.25 |
|  **Total return<sup>(b)</sup>** | 3.69% | 5.15% | 11.62% | 1.04% | 1.98% |
|  Net assets, end of year (in 000s) | $14298 | $19237 | $18874 | $6217 | $6293 |
|  Ratio of net expenses to average net assets after interest expense | 0.73% | 0.75% | 0.82% | 0.83% | 0.71% |
|  Ratio of net expenses to average net assets before interest expense | 0.71% | 0.72% | 0.77% | 0.75% | 0.69% |
|  Ratio of total expenses to average net assets after interest expense | 0.78% | 0.79% | 0.82% | 0.83% | 0.73% |
|  Ratio of net investment income to average net assets | 6.85% | 7.67% | 8.74% | 6.45% | 3.30% |
|  Portfolio turnover rate<sup>(c)</sup> | 53% | 54% | 29% | 24% | 26% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **103** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.68 | $8.91 | $8.72 | $9.24 | $9.36 |
|  Net investment income<sup>(a)</sup> | 0.60 | 0.68 | 0.78 | 0.43 | 0.32 |
|  Net realized and unrealized gain (loss) | (0.28) | (0.23) | 0.19 | (0.34) | (0.12) |
|  Total from investment operations | 0.32 | 0.45 | 0.97 | 0.09 | 0.20 |
|  Distributions to shareholders from net investment income | (0.58) | (0.67) | (0.76) | (0.61) | (0.32) |
|  Distributions to shareholders from return of capital | (0.03) | (0.01) | (0.02) |  |  |
|  Total distributions | (0.61) | (0.68) | (0.78) | (0.61) | (0.32) |
|  Net asset value, end of year | $8.39 | $8.68 | $8.91 | $8.72 | $9.24 |
|  **Total return<sup>(b)</sup>** | 3.73% | 5.20% | 11.60% | 1.12% | 2.18% |
|  Net assets, end of year (in 000s) | $3066 | $29583 | $27820 | $17687 | $355784 |
|  Ratio of net expenses to average net assets after interest expense | 0.69% | 0.69% | 0.73% | 0.63% | 0.62% |
|  Ratio of net expenses to average net assets before interest expense | 0.68% | 0.66% | 0.69% | 0.62% | 0.62% |
|  Ratio of total expenses to average net assets after interest expense | 0.70% | 0.70% | 0.74% | 0.64% | 0.64% |
|  Ratio of net investment income to average net assets | 6.90% | 7.69% | 8.86% | 4.84% | 3.41% |
|  Portfolio turnover rate<sup>(c)</sup> | 53% | 54% | 29% | 24% | 26% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **104** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.67 | $8.90 | $8.71 | $9.23 | $9.35 |
|  Net investment income<sup>(a)</sup> | 0.56 | 0.63 | 0.73 | 0.59 | 0.26 |
|  Net realized and unrealized gain (loss) | (0.28) | (0.23) | 0.19 | (0.56) | (0.11) |
|  Total from investment operations | 0.28 | 0.40 | 0.92 | 0.03 | 0.15 |
|  Distributions to shareholders from net investment income | (0.53) | (0.62) | (0.71) | (0.55) | (0.27) |
|  Distributions to shareholders from return of capital | (0.03) | (0.01) | (0.02) |  |  |
|  Total distributions | (0.56) | (0.63) | (0.73) | (0.55) | (0.27) |
|  Net asset value, end of year | $8.39 | $8.67 | $8.90 | $8.71 | $9.23 |
|  **Total return<sup>(b)</sup>** | 3.29% | 4.62% | 10.96% | 0.52% | 1.58% |
|  Net assets, end of year (in 000s) | $47 | $295 | $283 | $249 | $68 |
|  Ratio of net expenses to average net assets after interest expense | 1.23% | 1.25% | 1.33% | 1.38% | 1.18% |
|  Ratio of net expenses to average net assets before interest expense | 1.21% | 1.21% | 1.28% | 1.27% | 1.17% |
|  Ratio of total expenses to average net assets after interest expense | 1.28% | 1.29% | 1.33% | 1.39% | 1.20% |
|  Ratio of net investment income to average net assets | 6.45% | 7.15% | 8.30% | 6.68% | 2.79% |
|  Portfolio turnover rate<sup>(c)</sup> | 53% | 54% | 29% | 24% | 26% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **105** |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.69 | $8.91 | $8.73 | $9.25 | $9.37 |
|  Net investment income<sup>(a)</sup> | 0.60 | 0.68 | 0.78 | 0.55 | 0.32 |
|  Net realized and unrealized gain (loss) | (0.28) | (0.22) | 0.18 | (0.46) | (0.12) |
|  Total from investment operations | 0.32 | 0.46 | 0.96 | 0.09 | 0.20 |
|  Distributions to shareholders from net investment income | (0.58) | (0.67) | (0.76) | (0.61) | (0.32) |
|  Distributions to shareholders from return of capital | (0.03) | (0.01) | (0.02) |  |  |
|  Total distributions | (0.61) | (0.68) | (0.78) | (0.61) | (0.32) |
|  Net asset value, end of year | $8.40 | $8.69 | $8.91 | $8.73 | $9.25 |
|  **Total return<sup>(b)</sup>** | 3.73% | 5.21% | 11.60% | 1.13% | 2.18% |
|  Net assets, end of year (in 000s) | $1367366 | $1716012 | $1766000 | $2075297 | $4252333 |
|  Ratio of net expenses to average net assets after interest expense | 0.69% | 0.69% | 0.74% | 0.71% | 0.62% |
|  Ratio of net expenses to average net assets before interest expense | 0.67% | 0.66% | 0.69% | 0.65% | 0.62% |
|  Ratio of total expenses to average net assets after interest expense | 0.69% | 0.70% | 0.74% | 0.72% | 0.64% |
|  Ratio of net investment income to average net assets | 6.89% | 7.72% | 8.89% | 6.16% | 3.40% |
|  Portfolio turnover rate<sup>(c)</sup> | 53% | 54% | 29% | 24% | 26% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **106** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.02 | $7.99 | $7.97 | $8.76 | $9.59 |
|  Net investment income<sup>(a)</sup> | 0.32 | 0.32 | 0.30 | 0.24 | 0.20 |
|  Net realized and unrealized gain (loss) | 0.04 | 0.06 | 0.05 | (0.76) | (0.58) |
|  Total from investment operations | 0.36 | 0.38 | 0.35 | (0.52) | (0.38) |
|  Distributions to shareholders from net investment income | (0.30) | (0.31) | (0.29) | (0.24) | (0.17) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.22) |
|  Distributions to shareholders from return of capital | (0.06) | (0.04) | (0.04) | (0.03) | (0.06) |
|  Total distributions | (0.36) | (0.35) | (0.33) | (0.27) | (0.45) |
|  Net asset value, end of year | $8.02 | $8.02 | $7.99 | $7.97 | $8.76 |
|  **Total return<sup>(b)</sup>** | 4.42% | 4.93% | 4.53% | (5.71)% | (4.42)% |
|  Net assets, end of year (in 000s) | $6525 | $6551 | $6398 | $6130 | $8652 |
|  Ratio of net expenses to average net assets | 0.71% | 0.71% | 0.71% | 0.71% | 0.71% |
|  Ratio of total expenses to average net assets | 0.78% | 0.79% | 0.78% | 0.79% | 0.79% |
|  Ratio of net investment income to average net assets | 3.99% | 4.00% | 3.82% | 3.02% | 2.04% |
|  Portfolio turnover rate<sup>(c)</sup> | 37% | 42% | 49% | 58% | 31% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **107** |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.02 | $8.00 | $7.97 | $8.76 | $9.59 |
|  Net investment income<sup>(a)</sup> | 0.35 | 0.35 | 0.33 | 0.27 | 0.23 |
|  Net realized and unrealized gain (loss) | 0.05 | 0.04 | 0.06 | (0.76) | (0.58) |
|  Total from investment operations | 0.40 | 0.39 | 0.39 | (0.49) | (0.35) |
|  Distributions to shareholders from net investment income | (0.32) | (0.32) | (0.31) | (0.27) | (0.20) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.22) |
|  Distributions to shareholders from return of capital | (0.07) | (0.05) | (0.05) | (0.03) | (0.06) |
|  Total distributions | (0.39) | (0.37) | (0.36) | (0.30) | (0.48) |
|  Net asset value, end of year | $8.03 | $8.02 | $8.00 | $7.97 | $8.76 |
|  **Total return<sup>(b)</sup>** | 4.76% | 5.28% | 4.87% | (5.50)% | (4.00)% |
|  Net assets, end of year (in 000s) | $112002 | $105478 | $74962 | $64706 | $66925 |
|  Ratio of net expenses to average net assets | 0.38% | 0.38% | 0.38% | 0.38% | 0.38% |
|  Ratio of total expenses to average net assets | 0.45% | 0.46% | 0.45% | 0.46% | 0.46% |
|  Ratio of net investment income to average net assets | 4.32% | 4.33% | 4.15% | 3.38% | 2.38% |
|  Portfolio turnover rate<sup>(c)</sup> | 37% | 42% | 49% | 58% | 31% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **108** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** |
|  | **Separate Account Institutional Shares** | **Separate Account Institutional Shares** | **Separate Account Institutional Shares** | **Separate Account Institutional Shares** | **Separate Account Institutional Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.03 | $8.00 | $7.97 | $8.76 | $9.60 |
|  Net investment income<sup>(a)</sup> | 0.35 | 0.35 | 0.33 | 0.27 | 0.23 |
|  Net realized and unrealized gain (loss) | 0.04 | 0.05 | 0.06 | (0.76) | (0.59) |
|  Total from investment operations | 0.39 | 0.40 | 0.39 | (0.49) | (0.36) |
|  Distributions to shareholders from net investment income | (0.32) | (0.32) | (0.31) | (0.27) | (0.20) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.22) |
|  Distributions to shareholders from return of capital | (0.07) | (0.05) | (0.05) | (0.03) | (0.06) |
|  Total distributions | (0.39) | (0.37) | (0.36) | (0.30) | (0.48) |
|  Net asset value, end of year | $8.03 | $8.03 | $8.00 | $7.97 | $8.76 |
|  **Total return<sup>(b)</sup>** | 4.77% | 5.16% | 4.88% | (5.38)% | (4.09)% |
|  Net assets, end of year (in 000s) | $77678 | $78989 | $92291 | $102580 | $123397 |
|  Ratio of net expenses to average net assets | 0.37% | 0.37% | 0.37% | 0.37% | 0.37% |
|  Ratio of total expenses to average net assets | 0.44% | 0.45% | 0.44% | 0.45% | 0.45% |
|  Ratio of net investment income to average net assets | 4.33% | 4.34% | 4.16% | 3.38% | 2.39% |
|  Portfolio turnover rate<sup>(c)</sup> | 37% | 42% | 49% | 58% | 31% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **109** |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.02 | $7.99 | $7.97 | $8.76 | $9.59 |
|  Net investment income<sup>(a)</sup> | 0.34 | 0.34 | 0.32 | 0.27 | 0.22 |
|  Net realized and unrealized gain (loss) | 0.04 | 0.06 | 0.05 | (0.77) | (0.58) |
|  Total from investment operations | 0.38 | 0.40 | 0.37 | (0.50) | (0.36) |
|  Distributions to shareholders from net investment income | (0.31) | (0.32) | (0.30) | (0.26) | (0.19) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.22) |
|  Distributions to shareholders from return of capital | (0.07) | (0.05) | (0.05) | (0.03) | (0.06) |
|  Total distributions | (0.38) | (0.37) | (0.35) | (0.29) | (0.47) |
|  Net asset value, end of year | $8.02 | $8.02 | $7.99 | $7.97 | $8.76 |
|  **Total return<sup>(b)</sup>** | 4.68% | 5.20% | 4.79% | (5.58)% | (4.07)% |
|  Net assets, end of year (in 000s) | $19453 | $6013 | $10499 | $11844 | $3815 |
|  Ratio of net expenses to average net assets | 0.46% | 0.46% | 0.46% | 0.46% | 0.46% |
|  Ratio of total expenses to average net assets | 0.52% | 0.54% | 0.53% | 0.54% | 0.54% |
|  Ratio of net investment income to average net assets | 4.24% | 4.25% | 4.07% | 3.39% | 2.30% |
|  Portfolio turnover rate<sup>(c)</sup> | 37% | 42% | 49% | 58% | 31% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **110** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.03 | $8.00 | $7.97 | $8.76 | $9.59 |
|  Net investment income<sup>(a)</sup> | 0.35 | 0.35 | 0.32 | 0.27 | 0.22 |
|  Net realized and unrealized gain (loss) | 0.04 | 0.05 | 0.07 | (0.76) | (0.57) |
|  Total from investment operations | 0.39 | 0.40 | 0.39 | (0.49) | (0.35) |
|  Distributions to shareholders from net investment income | (0.32) | (0.32) | (0.31) | (0.27) | (0.20) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.22) |
|  Distributions to shareholders from return of capital | (0.07) | (0.05) | (0.05) | (0.03) | (0.06) |
|  Total distributions | (0.39) | (0.37) | (0.36) | (0.30) | (0.48) |
|  Net asset value, end of year | $8.03 | $8.03 | $8.00 | $7.97 | $8.76 |
|  **Total return<sup>(b)</sup>** | 4.77% | 5.29% | 4.88% | (5.38)% | (3.99)% |
|  Net assets, end of year (in 000s) | $142540 | $147783 | $214350 | $274325 | $320086 |
|  Ratio of net expenses to average net assets | 0.37% | 0.37% | 0.37% | 0.37% | 0.37% |
|  Ratio of total expenses to average net assets | 0.44% | 0.45% | 0.44% | 0.45% | 0.45% |
|  Ratio of net investment income to average net assets | 4.33% | 4.35% | 4.14% | 3.38% | 2.35% |
|  Portfolio turnover rate<sup>(c)</sup> | 37% | 42% | 49% | 58% | 31% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **111** |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.02 | $7.99 | $7.97 | $8.76 | $9.59 |
|  Net investment income<sup>(a)</sup> | 0.35 | 0.35 | 0.33 | 0.27 | 0.23 |
|  Net realized and unrealized gain (loss) | 0.04 | 0.05 | 0.05 | (0.76) | (0.58) |
|  Total from investment operations | 0.39 | 0.40 | 0.38 | (0.49) | (0.35) |
|  Distributions to shareholders from net investment income | (0.32) | (0.32) | (0.31) | (0.27) | (0.20) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.22) |
|  Distributions to shareholders from return of capital | (0.07) | (0.05) | (0.05) | (0.03) | (0.06) |
|  Total distributions | (0.39) | (0.37) | (0.36) | (0.30) | (0.48) |
|  Net asset value, end of year | $8.02 | $8.02 | $7.99 | $7.97 | $8.76 |
|  **Total return<sup>(b)</sup>** | 4.77% | 5.29% | 4.88% | (5.39)% | (4.10)% |
|  Net assets, end of year (in 000s) | $325316 | $289963 | $268124 | $178640 | $176368 |
|  Ratio of net expenses to average net assets | 0.37% | 0.37% | 0.37% | 0.37% | 0.37% |
|  Ratio of total expenses to average net assets | 0.44% | 0.45% | 0.44% | 0.45% | 0.45% |
|  Ratio of net investment income to average net assets | 4.33% | 4.35% | 4.18% | 3.39% | 2.38% |
|  Portfolio turnover rate<sup>(c)</sup> | 37% | 42% | 49% | 58% | 31% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **112** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $7.88 | $7.90 | $7.74 | $8.52 | $8.92 |
|  Net investment income<sup>(a)</sup> | 0.45 | 0.44 | 0.47 | 0.37 | 0.28 |
|  Net realized and unrealized gain (loss) | (0.02) | 0.02 | 0.14 | (0.73) | (0.35) |
|  Total from investment operations | 0.43 | 0.46 | 0.61 | (0.36) | (0.07) |
|  Distributions to shareholders from net investment income | (0.45) | (0.48) | (0.45) | (0.42) | (0.33) |
|  Net asset value, end of year | $7.86 | $7.88 | $7.90 | $7.74 | $8.52 |
|  **Total return<sup>(b)</sup>** | 5.57% | 5.93% | 8.09% | (4.11)% | (0.91)% |
|  Net assets, end of year (in 000s) | $&nbsp;&nbsp;&nbsp;&nbsp;641 | $&nbsp;&nbsp;&nbsp;&nbsp;657 | $&nbsp;&nbsp;&nbsp;&nbsp;633 | $&nbsp;&nbsp;&nbsp;&nbsp;818 | $1486 |
|  Ratio of net expenses to average net assets | 0.95% | 0.97% | 1.46% | 1.45% | 1.46% |
|  Ratio of total expenses to average net assets | 1.97% | 2.20% | 2.21% | 1.88% | 1.70% |
|  Ratio of net investment income to average net assets | 5.67% | 5.55% | 6.03% | 4.67% | 3.14% |
|  Portfolio turnover rate<sup>(c)</sup> | 54% | 56% | 29% | 22% | 56% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **113** |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $7.87 | $7.89 | $7.73 | $8.52 | $8.91 |
|  Net investment income<sup>(a)</sup> | 0.39 | 0.38 | 0.41 | 0.31 | 0.21 |
|  Net realized and unrealized gain (loss) | (0.03) | 0.02 | 0.14 | (0.74) | (0.34) |
|  Total from investment operations | 0.36 | 0.40 | 0.55 | (0.43) | (0.13) |
|  Distributions to shareholders from net investment income | (0.39) | (0.42) | (0.39) | (0.36) | (0.26) |
|  Net asset value, end of year | $7.84 | $7.87 | $7.89 | $7.73 | $8.52 |
|  **Total return<sup>(b)</sup>** | 4.79% | 5.14% | 7.30% | (4.95)% | (1.54)% |
|  Net assets, end of year (in 000s) | $&nbsp;&nbsp;&nbsp;&nbsp;203 | $&nbsp;&nbsp;&nbsp;&nbsp;243 | $&nbsp;&nbsp;&nbsp;&nbsp;80 | $&nbsp;&nbsp;&nbsp;&nbsp;112 | $&nbsp;&nbsp;&nbsp;&nbsp;179 |
|  Ratio of net expenses to average net assets | 1.70% | 1.71% | 2.22% | 2.21% | 2.20% |
|  Ratio of total expenses to average net assets | 2.73% | 3.00% | 2.97% | 2.64% | 2.45% |
|  Ratio of net investment income to average net assets | 4.93% | 4.77% | 5.30% | 3.93% | 2.36% |
|  Portfolio turnover rate<sup>(c)</sup> | 54% | 56% | 29% | 22% | 56% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **114** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $7.87 | $7.89 | $7.73 | $8.51 | $8.91 |
|  Net investment income<sup>(a)</sup> | 0.48 | 0.47 | 0.49 | 0.40 | 0.31 |
|  Net realized and unrealized gain (loss) | (0.03) | 0.02 | 0.15 | (0.73) | (0.36) |
|  Total from investment operations | 0.45 | 0.49 | 0.64 | (0.33) | (0.05) |
|  Distributions to shareholders from net investment income | (0.48) | (0.51) | (0.48) | (0.45) | (0.35) |
|  Net asset value, end of year | $7.84 | $7.87 | $7.89 | $7.73 | $8.51 |
|  **Total return<sup>(b)</sup>** | 5.92% | 6.28% | 8.45% | (3.80)% | (0.59)% |
|  Net assets, end of year (in 000s) | $7334 | $8733 | $9189 | $8574 | $15884 |
|  Ratio of net expenses to average net assets | 0.62% | 0.64% | 1.13% | 1.12% | 1.12% |
|  Ratio of total expenses to average net assets | 1.65% | 1.86% | 1.88% | 1.55% | 1.37% |
|  Ratio of net investment income to average net assets | 6.00% | 5.88% | 6.35% | 4.98% | 3.46% |
|  Portfolio turnover rate<sup>(c)</sup> | 54% | 56% | 29% | 22% | 56% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **115** |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $7.88 | $7.90 | $7.73 | $8.52 | $8.92 |
|  Net investment income<sup>(a)</sup> | 0.47 | 0.46 | 0.49 | 0.39 | 0.30 |
|  Net realized and unrealized gain (loss) | (0.03) | 0.02 | 0.15 | (0.74) | (0.35) |
|  Total from investment operations | 0.44 | 0.48 | 0.64 | (0.35) | (0.05) |
|  Distributions to shareholders from net investment income | (0.47) | (0.50) | (0.47) | (0.44) | (0.35) |
|  Net asset value, end of year | $7.85 | $7.88 | $7.90 | $7.73 | $8.52 |
|  **Total return<sup>(b)</sup>** | 5.83% | 6.06% | 8.50% | (4.00)% | (0.66)% |
|  Net assets, end of year (in 000s) | $&nbsp;&nbsp;&nbsp;&nbsp;91 | $&nbsp;&nbsp;&nbsp;&nbsp;156 | $&nbsp;&nbsp;&nbsp;&nbsp;298 | $1414 | $2633 |
|  Ratio of net expenses to average net assets | 0.70% | 0.72% | 1.21% | 1.20% | 1.20% |
|  Ratio of total expenses to average net assets | 1.79% | 1.92% | 1.96% | 1.63% | 1.45% |
|  Ratio of net investment income to average net assets | 5.93% | 5.79% | 6.36% | 4.91% | 3.38% |
|  Portfolio turnover rate<sup>(c)</sup> | 54% | 56% | 29% | 22% | 56% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **116** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $7.86 | $7.89 | $7.73 | $8.52 | $8.91 |
|  Net investment income<sup>(a)</sup> | 0.48 | 0.47 | 0.49 | 0.40 | 0.31 |
|  Net realized and unrealized gain (loss) | (0.03) | 0.01 | 0.15 | (0.74) | (0.34) |
|  Total from investment operations | 0.45 | 0.48 | 0.64 | (0.34) | (0.03) |
|  Distributions to shareholders from net investment income | (0.48) | (0.51) | (0.48) | (0.45) | (0.36) |
|  Net asset value, end of year | $7.83 | $7.86 | $7.89 | $7.73 | $8.52 |
|  **Total return<sup>(b)</sup>** | 5.79% | 6.16% | 8.46% | (3.91)% | (0.46)% |
|  Net assets, end of year (in 000s) | $&nbsp;&nbsp;&nbsp;&nbsp;129 | $2757 | $8086 | $6984 | $5353 |
|  Ratio of net expenses to average net assets | 0.61% | 0.66% | 1.12% | 1.11% | 1.11% |
|  Ratio of total expenses to average net assets | 1.57% | 1.86% | 1.87% | 1.55% | 1.36% |
|  Ratio of net investment income to average net assets | 6.03% | 5.90% | 6.34% | 5.06% | 3.51% |
|  Portfolio turnover rate<sup>(c)</sup> | 54% | 56% | 29% | 22% | 56% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **117** |

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GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $7.86 | $7.88 | $7.72 | $8.50 | $8.90 |
|  Net investment income<sup>(a)</sup> | 0.48 | 0.47 | 0.49 | 0.38 | 0.31 |
|  Net realized and unrealized gain (loss) | (0.02) | 0.02 | 0.15 | (0.71) | (0.35) |
|  Total from investment operations | 0.46 | 0.49 | 0.64 | (0.33) | (0.04) |
|  Distributions to shareholders from net investment income | (0.48) | (0.51) | (0.48) | (0.45) | (0.36) |
|  Net asset value, end of year | $7.84 | $7.86 | $7.88 | $7.72 | $8.50 |
|  **Total return<sup>(b)</sup>** | 5.93% | 6.29% | 8.46% | (3.80)% | (0.58)% |
|  Net assets, end of year (in 000s) | $30065 | $30746 | $29977 | $31632 | $117611 |
|  Ratio of net expenses to average net assets | 0.61% | 0.63% | 1.12% | 1.12% | 1.11% |
|  Ratio of total expenses to average net assets | 1.60% | 1.87% | 1.87% | 1.48% | 1.36% |
|  Ratio of net investment income to average net assets | 6.01% | 5.88% | 6.37% | 4.75% | 3.47% |
|  Portfolio turnover rate<sup>(c)</sup> | 54% | 56% | 29% | 22% | 56% |

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&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **118** | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs Trust (the "Trust") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund"), along with their corresponding share classes and respective diversification status under the Act:

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| | | |
|:---|:---|:---|
| **Fund** | **Share Classes Offered** | **Diversified/ Non-diversified** |
| Goldman Sachs Emerging Markets Credit Fund | A, C, Institutional, Investor, R6 and P | Non-diversified |
| Goldman Sachs Emerging Markets Debt Fund | A, C, Institutional, Investor, R6 and P | Diversified |
| Goldman Sachs High Yield Fund | A, C, Institutional, Service, Investor, R6, R and P | Diversified |
| Goldman Sachs High Yield Floating Rate Fund | A, C, Institutional, Investor, R6, R and P | Diversified |
| Goldman Sachs Investment Grade Credit Fund | A, Institutional, Separate Account Institutional, Investor, R6 and P | Diversified |
| Goldman Sachs Short Duration High Yield Fund | A, C, Institutional, Investor, R6 and P | Diversified |

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Class A Shares of the Emerging Markets Credit, Emerging Markets Debt, High Yield, High Yield Floating Rate, Investment Grade Credit and and Short Duration High Yield Funds are sold with a front-end sales charge of up to 4.50%, 4.50%, 4.50%, 2.25%, 3.75% and 2.25%, respectively. Class C Shares are sold with a contingent deferred sales charge ("CDSC") of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Separate Account Institutional, Investor, Class R, Class R6 and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to a management agreement (the "Agreement") with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from a Fund's investments in U.S. real estate investment trusts ("REITs") may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by a Fund as a reduction to the cost basis of the REIT.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract's term/event as realized

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**119**

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. For treasury inflation protected securities ("TIPS"), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

&nbsp;&nbsp;&nbsp;&nbsp;C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

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| | | |
|:---|:---|:---|
|  | **Investment Income Dividends**<br>| **Capital Gains Distributions**<br>|
| **Fund** | **Declared/Paid** | **Declared/Paid** |
| Emerging Markets Credit Fund | Daily/Monthly | Annually |
| Emerging Markets Debt Fund | Daily/Monthly | Annually |
| High Yield Fund | Daily/Monthly | Annually |
| High Yield Floating Rate Fund | Daily/Monthly | Annually |
| Investment Grade Credit Fund | Daily/Monthly | Annually |
| Short Duration High Yield Fund | Daily/Monthly | Annually |

---

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**120**

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

&nbsp;&nbsp;&nbsp;&nbsp;F. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the portfolio management team within the Funds' Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment is consistent with that presented within the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds ("Valuation Procedures"), including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**121**

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**122**

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**123**

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

("CCP") ("centrally cleared swaps"), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

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

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

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**124**

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **EMERGING MARKETS CREDIT FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $18741531 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 830236 |  |
|  Investment Company | 135035 |  |  |
|  **Total** | $135035 | $19571767 | $— |
| Derivative Type |  |  |  |
|  **Assets<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $5591 | $— |
|  Futures Contracts | 21242 |  |  |
|  Interest Rate Swap Contracts |  | 9335 |  |
|  **Total** | $21242 | $14926 | $— |
|  **Liabilities<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $(37604) | $— | $— |
|  Interest Rate Swap Contracts |  | (6824) |  |
|  **Total** | $(37604) | $(6824) | $— |
| **EMERGING MARKETS DEBT FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations | $— | $301266521 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 106915350 |  |
|  Common Stock and/or Other Equity Investments<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 9613 | 24043 |  |
|  Investment Company | 17337992 |  |  |
|  **Total** | $17347605 | $408205914 | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $1207470 | $— |
|  Futures Contracts<sup>(a)</sup> | 22223 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | 462182 |  |
|  Purchased Option Contracts |  | 1357171 |  |
|  **Total** | $22223 | $3026823 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**125**

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **EMERGING MARKETS DEBT FUND (continued)** |  |  |  |
| Derivative Type | **Level 1** | **Level 2** | **Level 3** |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $— | $— |
|  Futures Contracts<sup>(a)</sup> | (935516) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | (350308) |  |
|  Written Option Contracts |  | (1221130) |  |
|  **Total** | $(935516) | $— | $— |
| **HIGH YIELD FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $2189832498 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 93838848 |  |
|  Securities Lending Reinvestment Vehicle | 65412269 |  |  |
|  Common Stock and/or Other Equity Investments<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe |  | 385631 | 1498056 |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 2153046 | 2187 |  |
|  Contingent Value Rights |  | 3339992 |  |
|  Preferred Stocks |  | 829176 |  |
|  Rights |  | 750282 |  |
|  Warrants |  | 130687 |  |
|  Exchange Traded Funds | 434596 |  |  |
|  Investment Company | 40280689 |  |  |
|  Short-term Investments |  | 82787588 |  |
|  **Total** | $108280600 | $2371896889 | $1498056 |
|  **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded Loan Committment<sup>(a)</sup> | $— | $(58) | $— |
|  **Derivative Type** |  |  |  |
|  **Assets<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $1596508 | $— |
|  Futures Contracts | 744963 |  |  |
|  Credit Default Swap Contracts |  | 1009749 |  |
|  **Total** | $744963 | $2606257 | $— |
|  **Liabilities<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $(69701) | $— |
|  Futures Contracts | (2524376) |  |  |
|  Credit Default Swap Contracts |  | (2313726) |  |
|  **Total** | $(2524376) | $(2383427) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**126**

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **HIGH YIELD FLOATING RATE FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans | $— | $1200059162 | $6756252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 85088164 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 16293667 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded Loan Committments<sup>(a)</sup> |  | 563 |  |
|  Securities Lending Reinvestment Vehicle | 21307829 |  |  |
|  Common Stock and/or Other Equity Investments<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe |  | 4164418 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 3943195 | 244930 | 2559284 |
|  Rights |  | 1119304 |  |
|  Preferred Stocks |  | 622929 | 0 |
|  Warrants |  | 180449 | 0 |
|  Exchange Traded Funds | 33467029 |  |  |
|  Investment Company | 51306572 |  |  |
|  **Total** | $110024625 | $1307773586 | $9315536 |
| **Derivative Type** |  |  |  |
|  **Assets<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $1033114 | $— |
|  Futures Contracts | 239528 |  |  |
|  Credit Default Swap Contracts |  | 137076 |  |
|  **Total** | $239528 | $1170190 | $— |
|  **Liabilities<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $(281192) | $— | $— |
|  Credit Default Swap Contracts |  | (1295063) |  |
|  **Total** | $(281192) | $— | $— |
| **INVESTMENT GRADE CREDIT FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $612353595 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 14000700 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 2846216 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 1127919 |  |  |
|  Preferred Stocks |  | 247825 |  |
|  Exchange Traded Funds | 2042160 |  |  |
|  Investment Company | 16308335 |  |  |
|  **Total** | $19478414 | $629448336 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**127**

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **INVESTMENT GRADE CREDIT FUND (continued)** |  |  |  |
| Derivative Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $51428 | $— |
|  Futures Contracts | 394278 |  |  |
|  Interest Rate Swap Contracts |  | 579466 |  |
|  Credit Default Swap Contracts |  | 582922 |  |
|  **Total** | $394278 | $1213816 | $— |
|  **Liabilities<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $(3821151) | $— | $— |
|  Interest Rate Swap Contracts |  | (93874) |  |
|  Credit Default Swap Contracts |  | (1010822) |  |
|  **Total** | $(3821151) | $(1104696) | $— |
|  **SHORT DURATION HIGH YIELD FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $33471542 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 2754198 | 148722 |
|  Preferred Stocks |  | 31642 |  |
|  Common Stock and/or Other Equity Investments<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 9086 |  | 0 |
|  Investment Company | 1224406 |  |  |
|  **Total** | $1233492 | $36257382 | $148722 |
| Derivative Type |  |  |  |
|  **Assets<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $6203 | $— |
|  Futures Contracts | 111732 |  |  |
|  **Total** | $111732 | $6203 | $— |
| Liabilities<sup>(a)</sup> |  |  |  |
|  Futures Contracts | $(34282) | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount shown represents unrealized gain (loss) at period end.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Fund utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**128**

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of March 31, 2026. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Currency | Receivable for unrealized gain on forward foreign currency contracts | $5591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $— |
| Interest rate | Variation margin on futures contracts; Variation margin on swap contracts | 30577 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts; Variation margin on swap contracts | (44428)<sup>(a)</sup> |
|  **Total** |  | $36168 |  | $(44428) |
| **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Currency | Receivable for unrealized gain on forward foreign currency contracts; Purchased options, at value | $2564641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for unrealized loss on forward foreign currency contracts; Written options, at value | $(2421141) |
| Interest rate | Variation margin on swap contracts; Variation margin on futures contracts | 484405 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on swap contracts; Variation margin on futures contracts | (1285824)<sup>(a)</sup> |
|  **Total** |  | $3049046 |  | $(3706965) |
| **High Yield Fund** | **High Yield Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Credit | Variation margin on swap contracts | $1009749 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on swap contracts | $(2313726)<sup>(a)</sup> |
| Currency | Receivable for unrealized gain on forward foreign currency exchange contracts. | 1596508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for unrealized loss on forward foreign currency contracts | (69701) |
| Interest rate | Variation margin on futures contracts | 744963 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | (2524376)<sup>(a)</sup> |
|  **Total** |  | $3351220 |  | $(4907803) |
| **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Credit | Variation margin on swap contracts | $137076 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on swap contracts | $(1295063)<sup>(a)</sup> |
| Currency | Receivable for unrealized gain on forward foreign currency contracts | 1033114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |
| Interest rate | Variation margin on futures contracts | 239528 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | (281192)<sup>(a)</sup> |
|  **Total** |  | $1409718 |  | $(1576255) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**129**

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Grade Credit Fund** | **Investment Grade Credit Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Credit | Variation margin on swap contracts | $582922 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on swap contracts | $(1010822)<sup>(a)</sup> |
| Currency | Receivable for unrealized gain on forward foreign currency exchange contracts | 51428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |
| Interest rate | Variation margin on futures contracts; Variation margin on swap contracts | 973744 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts; Variation margin on swap contracts | (3915025)<sup>(a)</sup> |
|  **Total** |  | $1608094 |  | $(4925847) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Duration High Yield Fund** | **Short Duration High Yield Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Currency | Receivable for unrealized gain on forward foreign currency contracts | $6203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $— |
| Interest rate | Variation margin on futures contracts | 111732 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | (34282)<sup>(a)</sup> |
|  **Total** |  | $117935 |  | $(34282) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes unrealized gain (loss) on futures contracts and centrally cleared swaps described in the Additional Investment Information section of the Schedules of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended March 31, 2026. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

---

| | | | |
|:---|:---|:---|:---|
| **Emerging Markets Credit Fund** | **Emerging Markets Credit Fund** |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Currency | Net realized gain (loss) on forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts | $(77655) | $33884 |
| Interest rate | Net realized gain (loss) on futures contracts, swap contracts and and purchased options contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts | 17671 | (17284) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59984) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16600 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**130**

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Credit | Net realized gain (loss) on swap contracts/Net change in unrealized gain (loss) on swap contracts | $(39908) | $(15712) |
| Currency | Net realized gain (loss) on forward foreign currency exchange contracts, purchased option and written option contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts, purchased option and written option contracts. | (1300854) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190747) |
| Interest rate | Net realized gain (loss) on futures contracts, swap contracts and purchased options contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts | 1037551 | (769358) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(303211) | $(975817) |

---

---

| | | | |
|:---|:---|:---|:---|
| **High Yield Fund** | **High Yield Fund** |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $11433992 | $(2141458) |
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts | (6058437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3177156 |
| Interest rate | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 868441 | (2403522) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6243996 | $(1367824) |

---

---

| | | | |
|:---|:---|:---|:---|
| **High Yield Floating Rate Fund** | **High Yield Floating Rate Fund** |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $6461348 | $1957922 |
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts | (8360113) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4385758 |
| Interest rate | Net realized gain (loss) from future contracts/Net change in unrealized gain (loss) on future contracts | (27702) | (61354) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1926467) | $6282326 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**131**

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Investment Grade Credit Fund** | **Investment Grade Credit Fund** |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $4785125 | $(610665) |
| Currency | Net realized gain (loss) forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts | (221356) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129679 |
| Interest rate | Net realized gain (loss) from futures contracts, swap contracts, purchased option and written option contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts | 349110 | (3414580) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4912879 | $(3895566) |
| **Short Duration High Yield Fund** | **Short Duration High Yield Fund** |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts | $(20314) | $13860 |
| Interest rate | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | (151100) | 103269 |
|  **Total** |  | $(171414) | $117129 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the fiscal year ended March 31, 2026, the relevant values for each derivative type were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** |
| **Fund** | **Futures<br>Contracts** | **Forward<br>Contracts** | **Swap<br>Agreements** | **Purchased<br>Options** | **Purchased<br>Swaptions** | **Written<br>Options** | **Written<br>Swaptions** |
|  Emerging Markets Credit Fund | 25 | $500635 | $1868430 |  | $146667 |  | $— |
|  Emerging Markets Debt Fund | 494 | 400587472 | 158885940 | 142495482 | 6466667 | 158616559 |  |
|  High Yield Fund | 1570 | 67590579 | 268043208 |  |  |  |  |
|  High Yield Floating Rate Fund | 545 | 62936353 | 136534090 |  |  |  |  |
|  Investment Grade Credit Fund | 1523 | 1943134 | 867336826 |  | 7656667 |  | 4590000 |
|  Short Duration High Yield Fund | 81 | 190832 |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent weighted average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, purchased and written swaptions, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that each Fund held such derivatives during the fiscal year ended March 31, 2026.

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivatives counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives (including forward foreign currency exchange contracts, and certain options and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**132**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

swaps), and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

Collateral and margin requirements differ between exchange traded derivatives and OTC derivatives. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (financial futures contracts, options and centrally cleared swaps) pursuant to governing agreements for those instrument types. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract-specific for OTC derivatives. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Additionally, a Fund may be required to post initial margin to the counterparty, the terms of which would be outlined in the confirmation of the OTC transaction.

Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. A Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that the Investment Adviser believes to be of good standing and by monitoring the financial stability of those counterparties.

Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractual netting/set-off provisions in the ISDA Master Agreement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of setoff that may be imposed in accordance with a particular jurisdiction's bankruptcy or insolvency laws.

The following table sets forth the Fund's net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of March 31, 2026:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** |
|  | **Derivative Assets<sup>(1)</sup>**  | **Derivative Assets<sup>(1)</sup>**  | **Derivative Assets<sup>(1)</sup>**  | **Derivative Liabilities<sup>(1)</sup>**  | **Derivative Liabilities<sup>(1)</sup>**  | **Derivative Liabilities<sup>(1)</sup>**  | | | |
| **Counterparty** | **Options<br>Purchased** | **Forward<br>Currency<br>Contracts** | **Total** | **Forward<br>Currency<br>Contracts** | **Options<br>Written** | **Total** | **Net Derivative<br>Asset<br>(Liabilities)** | **Collateral<br>(Received)<br>Pledged<sup>(1)</sup>** | **Net<br>Amount<sup>(2)</sup>** |
|  BNP Paribas SA | $374492 | $— | $374492 | $— | $(247926) | $(247926) | $126566 | $— | $126566 |
|  BofA Securities LLC | 80943 |  | 80943 |  | (225940) | (225940) | (144997) |  | (144997) |
|  Citibank NA | 205818 |  | 205818 |  | (123092) | (123092) | 82726 |  | 82726 |
|  Deutsche Bank AG (London) | 250413 |  | 250413 |  | (230618) | (230618) | 19795 |  | 19795 |
|  HSBC Bank PLC | 1478 |  | 1478 |  | (29274) | (29274) | (27796) |  | (27796) |
|  JPMorgan Securities, Inc. | 167431 | 1207470 | 1374901 | (1200011) | (54318) | (1254329) | 120572 | (120572) |  |
|  MS & Co. Int. PLC | 136174 |  | 136174 |  | (84576) | (84576) | 51598 |  | 51598 |
|  Royal Bank of Canada (UK) | 41900 |  | 41900 |  | (146990) | (146990) | (105090) |  | (105090) |
|  Standard Chartered Bank | 73883 |  | 73883 |  | (78396) | (78396) | (4513) |  | (4513) |
|  UBS AG (London) | 24639 |  | 24639 |  |  |  | 24639 |  | 24639 |
| Total | $1357171 | $1207470 | $2564641 | $(1200011) | $(1221130) | $(2421141) | $143500 | $(120572) | $22928 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Gross amounts available for offset but not netted in the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**133**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

For the fiscal year ended March 31, 2026, contractual and effective net management fees with GSAM were at the following rates:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Contractual Management Rate  | Contractual Management Rate  | Contractual Management Rate  | Contractual Management Rate  | Contractual Management Rate  | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | <br> **First<br>$1 billion** | Next<br>$1 billion | Next<br>$3 billion | Next<br>$3 billion | Over<br>$8 billion | Effective Rate | Effective Net<br>Management<br>Rate<sup>^</sup> | Effective Net<br>Management<br>Rate<sup>^</sup> |
|  Emerging Markets Credit Fund | 0.80% | 0.80% | 0.72% | 0.68% | 0.67% | 0.80% | 0.80 | % |
|  Emerging Markets Debt Fund | 0.80 | 0.80 | 0.72 | 0.68 | 0.67 | 0.80 | 0.79 |  |
|  High Yield Fund | 0.70 | 0.70 | 0.63 | 0.60 | 0.59 | 0.69 | 0.64 | \*\* |
|  High Yield Floating Rate Fund | 0.60 | 0.54 | 0.51 | 0.50 | 0.49 | 0.58 | 0.57 |  |
|  Investment Grade Credit Fund | 0.34 | 0.31 | 0.29 | 0.28 | 0.28 | 0.34 | 0.33 |  |
|  Short Duration High Yield Fund | 0.55 | 0.50 | 0.47 | 0.46 | 0.45 | 0.55 | 0.55 |  |

---

^ The Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

\*\* The Investment Adviser has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.64% as an annual percentage rate for the Fund's average daily net assets. This arrangement will remain in effect through at least July 29, 2026. 

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund (the "Government Money Market Fund"). The Investment Grade Credit Fund invests in Institutional Shares of the Goldman Sachs Corporate Bond ETF (the "Corporate Bond ETF"). The Government Money Market Fund and the Corporate Bond ETF are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by each applicable Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which each Fund invests. For the fiscal year ended March 31, 2026, the management fee waived by GSAM for each Fund was as follows:

---

| | |
|:---|:---|
| **Fund** | **Management<br> Fee Waived** |
|  Emerging Markets Credit Fund | $375 |
|  Emerging Markets Debt Fund | 36079 |
|  High Yield Fund | 75714 |
|  High Yield Floating Rate Fund | 116394 |
|  Investment Grade Credit Fund | 33566 |
|  Short Duration High Yield Fund | 1322 |

---

&nbsp;&nbsp;&nbsp;&nbsp;B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A Shares of each applicable Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the "Distributor"), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A Shares of the Funds, as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service Plan Rates**  | **Distribution and/or Service Plan Rates**  | **Distribution and/or Service Plan Rates**  | **Distribution and/or Service Plan Rates**  |
|  | **Class A\*** | **Class C** | **Service** | **Class R\*** |
|  Distribution and/or Service Plan | 0.25% | 0.75% | 0.25% | 0.50% |

---

\* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on "service fees" imposed by the Financial Industry Regulatory Authority. 

&nbsp;&nbsp;&nbsp;&nbsp;C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares' front end sales charge and Class C Shares' CDSC. During the fiscal year ended March 31, 2026, Goldman Sachs retained the following amounts:

---

| | |
|:---|:---|
|  | **Front End<br>Sales Charge**  |
| **Fund Name** | <br> **Class A** |
|  Emerging Markets Credit Fund | $217 |
|  Emerging Markets Debt Fund | 10 |
|  High Yield Fund | 12175 |
|  High Yield Floating Rate Fund | 3 |
|  Investment Grade Credit Fund | 685 |
|  Short Duration High Yield Fund | 19 |

---

During the fiscal year ended March 31, 2026, Goldman Sachs did not retain any portion of Class C Shares' CDSC.

&nbsp;&nbsp;&nbsp;&nbsp;D. Service and Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.12% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares; and 0.03% of average daily net assets with respect to the Investment Grade Credit Fund's Separate Account Institutional Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**135**

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.03% as an annual percentage rate of the average net assets attributable to Class A, Class C and Investor Shares of the Emerging Markets Credit Fund, 0.06% as an annual percentage rate of the average net assets attributable to Class A, Class C and Investor Shares of the Emerging Markets Debt Fund, 0.03% as an annual percentage rate of the average net assets attributable to Class A, Class C, Investor and Class R Shares of the High Yield Fund, and 0.05% as an annual percentage rate of the average net assets attributable to Class A, Class C, Investor and Class R Shares of the High Yield Floating Rate Fund. This arrangement will remain in effect through at least July 29, 2026, and prior to such date Goldman Sachs may not terminate the arrangement without the approval of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Emerging Markets Credit, Emerging Markets Debt, High Yield, High Yield Floating Rate, Investment Grade Credit and Short Duration High Yield Funds are 0.004%, 0.004%, 0.004%, 0.104%, 0.004% and 0.034%, respectively. These Other Expense limitations will remain in place through at least July 29, 2026, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds' expenses and are received irrespective of the application of the "Other Expense" limitations described above.

For the fiscal year ended March 31, 2026, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Management<br>Fee Waiver** | **Transfer Agency<br>Waivers/Credits** | **Other<br>Expense**<br> **Reimbursements** | **Total<br>Expense<br>Reductions** |
|  Emerging Markets Credit Fund | $375 | $3248 | $323882 | $327505 |
|  Emerging Markets Debt Fund | 36079 | 68337 | 752476 | 856892 |
|  High Yield Fund | 1243866 | 29280 | 720130 | 1993276 |
|  High Yield Floating Rate Fund | 116394 | 10682 |  | 127076 |
|  Investment Grade Credit Fund | 33566 | 76 | 430959 | 464601 |
|  Short Duration High Yield Fund | 1322 | 6 | 362098 | 363426 |

---

&nbsp;&nbsp;&nbsp;&nbsp;G. Line of Credit Facility — As of March 31, 2026, the Funds participated in a $1,300,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended March 31, 2026, the Funds did not have any borrowings under the facility. Prior to April 14, 2025, the facility was $1,150,000,000. The facility was changed to $1,550,000,000 on April 10, 2026.

In addition, as of March 31, 2026, the High Yield Floating Rate Fund also participated in a $200,000,000 committed, unsecured credit facility for the purpose of providing short-term, temporary working capital to the Fund (the "Credit Facility"). The Credit Facility is intended to enable the Fund to more efficiently manage various factors associated with the length of settlement of bank loan transactions and may also be used to satisfy redemption requests. The interest rate on borrowings is based on the federal funds rate as defined in the credit agreement and the Fund is required to pay a fee based on the amount of the commitment that has

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**136**

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

not been utilized. Under the Credit Facility, the Fund had no average outstanding balance nor weighted average annual interest rate for the fiscal year ended March 31, 2026. As of March 31, 2026, there were no outstanding borrowings under the Credit Facility. The facility was changed to $120,000,000 on April 20, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates — For the fiscal year ended March 31, 2026, Goldman Sachs earned $848, $23,086, $2,317, $1,379, $46,250 and $1,973, in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Emerging Markets Credit, Emerging Markets Debt, High Yield, High Yield Floating Rate, Investment Grade Credit and Short Duration High Yield Funds, respectively.

As of March 31, 2026, the following Funds were the beneficial owners of 5% or more of total outstanding shares of the following Funds:

---

| | | |
|:---|:---|:---|
| **Fund** | **Goldman Sachs<br>Moderate Allocation<br>Fund** | **Goldman Sachs<br>Growth Allocation<br>Fund** |
|  Emerging Markets Debt Fund | 5% | 9% |

---

As of March 31, 2026, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the following Funds:

---

| | |
|:---|:---|
| **Fund** | **Class R6** |
|  Emerging Markets Credit Fund | 52% |

---

The following table provides information about the Funds' investments in the Goldman Sachs Corporate Bond ETF and the Goldman Sachs Financial Square Government Fund as of and for the fiscal year ended March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Underlying Fund** | **Beginning Value as of<br>March 31,**<br> **2025** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change In<br>Unrealized<br>Gain (Loss)** | **Ending Value as of<br>March 31,**<br> **2026** | **Shares as of<br>March 31,<br>2026** | **Dividend<br>Income** |
|  Emerging Markets Credit Fund | Goldman Sachs Financial Square Government Fund — Institutional Shares | $397110 | $6909396 | $(7171471) | $— | $135035 | 135035 | $9531 |
|  Emerging Markets Debt Fund | Goldman Sachs Financial Square Government Fund — Institutional Shares | 660916 | 262809692 | (246132616) |  | 17337992 | 17337992 | 899213 |
|  High Yield Fund | Goldman Sachs Financial Square Government Fund — Institutional Shares | 40819 | 1464621149 | (1424381279) |  | 40280689 | 40280689 | 1762491 |
|  High Yield Floating Rate Fund | Goldman Sachs Financial Square Government Fund — Institutional Shares | 138777899 | 824548843 | (912020170) |  | 51306572 | 51306572 | 2927055 |
|  Investment Grade Credit Fund | Goldman Sachs Corporate Bond ETF |  | 2074241 |  | (32081) | 2042160 | 40640 | 4502 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**137**

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Underlying Fund** | **Beginning Value as of<br>March 31,**<br> **2025** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change In<br>Unrealized<br>Gain (Loss)** | **Ending Value as of<br>March 31,**<br> **2026** | **Shares as of<br>March 31,<br>2026** | **Dividend<br>Income** |
|  | Goldman Sachs Financial Square Government Fund — Institutional Shares | $885019 | $282226516 | $(266803200) | $– | $16308335 | 16308335 | $833160 |
|  Short Duration High Yield Fund | Goldman Sachs Financial Square Government Fund — Institutional Shares | 183133 | 18761822 | (17720549) | – | 1224406 | 1224406 | 32446 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchases of<br>U.S. Government and<br>Agency Obligations** | **Purchases (Excluding<br>U.S. Government and<br>Agency Obligations)** | **Sales and<br>Maturities of<br>U.S. Government and<br>Agency Obligations** | **Sales and<br>Maturities of (Excluding<br>U.S. Government and<br>Agency Obligations)** |
|  Emerging Markets Credit Fund | $4468060 | $7741730 | $4472929 | $14117209 |
|  Emerging Markets Debt Fund |  | 228085777 |  | 218406985 |
|  High Yield Fund |  | 1792417908 |  | 1480270300 |
|  High Yield Floating Rate Fund |  | 867700916 |  | 1262585814 |
|  Investment Grade Credit Fund |  | 295761875 |  | 222100685 |
|  Short Duration High Yield Fund |  | 19046671 |  | 25594622 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission ("SEC") and the terms and conditions contained therein, the High Yield and High Yield Floating Rate Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending ("GSAL"), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds' securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**138**

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING (continued)

The High Yield and High Yield Floating Rate Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund ("Government Money Market Fund"), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds' master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction's bankruptcy or insolvency laws. The Funds' loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds' overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of March 31, 2026, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable.

Each of the High Yield and High Yield Floating Rate Funds and GSAL received compensation relating to the lending of the Funds' securities. The amounts earned, if any, by the Funds for the fiscal year ended March 31, 2026, are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended March 31, 2026** | **For the Fiscal Year Ended March 31, 2026** | |
| **Fund** | **Earnings of GSAL<br>Relating to<br>Securities**<br> **Loaned** | **Amounts Received<br>by the Fund<br>from Lending to<br>Goldman Sachs** | **Amounts Payable to<br>Goldman Sachs<br>Upon Return of<br>Securities Loaned as of<br>March 31, 2026** |
|  High Yield Fund | $90520 | $248856 | $16593229 |
|  High Yield Floating Rate Fund | 22278 | 18161 | 597397 |

---

The following table provides information about the Funds' investment in the Government Money Market Fund for the fiscal year ended March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Beginning<br>Value as of<br>March 31, 2025** | **Purchases<br>at cost** | **Proceeds<br>from Sales** | **Ending<br>Value as of<br>March 31, 2026** | **Shares as of<br>March 31, 2026** |
|  High Yield Fund | $67561907 | $432081426 | $(434231064) | $65412269 | 65412269 |
|  High Yield Floating Rate Fund | 8547960 | 380870437 | (368110568) | 21307829 | 21307829 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**139**

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended March 31, 2026 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Emerging<br>Markets Credit** | **Emerging<br>Markets Debt** | **High Yield** | **High Yield<br>Floating Rate** | **Investment<br>Grade Credit** | **Short Duration<br>High Yield** |
|  Distributions paid from: |  |  |  |  |  |  |
|  Ordinary income | $1597201 | $26002244 | $133901572 | $113903111 | $26428906 | $2188822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $1597201 | $26002244 | $133901572 | $113903111 | $26428906 | $2188822 |
|  Tax return of capital | $— | $— | $13542711 | $6281942 | $5497881 | $— |

---

The tax character of distributions paid during the fiscal year ended March 31, 2025 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Emerging<br>Markets Credit** | **Emerging<br>Markets Debt** | **High Yield** | **High Yield<br>Floating Rate** | **Investment<br>Grade Credit** | **Short Duration<br>High Yield** |
|  Distributions paid from: |  |  |  |  |  |  |
|  Ordinary income | $— | $23341480 | $122553908 | $150014438 | $25202557 | $2906677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $— | $23341480 | $122553908 | $150014438 | $25202557 | $2906677 |
|  Tax return of capital | $2028334 | $— | $7589932 | $2038457 | $3656312 | $— |

---

As of March 31, 2026, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Emerging<br>Markets Credit** | **Emerging<br>Markets Debt** | **High Yield** | **High Yield<br>Floating Rate** | **Investment<br>Grade Credit** | **Short Duration<br>High Yield** |
|  Undistributed ordinary income — net | $5206 | $6658692 | $— | $— | $— | $1313674 |
|  Capital loss carryforwards<sup>(1)</sup> : |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | (108699767) | (100257981) | (167375077) | (190201504) | (22282816) | (32399501) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term | (46979255) | (357503989) | (458177600) | (481449797) | (43235068) | (18671991) |
|  Total capital loss carryforwards | (155679022) | (457761970) | (625552677) | (671651301) | (65517884) | (51071492) |
|  Timing differences (Post October Capital Loss Deferral/Dividends Payable/Straddles/Late Year Ordinary Loss Deferral) | $(766) | $(1759712) | $(20647713) | $(48231749) | $(1426077) | $(182843) |
|  Unrealized gains (loss) — net | 554425 | 6277579 | (26525761) | (58542950) | (6202666) | (2255020) |
|  Total accumulated earnings (loss) net | $(155120157) | $(446585411) | $(672726151) | $(778426000) | $(73146627) | $(52195681) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Emerging Markets Credit and Investment Grade Credit Funds utilized $302,886 and $3,992,216, respectively, of capital losses in the current fiscal year.

As of March 31, 2026, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Emerging<br>Markets Credit** | **Emerging<br>Markets Debt** | **High Yield** | **High Yield<br>Floating Rate** | **Investment<br>Grade Credit** | **Short Duration<br>High Yield** |
|  Tax Cost | $19162352 | $419497896 | $2506131741 | $1485360341 | $651635480 | $39978260 |
|  Gross unrealized gain | 721427 | 18320790 | 26493870 | 6184333 | 6553292 | 324559 |
|  Gross unrealized loss | (167002) | (12043211) | (53019631) | (64727283) | (12755958) | (2579579) |
|  Net unrealized gain (loss) | $554425 | $6277579 | $(26525761) | $(58542950) | $(6202666) | $(2255020) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**140**

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION (continued)

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, net mark to market gains/(losses) on foreign currency contracts and differences in the tax treatment of partnership investments, swap transactions, market discount accretion and premium amortization, material modification of debt securities and underlying fund investments.

The High Yield Floating Rate Fund reclassed $11,611 from distributable earnings to paid in capital for the fiscal year ended March 31, 2026. In order to present certain components of the Fund's capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund's accounts. These reclassifications have no impact on the NAV of the Fund and result primarily from differences in the tax treatment of partnership investments.

GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS

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

Derivatives Risk — The Funds' use of derivatives and other similar instruments (collectively referred to in this paragraph as "derivatives") may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**141**

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

Foreign Risk — Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of a Fund's investments, which would make it harder for the Fund to sell its investments at an advantageous time.

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

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

Leverage Risk — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. Borrowing and the use of derivatives may result in leverage and may make a Fund more volatile. When a Fund uses leverage, the sum of that Fund's investment exposure may significantly exceed the amount of assets invested in the Fund, although these exposures may

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**142**

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. The use of leverage may cause a Fund to liquidate portfolio positions to satisfy its obligations when it may not be advantageous to do so. The use of leverage by a Fund can substantially increase the adverse impact to which the Fund's investment portfolio may be subject.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's NAV and dilute remaining investors' interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. 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 or deteriorating market conditions may cause an increase in loan obligation defaults. With respect to loan participations, a Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if a Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender or counterparty (rather than the borrower), subjecting a Fund to the creditworthiness of that lender as well. Investors in loans, such as a Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, a Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet a Fund's redemption obligations for a period after the sale of the loans, and, as a result, a Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations.

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

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**143**

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a Fund has unsettled or open transactions defaults.

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

Non-Investment Grade Fixed Income Securities Risk — Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as "junk bonds") are considered speculative and are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity. The Funds may purchase the securities of issuers that are in default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**144**

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets Credit Fund**  | **Emerging Markets Credit Fund**  | **Emerging Markets Credit Fund**  | **Emerging Markets Credit Fund**  |
|  | **For the Fiscal Year Ended**<br> **March 31, 2026** | **For the Fiscal Year Ended**<br> **March 31, 2026** | **For the Fiscal Year Ended**<br> **March 31, 2025** | **For the Fiscal Year Ended**<br> **March 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 48752 | $197517 | 267154 | $1073553 |
|  Reinvestment of distributions | 47660 | 193160 | 48408 | 194206 |
|  Shares redeemed | (157772) | (640178) | (172325) | (691402) |
|  | (61360) | (249501) | 143237 | 576357 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 44470 | 179512 | 110136 | 440331 |
|  Reinvestment of distributions | 25495 | 103108 | 25636 | 102583 |
|  Shares redeemed | (43104) | (173227) | (119662) | (480510) |
|  | 26861 | 109393 | 16110 | 62404 |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 25321 | 102390 | 104605 | 421317 |
|  Reinvestment of distributions | 36502 | 147404 | 46256 | 184529 |
|  Shares redeemed | (125727) | (509419) | (1030015) | (4096241) |
|  | (63904) | (259625) | (879154) | (3490395) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 101672 | 409333 | 849640 | 3389055 |
|  Reinvestment of distributions | 93173 | 375793 | 174436 | 697900 |
|  Shares redeemed | (1808252) | (7349591) | (1739375) | (6959944) |
|  | (1613407) | (6564465) | (715299) | (2872989) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 74 | 304 | 776478 | 3105899 |
|  Reinvestment of distributions | 356 | 1436 | 2266 | 9031 |
|  Shares redeemed | (61) | (248) | (777042) | (3115888) |
|  | 369 | 1492 | 1702 | (958) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 174932 | 705238 | 145318 | 574964 |
|  Reinvestment of distributions | 189789 | 766568 | 204911 | 818358 |
|  Shares redeemed | (234543) | (943358) | (944347) | (3768604) |
|  | 130178 | 528448 | (594118) | (2375282) |
|  **NET DECREASE** | (1581263) | $(6434258) | (2027522) | $(8100863) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**145**

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets Debt Fund**  | **Emerging Markets Debt Fund**  | **Emerging Markets Debt Fund**  | **Emerging Markets Debt Fund**  |
|  | **For the Fiscal Year Ended**<br> **March 31, 2026** | **For the Fiscal Year Ended**<br> **March 31, 2026** | **For the Fiscal Year Ended**<br> **March 31, 2025** | **For the Fiscal Year Ended**<br> **March 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 1307633 | $12775827 | 2069953 | $20045395 |
|  Reinvestment of distributions | 57049 | 573870 | 71215 | 687139 |
|  Shares redeemed | (1396743) | (13669701) | (2306433) | (22305538) |
|  | (32061) | (320004) | (165265) | (1573004) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 778 | 8080 | 27353 | 266492 |
|  Reinvestment of distributions | 10462 | 104824 | 15754 | 151714 |
|  Shares redeemed | (101489) | (1011384) | (180968) | (1745110) |
|  | (90249) | (898480) | (137861) | (1326904) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 4893629 | 49247372 | 4434465 | 42797094 |
|  Reinvestment of distributions | 1076400 | 10840682 | 1341244 | 12946983 |
|  Shares redeemed | (5252692) | (52296004) | (13621733) | (131072941) |
|  | 717337 | 7792050 | (7846024) | (75328864) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 15420777 | 151905344 | 299055 | 2887456 |
|  Reinvestment of distributions | 466444 | 4770369 | 62771 | 605537 |
|  Shares redeemed | (11754101) | (121996857) | (832832) | (8141067) |
|  | 4133120 | 34678856 | (471006) | (4648074) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 1288760 | 12954394 | 4455068 | 43082327 |
|  Reinvestment of distributions | 520869 | 5249493 | 469368 | 4534451 |
|  Shares redeemed | (2929249) | (28501498) | (1241164) | (11933448) |
|  | (1119620) | (10297611) | 3683272 | 35683330 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 107623 | 1060000 | 73362 | 710948 |
|  Reinvestment of distributions | 219961 | 2215257 | 218206 | 2105402 |
|  Shares redeemed | (56952) | (562269) | (163595) | (1591722) |
|  | 270632 | 2712988 | 127973 | 1224628 |
|  **NET INCREASE (DECREASE)** | 3879159 | $33667799 | (4808911) | $(45968888) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**146**

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **High Yield Fund**  | **High Yield Fund**  | **High Yield Fund**  | **High Yield Fund**  |
|  | **For the Fiscal Year Ended**<br> **March 31, 2026** | **For the Fiscal Year Ended**<br> **March 31, 2026** | **For the Fiscal Year Ended**<br> **March 31, 2025** | **For the Fiscal Year Ended**<br> **March 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 18097206 | $102455357 | 8956316 | $50425429 |
|  Reinvestment of distributions | 837005 | 4736703 | 878567 | 4932393 |
|  Shares redeemed | (20355311) | (115258437) | (10078202) | (56748848) |
|  | (1421100) | (8066377) | (243319) | (1391026) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 159011 | 903966 | 255956 | 1444641 |
|  Reinvestment of distributions | 36903 | 208879 | 40143 | 225630 |
|  Shares redeemed | (279871) | (1586328) | (282687) | (1587460) |
|  | (83957) | (473483) | 13412 | 82811 |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 7585611 | 42667007 | 5221157 | 29358130 |
|  Reinvestment of distributions | 1366087 | 7744720 | 1551871 | 8728425 |
|  Shares redeemed | (8150867) | (46197431) | (16676703) | (93651952) |
|  | 800831 | 4214296 | (9903675) | (55565397) |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 50482 | 285628 | 79403 | 445837 |
|  Reinvestment of distributions | 23102 | 130712 | 43203 | 242468 |
|  Shares redeemed | (109791) | (621364) | (499358) | (2810377) |
|  | (36207) | (205024) | (376752) | (2122072) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 131452 | 744704 | 293489 | 1651315 |
|  Reinvestment of distributions | 80148 | 454396 | 83476 | 469458 |
|  Shares redeemed | (233072) | (1317971) | (442211) | (2485014) |
|  | (21472) | (118871) | (65246) | (364241) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 2143819 | 12260202 | 4005655 | 22698446 |
|  Reinvestment of distributions | 416462 | 2367495 | 457233 | 2578354 |
|  Shares redeemed | (5026634) | (28461509) | (3944703) | (22132023) |
|  | (2466353) | (13833812) | 518185 | 3144777 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 75951 | 427632 | 226071 | 1267164 |
|  Reinvestment of distributions | 42581 | 240590 | 48180 | 270253 |
|  Shares redeemed | (197006) | (1109151) | (310644) | (1738091) |
|  | (78474) | (440929) | (36393) | (200674) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 143368005 | 815468857 | 60939133 | 342845134 |
|  Reinvestment of distributions | 23093895 | 131015298 | 19863381 | 111825406 |
|  Shares redeemed | (78472219) | (440921801) | (54650472) | (306952665) |
|  | 87989681 | 505562354 | 26152042 | 147717875 |
|  **NET INCREASE** | 84682949 | $486638154 | 16058254 | $91302053 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**147**

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **High Yield Floating Rate Fund**  | **High Yield Floating Rate Fund**  | **High Yield Floating Rate Fund**  | **High Yield Floating Rate Fund**  |
|  | **For the Fiscal Year Ended**<br> **March 31, 2026** | **For the Fiscal Year Ended**<br> **March 31, 2026** | **For the Fiscal Year Ended**<br> **March 31, 2025** | **For the Fiscal Year Ended**<br> **March 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 37630 | $327053 | 554628 | $4914564 |
|  Reinvestment of distributions | 33526 | 288877 | 52334 | 463105 |
|  Shares redeemed | (193290) | (1669884) | (750834) | (6628856) |
|  | (122134) | (1053954) | (143872) | (1251187) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 71381 | 615618 | 128434 | 1139955 |
|  Reinvestment of distributions | 11736 | 101085 | 10898 | 96398 |
|  Shares redeemed | (57470) | (496445) | (56773) | (501219) |
|  | 25647 | 220258 | 82559 | 735134 |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 9038389 | 77975317 | 1422434 | 12604210 |
|  Reinvestment of distributions | 629776 | 5433735 | 1065721 | 9438987 |
|  Shares redeemed | (19491194) | (165667731) | (13047960) | (115477538) |
|  | (9823029) | (82258679) | (10559805) | (93434341) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 516996 | 4446206 | 996555 | 8849980 |
|  Reinvestment of distributions | 121870 | 1050699 | 165644 | 1469807 |
|  Shares redeemed | (1151144) | (9904894) | (1065619) | (9470015) |
|  | (512278) | (4407989) | 96580 | 849772 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 117587 | 1010173 | 1543288 | 13659643 |
|  Reinvestment of distributions | 201421 | 1741986 | 216780 | 1919827 |
|  Shares redeemed | (3362444) | (28391096) | (1474717) | (13000001) |
|  | (3043436) | (25638937) | 285351 | 2579469 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 664 | 5733 | 1073 | 9542 |
|  Reinvestment of distributions | 430 | 3708 | 2347 | 20764 |
|  Shares redeemed | (29490) | (255330) | (1226) | (10898) |
|  | (28396) | (245889) | 2194 | 19408 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 33134805 | 286854043 | 32301232 | 286582159 |
|  Reinvestment of distributions | 12740543 | 110005102 | 15305349 | 135688535 |
|  Shares redeemed | (80679871) | (695153087) | (48210924) | (427474699) |
|  | (34804523) | (298293942) | (604343) | (5204005) |
|  **NET DECREASE** | (48308149) | $(411679132) | (10841336) | $(95705750) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**148**

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment Grade Credit Fund**  | **Investment Grade Credit Fund**  | **Investment Grade Credit Fund**  | **Investment Grade Credit Fund**  |
|  | **For the Fiscal Year Ended**<br> **March 31, 2026** | **For the Fiscal Year Ended**<br> **March 31, 2026** | **For the Fiscal Year Ended**<br> **March 31, 2025** | **For the Fiscal Year Ended**<br> **March 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 191894 | $1554436 | 173487 | $1389905 |
|  Reinvestment of distributions | 36552 | 296797 | 36036 | 289009 |
|  Shares redeemed | (231732) | (1877174) | (193397) | (1544300) |
|  | (3286) | (25941) | 16126 | 134614 |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 3849146 | 31260248 | 6221826 | 49999883 |
|  Reinvestment of distributions | 631199 | 5126121 | 498488 | 4000304 |
|  Shares redeemed | (3669154) | (29604986) | (2951718) | (23625734) |
|  | 811191 | 6781383 | 3768596 | 30374453 |
|  **Separate Account Institutional Shares** |  |  |  |  |
|  Shares sold | 745921 | 6021035 | 440822 | 3512109 |
|  Reinvestment of distributions | 422305 | 3430822 | 481423 | 3861466 |
|  Shares redeemed | (1332458) | (10769960) | (2621647) | (20995572) |
|  | (164232) | (1318103) | (1699402) | (13621997) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 2403864 | 19540233 | 418479 | 3333419 |
|  Reinvestment of distributions | 54811 | 445562 | 52589 | 421523 |
|  Shares redeemed | (784136) | (6314827) | (1035138) | (8231440) |
|  | 1674539 | 13670968 | (564070) | (4476498) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 129946 | 1046947 | 177111 | 1418467 |
|  Reinvestment of distributions | 880308 | 7153676 | 891699 | 7145331 |
|  Shares redeemed | (1667094) | (13641169) | (9464531) | (73799473) |
|  | (656840) | (5440546) | (8395721) | (65235675) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 9981704 | 80849751 | 7684303 | 61443554 |
|  Reinvestment of distributions | 1884166 | 15298081 | 1607028 | 12883086 |
|  Shares redeemed | (7464178) | (60717516) | (6690362) | (54072093) |
|  | 4401692 | 35430316 | 2600969 | 20254547 |
|  **NET INCREASE (DECREASE)** | 6063064 | $49098077 | (4273502) | $(32570556) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**149**

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short Duration High Yield Fund**  | **Short Duration High Yield Fund**  | **Short Duration High Yield Fund**  | **Short Duration High Yield Fund**  |
|  | **For the Fiscal Year Ended**<br> **March 31, 2026** | **For the Fiscal Year Ended**<br> **March 31, 2026** | **For the Fiscal Year Ended**<br> **March 31, 2025** | **For the Fiscal Year Ended**<br> **March 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 6386 | $51030 | 5383 | $42629 |
|  Reinvestment of distributions | 4762 | 37986 | 4898 | 38965 |
|  Shares redeemed | (13027) | (104005) | (6966) | (55718) |
|  | (1879) | (14989) | 3315 | 25876 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold |  |  | 24720 | 195044 |
|  Reinvestment of distributions | 1382 | 11005 | 1511 | 12026 |
|  Shares redeemed | (6472) | (51759) | (5469) | (43247) |
|  | (5090) | (40754) | 20762 | 163823 |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 34264 | 272865 | 131750 | 1045622 |
|  Reinvestment of distributions | 61164 | 487174 | 73994 | 587829 |
|  Shares redeemed | (270453) | (2151839) | (260004) | (2062796) |
|  | (175025) | (1391800) | (54260) | (429345) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 1381 | 11054 | 17035 | 135349 |
|  Reinvestment of distributions | 1072 | 8553 | 2260 | 17973 |
|  Shares redeemed | (10581) | (84460) | (37311) | (296565) |
|  | (8128) | (64853) | (18016) | (143243) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 14675 | 116630 | 1408 | 11098 |
|  Reinvestment of distributions | 745 | 5925 | 28043 | 222421 |
|  Shares redeemed | (349634) | (2730851) | (703551) | (5502120) |
|  | (334214) | (2608296) | (674100) | (5268601) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 864707 | 6868936 | 918352 | 7298376 |
|  Reinvestment of distributions | 205330 | 1633014 | 255063 | 2024175 |
|  Shares redeemed | (1145311) | (9036336) | (1063491) | (8435630) |
|  | (75274) | (534386) | 109924 | 886921 |
|  **NET DECREASE** | (599610) | $(4655078) | (612375) | $(4764569) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**150**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Emerging Markets Credit Fund, Goldman Sachs Emerging Markets Debt Fund, Goldman Sachs High Yield Fund, Goldman Sachs High Yield Floating Rate Fund, Goldman Sachs Investment Grade Credit Fund and Goldman Sachs Short Duration High Yield Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Emerging Markets Credit Fund, Goldman Sachs Emerging Markets Debt Fund, Goldman Sachs High Yield Fund, Goldman Sachs High Yield Floating Rate Fund, Goldman Sachs Investment Grade Credit Fund and Goldman Sachs Short Duration High Yield Fund (six of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the "Funds") as of March 31, 2026, the related statements of operations for the year ended March 31, 2026, the statements of changes in net assets for each of the two years in the period ended March 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2026, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2026 and each of the financial highlights for each of the five years in the period ended March 31, 2026 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian, transfer agent, agent banks and brokers; when replies were not received from agent banks or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

May 22, 2026

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**151**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Single Sector Fixed Income Funds Tax Information (Unaudited)
For the fiscal year ended March 31, 2026, 0.03% of the dividends paid from net investment company taxable income by the GS High Yield Fund qualifies for the dividends received deduction available to corporations.

For the fiscal year ended March 31, 2026, the GS Emerging Markets Credit Fund, GS Emerging Markets Debt Fund, GS High Yield Fund, GS High Yield Floating Rate Fund, GS Investment Grade Credit Fund, and GS Short Duration High Yield Fund designate 99.91%, 100%, 100%, 98.37%, 100%, and 99.52%, respectively, of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends.

For the year ended March 31, 2026, 0.08% and 0.15% of the dividends paid from net investment company taxable income by the GS High Yield Fund and the GS Short Duration High Yield Fund, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**152**

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![LOGO](g153080g53g53.jpg)

TRUSTEES OFFICERS Gregory G. Weaver, Chair James A. McNamara, President and Principal Executive Cheryl K. Beebe Officer Dwight L. Bush Joseph F. DiMaria, Principal Financial Officer, Principal Kathryn A. Cassidy Accounting Officer and Treasurer John G. Chou Robert Griffith, Secretary Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener Brian J. Wildman\* \*Effective April 1, 2026. GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282© 2026 Goldman Sachs. All rights reserved. SSFIAR-26

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ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The aggregate remuneration paid to the Funds' trustees, officers and others, if any, is included in Item 7 of this report.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Not applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

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| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.  |

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There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

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ITEM 16. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a) Not applicable.

(b) Not applicable.

ITEM 19. EXHIBITS.

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| | |
|:---|:---|
| (a)(1) | [Goldman Sachs Trust's Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant's Form N-CSR filed on August 26, 2022.](http://www.sec.gov/Archives/edgar/data/822977/000119312522230661/d320037dex99code.htm) |
| (a)(2) | Not Applicable. |
| (a)(3) | [Exhibit 99.CERT. Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.](d35612dex99cert.htm) |
| (a)(4) | Not applicable to open-end investment companies. |
| (a)(5) | There was no change in the registrant's independent public accountant for the period covered by this report. |
| (b) | [Exhibit 99.906CERT. Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.](d35612dex99906cert.htm) |
| (101) | Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
|  | Goldman Sachs Trust |
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs Trust |
| Date: | June 4, 2026 |

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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs Trust |
| Date: | June 4, 2026 |
| By: | /s/ Joseph F. DiMaria |
|  | Joseph F. DiMaria |
|  | Principal Financial Officer |
|  | Goldman Sachs Trust |
| Date: | June 4, 2026 |

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## Ex-99.Cert

**CERTIFICATIONS** 

(Section 302)

I, James A. McNamara, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: June 4, 2026

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| |
|:---|
|  /s/ James A. McNamara |
|  James A. McNamara<br> Principal Executive Officer |

---

------

**CERTIFICATIONS** 

(Section 302)

I, Joseph F. DiMaria, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: June 4, 2026

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| |
|:---|
|  /s/ Joseph F. DiMaria |
|  Joseph F. DiMaria<br> Principal Financial Officer |

---

## Exhibit 99.906

EX-99.906CERT

**Certification Under Section 906** 

**of the Sarbanes-Oxley Act of 2002** 

James A. McNamara, Principal Executive Officer, and Joseph F. DiMaria, Principal Financial Officer, of the Goldman Sachs Trust (the "Registrant"), each certify to the best of his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period
ended March 31, 2026 (the "Form N-CSR") fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| Principal Executive Officer | Principal Financial Officer |
| Goldman Sachs Trust | Goldman Sachs Trust |
| /s/ James A. McNamara | /s/ Joseph F. DiMaria |
| James A. McNamara | Joseph F. DiMaria |
| Date: June 4, 2026 | Date: June 4, 2026 |

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This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.