# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001410368-26-016228
**Filing Date:** 2026-2
**Character Count:** 999329
**Document Hash:** 211da46c8b187904ae477fa1462773be
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-016228.hdr.sgml**: 20260223

**ACCESSION NUMBER**: 0001410368-26-016228

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260223

**DATE AS OF CHANGE**: 20260223

**PERIOD START**: 20260331

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05349
- **FILM NUMBER:** 26664299

**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 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           |

## Nport-Ex

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

## Schedule of Investments
*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | |
| **Corporate Obligations – 96.0%** | **Corporate Obligations – 96.0%** | **Corporate Obligations – 96.0%** | **Value** |
| **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) | Azule Energy Finance PLC (NR/B2) |
| 200000 | 8.125% | 01/23/30 | $200166 |
| **Argentina<sup>(a)</sup> – 3.4%** | **Argentina<sup>(a)</sup> – 3.4%** | **Argentina<sup>(a)</sup> – 3.4%** | **Argentina<sup>(a)</sup> – 3.4%** |
| Arcor SAIC (NR/NR) | Arcor SAIC (NR/NR) | Arcor SAIC (NR/NR) | Arcor SAIC (NR/NR) |
| 90000 | 7.600 <sup>(b)</sup> | 07/31/33 | 90896 |
| Pluspetrol SA (NR/B1) | Pluspetrol SA (NR/B1) | Pluspetrol SA (NR/B1) | Pluspetrol SA (NR/B1) |
| 80000 | 8.500 <sup>(b)</sup> | 05/30/32 | 81300 |
| Tecpetrol SA (NR/B1) | Tecpetrol SA (NR/B1) | Tecpetrol SA (NR/B1) | Tecpetrol SA (NR/B1) |
| 90000 | 7.625 <sup>(b)</sup> | 11/03/30 | 89370 |
| Telecom Argentina SA (NR/NR) | Telecom Argentina SA (NR/NR) | Telecom Argentina SA (NR/NR) | Telecom Argentina SA (NR/NR) |
| 90000 | 9.250 <sup>(b)</sup> | 05/28/33 | 94041 |
| Vista Energy Argentina SAU (NR/NR) | 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 | 71575 |
| YPF SA (B-/NR) | YPF SA (B-/NR) | YPF SA (B-/NR) | YPF SA (B-/NR) |
| 60000 | 8.250 <sup>(b)</sup> | 01/17/34 | 61140 |
| 10000 | 8.250 | 01/17/34 | 10190 |
| YPF SA (NR/B2) | YPF SA (NR/B2) | YPF SA (NR/B2) | YPF SA (NR/B2) |
| 190000 | 9.500 <sup>(b)</sup> | 01/17/31 | 202409 |
|  |  |  | 700921 |
| **Australia<sup>(a)(b)</sup> – 0.5%** | **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) | Santos Finance Ltd. (BBB-/Baa3) |
| 100000 | 5.750 | 11/13/35 | 99540 |
| **Brazil – 6.6%** | **Brazil – 6.6%** | **Brazil – 6.6%** | **Brazil – 6.6%** |
| Acu Petroleo Luxembourg SARL (BB/Ba1) | Acu Petroleo Luxembourg SARL (BB/Ba1) | Acu Petroleo Luxembourg SARL (BB/Ba1) | Acu Petroleo Luxembourg SARL (BB/Ba1) |
| 221048 | 7.500 <sup>(a)</sup> | 07/13/35 | 225251 |
| CSN Inova Ventures (NR/Ba3) | CSN Inova Ventures (NR/Ba3) | CSN Inova Ventures (NR/Ba3) | CSN Inova Ventures (NR/Ba3) |
| 200000 | 6.750 <sup>(a)</sup> | 01/28/28 | 184991 |
| Guara Norte SARL (NR/Baa3) | Guara Norte SARL (NR/Baa3) | Guara Norte SARL (NR/Baa3) | Guara Norte SARL (NR/Baa3) |
| 147330 | 5.198 | 06/15/34 | 143794 |
| MC Brazil Downstream Trading SARL (NR/B1) | MC Brazil Downstream Trading SARL (NR/B1) | MC Brazil Downstream Trading SARL (NR/B1) | MC Brazil Downstream Trading SARL (NR/B1) |
| 181263 | 7.250 | 06/30/31 | 158832 |
| Raizen Fuels Finance SA (BBB-/NR) | Raizen Fuels Finance SA (BBB-/NR) | Raizen Fuels Finance SA (BBB-/NR) | Raizen Fuels Finance SA (BBB-/NR) |
| 200000 | 6.950 <sup>(a)(b)</sup> | 03/05/54 | 152500 |
| 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%) |
| 282488 | 9.500 <sup>(a)(c)</sup> | 06/30/31 | 287343 |
| 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%) |
| 200000 | 6.000 <sup>(a)(b)(d)</sup> | 02/25/56 | 199560 |
|  |  |  | 1352271 |
| **Canada<sup>(a)(b)</sup> – 1.0%** | **Canada<sup>(a)(b)</sup> – 1.0%** | **Canada<sup>(a)(b)</sup> – 1.0%** | **Canada<sup>(a)(b)</sup> – 1.0%** |
| St. Mary's Cement, Inc. (BBB/Baa3) | St. Mary's Cement, Inc. (BBB/Baa3) | St. Mary's Cement, Inc. (BBB/Baa3) | St. Mary's Cement, Inc. (BBB/Baa3) |
| 200000 | 5.750 | 04/02/34 | 206688 |
| **Chile<sup>(a)</sup> – 3.3%** | **Chile<sup>(a)</sup> – 3.3%** | **Chile<sup>(a)</sup> – 3.3%** | **Chile<sup>(a)</sup> – 3.3%** |
| 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 | 206000 |
| 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 | 211438 |
| Latam Airlines Group SA (BBB-/Ba2) | 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 | 209854 |
| 20000 | 7.875 | 04/15/30 | 20985 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Value** |
| **Chile<sup>(a)</sup> – (continued)** | **Chile<sup>(a)</sup> – (continued)** | **Chile<sup>(a)</sup> – (continued)** |  |
| Latam Airlines Group SA (BBB-/Ba2) – (continued) | Latam Airlines Group SA (BBB-/Ba2) – (continued) | Latam Airlines Group SA (BBB-/Ba2) – (continued) | Latam Airlines Group SA (BBB-/Ba2) – (continued) |
| 30000 | 7.625 %<sup>(b)</sup> | 01/07/31 | $31500 |
|  |  |  | 679777 |
| **Colombia<sup>(a)</sup> – 5.6%** | **Colombia<sup>(a)</sup> – 5.6%** | **Colombia<sup>(a)</sup> – 5.6%** | **Colombia<sup>(a)</sup> – 5.6%** |
| 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 | 188160 |
| Ecopetrol SA (BB/Ba1) | Ecopetrol SA (BB/Ba1) | Ecopetrol SA (BB/Ba1) | Ecopetrol SA (BB/Ba1) |
| 200000 | 8.625 | 01/19/29 | 214530 |
| 170000 | 4.625 | 11/02/31 | 151428 |
| 50000 | 7.750 | 02/01/32 | 51228 |
| 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) |
| 200000 | 5.375 | 12/30/30 | 185986 |
| 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 | 356812 |
|  |  |  | 1148144 |
| **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 | 273489 |
| **Ecuador<sup>(a)(b)</sup> – 1.0%** | **Ecuador<sup>(a)(b)</sup> – 1.0%** | **Ecuador<sup>(a)(b)</sup> – 1.0%** | **Ecuador<sup>(a)(b)</sup> – 1.0%** |
| 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 | 214250 |
| **Ghana<sup>(a)</sup> – 0.8%** | **Ghana<sup>(a)</sup> – 0.8%** | **Ghana<sup>(a)</sup> – 0.8%** | **Ghana<sup>(a)</sup> – 0.8%** |
| 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 | 160800 |
| **Guatemala<sup>(a)</sup> – 1.9%** | **Guatemala<sup>(a)</sup> – 1.9%** | **Guatemala<sup>(a)</sup> – 1.9%** | **Guatemala<sup>(a)</sup> – 1.9%** |
| Banco Industrial SA (NR/B1) (5 yr. CMT + 4.442%) | Banco Industrial SA (NR/B1) (5 yr. CMT + 4.442%) | Banco Industrial SA (NR/B1) (5 yr. CMT + 4.442%) | Banco Industrial SA (NR/B1) (5 yr. CMT + 4.442%) |
| 200000 | 4.875 <sup>(d)</sup> | 01/29/31 | 198680 |
| 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 | 196770 |
|  |  |  | 395450 |
| **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 | 259755 |
| **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 | 212126 |
| **India – 5.5%** | **India – 5.5%** | **India – 5.5%** | **India – 5.5%** |
| 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 | 197125 |
| 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 | 206750 |
| 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 | 129531 |
| 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 | 199750 |
| 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 | 187938 |

---

------

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

## Schedule of Investments (continued)
*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Value** |
| **India – (continued)** | **India – (continued)** | **India – (continued)** |  |
| 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 | $214812 |
|  |  |  | 1135906 |
| **Israel<sup>(a)</sup> – 1.0%** | **Israel<sup>(a)</sup> – 1.0%** | **Israel<sup>(a)</sup> – 1.0%** | **Israel<sup>(a)</sup> – 1.0%** |
| 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) |
| 200000 | 6.000 | 12/01/32 | 209516 |
| **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 | 206626 |
| **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 | 207626 |
| 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 | 205062 |
|  |  |  | 412688 |
| **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 | 266001 |
| **Luxembourg – 0.9%** | **Luxembourg – 0.9%** | **Luxembourg – 0.9%** | **Luxembourg – 0.9%** |
| MHP Lux SA (CCC/NR) | MHP Lux SA (CCC/NR) | MHP Lux SA (CCC/NR) | MHP Lux SA (CCC/NR) |
| 200000 | 6.950 | 04/03/26 | 193578 |
| **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 | 269417 |
| **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 | 181062 |
| **Mexico – 8.1%** | **Mexico – 8.1%** | **Mexico – 8.1%** | **Mexico – 8.1%** |
| 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 | 320297 |
| 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 | 195860 |
| 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 | 217017 |
| 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 | 176000 |
| 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 | 208106 |
| 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 | 176188 |
| Orbia Advance Corp. SAB de CV (NR/Ba1) | Orbia Advance Corp. SAB de CV (NR/Ba1) | Orbia Advance Corp. SAB de CV (NR/Ba1) | Orbia Advance Corp. SAB de CV (NR/Ba1) |
| 200000 | 6.800 <sup>(a)(b)</sup> | 05/13/30 | 197200 |
| Petroleos Mexicanos (BBB/B1) | Petroleos Mexicanos (BBB/B1) | Petroleos Mexicanos (BBB/B1) | Petroleos Mexicanos (BBB/B1) |
| 30000 | 6.500 | 01/23/29 | 30525 |
| 20000 | 8.750 <sup>(a)</sup> | 06/02/29 | 21442 |
| 70000 | 6.840 <sup>(a)</sup> | 01/23/30 | 71113 |
| 20000 | 6.375 | 01/23/45 | 16058 |
| 40000 | 6.750 | 09/21/47 | 32808 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Value** |
| **Mexico – (continued)** | **Mexico – (continued)** | **Mexico – (continued)** |  |
| Petroleos Mexicanos (BBB/B1) – (continued) | Petroleos Mexicanos (BBB/B1) – (continued) | Petroleos Mexicanos (BBB/B1) – (continued) | Petroleos Mexicanos (BBB/B1) – (continued) |
| 10000 | 6.950 %<sup>(a)</sup> | 01/28/60 | $8116 |
|  |  |  | 1670730 |
| **Moldova<sup>(a)(b)</sup> – 1.0%** | **Moldova<sup>(a)(b)</sup> – 1.0%** | **Moldova<sup>(a)(b)</sup> – 1.0%** | **Moldova<sup>(a)(b)</sup> – 1.0%** |
| 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 | 199937 |
| **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 | 202500 |
| **Morocco<sup>(a)</sup> – 3.1%** | **Morocco<sup>(a)</sup> – 3.1%** | **Morocco<sup>(a)</sup> – 3.1%** | **Morocco<sup>(a)</sup> – 3.1%** |
| OCP SA (BBB-/Baa3) | OCP SA (BBB-/Baa3) | OCP SA (BBB-/Baa3) | OCP SA (BBB-/Baa3) |
| 200000 | 7.500 | 05/02/54 | 220996 |
| OCP SA (BBB-/NR) | OCP SA (BBB-/NR) | OCP SA (BBB-/NR) | OCP SA (BBB-/NR) |
| 260000 | 5.125 | 06/23/51 | 214440 |
| 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 | 208742 |
|  |  |  | 644178 |
| **Netherlands – 3.0%** | **Netherlands – 3.0%** | **Netherlands – 3.0%** | **Netherlands – 3.0%** |
| Minejesa Capital BV (NR/Baa3) | Minejesa Capital BV (NR/Baa3) | Minejesa Capital BV (NR/Baa3) | Minejesa Capital BV (NR/Baa3) |
| 143840 | 4.625 | 08/10/30 | 143165 |
| MV24 Capital BV (BB+/Baa3) | MV24 Capital BV (BB+/Baa3) | MV24 Capital BV (BB+/Baa3) | MV24 Capital BV (BB+/Baa3) |
| 277612 | 6.748 | 06/01/34 | 275375 |
| Prosus NV (BBB/Baa2) | Prosus NV (BBB/Baa2) | Prosus NV (BBB/Baa2) | Prosus NV (BBB/Baa2) |
| 200000 | 3.680 <sup>(a)</sup> | 01/21/30 | 191500 |
|  |  |  | 610040 |
| **Nigeria – 4.5%** | **Nigeria – 4.5%** | **Nigeria – 4.5%** | **Nigeria – 4.5%** |
| 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 | 367003 |
| IHS Holding Ltd. (B+/NR) | IHS Holding Ltd. (B+/NR) | IHS Holding Ltd. (B+/NR) | IHS Holding Ltd. (B+/NR) |
| 220000 | 7.875 <sup>(a)</sup> | 05/29/30 | 226204 |
| 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 | 342685 |
|  |  |  | 935892 |
| **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 | 206750 |
| **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 | 161302 |
| 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 | 348834 |
| 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 | 190250 |
|  |  |  | 700386 |
| **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 | 198876 |
| **Peru<sup>(a)</sup> – 4.5%** | **Peru<sup>(a)</sup> – 4.5%** | **Peru<sup>(a)</sup> – 4.5%** | **Peru<sup>(a)</sup> – 4.5%** |
| 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 | 230423 |

---

------

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Value** |
| **Peru<sup>(a)</sup> – (continued)** | **Peru<sup>(a)</sup> – (continued)** | **Peru<sup>(a)</sup> – (continued)** |  |
| InRetail Consumer (BB+/Baa3) | InRetail Consumer (BB+/Baa3) | InRetail Consumer (BB+/Baa3) | InRetail Consumer (BB+/Baa3) |
| 200000 | 3.250% | 03/22/28 | $193886 |
| 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 | 204490 |
| 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 | 305142 |
|  |  |  | 933941 |
| **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 | 257344 |
| **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 | 239285 |
| **Saudi Arabia – 0.9%** | **Saudi Arabia – 0.9%** | **Saudi Arabia – 0.9%** | **Saudi Arabia – 0.9%** |
| EIG Pearl Holdings SARL (NR/Aa3) | EIG Pearl Holdings SARL (NR/Aa3) | EIG Pearl Holdings SARL (NR/Aa3) | EIG Pearl Holdings SARL (NR/Aa3) |
| 196690 | 3.545 | 08/31/36 | 182235 |
| **Singapore – 1.9%** | **Singapore – 1.9%** | **Singapore – 1.9%** | **Singapore – 1.9%** |
| 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 | 203000 |
| LLPL Capital Pte. Ltd. (NR/Baa3) | LLPL Capital Pte. Ltd. (NR/Baa3) | LLPL Capital Pte. Ltd. (NR/Baa3) | LLPL Capital Pte. Ltd. (NR/Baa3) |
| 175575 | 6.875 | 02/04/39 | 182872 |
|  |  |  | 385872 |
| **South Africa – 4.1%** | **South Africa – 4.1%** | **South Africa – 4.1%** | **South Africa – 4.1%** |
| 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 | 240000 |
| 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 | 202938 |
| Eskom Holdings (BB/Ba2) | Eskom Holdings (BB/Ba2) | Eskom Holdings (BB/Ba2) | Eskom Holdings (BB/Ba2) |
| 200000 | 4.314 <sup>(e)</sup> | 07/23/27 | 198254 |
| Transnet (B+/Ba3) | Transnet (B+/Ba3) | Transnet (B+/Ba3) | Transnet (B+/Ba3) |
| 200000 | 8.250 | 02/06/28 | 211312 |
|  |  |  | 852504 |
| **Turkey – 8.4%** | **Turkey – 8.4%** | **Turkey – 8.4%** | **Turkey – 8.4%** |
| 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 | 221550 |
| 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 | 297402 |
| 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 | 202000 |
| 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) |
| 261092 | 9.500 <sup>(a)</sup> | 07/10/36 | 264601 |
| 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 | 208750 |
| 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 | 209376 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Value** |
| **Turkey – (continued)** | **Turkey – (continued)** | **Turkey – (continued)** |  |
| 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 | $322108 |
|  |  |  | 1725787 |
| **United States<sup>(a)</sup> – 1.2%** | **United States<sup>(a)</sup> – 1.2%** | **United States<sup>(a)</sup> – 1.2%** | **United States<sup>(a)</sup> – 1.2%** |
| GCC SAB de CV (BBB-/NR) | GCC SAB de CV (BBB-/NR) | GCC SAB de CV (BBB-/NR) | GCC SAB de CV (BBB-/NR) |
| 200000 | 3.614 | 04/20/32 | 185974 |
| 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 | 40975 |
| 10000 | 6.000 | 06/14/30 | 10474 |
|  |  |  | 237423 |
| **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 | 213125 |
| 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 | 214812 |
|  |  |  | 427937 |
| **Vietnam<sup>(a)</sup> – 0.7%** | **Vietnam<sup>(a)</sup> – 0.7%** | **Vietnam<sup>(a)</sup> – 0.7%** | **Vietnam<sup>(a)</sup> – 0.7%** |
| 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 | 155015 |
| **Zambia<sup>(a)(b)</sup> – 1.1%** | **Zambia<sup>(a)(b)</sup> – 1.1%** | **Zambia<sup>(a)(b)</sup> – 1.1%** | **Zambia<sup>(a)(b)</sup> – 1.1%** |
| First Quantum Minerals Ltd. (B/NR) | First Quantum Minerals Ltd. (B/NR) | First Quantum Minerals Ltd. (B/NR) | First Quantum Minerals Ltd. (B/NR) |
| 204000 | 8.000 | 03/01/33 | 217368 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $18,780,894)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $18,780,894)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $18,780,894)** | $19762171 |
| **Sovereign Debt Obligations – 3.6%** | **Sovereign Debt Obligations – 3.6%** | **Sovereign Debt Obligations – 3.6%** | **Sovereign Debt Obligations – 3.6%** |
| **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 | $216013 |
| **Nigeria – 1.1%** | **Nigeria – 1.1%** | **Nigeria – 1.1%** | **Nigeria – 1.1%** |
| 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 | 218094 |
| **Paraguay<sup>(a)</sup> – 0.9%** | **Paraguay<sup>(a)</sup> – 0.9%** | **Paraguay<sup>(a)</sup> – 0.9%** | **Paraguay<sup>(a)</sup> – 0.9%** |
| Paraguay Government International Bonds (BBB-/Baa3) | Paraguay Government International Bonds (BBB-/Baa3) | Paraguay Government International Bonds (BBB-/Baa3) | Paraguay Government International Bonds (BBB-/Baa3) |
| 200000 | 5.400 | 03/30/50 | 187175 |
| **Romania<sup>(b)</sup> – 0.6%** | **Romania<sup>(b)</sup> – 0.6%** | **Romania<sup>(b)</sup> – 0.6%** | **Romania<sup>(b)</sup> – 0.6%** |
| Romania Government International Bonds (BBB-/Baa3) | Romania Government International Bonds (BBB-/Baa3) | Romania Government International Bonds (BBB-/Baa3) | Romania Government International Bonds (BBB-/Baa3) |
| 120000 | 6.625 | 05/16/36 | 125100 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $693,892)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $693,892)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $693,892)** | $746382 |
| **U.S. Treasury Obligations – 0.6%** | **U.S. Treasury Obligations – 0.6%** | **U.S. Treasury Obligations – 0.6%** | **U.S. Treasury Obligations – 0.6%** |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 120000 | 3.625% | 12/31/30 | $119447 |
| **(Cost $119,338)** | **(Cost $119,338)** | **(Cost $119,338)** |  |

---

------

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

*December 31, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(f)</sup> – 0.0%** | **Investment Company<sup>(f)</sup> – 0.0%** | **Investment Company<sup>(f)</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 |
| 43 | 3.686% | $43 |
| **(Cost $43)** | **(Cost $43)** | **(Cost $43)** |
| **TOTAL INVESTMENTS – 100.2%<br>(Cost $19,594,167)** | **TOTAL INVESTMENTS – 100.2%<br>(Cost $19,594,167)** | $20628043 |
| **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (0.2)%** | **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (0.2)%** | (34771) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $20593272 |

---

---

| | |
|:---|:---|
| 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 December 31, 2025. |
| (e) | Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $198,254, which represents approximately 0.9% of the Fund's net assets as of December 31, 2025. |
| (f) | Represents an affiliated issuer. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At December 31, 2025, 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. | EUR | 129665 | USD | 151268 | 02/25/26 | $1505 |

---

**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 | 403147 | EUR | 343813 | 02/25/26 | $(1939) |

---

**FUTURES CONTRACTS** — At December 31, 2025, 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 | 1 | 03/20/26 | $112438 | $26 |
|  2 Year U.S. Treasury Notes | 5 | 03/31/26 | 1043945 | (163) |
|  20 Year U.S. Treasury Bonds | 3 | 03/20/26 | 346781 | (2445) |
|  Ultra Long U.S. Treasury Bonds | 4 | 03/20/26 | 472000 | (2321) |
|  **Total** |  |  |  | $(4903) |
|  **Short position contracts:** |  |  |  |  |
|  5 Year U.S. Treasury Notes | (13) | 03/31/26 | (1420961) | 1116 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $(3787) |

---

------

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**SWAP CONTRACTS** — At December 31, 2025, the Fund had the following swap contracts:

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **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)** |
|  6M EURO<sup>(b)</sup><br> 2.000%<sup>(c)</sup> | 03/18/28 | 160 | $(1125) | $(1311) | $186 |
|  12M SOFR<sup>(c)</sup><br> 3.265<sup>(c)</sup> | 01/30/31 | $170 | (1518) | (831) | (687) |
|  2.250%<sup>(c)</sup><br> 6M EURO<sup>(b)</sup> | 03/18/31 | 90 | 1789 | 1836 | (47) |
| 2.500<sup>(c)</sup><br> 6M EURO<sup>(b)</sup> | 03/18/33 | 100 | 1989 | 2018 | (29) |
|  6M EURO<sup>(b)</sup><br> 2.500<sup>(c)</sup> | 03/18/36 | 130 | (6070) | (6052) | (18) |
| 2.750<sup>(c)</sup><br> 6M EURO<sup>(b)</sup> | 03/18/41 | 110 | 6545 | 6384 | 161 |
| 3.828<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 01/30/56 | $50 | 2869 | 1077 | 1792 |
|  **TOTAL** |  |  | $4479 | $3121 | $1358 |

---

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2025.

(b) Payments made semi-annually.

(c) Payments made annually.

**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** |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |  |
|  3M IRS | Citibank NA | 3.302% | 01/28/2026 | 110000 | $110000 | $130 | $142 | $(12) |
|  **TOTAL** |  |  |  | 110000 | $110000 | $130 | $142 | $(12) |

---

---

| | |
|:---|:---|
| **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 |
| **Abbreviations:** | **Abbreviations:** |
| 3M IRS | — 3 Months Interest Rate Swaptions |
| EURO | — Euro Offered Rate |
| SOFR | — Secured Overnight Financing Rate |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

## Schedule of Investments
*December 31, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Sovereign Debt Obligations – 69.6%** | **Sovereign Debt Obligations – 69.6%** | **Sovereign Debt Obligations – 69.6%** | **Sovereign Debt Obligations – 69.6%** | **Sovereign Debt Obligations – 69.6%** |
|  **Angola – 1.2%** | **Angola – 1.2%** | **Angola – 1.2%** | **Angola – 1.2%** | **Angola – 1.2%** |
|  Angola Government International Bonds (B-/B3) | Angola Government International Bonds (B-/B3) | Angola Government International Bonds (B-/B3) | Angola Government International Bonds (B-/B3) | Angola Government International Bonds (B-/B3) |
|  $ | 900000 | 8.000% | 11/26/29 | $879092 |
|  | 450000 | 8.750 <sup>(a)</sup> | 04/14/32 | 437628 |
|  | 1050000 | 9.125 | 11/26/49 | 904293 |
|  Angola Government International Bonds (NR/B3) | Angola Government International Bonds (NR/B3) | Angola Government International Bonds (NR/B3) | Angola Government International Bonds (NR/B3) | Angola Government International Bonds (NR/B3) |
|  | 910000 | 8.250 | 05/09/28 | 914036 |
|  | 880000 | 8.250 <sup>(a)</sup> | 05/09/28 | 883902 |
|  | 990000 | 9.375 | 05/08/48 | 867750 |
|  Angolan Government International Bonds (B-/B3)<sup>(a)</sup> | Angolan Government International Bonds (B-/B3)<sup>(a)</sup> | Angolan Government International Bonds (B-/B3)<sup>(a)</sup> | Angolan Government International Bonds (B-/B3)<sup>(a)</sup> | Angolan Government International Bonds (B-/B3)<sup>(a)</sup> |
|  | 1110000 | 9.244 | 01/15/31 | 1118667 |
|  | 650000 | 9.875 | 10/15/35 | 644111 |
|  |  |  |  | 6649479 |
|  **Argentina<sup>(b)</sup> –3.1%** | **Argentina<sup>(b)</sup> –3.1%** | **Argentina<sup>(b)</sup> –3.1%** | **Argentina<sup>(b)</sup> –3.1%** | **Argentina<sup>(b)</sup> –3.1%** |
|  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) | Argentina Republic Government International Bonds (CCC+/NR) |
|  EUR | 96070 | 0.500 | 07/09/29 | 97491 |
|  $ | 4272257 | 0.750 <sup>(c)</sup> | 07/09/30 | 3639963 |
|  | 9105877 | 4.125 <sup>(c)</sup> | 07/09/35 | 6774772 |
|  | 4031111 | 5.000 <sup>(c)</sup> | 01/09/38 | 3132173 |
|  | 4574455 | 3.500 <sup>(c)</sup> | 07/09/41 | 3165523 |
|  |  |  |  | 16809922 |
|  **Azerbaijan – 0.6%** | **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) | Republic of Azerbaijan International Bonds (NR/Baa3) |
|  | 3530000 | 3.500 | 09/01/32 | 3317106 |
|  **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<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) | Bahamas Government International Bonds (BB-/B1) |
|  | 800000 | 8.250 | 06/24/36 | 891416 |
|  **Bahrain – 1.3%** | **Bahrain – 1.3%** | **Bahrain – 1.3%** | **Bahrain – 1.3%** | **Bahrain – 1.3%** |
|  Bahrain Government International Bonds (B/B2u) | 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 | 671895 |
|  | 560000 | 5.625 <sup>(a)</sup> | 09/30/31 | 554574 |
|  | 1510000 | 5.625 | 09/30/31 | 1495368 |
|  | 230000 | 5.450 | 09/16/32 | 223238 |
|  | 820000 | 5.450 <sup>(a)</sup> | 09/16/32 | 795892 |
|  Bahrain Government International Bonds (B/NR) | Bahrain Government International Bonds (B/NR) | Bahrain Government International Bonds (B/NR) | Bahrain Government International Bonds (B/NR) | Bahrain Government International Bonds (B/NR) |
|  | 1110000 | 6.750 | 09/20/29 | 1155233 |
|  | 1230000 | 5.250 | 01/25/33 | 1171956 |
|  | 990000 | 5.625 | 05/18/34 | 949469 |
|  |  |  |  | 7017625 |
|  **Benin – 0.4%** | **Benin – 0.4%** | **Benin – 0.4%** | **Benin – 0.4%** | **Benin – 0.4%** |
|  Benin Government International Bonds (BB-/B1) | Benin Government International Bonds (BB-/B1) | Benin Government International Bonds (BB-/B1) | Benin Government International Bonds (BB-/B1) | Benin Government International Bonds (BB-/B1) |
|  | 350000 | 7.960 <sup>(a)</sup> | 02/13/38 | 363671 |
|  | 520000 | 7.960 | 02/13/38 | 540311 |
|  Benin Government International Bonds (BB-/B1u) | 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 | 452441 |
|  | 320000 | 8.375 | 01/23/41 | 336701 |
|  Benin Government International Bonds (BB-/NR) | Benin Government International Bonds (BB-/NR) | Benin Government International Bonds (BB-/NR) | Benin Government International Bonds (BB-/NR) | Benin Government International Bonds (BB-/NR) |
|  EUR | 530000 | 4.875 <sup>(a)</sup> | 01/19/32 | 594809 |
|  |  |  |  | 2287933 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | |
| **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Value** |
|  **Brazil – 2.7%** | **Brazil – 2.7%** |  |  |  |
|  Brazil Government International Bonds (BB/Ba1) | Brazil Government International Bonds (BB/Ba1) | Brazil Government International Bonds (BB/Ba1) | Brazil Government International Bonds (BB/Ba1) | Brazil Government International Bonds (BB/Ba1) |
|  $ | 1350000 | 5.500% | 11/06/30 | $1372275 |
|  | 1230000 | 6.250 | 03/18/31 | 1285350 |
|  | 1290000 | 6.000 | 10/20/33 | 1303867 |
|  | 1040000 | 6.125 | 03/15/34 | 1050660 |
|  | 3710000 | 6.625 | 03/15/35 | 3825010 |
|  | 1518000 | 5.625 | 01/07/41 | 1409463 |
|  | 2510000 | 4.750 <sup>(b)</sup> | 01/14/50 | 1823515 |
|  | 710000 | 7.125 | 05/13/54 | 704143 |
|  | 1690000 | 7.250 | 01/12/56 | 1674790 |
|  |  |  |  | 14449073 |
|  **Chile<sup>(b)</sup> –1.0%** | **Chile<sup>(b)</sup> –1.0%** | **Chile<sup>(b)</sup> –1.0%** | **Chile<sup>(b)</sup> –1.0%** | **Chile<sup>(b)</sup> –1.0%** |
|  Chile Government International Bonds (A/A2) | Chile Government International Bonds (A/A2) | Chile Government International Bonds (A/A2) | Chile Government International Bonds (A/A2) |  |
|  | 910000 | 3.500 | 01/31/34 | 835835 |
|  | 550000 | 4.340 | 03/07/42 | 491150 |
|  | 390000 | 3.500 | 01/25/50 | 286650 |
|  | 890000 | 4.000 | 01/31/52 | 703767 |
|  | 280000 | 5.330 | 01/05/54 | 270340 |
|  | 1434000 | 3.100 | 01/22/61 | 891231 |
|  | 3200000 | 3.250 | 09/21/71 | 1984000 |
|  |  |  |  | 5462973 |
|  **Colombia<sup>(b)</sup> –3.1%** | **Colombia<sup>(b)</sup> –3.1%** | **Colombia<sup>(b)</sup> –3.1%** | **Colombia<sup>(b)</sup> –3.1%** | **Colombia<sup>(b)</sup> –3.1%** |
|  Colombia Government International Bonds (BB/Baa3) | Colombia Government International Bonds (BB/Baa3) | Colombia Government International Bonds (BB/Baa3) | Colombia Government International Bonds (BB/Baa3) | Colombia Government International Bonds (BB/Baa3) |
|  | 570000 | 4.500 | 03/15/29 | 558600 |
|  | 2290000 | 3.000 | 01/30/30 | 2059855 |
|  | 2810000 | 3.125 | 04/15/31 | 2437675 |
|  | 4480000 | 3.250 | 04/22/32 | 3774400 |
|  | 580000 | 7.500 | 02/02/34 | 603780 |
|  | 720000 | 5.625 | 02/26/44 | 583920 |
|  | 1380000 | 5.000 | 06/15/45 | 1011540 |
|  | 2980000 | 4.125 | 05/15/51 | 1840895 |
|  | 2320000 | 3.875 | 02/15/61 | 1332260 |
|  Colombia Government International Bonds (NR/Baa3) | Colombia Government International Bonds (NR/Baa3) | Colombia Government International Bonds (NR/Baa3) | Colombia Government International Bonds (NR/Baa3) | Colombia Government International Bonds (NR/Baa3) |
|  EUR | 870000 | 3.750 | 09/19/28 | 1013222 |
|  | 300000 | 5.000 | 09/19/32 | 338457 |
|  | 720000 | 5.625 | 02/19/36 | 794318 |
|  |  |  |  | 16348922 |
|  **Congo – 0.2%** | **Congo – 0.2%** |  |  |  |
|  Congolese International Bonds (CCC+/NR) | Congolese International Bonds (CCC+/NR) | Congolese International Bonds (CCC+/NR) | Congolese International Bonds (CCC+/NR) |  |
|  $ | 1480000 | 9.875 | 11/07/32 | 1323682 |
|  **Costa Rica – 1.2%** | **Costa Rica – 1.2%** |  |  |  |
|  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) | Costa Rica Government International Bonds (BB/Ba2) |
|  | 1250000 | 6.125 | 02/19/31 | 1317500 |
|  | 2343000 | 6.550 <sup>(a)(b)</sup> | 04/03/34 | 2550473 |
|  | 470000 | 5.625 | 04/30/43 | 452610 |
|  | 1640000 | 7.000 | 04/04/44 | 1794160 |
|  | 460000 | 7.300 <sup>(a)(b)</sup> | 11/13/54 | 515430 |
|  |  |  |  | 6630173 |
|  **Dominican Republic – 2.7%** | **Dominican Republic – 2.7%** | **Dominican Republic – 2.7%** | **Dominican Republic – 2.7%** | **Dominican Republic – 2.7%** |
|  Dominican Republic International Bonds (BB/Ba2) | 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 | 950810 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

## Schedule of Investments (continued)
*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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 – (continued)** | **Dominican Republic – (continued)** | **Dominican Republic – (continued)** | **Dominican Republic – (continued)** |
| Dominican Republic International Bonds (BB/Ba2) – (continued) | Dominican Republic International Bonds (BB/Ba2) – (continued) | Dominican Republic International Bonds (BB/Ba2) – (continued) | Dominican Republic International Bonds (BB/Ba2) – (continued) |
| 610000 | 5.500 %<sup>(b)</sup> | 02/22/29 | $617015 |
| 2040000 | 4.500 <sup>(a)</sup> | 01/30/30 | 1995311 |
| 1660000 | 4.500 | 01/30/30 | 1623636 |
| 150000 | 7.050 <sup>(b)</sup> | 02/03/31 | 161091 |
| 2020000 | 7.050 <sup>(a)(b)</sup> | 02/03/31 | 2169359 |
| 1260000 | 4.875 | 09/23/32 | 1212611 |
| 540000 | 6.600 <sup>(b)</sup> | 06/01/36 | 569025 |
| 2419000 | 6.950 <sup>(a)(b)</sup> | 03/15/37 | 2601635 |
| 199000 | 6.850 | 01/27/45 | 207358 |
| 360000 | 6.400 <sup>(a)</sup> | 06/05/49 | 359010 |
| 1310000 | 7.150 <sup>(b)</sup> | 02/24/55 | 1399311 |
| 840000 | 5.875 | 01/30/60 | 750960 |
|  |  |  | 14617132 |
| **Ecuador – 1.6%** | **Ecuador – 1.6%** | **Ecuador – 1.6%** | **Ecuador – 1.6%** |
| Ecuador Government International Bonds (B-/NR) | Ecuador Government International Bonds (B-/NR) | Ecuador Government International Bonds (B-/NR) | Ecuador Government International Bonds (B-/NR) |
| 1462360 | 0.000 <sup>(a)(d)</sup> | 07/31/30 | 1248856 |
| 1309000 | 0.000 <sup>(d)</sup> | 07/31/30 | 1117886 |
| 1872817 | 6.900 <sup>(c)</sup> | 07/31/30 | 1852216 |
| 1992467 | 6.900 <sup>(a)(c)</sup> | 07/31/35 | 1755363 |
| 240000 | 6.900 <sup>(c)</sup> | 07/31/35 | 211440 |
| 3140000 | 5.000 <sup>(c)</sup> | 07/31/40 | 2438898 |
|  |  |  | 8624659 |
| **Egypt – 3.2%** | **Egypt – 3.2%** | **Egypt – 3.2%** | **Egypt – 3.2%** |
| 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 | 1748320 |
| 1100000 | 7.300 | 09/30/33 | 1129898 |
| 200000 | 8.750 | 09/30/51 | 199019 |
| 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 | 1317202 |
| 700000 | 7.625 <sup>(a)</sup> | 05/29/32 | 743582 |
| 2360000 | 8.700 | 03/01/49 | 2351268 |
| 1870000 | 8.875 <sup>(a)</sup> | 05/29/50 | 1899228 |
| 1850000 | 8.875 | 05/29/50 | 1878916 |
| 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 | 1208685 |
| 270000 | 9.450 <sup>(a)</sup> | 02/04/33 | 308996 |
| 2030000 | 9.450 | 02/04/33 | 2323193 |
| 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 | 205826 |
| 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> |
| 1260000 | 6.375 | 04/07/29 | 1290593 |
| 580000 | 7.950 | 10/07/32 | 614678 |
|  |  |  | 17219404 |
| **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 | 538150 |
| 590000 | 9.650 | 11/21/54 | 675550 |
| 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) |
| 770000 | 8.625 | 02/28/29 | 819118 |
| 1030000 | 8.250 | 04/10/32 | 1108172 |
| 610000 | 7.650 | 06/15/35 | 632411 |
| 810000 | 7.625 | 02/01/41 | 807270 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) – (continued) | El Salvador Government International Bonds (B-/B3u) – (continued) | El Salvador Government International Bonds (B-/B3u) – (continued) | El Salvador Government International Bonds (B-/B3u) – (continued) |
| 830000 | 7.125 %<sup>(b)</sup> | 01/20/50 | $762065 |
| 310000 | 9.500 <sup>(a)(b)</sup> | 07/15/52 | 348817 |
| 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 | 260908 |
|  |  |  | 5952461 |
| **Ghana–1.1%** | **Ghana–1.1%** | **Ghana–1.1%** | **Ghana–1.1%** |
| Ghana Government International Bonds (B-/Caa1) | Ghana Government International Bonds (B-/Caa1) | Ghana Government International Bonds (B-/Caa1) | Ghana Government International Bonds (B-/Caa1) |
| 150448 | 0.000 <sup>(a)(d)</sup> | 07/03/26 | 147627 |
| 1925526 | 5.000 <sup>(a)(c)</sup> | 07/03/29 | 1892022 |
| 760000 | 5.000 <sup>(c)</sup> | 07/03/29 | 746776 |
| 341563 | 0.000 <sup>(a)(d)</sup> | 01/03/30 | 301747 |
| 2532244 | 5.000 <sup>(a)(c)</sup> | 07/03/35 | 2311253 |
| 660000 | 5.000 <sup>(c)</sup> | 07/03/35 | 602401 |
|  |  |  | 6001826 |
| **Guatemala – 1.7%** | **Guatemala – 1.7%** | **Guatemala – 1.7%** | **Guatemala – 1.7%** |
| Guatemala Government Bonds (BB+/Ba1) | Guatemala Government Bonds (BB+/Ba1) | Guatemala Government Bonds (BB+/Ba1) | Guatemala Government Bonds (BB+/Ba1) |
| 1030000 | 4.375 <sup>(a)</sup> | 06/05/27 | 1022790 |
| 416000 | 5.250 <sup>(a)(b)</sup> | 08/10/29 | 419640 |
| 470000 | 5.250 <sup>(b)</sup> | 08/10/29 | 474112 |
| 440000 | 4.900 <sup>(b)</sup> | 06/01/30 | 438130 |
| 220000 | 6.050 <sup>(a)(b)</sup> | 08/06/31 | 229517 |
| 1850000 | 5.375 <sup>(b)</sup> | 04/24/32 | 1864800 |
| 430000 | 7.050 <sup>(b)</sup> | 10/04/32 | 471495 |
| 350000 | 7.050 <sup>(a)(b)</sup> | 10/04/32 | 383775 |
| 1890000 | 6.250 <sup>(a)(b)</sup> | 08/15/36 | 1977432 |
| 200000 | 6.550 <sup>(a)(b)</sup> | 02/06/37 | 212850 |
| 1090000 | 6.125 <sup>(a)(b)</sup> | 06/01/50 | 1066162 |
| 381000 | 6.125 <sup>(b)</sup> | 06/01/50 | 372668 |
|  |  |  | 8933371 |
| **Hungary – 2.7%** | **Hungary – 2.7%** | **Hungary – 2.7%** | **Hungary – 2.7%** |
| Hungary Government International Bonds (BBB-/Baa2) | Hungary Government International Bonds (BBB-/Baa2) | Hungary Government International Bonds (BBB-/Baa2) | Hungary Government International Bonds (BBB-/Baa2) |
| 210000 | 5.250 | 06/16/29 | 213964 |
| 440000 | 5.250 <sup>(a)</sup> | 06/16/29 | 448305 |
| 200000 | 5.375 <sup>(a)</sup> | 09/26/30 | 205403 |
| 800000 | 5.375 | 09/26/30 | 821610 |
| 1770000 | 2.125 | 09/22/31 | 1521253 |
| 1360000 | 6.250 <sup>(a)</sup> | 09/22/32 | 1447693 |
| 630000 | 5.500 <sup>(a)</sup> | 06/16/34 | 638820 |
| 2600000 | 5.500 | 06/16/34 | 2636400 |
| 1450000 | 5.500 <sup>(a)</sup> | 03/26/36 | 1448810 |
| 1310000 | 5.500 | 03/26/36 | 1308925 |
| 2410000 | 3.125 | 09/21/51 | 1482005 |
| 580000 | 6.750 <sup>(a)</sup> | 09/25/52 | 614800 |
| 200000 | 6.750 | 09/25/52 | 212000 |
| 490000 | 6.750 <sup>(a)</sup> | 09/23/55 | 510479 |
| 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) |
| 790000 | 6.125 <sup>(a)(b)(e)</sup> | 12/04/27 | 811480 |
|  |  |  | 14321947 |
| **Indonesia – 0.8%** | **Indonesia – 0.8%** | **Indonesia – 0.8%** | **Indonesia – 0.8%** |
| Indonesia Government International Bonds (BBB/Baa2) | Indonesia Government International Bonds (BBB/Baa2) | Indonesia Government International Bonds (BBB/Baa2) | Indonesia Government International Bonds (BBB/Baa2) |
| 926000 | 6.625 | 02/17/37 | 1056797 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*December 31, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  **Indonesia – (continued)** | **Indonesia – (continued)** | **Indonesia – (continued)** | **Indonesia – (continued)** | **Indonesia – (continued)** |
|  Indonesia Government International Bonds (BBB/Baa2) – (continued) | Indonesia Government International Bonds (BBB/Baa2) – (continued) | Indonesia Government International Bonds (BBB/Baa2) – (continued) | Indonesia Government International Bonds (BBB/Baa2) – (continued) | Indonesia Government International Bonds (BBB/Baa2) – (continued) |
|  $ | 450000 | 4.625% | 04/15/43 | $419766 |
|  | 1210000 | 4.200 | 10/15/50 | 994015 |
|  | 1260000 | 3.200 <sup>(b)</sup> | 09/23/61 | 811913 |
|  | 1490000 | 3.350 | 03/12/71 | 964775 |
|  |  |  |  | 4247266 |
|  **Iraq<sup>(b)</sup> –0.3%** | **Iraq<sup>(b)</sup> –0.3%** | **Iraq<sup>(b)</sup> –0.3%** | **Iraq<sup>(b)</sup> –0.3%** | **Iraq<sup>(b)</sup> –0.3%** |
|  Iraq International Bonds (NR/NR) | Iraq International Bonds (NR/NR) | Iraq International Bonds (NR/NR) | Iraq International Bonds (NR/NR) | Iraq International Bonds (NR/NR) |
|  | 1359375 | 5.800 | 01/15/28 | 1355134 |
|  **Ivory Coast – 1.3%** | **Ivory Coast – 1.3%** | **Ivory Coast – 1.3%** | **Ivory Coast – 1.3%** | **Ivory Coast – 1.3%** |
|  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) | Ivory Coast Government International Bonds (BB/Ba2) |
|  | 362000 | 6.375 | 03/03/28 | 366954 |
|  EUR | 190000 | 5.250 | 03/22/30 | 224069 |
|  $ | 1330000 | 7.625 | 01/30/33 | 1438475 |
|  | 1500000 | 6.125 | 06/15/33 | 1500465 |
|  | 370000 | 8.075 <sup>(a)</sup> | 04/01/36 | 399624 |
|  | 680000 | 8.250 <sup>(a)</sup> | 01/30/37 | 738541 |
|  | 1790000 | 8.250 | 01/30/37 | 1944101 |
|  Ivory Coast Government International Bonds (BB/NR) | Ivory Coast Government International Bonds (BB/NR) | Ivory Coast Government International Bonds (BB/NR) | Ivory Coast Government International Bonds (BB/NR) | Ivory Coast Government International Bonds (BB/NR) |
|  | 100067 | 5.750 <sup>(b)(c)</sup> | 12/31/32 | 100620 |
|  |  |  |  | 6712849 |
|  **Jamaica – 0.5%** | **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) | Jamaica Government International Bonds (BB/Ba3) |
|  | 650000 | 8.000 | 03/15/39 | 783250 |
|  | 1760000 | 7.875 | 07/28/45 | 2121680 |
|  |  |  |  | 2904930 |
|  **Jordan–0.5%** | **Jordan–0.5%** | **Jordan–0.5%** | **Jordan–0.5%** | **Jordan–0.5%** |
|  Jordan Government International Bonds (BB-/Ba3) | Jordan Government International Bonds (BB-/Ba3) | Jordan Government International Bonds (BB-/Ba3) | Jordan Government International Bonds (BB-/Ba3) | Jordan Government International Bonds (BB-/Ba3) |
|  | 1045000 | 5.750 | 01/31/27 | 1048584 |
|  | 330000 | 7.750 | 01/15/28 | 343408 |
|  | 480000 | 7.500 <sup>(a)</sup> | 01/13/29 | 505047 |
|  | 390000 | 7.500 | 01/13/29 | 410351 |
|  | 300000 | 5.850 <sup>(a)</sup> | 07/07/30 | 302145 |
|  |  |  |  | 2609535 |
|  **Kazakhstan – 0.4%** | **Kazakhstan – 0.4%** | **Kazakhstan – 0.4%** | **Kazakhstan – 0.4%** | **Kazakhstan – 0.4%** |
|  Kazakhstan Government International Bonds (BBB-/Baa1) | Kazakhstan Government International Bonds (BBB-/Baa1) | Kazakhstan Government International Bonds (BBB-/Baa1) | Kazakhstan Government International Bonds (BBB-/Baa1) | Kazakhstan Government International Bonds (BBB-/Baa1) |
|  | 290000 | 4.412 | 10/28/30 | 288190 |
|  | 1760000 | 5.000 <sup>(a)</sup> | 07/01/32 | 1788468 |
|  |  |  |  | 2076658 |
|  **Kenya – 1.4%** | **Kenya – 1.4%** | **Kenya – 1.4%** | **Kenya – 1.4%** | **Kenya – 1.4%** |
|  Republic of Kenya Government International Bonds (B/Caa1u) | Republic of Kenya Government International Bonds (B/Caa1u) | Republic of Kenya Government International Bonds (B/Caa1u) | Republic of Kenya Government International Bonds (B/Caa1u) | Republic of Kenya Government International Bonds (B/Caa1u) |
|  | 550000 | 9.750 <sup>(a)</sup> | 02/16/31 | 600875 |
|  | 470000 | 9.750 | 02/16/31 | 513475 |
|  | 980000 | 8.000 | 05/22/32 | 1014050 |
|  | 200000 | 8.000 <sup>(a)</sup> | 05/22/32 | 206949 |
|  | 1780000 | 6.300 | 01/23/34 | 1627080 |
|  | 653000 | 9.500 <sup>(a)</sup> | 03/05/36 | 694531 |
|  | 1020000 | 8.250 | 02/28/48 | 962916 |
|  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> | Republic of Kenya Government International Bonds (B/NR)<sup>(a)</sup> |
|  | 720000 | 7.875 | 10/09/33 | 720014 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  **Kenya – (continued)** | **Kenya – (continued)** | **Kenya – (continued)** | **Kenya – (continued)** | **Kenya – (continued)** |
|  Republic of Kenya Government International Bonds (B/NR)<sup>(a)</sup> – (continued) | Republic of Kenya Government International Bonds (B/NR)<sup>(a)</sup> – (continued) | Republic of Kenya Government International Bonds (B/NR)<sup>(a)</sup> – (continued) | Republic of Kenya Government International Bonds (B/NR)<sup>(a)</sup> – (continued) | Republic of Kenya Government International Bonds (B/NR)<sup>(a)</sup> – (continued) |
|  $ | 1100000 | 8.800% | 10/09/38 | $1112093 |
|  |  |  |  | 7451983 |
|  **Kuwait – 0.2%** | **Kuwait – 0.2%** | **Kuwait – 0.2%** | **Kuwait – 0.2%** | **Kuwait – 0.2%** |
|  Kuwait International Government Bonds (AA-/NR) | Kuwait International Government Bonds (AA-/NR) | Kuwait International Government Bonds (AA-/NR) | Kuwait International Government Bonds (AA-/NR) | Kuwait International Government Bonds (AA-/NR) |
|  | 1090000 | 4.016 | 10/09/28 | 1089978 |
|  **Lebanon<sup>(f)</sup> –0.1%** | **Lebanon<sup>(f)</sup> –0.1%** | **Lebanon<sup>(f)</sup> –0.1%** | **Lebanon<sup>(f)</sup> –0.1%** | **Lebanon<sup>(f)</sup> –0.1%** |
|  Lebanon Government International Bonds (D/NR) | 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 | 56350 |
|  | 173000 | 6.650 | 11/03/28 | 39790 |
|  | 585000 | 6.850 | 05/25/29 | 135135 |
|  Lebanon Government International Bonds (NR/NR) | 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 | 62100 |
|  | 665000 | 7.000 | 03/20/28 | 152950 |
|  | 1083000 | 7.150 | 11/20/31 | 250173 |
|  |  |  |  | 696498 |
|  **Mexico – 3.2%** | **Mexico – 3.2%** | **Mexico – 3.2%** | **Mexico – 3.2%** | **Mexico – 3.2%** |
|  Eagle Funding Luxco SARL (BBB/Baa2) | Eagle Funding Luxco SARL (BBB/Baa2) | Eagle Funding Luxco SARL (BBB/Baa2) | Eagle Funding Luxco SARL (BBB/Baa2) | Eagle Funding Luxco SARL (BBB/Baa2) |
|  | 2390000 | 5.500 <sup>(a)(b)</sup> | 08/17/30 | 2430630 |
|  Mexico Bonos (NR/NR) | Mexico Bonos (NR/NR) | Mexico Bonos (NR/NR) | Mexico Bonos (NR/NR) | Mexico Bonos (NR/NR) |
|  MXN | 76000000 | 8.500 | 03/01/29 | 4261434 |
|  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> | Mexico Government International Bonds (BBB/Baa2)<sup>(b)</sup> |
|  $ | 1610000 | 4.750 | 04/27/32 | 1568011 |
|  | 200000 | 5.375 | 03/22/33 | 198146 |
|  | 610000 | 6.350 | 02/09/35 | 638200 |
|  | 550000 | 5.625 | 09/22/35 | 543263 |
|  | 950000 | 6.000 | 05/07/36 | 964013 |
|  | 1240000 | 4.280 | 08/14/41 | 994480 |
|  EUR | 1110000 | 2.125 | 10/25/51 | 706045 |
|  $ | 2220000 | 4.400 | 02/12/52 | 1622820 |
|  | 1250000 | 6.338 | 05/04/53 | 1189375 |
|  | 2125000 | 3.771 | 05/24/61 | 1306875 |
|  | 760000 | 3.750 | 04/19/71 | 448400 |
|  |  |  |  | 16871692 |
|  **Mongolia – 0.6%** | **Mongolia – 0.6%** | **Mongolia – 0.6%** | **Mongolia – 0.6%** | **Mongolia – 0.6%** |
|  Mongolia Government International Bonds (BB-/B1u) | Mongolia Government International Bonds (BB-/B1u) | Mongolia Government International Bonds (BB-/B1u) | Mongolia Government International Bonds (BB-/B1u) | Mongolia Government International Bonds (BB-/B1u) |
|  | 700000 | 3.500 | 07/07/27 | 678125 |
|  | 460000 | 3.500 <sup>(a)</sup> | 07/07/27 | 445625 |
|  | 720000 | 8.650 <sup>(a)</sup> | 01/19/28 | 764100 |
|  | 930000 | 8.650 | 01/19/28 | 986963 |
|  | 200000 | 7.875 <sup>(a)</sup> | 06/05/29 | 212750 |
|  | 400000 | 4.450 | 07/07/31 | 367875 |
|  |  |  |  | 3455438 |
|  **Morocco–0.9%** | **Morocco–0.9%** | **Morocco–0.9%** | **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) | Morocco Government International Bonds (BBB-/Ba1u) |
|  | 420000 | 2.375 <sup>(a)</sup> | 12/15/27 | 403200 |
|  | 270000 | 2.375 | 12/15/27 | 259200 |
|  | 670000 | 5.950 <sup>(a)</sup> | 03/08/28 | 689891 |
|  EUR | 100000 | 1.500 <sup>(a)</sup> | 11/27/31 | 103505 |
|  $ | 900000 | 3.000 | 12/15/32 | 789966 |
|  | 490000 | 3.000 <sup>(a)</sup> | 12/15/32 | 430093 |
|  | 280000 | 6.500 | 09/08/33 | 303815 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| **Morocco – (continued)** | **Morocco – (continued)** | **Morocco – (continued)** | **Morocco – (continued)** |
| Morocco Government International Bonds (BBB-/Ba1u) – (continued) | Morocco Government International Bonds (BBB-/Ba1u) – (continued) | Morocco Government International Bonds (BBB-/Ba1u) – (continued) | Morocco Government International Bonds (BBB-/Ba1u) – (continued) |
| 1980000 | 4.000% | 12/15/50 | $1441697 |
| 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 | 488167 |
|  |  |  | 4909534 |
| **Nigeria – 2.5%** | **Nigeria – 2.5%** | **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 | 1834184 |
| 1320000 | 6.125 | 09/28/28 | 1325584 |
| 1070000 | 8.375 | 03/24/29 | 1139657 |
| 2598000 | 7.143 | 02/23/30 | 2682643 |
| 960000 | 8.747 | 01/21/31 | 1046851 |
| 310000 | 9.625 <sup>(a)</sup> | 06/09/31 | 351280 |
| 1320000 | 7.875 | 02/16/32 | 1374912 |
| 310000 | 10.375 <sup>(a)</sup> | 12/09/34 | 367332 |
| 690000 | 7.696 <sup>(a)</sup> | 02/23/38 | 690759 |
| 520000 | 7.625 | 11/28/47 | 490480 |
| 2135000 | 8.250 | 09/28/51 | 2094969 |
|  |  |  | 13398651 |
| **Oman–2.2%** | **Oman–2.2%** | **Oman–2.2%** | **Oman–2.2%** |
| Oman Government International Bonds (BBB-/Baa3) | Oman Government International Bonds (BBB-/Baa3) | Oman Government International Bonds (BBB-/Baa3) | Oman Government International Bonds (BBB-/Baa3) |
| 1500000 | 6.500 | 03/08/47 | 1606305 |
| 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 | 769326 |
| 2070000 | 5.625 | 01/17/28 | 2117222 |
| 1580000 | 6.000 | 08/01/29 | 1659867 |
| 520000 | 6.250 | 01/25/31 | 555344 |
| 680000 | 7.375 <sup>(a)</sup> | 10/28/32 | 779246 |
| 1110000 | 7.375 | 10/28/32 | 1272005 |
| 1420000 | 6.750 <sup>(a)</sup> | 01/17/48 | 1565990 |
| 250000 | 6.750 | 01/17/48 | 275703 |
| 930000 | 7.000 | 01/25/51 | 1054765 |
|  |  |  | 11655773 |
| **Pakistan – 1.0%** | **Pakistan – 1.0%** | **Pakistan – 1.0%** | **Pakistan – 1.0%** |
| 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 | 2248119 |
| 500000 | 7.875 | 03/31/36 | 488125 |
| 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 | 1205462 |
| 800000 | 8.875 | 04/08/51 | 785424 |
| 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 | 585900 |
|  |  |  | 5313030 |
| **Panama – 1.5%** | **Panama – 1.5%** | **Panama – 1.5%** | **Panama – 1.5%** |
| 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 |
| 800000 | 7.500 | 03/01/31 | 886800 |
| 470000 | 6.875 | 01/31/36 | 510180 |
| 1510000 | 4.500 | 04/16/50 | 1162502 |
| 1530000 | 4.500 | 04/01/56 | 1145970 |
| 2811000 | 3.870 | 07/23/60 | 1856666 |
| 570000 | 4.500 | 01/19/63 | 423941 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  **Panama – (continued)** | **Panama – (continued)** | **Panama – (continued)** | **Panama – (continued)** | **Panama – (continued)** |
|  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 | $1454321 |
|  |  |  |  | 7973900 |
|  **Paraguay–1.1%** | **Paraguay–1.1%** | **Paraguay–1.1%** | **Paraguay–1.1%** | **Paraguay–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) |
|  | 605000 | 4.700 <sup>(a)</sup> | 03/27/27 | 608327 |
|  | 340000 | 4.950 <sup>(a)(b)</sup> | 04/28/31 | 345005 |
|  | 1899000 | 2.739 <sup>(a)(b)</sup> | 01/29/33 | 1697706 |
|  | 1390000 | 5.400 <sup>(b)</sup> | 03/30/50 | 1300866 |
|  | 480000 | 6.650 <sup>(a)(b)</sup> | 03/04/55 | 523140 |
|  | 1090000 | 6.650 <sup>(b)</sup> | 03/04/55 | 1187964 |
|  |  |  |  | 5663008 |
|  **Peru–1.5%** | **Peru–1.5%** | **Peru–1.5%** | **Peru–1.5%** | **Peru–1.5%** |
|  Peru Government Bonds (BBB/Baa1) | Peru Government Bonds (BBB/Baa1) | Peru Government Bonds (BBB/Baa1) | Peru Government Bonds (BBB/Baa1) | Peru Government Bonds (BBB/Baa1) |
|  PEN | 3040000 | 6.150 | 08/12/32 | 973293 |
|  Peru Government International Bonds (BBB-/Baa1) | Peru Government International Bonds (BBB-/Baa1) | Peru Government International Bonds (BBB-/Baa1) | Peru Government International Bonds (BBB-/Baa1) | Peru Government International Bonds (BBB-/Baa1) |
|  EUR | 580000 | 1.250 <sup>(b)</sup> | 03/11/33 | 575114 |
|  $ | 840000 | 5.375 <sup>(b)</sup> | 02/08/35 | 857220 |
|  | 2120000 | 5.500 <sup>(b)</sup> | 03/30/36 | 2163460 |
|  | 190000 | 6.550 | 03/14/37 | 210140 |
|  | 550000 | 5.625 | 11/18/50 | 537625 |
|  | 2360000 | 2.780 <sup>(b)</sup> | 12/01/60 | 1283840 |
|  | 200000 | 3.600 <sup>(b)</sup> | 01/15/72 | 126800 |
|  | 2390000 | 3.230 <sup>(b)</sup> | 07/28/21 <sup>(g)</sup> | 1304940 |
|  |  |  |  | 8032432 |
|  **Poland – 1.4%** | **Poland – 1.4%** | **Poland – 1.4%** | **Poland – 1.4%** | **Poland – 1.4%** |
|  Bank Gospodarstwa Krajowego (NR/A2) | Bank Gospodarstwa Krajowego (NR/A2) | Bank Gospodarstwa Krajowego (NR/A2) | Bank Gospodarstwa Krajowego (NR/A2) | Bank Gospodarstwa Krajowego (NR/A2) |
|  | 1380000 | 6.250 <sup>(a)(e)</sup> | 10/31/28 | 1458632 |
|  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) | Republic of Poland Government International Bonds (A-/A2) |
|  | 1060000 | 4.875 | 02/12/30 | 1094980 |
|  | 1610000 | 5.375 <sup>(b)</sup> | 02/12/35 | 1671583 |
|  | 690000 | 5.500 <sup>(b)</sup> | 04/04/53 | 658437 |
|  | 2480000 | 5.500 <sup>(b)</sup> | 03/18/54 | 2365709 |
|  |  |  |  | 7249341 |
|  **Romania – 3.2%** | **Romania – 3.2%** | **Romania – 3.2%** | **Romania – 3.2%** | **Romania – 3.2%** |
|  Romania Government International Bonds (BBB-/Baa3) | Romania Government International Bonds (BBB-/Baa3) | Romania Government International Bonds (BBB-/Baa3) | Romania Government International Bonds (BBB-/Baa3) | Romania Government International Bonds (BBB-/Baa3) |
|  | 1420000 | 6.625 <sup>(a)</sup> | 02/17/28 | 1479709 |
|  | 450000 | 6.625 | 02/17/28 | 468922 |
|  EUR | 250000 | 3.624 | 05/26/30 | 289302 |
|  $ | 680000 | 5.750 <sup>(a)</sup> | 09/16/30 | 700454 |
|  | 800000 | 5.750 | 09/16/30 | 824064 |
|  | 560000 | 3.000 | 02/14/31 | 508670 |
|  | 1050000 | 3.000 <sup>(a)</sup> | 02/14/31 | 953757 |
|  EUR | 260000 | 5.375 | 03/22/31 | 317222 |
|  $ | 20000 | 3.625 <sup>(a)</sup> | 03/27/32 | 18269 |
|  EUR | 630000 | 5.375 <sup>(a)</sup> | 06/07/33 | 747780 |
|  $ | 1240000 | 6.375 | 01/30/34 | 1289984 |
|  | 1080000 | 5.750 | 03/24/35 | 1066719 |
|  | 3070000 | 6.625 <sup>(a)</sup> | 05/16/36 | 3200475 |
|  | 530000 | 6.625 | 05/16/36 | 552525 |
|  EUR | 1800000 | 6.750 <sup>(a)</sup> | 07/11/39 | 2200589 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*December 31, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  **Romania – (continued)** | **Romania – (continued)** | **Romania – (continued)** | **Romania – (continued)** | **Romania – (continued)** |
|  Romania Government International Bonds (BBB-/Baa3) – (continued) | Romania Government International Bonds (BBB-/Baa3) – (continued) | Romania Government International Bonds (BBB-/Baa3) – (continued) | Romania Government International Bonds (BBB-/Baa3) – (continued) | Romania Government International Bonds (BBB-/Baa3) – (continued) |
|  EUR | 140000 | 3.375% | 01/28/50 | $105349 |
|  $ | 1340000 | 4.000 | 02/14/51 | 914710 |
|  | 740000 | 7.625 <sup>(a)</sup> | 01/17/53 | 812564 |
|  | 460000 | 7.625 | 01/17/53 | 505108 |
|  |  |  |  | 16956172 |
|  **Rwanda – 0.1%** | **Rwanda – 0.1%** | **Rwanda – 0.1%** | **Rwanda – 0.1%** | **Rwanda – 0.1%** |
|  Rwanda International Government Bonds (B+/B2) | 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 | 752036 |
|  **Saudi Arabia – 1.1%** | **Saudi Arabia – 1.1%** | **Saudi Arabia – 1.1%** | **Saudi Arabia – 1.1%** | **Saudi Arabia – 1.1%** |
|  Saudi Government International Bonds (NR/Aa3) | 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 | 692550 |
|  | 1160000 | 4.625 | 10/04/47 | 1001427 |
|  | 1270000 | 3.250 | 11/17/51 | 832625 |
|  | 910000 | 5.000 <sup>(a)</sup> | 01/18/53 | 811188 |
|  | 900000 | 5.000 | 01/18/53 | 802273 |
|  | 1060000 | 5.750 | 01/16/54 | 1049400 |
|  | 1330000 | 3.750 | 01/21/55 | 939312 |
|  |  |  |  | 6128775 |
|  **Senegal – 0.4%** | **Senegal – 0.4%** | **Senegal – 0.4%** | **Senegal – 0.4%** | **Senegal – 0.4%** |
|  Senegal Government International Bonds (CCC+/Caa1) | Senegal Government International Bonds (CCC+/Caa1) | Senegal Government International Bonds (CCC+/Caa1) | Senegal Government International Bonds (CCC+/Caa1) | Senegal Government International Bonds (CCC+/Caa1) |
|  EUR | 770000 | 4.750 | 03/13/28 | 630039 |
|  $ | 830000 | 7.750 | 06/10/31 | 490738 |
|  | 400000 | 6.250 | 05/23/33 | 232124 |
|  EUR | 160000 | 5.375 | 06/08/37 | 102242 |
|  $ | 970000 | 6.750 | 03/13/48 | 516525 |
|  |  |  |  | 1971668 |
|  **Serbia – 0.9%** | **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) | Serbia International Bonds (BBB-/Ba2) |
|  | 1910000 | 2.125 | 12/01/30 | 1665043 |
|  EUR | 240000 | 1.650 | 03/03/33 | 235335 |
|  $ | 680000 | 6.500 <sup>(a)</sup> | 09/26/33 | 729300 |
|  | 460000 | 6.500 | 09/26/33 | 493350 |
|  | 480000 | 6.000 <sup>(a)</sup> | 06/12/34 | 495600 |
|  | 660000 | 6.000 | 06/12/34 | 681450 |
|  EUR | 290000 | 2.050 | 09/23/36 | 266045 |
|  |  |  |  | 4566123 |
|  **South Africa – 3.1%** | **South Africa – 3.1%** | **South Africa – 3.1%** | **South Africa – 3.1%** | **South Africa – 3.1%** |
|  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) | Republic of South Africa Government Bonds (BB+/Ba2) |
|  ZAR | 8230000 | 8.500 | 01/31/37 | 493711 |
|  | 4910000 | 9.000 | 01/31/40 | 297363 |
|  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) | Republic of South Africa Government International Bonds (BB/Ba2) |
|  $ | 2220000 | 4.850 | 09/30/29 | 2219611 |
|  | 1310000 | 5.875 | 06/22/30 | 1356505 |
|  | 870000 | 5.875 | 04/20/32 | 894908 |
|  | 590000 | 7.100 <sup>(a)</sup> | 11/19/36 | 633035 |
|  | 1030000 | 7.100 | 11/19/36 | 1105128 |
|  | 2300000 | 6.125 <sup>(a)</sup> | 12/11/37 | 2269525 |
|  | 530000 | 6.250 | 03/08/41 | 508395 |
|  | 1140000 | 5.375 | 07/24/44 | 968441 |
|  | 430000 | 5.000 | 10/12/46 | 336909 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| **South Africa – (continued)** | **South Africa – (continued)** | **South Africa – (continued)** | **South Africa – (continued)** |
| Republic of South Africa Government International Bonds (BB/Ba2) – (continued) | Republic of South Africa Government International Bonds (BB/Ba2) – (continued) | Republic of South Africa Government International Bonds (BB/Ba2) – (continued) | Republic of South Africa Government International Bonds (BB/Ba2) – (continued) |
| 1130000 | 5.750% | 09/30/49 | $953438 |
| 900000 | 7.300 | 04/20/52 | 909000 |
| 390000 | 7.950 <sup>(a)</sup> | 11/19/54 | 419250 |
| 1820000 | 7.950 | 11/19/54 | 1956500 |
| 550000 | 7.250 <sup>(a)</sup> | 12/11/55 | 544500 |
| 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 | 667775 |
|  |  |  | 16533994 |
| **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 | 604734 |
| 861204 | 3.600 <sup>(c)</sup> | 06/15/35 | 653262 |
| 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 | 709907 |
| 400000 | 3.100 | 01/15/30 | 378500 |
| 1635421 | 3.350 <sup>(a)</sup> | 03/15/33 | 1400329 |
| 1470000 | 3.350 | 03/15/33 | 1258688 |
| 747693 | 3.600 <sup>(a)</sup> | 05/15/36 | 677597 |
| 560000 | 3.600 | 05/15/36 | 507500 |
| 1295891 | 3.600 <sup>(a)</sup> | 02/15/38 | 1176021 |
|  |  |  | 7366538 |
| **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 | 1202500 |
| 280000 | 5.950 | 01/14/31 | 286160 |
| 420000 | 6.400 <sup>(a)</sup> | 06/26/34 | 422940 |
|  |  |  | 1911600 |
| **Turkey – 3.5%** | **Turkey – 3.5%** | **Turkey – 3.5%** | **Turkey – 3.5%** |
| Republic of Turkiye (NR/Ba3) | Republic of Turkiye (NR/Ba3) | Republic of Turkiye (NR/Ba3) | Republic of Turkiye (NR/Ba3) |
| 290000 | 6.500 | 01/03/35 | 291450 |
| 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 | 1948999 |
| 2200000 | 5.950 | 01/15/31 | 2220594 |
| 2990000 | 5.875 | 06/26/31 | 2994378 |
| 1100000 | 7.125 | 02/12/32 | 1164900 |
| 1530000 | 7.125 | 07/17/32 | 1618358 |
| 2060000 | 6.500 | 09/20/33 | 2096563 |
| 1902000 | 7.625 | 05/15/34 | 2061977 |
| 1750000 | 6.000 | 01/14/41 | 1576645 |
| 980000 | 4.875 | 04/16/43 | 754747 |
| 2660000 | 5.750 | 05/11/47 | 2187185 |
|  |  |  | 18915796 |
| **Ukraine<sup>(c)</sup> –1.5%** | **Ukraine<sup>(c)</sup> –1.5%** | **Ukraine<sup>(c)</sup> –1.5%** | **Ukraine<sup>(c)</sup> –1.5%** |
| 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 | 132008 |
| 1456099 | 0.000 <sup>(a)</sup> | 02/01/34 | 688007 |
| 1697309 | 4.500 <sup>(a)</sup> | 02/01/34 | 1031115 |
| 1320000 | 4.500 | 02/01/34 | 801900 |
| 576562 | 0.000 <sup>(a)</sup> | 02/01/35 | 325757 |
| 2588223 | 4.500 <sup>(a)</sup> | 02/01/35 | 1539993 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*December 31, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  **Ukraine<sup>(c) –</sup> (continued)** | **Ukraine<sup>(c) –</sup> (continued)** | **Ukraine<sup>(c) –</sup> (continued)** | **Ukraine<sup>(c) –</sup> (continued)** | **Ukraine<sup>(c) –</sup> (continued)** |
|  Ukraine Government International Bonds (CCC+/NR) – (continued) | Ukraine Government International Bonds (CCC+/NR) – (continued) | Ukraine Government International Bonds (CCC+/NR) – (continued) | Ukraine Government International Bonds (CCC+/NR) – (continued) | Ukraine Government International Bonds (CCC+/NR) – (continued) |
|  $ | 880000 | 4.500% | 02/01/35 | $523600 |
|  | 232801 | 0.000 <sup>(a)</sup> | 02/01/36 | 130950 |
|  | 1330000 | 0.000 | 02/01/36 | 748125 |
|  | 1800485 | 4.500 <sup>(a)</sup> | 02/01/36 | 1053284 |
|  Ukraine Government International Bonds (NR/NR) | Ukraine Government International Bonds (NR/NR) | Ukraine Government International Bonds (NR/NR) | Ukraine Government International Bonds (NR/NR) | Ukraine Government International Bonds (NR/NR) |
|  | 1498320 | 4.000 <sup>(a)</sup> | 02/01/32 | 1112967 |
|  |  |  |  | 8087706 |
|  **United Arab Emirates – 0.4%** | **United Arab Emirates – 0.4%** | **United Arab Emirates – 0.4%** | **United Arab Emirates – 0.4%** | **United Arab Emirates – 0.4%** |
|  Abu Dhabi Government International Bonds (AA/NR) | Abu Dhabi Government International Bonds (AA/NR) | Abu Dhabi Government International Bonds (AA/NR) | Abu Dhabi Government International Bonds (AA/NR) | Abu Dhabi Government International Bonds (AA/NR) |
|  | 360000 | 5.500 <sup>(a)</sup> | 04/30/54 | 366444 |
|  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) | Emirate of Dubai Government International Bonds (NR/NR) |
|  | 2610000 | 3.900 | 09/09/50 | 1972260 |
|  |  |  |  | 2338704 |
|  **Uruguay – 1.1%** | **Uruguay – 1.1%** | **Uruguay – 1.1%** | **Uruguay – 1.1%** | **Uruguay – 1.1%** |
|  Oriental Republic of Uruguay (BBB+/Baa1) | 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 | 486200 |
|  Uruguay Government International Bonds (BBB+/Baa1) | Uruguay Government International Bonds (BBB+/Baa1) | Uruguay Government International Bonds (BBB+/Baa1) | Uruguay Government International Bonds (BBB+/Baa1) | Uruguay Government International Bonds (BBB+/Baa1) |
|  | 2655920 | 5.750 <sup>(b)</sup> | 10/28/34 | 2831211 |
|  UYU | 26830000 | 8.000 <sup>(b)</sup> | 10/29/35 | 707898 |
|  $ | 1940000 | 4.975 | 04/20/55 | 1764430 |
|  |  |  |  | 5789739 |
|  **Uzbekistan – 1.0%** | **Uzbekistan – 1.0%** | **Uzbekistan – 1.0%** | **Uzbekistan – 1.0%** | **Uzbekistan – 1.0%** |
|  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) | Republic of Uzbekistan International Bonds (BB/Ba3) |
|  EUR | 310000 | 5.375 <sup>(a)</sup> | 05/29/27 | 372229 |
|  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) | Republic of Uzbekistan International Bonds (BB/NR) |
|  $ | 550000 | 7.850 <sup>(a)</sup> | 10/12/28 | 588489 |
|  | 1900000 | 5.375 | 02/20/29 | 1904408 |
|  | 200000 | 3.700 <sup>(a)</sup> | 11/25/30 | 185688 |
|  | 610000 | 3.700 | 11/25/30 | 566348 |
|  | 700000 | 3.900 | 10/19/31 | 644938 |
|  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) | Republic of Uzbekistan International Bonds (NR/Ba3) |
|  UZS | 9450000000 | 15.500 <sup>(a)</sup> | 02/25/28 | 826528 |
|  |  |  |  | 5088628 |
|  **Venezuela<sup>(f)</sup> – 0.7%** | **Venezuela<sup>(f)</sup> – 0.7%** | **Venezuela<sup>(f)</sup> – 0.7%** | **Venezuela<sup>(f)</sup> – 0.7%** | **Venezuela<sup>(f)</sup> – 0.7%** |
|  Venezuela Government International Bonds (NR/Cu) | 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 | 56760 |
|  | 7721000 | 9.250 | 05/07/28 | 2420534 |
|  | 1920000 | 11.950 | 08/05/31 | 610560 |
|  Venezuela Government International Bonds (NR/WR) | 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 | 646800 |
|  |  |  |  | 3734654 |
|  **Zambia – 0.3%** | **Zambia – 0.3%** | **Zambia – 0.3%** | **Zambia – 0.3%** | **Zambia – 0.3%** |
|  Zambia Government International Bonds (CCC+/Caa2u) | 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 | 939959 |
|  | 767926 | 0.500 | 12/31/53 | 543193 |
|  |  |  |  | 1483152 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $347,633,561)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $347,633,561)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $347,633,561)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $347,633,561)** | $372152019 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – 23.7%** | **Corporate Obligations – 23.7%** | **Corporate Obligations – 23.7%** | **Corporate Obligations – 23.7%** |
| **Angola<sup>(a)(b)</sup> – 0.1%** | **Angola<sup>(a)(b)</sup> – 0.1%** | **Angola<sup>(a)(b)</sup> – 0.1%** | **Angola<sup>(a)(b)</sup> – 0.1%** |
| Azule Energy Finance PLC (NR/B2) | Azule Energy Finance PLC (NR/B2) | Azule Energy Finance PLC (NR/B2) | Azule Energy Finance PLC (NR/B2) |
| 730000 | 8.125% | 01/23/30 | $730606 |
| **Australia<sup>(b)</sup> –0.3%** | **Australia<sup>(b)</sup> –0.3%** | **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) | Santos Finance Ltd. (BBB-/Baa3) |
| 643000 | 6.875 | 09/19/33 | 701436 |
| Santos Finance Ltd. (BBB-/NR) | Santos Finance Ltd. (BBB-/NR) | Santos Finance Ltd. (BBB-/NR) | Santos Finance Ltd. (BBB-/NR) |
| 680000 | 5.250 | 03/13/29 | 689010 |
|  |  |  | 1390446 |
| **Brazil – 1.2%** | **Brazil – 1.2%** | **Brazil – 1.2%** | **Brazil – 1.2%** |
| Banco Bradesco SA (BB/Ba1) | Banco Bradesco SA (BB/Ba1) | Banco Bradesco SA (BB/Ba1) | Banco Bradesco SA (BB/Ba1) |
| 490000 | 6.500 <sup>(a)</sup> | 01/22/30 | 514745 |
| 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) |
| 1050000 | 5.333 <sup>(a)(e)</sup> | 02/15/28 | 1050084 |
| BRF SA (NR/Ba2) | BRF SA (NR/Ba2) | BRF SA (NR/Ba2) | BRF SA (NR/Ba2) |
| 1280000 | 4.875 <sup>(b)</sup> | 01/24/30 | 1237645 |
| Itau Unibanco Holding SA (NR/Ba3) (5 yr. CMT + 3.446%) | Itau Unibanco Holding SA (NR/Ba3) (5 yr. CMT + 3.446%) | Itau Unibanco Holding SA (NR/Ba3) (5 yr. CMT + 3.446%) | Itau Unibanco Holding SA (NR/Ba3) (5 yr. CMT + 3.446%) |
| 200000 | 3.875 <sup>(b)(h)</sup> | 04/15/31 | 199500 |
| Raizen Fuels Finance SA (BBB-/NR)<sup>(b)</sup> | Raizen Fuels Finance SA (BBB-/NR)<sup>(b)</sup> | Raizen Fuels Finance SA (BBB-/NR)<sup>(b)</sup> | Raizen Fuels Finance SA (BBB-/NR)<sup>(b)</sup> |
| 320000 | 5.700 | 01/17/35 | 247901 |
| 200000 | 6.950 <sup>(a)</sup> | 03/05/54 | 152500 |
| 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> | Rede D'or Finance SARL (BB+/NR)<sup>(b)</sup> |
| 330000 | 4.950 | 01/17/28 | 329690 |
| 300000 | 6.450 <sup>(a)</sup> | 09/09/35 | 307332 |
| 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%) |
| 1392110 | 9.500 <sup>(b)(i)</sup> | 06/30/31 | 1416037 |
| 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 | 593599 |
| 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)(h)</sup> | 02/25/56 | 568746 |
|  |  |  | 6617779 |
| **Cayman Islands<sup>(b)</sup> – 0.1%** | **Cayman Islands<sup>(b)</sup> – 0.1%** | **Cayman Islands<sup>(b)</sup> – 0.1%** | **Cayman Islands<sup>(b)</sup> – 0.1%** |
| Vale Overseas Ltd. (BBB-/Baa2) | Vale Overseas Ltd. (BBB-/Baa2) | Vale Overseas Ltd. (BBB-/Baa2) | Vale Overseas Ltd. (BBB-/Baa2) |
| 720000 | 6.125 | 06/12/33 | 770321 |
| **Chile – 1.4%** | **Chile – 1.4%** | **Chile – 1.4%** | **Chile – 1.4%** |
| Banco del Estado de Chile (BBB-/Baa3)<sup>(b)(h)</sup> | Banco del Estado de Chile (BBB-/Baa3)<sup>(b)(h)</sup> | Banco del Estado de Chile (BBB-/Baa3)<sup>(b)(h)</sup> | Banco del Estado de Chile (BBB-/Baa3)<sup>(b)(h)</sup> |
| (5 yr. CMT + 3.228%) | (5 yr. CMT + 3.228%) | (5 yr. CMT + 3.228%) | (5 yr. CMT + 3.228%) |
| 600000 | 7.950 <sup>(a)</sup> | 05/02/29 | 634314 |
| (5 yr. CMT + 3.228%) | (5 yr. CMT + 3.228%) | (5 yr. CMT + 3.228%) | (5 yr. CMT + 3.228%) |
| 1400000 | 7.950 | 05/02/29 | 1480066 |
| Corp. Nacional del Cobre de Chile (BBB+/Baa2)<sup>(b)</sup> | Corp. Nacional del Cobre de Chile (BBB+/Baa2)<sup>(b)</sup> | Corp. Nacional del Cobre de Chile (BBB+/Baa2)<sup>(b)</sup> | Corp. Nacional del Cobre de Chile (BBB+/Baa2)<sup>(b)</sup> |
| 480000 | 6.330 <sup>(a)</sup> | 01/13/35 | 510480 |
| 250000 | 6.330 | 01/13/35 | 265875 |
| 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 | 383862 |
| GNL Quintero SA (BBB+/Baa2) | GNL Quintero SA (BBB+/Baa2) | GNL Quintero SA (BBB+/Baa2) | GNL Quintero SA (BBB+/Baa2) |
| 499048 | 4.634 | 07/31/29 | 499362 |
| Inversiones CMPC SA (BBB/Baa3)<sup>(b)</sup> | Inversiones CMPC SA (BBB/Baa3)<sup>(b)</sup> | Inversiones CMPC SA (BBB/Baa3)<sup>(b)</sup> | Inversiones CMPC SA (BBB/Baa3)<sup>(b)</sup> |
| 540000 | 6.125 <sup>(a)</sup> | 06/23/33 | 555120 |
| 300000 | 6.125 | 06/23/33 | 308400 |
| 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> | Latam Airlines Group SA (BBB-/Ba2)<sup>(b)</sup> |
| 980000 | 7.875 <sup>(a)</sup> | 04/15/30 | 1028285 |
| 580000 | 7.875 | 04/15/30 | 608577 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Chile – (continued)** | **Chile – (continued)** | **Chile – (continued)** | **Chile – (continued)** |
| Latam Airlines Group SA (BBB-/Ba2)<sup>(b)</sup> – (continued) | Latam Airlines Group SA (BBB-/Ba2)<sup>(b)</sup> – (continued) | Latam Airlines Group SA (BBB-/Ba2)<sup>(b)</sup> – (continued) | Latam Airlines Group SA (BBB-/Ba2)<sup>(b)</sup> – (continued) |
| 881000 | 7.625 %<sup>(a)</sup> | 01/07/31 | $925050 |
|  |  |  | 7199391 |
| **China – 0.0%** | **China – 0.0%** | **China – 0.0%** | **China – 0.0%** |
| China Aoyuan Group Ltd. (NR/NR) | 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 | 126 |
| 36880 | 5.500 <sup>(i)</sup> | 09/30/31 | 277 |
| 90223 | 0.000 <sup>(c)</sup> | 12/31/99 | 225 |
| Easy Tactic Ltd. (NR/NR) | Easy Tactic Ltd. (NR/NR) | Easy Tactic Ltd. (NR/NR) | Easy Tactic Ltd. (NR/NR) |
| 441612 | 6.500 <sup>(b)(f)</sup> | 07/11/28 | 12144 |
| 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 | 3400 |
| 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 | 2000 |
| 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 | 2640 |
| Yuzhou Group Holdings Co. Ltd. (NR/NR)<sup>(b)(i)</sup> | Yuzhou Group Holdings Co. Ltd. (NR/NR)<sup>(b)(i)</sup> | Yuzhou Group Holdings Co. Ltd. (NR/NR)<sup>(b)(i)</sup> | Yuzhou Group Holdings Co. Ltd. (NR/NR)<sup>(b)(i)</sup> |
| 91734 | 4.000 | 06/30/28 | 1835 |
| 159740 | 4.500 | 06/30/29 | 3275 |
| 213213 | 5.000 | 06/30/30 | 4371 |
| 299091 | 5.500 | 06/30/31 | 3353 |
| 278102 | 1.000 | 06/30/34 | 348 |
|  |  |  | 33994 |
| **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%) |
| 1010000 | 8.125 <sup>(a)(b)(h)</sup> | 07/02/35 | 1050943 |
| 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 | 351344 |
| 1170000 | 6.250 | 05/12/26 | 1174493 |
| 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)(h)</sup> | 12/24/34 | 373702 |
| 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> |
| 1454000 | 8.000 <sup>(a)</sup> | 05/12/30 | 1572138 |
| 340000 | 8.000 | 05/12/30 | 367625 |
| 320000 | 9.000 <sup>(a)</sup> | 05/12/35 | 360982 |
| 330000 | 9.000 | 05/12/35 | 372263 |
|  |  |  | 5623490 |
| **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%) |
| 1100000 | 4.824 <sup>(h)</sup> | 01/15/30 | 1345385 |
| Czechoslovak Group AS (BB+/Ba1) | Czechoslovak Group AS (BB+/Ba1) | Czechoslovak Group AS (BB+/Ba1) | Czechoslovak Group AS (BB+/Ba1) |
| 1470000 | 6.500 <sup>(a)</sup> | 01/10/31 | 1510425 |
|  |  |  | 2855810 |
| **Ghana<sup>(b)</sup> –0.2%** | **Ghana<sup>(b)</sup> –0.2%** | **Ghana<sup>(b)</sup> –0.2%** | **Ghana<sup>(b)</sup> –0.2%** |
| Kosmos Energy Ltd. (CCC+/Caa3u) | Kosmos Energy Ltd. (CCC+/Caa3u) | Kosmos Energy Ltd. (CCC+/Caa3u) | Kosmos Energy Ltd. (CCC+/Caa3u) |
| 730000 | 7.750 <sup>(a)</sup> | 05/01/27 | 667950 |
| 480000 | 7.750 | 05/01/27 | 439200 |
| 310000 | 8.750 <sup>(a)</sup> | 10/01/31 | 175150 |
|  |  |  | 1282300 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **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) |
| 1260000 | 5.250% | 04/27/29 | $1239651 |
| **Hong Kong<sup>(i)</sup> – 0.0%** | **Hong Kong<sup>(i)</sup> – 0.0%** | **Hong Kong<sup>(i)</sup> – 0.0%** | **Hong Kong<sup>(i)</sup> – 0.0%** |
| Add Hero Holdings Ltd. (NR/NR)<br> (PIK 8.500%, Cash 7.500%) | Add Hero Holdings Ltd. (NR/NR)<br> (PIK 8.500%, Cash 7.500%) | Add Hero Holdings Ltd. (NR/NR)<br> (PIK 8.500%, Cash 7.500%) | Add Hero Holdings Ltd. (NR/NR)<br> (PIK 8.500%, Cash 7.500%) |
| 63935 | 8.500 | 09/30/29 | 2877 |
| (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 | 1042 |
| (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 | 1030 |
|  |  |  | 4949 |
| **Hungary<sup>(b)(h)</sup> – 0.3%** | **Hungary<sup>(b)(h)</sup> – 0.3%** | **Hungary<sup>(b)(h)</sup> – 0.3%** | **Hungary<sup>(b)(h)</sup> – 0.3%** |
| 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%) |
| 1540000 | 7.300 | 07/30/35 | 1617185 |
| **India – 0.4%** | **India – 0.4%** | **India – 0.4%** | **India – 0.4%** |
| Adani Electricity Mumbai Ltd. (BBB-/Baa3) | Adani Electricity Mumbai Ltd. (BBB-/Baa3) | Adani Electricity Mumbai Ltd. (BBB-/Baa3) | Adani Electricity Mumbai Ltd. (BBB-/Baa3) |
| 462000 | 3.949 | 02/12/30 | 430381 |
| JSW Hydro Energy Ltd. (NR/Ba1) | JSW Hydro Energy Ltd. (NR/Ba1) | JSW Hydro Energy Ltd. (NR/Ba1) | JSW Hydro Energy Ltd. (NR/Ba1) |
| 778400 | 4.125 <sup>(b)</sup> | 05/18/31 | 725372 |
| Reliance Industries Ltd. (A-/Baa2) | Reliance Industries Ltd. (A-/Baa2) | Reliance Industries Ltd. (A-/Baa2) | Reliance Industries Ltd. (A-/Baa2) |
| 770000 | 2.875 <sup>(a)</sup> | 01/12/32 | 702671 |
| 520000 | 2.875 | 01/12/32 | 474531 |
|  |  |  | 2332955 |
| **Indonesia – 0.6%** | **Indonesia – 0.6%** | **Indonesia – 0.6%** | **Indonesia – 0.6%** |
| 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)(h)</sup> | 03/24/27 | 271832 |
| 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 | 547361 |
| 220000 | 5.800 | 05/15/50 | 215034 |
| 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 | 354131 |
| 920000 | 6.000 | 05/03/42 | 935263 |
| Pertamina Persero PT (NR/Baa2) | Pertamina Persero PT (NR/Baa2) | Pertamina Persero PT (NR/Baa2) | Pertamina Persero PT (NR/Baa2) |
| 1350000 | 4.150 <sup>(b)</sup> | 02/25/60 | 1003509 |
|  |  |  | 3327130 |
| **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 | 570972 |
| 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 | 1045816 |
| 950000 | 6.750 | 12/15/36 | 974044 |
|  |  |  | 2590832 |
| **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) |
| 1840000 | 3.500 <sup>(a)</sup> | 04/14/33 | 1660030 |
| 350000 | 3.500 | 04/14/33 | 315766 |
|  |  |  | 1975796 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Kuwait<sup>(b)(h)</sup> – 0.4%** | **Kuwait<sup>(b)(h)</sup> – 0.4%** | **Kuwait<sup>(b)(h)</sup> – 0.4%** | **Kuwait<sup>(b)(h)</sup> – 0.4%** |
| NBK Tier 1 Ltd. (NR/Baa3) | NBK Tier 1 Ltd. (NR/Baa3) | NBK Tier 1 Ltd. (NR/Baa3) | NBK Tier 1 Ltd. (NR/Baa3) |
| (6 yr. CMT + 2.403%) | (6 yr. CMT + 2.403%) | (6 yr. CMT + 2.403%) | (6 yr. CMT + 2.403%) |
| &nbsp;&nbsp;&nbsp;&nbsp;1600000 | 6.375 %<sup>(a)</sup> | 01/10/31 | $1636928 |
| (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 | 215811 |
|  |  |  | 1852739 |
| **Luxembourg<sup>(b)</sup> – 0.2%** | **Luxembourg<sup>(b)</sup> – 0.2%** | **Luxembourg<sup>(b)</sup> – 0.2%** | **Luxembourg<sup>(b)</sup> – 0.2%** |
| Rede D'or Finance SARL (BB+/NR) | Rede D'or Finance SARL (BB+/NR) | Rede D'or Finance SARL (BB+/NR) | Rede D'or Finance SARL (BB+/NR) |
| 256000 | 4.500 <sup>(a)</sup> | 01/22/30 | 247759 |
| 682000 | 4.500 | 01/22/30 | 660047 |
|  |  |  | 907806 |
| **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) |
| 920000 | 3.500 | 04/21/30 | 894488 |
| 1060000 | 4.950 | 01/03/31 | 1094281 |
| 1130000 | 5.340 <sup>(a)</sup> | 04/03/35 | 1175686 |
| 300000 | 5.340 | 04/03/35 | 312129 |
| 1020000 | 4.550 <sup>(a)</sup> | 04/21/50 | 894030 |
| 360000 | 4.550 | 04/21/50 | 315540 |
|  |  |  | 4686154 |
| **Mexico – 4.7%** | **Mexico – 4.7%** | **Mexico – 4.7%** | **Mexico – 4.7%** |
| Banco Mercantil del Norte SA (BB-/Ba2)<sup>(b)(h)</sup> | Banco Mercantil del Norte SA (BB-/Ba2)<sup>(b)(h)</sup> | Banco Mercantil del Norte SA (BB-/Ba2)<sup>(b)(h)</sup> | Banco Mercantil del Norte SA (BB-/Ba2)<sup>(b)(h)</sup> |
| (10 yr. CMT + 4.299%) | (10 yr. CMT + 4.299%) | (10 yr. CMT + 4.299%) | (10 yr. CMT + 4.299%) |
| 1100000 | 8.750 <sup>(a)</sup> | 05/20/35 | 1174422 |
| (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 | 320297 |
| (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 | 314100 |
| (5 yr. CMT + 4.643%) | (5 yr. CMT + 4.643%) | (5 yr. CMT + 4.643%) | (5 yr. CMT + 4.643%) |
| 790000 | 5.875 <sup>(a)</sup> | 01/24/27 | 784912 |
| 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)(h)</sup> | 01/18/33 | 538615 |
| 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> |
| 340000 | 6.400 <sup>(a)</sup> | 01/15/34 | 369920 |
| 290000 | 6.400 | 01/15/34 | 315520 |
| 340000 | 5.375 <sup>(a)</sup> | 01/09/36 | 346547 |
| 310000 | 5.375 | 01/09/36 | 315969 |
| Cemex SAB de CV (BB/NR)<sup>(b)(h)</sup> | Cemex SAB de CV (BB/NR)<sup>(b)(h)</sup> | Cemex SAB de CV (BB/NR)<sup>(b)(h)</sup> | Cemex SAB de CV (BB/NR)<sup>(b)(h)</sup> |
| (5 yr. CMT + 3.520%) | (5 yr. CMT + 3.520%) | (5 yr. CMT + 3.520%) | (5 yr. CMT + 3.520%) |
| 880000 | 7.200 <sup>(a)</sup> | 06/10/30 | 917312 |
| (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 | 469080 |
| 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 | 405125 |
| Eagle Funding Luxco SARL (BBB/Baa2) | Eagle Funding Luxco SARL (BBB/Baa2) | Eagle Funding Luxco SARL (BBB/Baa2) | Eagle Funding Luxco SARL (BBB/Baa2) |
| 1080000 | 5.500 <sup>(b)</sup> | 08/17/30 | 1098360 |
| FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (BBB/Baa3)<sup>(b)</sup> | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (BBB/Baa3)<sup>(b)</sup> | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (BBB/Baa3)<sup>(b)</sup> | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (BBB/Baa3)<sup>(b)</sup> |
| 247627 | 7.250 <sup>(a)</sup> | 01/31/41 | 260132 |
| 1733388 | 7.250 | 01/31/41 | 1820924 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **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)** |
|  **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** |
|  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> | Mexico City Airport Trust (BBB/Baa3)<sup>(b)</sup> |
|  $ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620000 | 4.250 %<sup>(a)</sup> | 10/31/26 | $617291 |
|  | 630000 | 3.875 | 04/30/28 | 615434 |
|  | 1310000 | 3.875 <sup>(a)</sup> | 04/30/28 | 1279713 |
|  | 280000 | 5.500 <sup>(a)</sup> | 10/31/46 | 245748 |
|  | 522000 | 5.500 | 10/31/46 | 458144 |
|  | 1839000 | 5.500 | 07/31/47 | 1620044 |
|  Petroleos Mexicanos (BBB/B1) | Petroleos Mexicanos (BBB/B1) | Petroleos Mexicanos (BBB/B1) | Petroleos Mexicanos (BBB/B1) | Petroleos Mexicanos (BBB/B1) |
|  | 1200000 | 6.500 | 01/23/29 | 1221000 |
|  | 612000 | 8.750 <sup>(b)</sup> | 06/02/29 | 656131 |
|  | 1650000 | 6.840 <sup>(b)</sup> | 01/23/30 | 1676235 |
|  | 1054000 | 5.950 <sup>(b)</sup> | 01/28/31 | 1020166 |
|  | 250000 | 6.700 <sup>(b)</sup> | 02/16/32 | 249282 |
|  | 240000 | 6.375 | 01/23/45 | 192701 |
|  | 370000 | 5.625 | 01/23/46 | 276760 |
|  | 2690000 | 6.750 | 09/21/47 | 2206338 |
|  | 1210000 | 6.350 | 02/12/48 | 949729 |
|  | 2743000 | 6.950 <sup>(b)</sup> | 01/28/60 | 2226219 |
|  |  |  |  | 24962170 |
|  **Morocco<sup>(b)</sup> – 0.6%** | **Morocco<sup>(b)</sup> – 0.6%** | **Morocco<sup>(b)</sup> – 0.6%** | **Morocco<sup>(b)</sup> – 0.6%** | **Morocco<sup>(b)</sup> – 0.6%** |
|  OCP SA (BBB-/Baa3) | OCP SA (BBB-/Baa3) | OCP SA (BBB-/Baa3) | OCP SA (BBB-/Baa3) | OCP SA (BBB-/Baa3) |
|  | 1190000 | 6.750 <sup>(a)</sup> | 05/02/34 | 1283355 |
|  | 540000 | 6.750 | 05/02/34 | 582363 |
|  | 970000 | 7.500 | 05/02/54 | 1071831 |
|  |  |  |  | 2937549 |
|  **Netherlands – 0.2%** | **Netherlands – 0.2%** | **Netherlands – 0.2%** | **Netherlands – 0.2%** | **Netherlands – 0.2%** |
|  Minejesa Capital BV (NR/Baa3) | Minejesa Capital BV (NR/Baa3) | Minejesa Capital BV (NR/Baa3) | Minejesa Capital BV (NR/Baa3) | Minejesa Capital BV (NR/Baa3) |
|  | 266104 | 4.625 | 08/10/30 | 264856 |
|  MV24 Capital BV (BB+/Baa3) | MV24 Capital BV (BB+/Baa3) | MV24 Capital BV (BB+/Baa3) | MV24 Capital BV (BB+/Baa3) | MV24 Capital BV (BB+/Baa3) |
|  | 700970 | 6.748 <sup>(a)</sup> | 06/01/34 | 695320 |
|  NE Property BV (BBB/NR)<sup>(b)</sup> | NE Property BV (BBB/NR)<sup>(b)</sup> | NE Property BV (BBB/NR)<sup>(b)</sup> | NE Property BV (BBB/NR)<sup>(b)</sup> | NE Property BV (BBB/NR)<sup>(b)</sup> |
|  EUR | 144000 | 1.875 | 10/09/26 | 167971 |
|  | 124000 | 3.375 | 07/14/27 | 146582 |
|  |  |  |  | 1274729 |
|  **Nigeria<sup>(b)</sup> – 0.2%** | **Nigeria<sup>(b)</sup> – 0.2%** | **Nigeria<sup>(b)</sup> – 0.2%** | **Nigeria<sup>(b)</sup> – 0.2%** | **Nigeria<sup>(b)</sup> – 0.2%** |
|  IHS Holding Ltd. (B+/NR) | 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 | 397168 |
|  | 200000 | 6.250 | 11/29/28 | 198584 |
|  | 360000 | 8.250 <sup>(a)</sup> | 11/29/31 | 375559 |
|  |  |  |  | 971311 |
|  **Norway<sup>(b)</sup> – 0.2%** | **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) | DNO ASA (NR/NR) |
|  | 1000000 | 8.500 | 03/27/30 | 1033750 |
|  **Panama – 0.7%** | **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> | Aeropuerto Internacional de Tocumen SA (BBB-/Baa3)<sup>(b)</sup> |
|  | 940000 | 4.000 <sup>(a)</sup> | 08/11/41 | 785370 |
|  | 910000 | 4.000 | 08/11/41 | 760305 |
|  | 2130000 | 5.125 <sup>(a)</sup> | 08/11/61 | 1717866 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Panama – (continued)** | **Panama – (continued)** | **Panama – (continued)** | **Panama – (continued)** |
| 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 | $368756 |
|  |  |  | 3632297 |
| **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) |
| 682605 | 6.875 <sup>(a)</sup> | 04/30/43 | 732142 |
| 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 | 323268 |
| 200000 | 5.875 | 01/30/32 | 208560 |
| 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> |
| 610000 | 5.746 <sup>(a)</sup> | 10/03/34 | 623694 |
| 260000 | 5.746 | 10/03/34 | 265837 |
|  |  |  | 2153501 |
| **Romania<sup>(b)(h)</sup> – 0.1%** | **Romania<sup>(b)(h)</sup> – 0.1%** | **Romania<sup>(b)(h)</sup> – 0.1%** | **Romania<sup>(b)(h)</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%) |
| 560000 | 5.125 | 09/30/30 | 673295 |
| **Saudi Arabia – 0.8%** | **Saudi Arabia – 0.8%** | **Saudi Arabia – 0.8%** | **Saudi Arabia – 0.8%** |
| EIG Pearl Holdings SARL (NR/Aa3) | EIG Pearl Holdings SARL (NR/Aa3) | EIG Pearl Holdings SARL (NR/Aa3) | EIG Pearl Holdings SARL (NR/Aa3) |
| 1268652 | 3.545 | 08/31/36 | 1175418 |
| Saudi Arabian Oil Co. (NR/Aa3)<sup>(b)</sup> | Saudi Arabian Oil Co. (NR/Aa3)<sup>(b)</sup> | Saudi Arabian Oil Co. (NR/Aa3)<sup>(b)</sup> | Saudi Arabian Oil Co. (NR/Aa3)<sup>(b)</sup> |
| 1030000 | 5.750 <sup>(a)</sup> | 07/17/54 | 1004250 |
| 270000 | 5.750 | 07/17/54 | 263250 |
| Suci Second Investment Co. (NR/Aa3) | Suci Second Investment Co. (NR/Aa3) | Suci Second Investment Co. (NR/Aa3) | Suci Second Investment Co. (NR/Aa3) |
| 1790000 | 4.875 | 05/08/32 | 1805108 |
|  |  |  | 4248026 |
| **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) |
| 420000 | 7.000 <sup>(a)</sup> | 10/28/29 | 419870 |
| 610000 | 7.000 | 10/28/29 | 609811 |
|  |  |  | 1029681 |
| **South Africa – 1.7%** | **South Africa – 1.7%** | **South Africa – 1.7%** | **South Africa – 1.7%** |
| Eskom Holdings (BB/Ba2)<sup>(e)</sup> | Eskom Holdings (BB/Ba2)<sup>(e)</sup> | Eskom Holdings (BB/Ba2)<sup>(e)</sup> | Eskom Holdings (BB/Ba2)<sup>(e)</sup> |
| 2600000 | 4.314 | 07/23/27 | 2577302 |
| 1170000 | 6.350 | 08/10/28 | 1210219 |
| Sasol Financing USA LLC (BB+/Ba1) | Sasol Financing USA LLC (BB+/Ba1) | Sasol Financing USA LLC (BB+/Ba1) | Sasol Financing USA LLC (BB+/Ba1) |
| 1110000 | 4.375 <sup>(b)</sup> | 09/18/26 | 1103062 |
| Transnet (B+/Ba3) | Transnet (B+/Ba3) | Transnet (B+/Ba3) | Transnet (B+/Ba3) |
| 1260000 | 8.250 <sup>(a)</sup> | 02/06/28 | 1331269 |
| 1530000 | 8.250 | 02/06/28 | 1616541 |
| 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) |
| 1120000 | 5.854 <sup>(a)(b)</sup> | 05/13/32 | 1167600 |
|  |  |  | 9005993 |
| **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) |
| 1230000 | 7.498 <sup>(a)</sup> | 01/20/30 | 1297650 |
| 350000 | 7.498 | 01/20/30 | 369250 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Turkey – (continued)** | **Turkey – (continued)** | **Turkey – (continued)** | **Turkey – (continued)** |
| Turkiye Garanti Bankasi AS (NR/B1)<sup>(b)(h)</sup><br>(5 yr. CMT + 4.090%) | Turkiye Garanti Bankasi AS (NR/B1)<sup>(b)(h)</sup><br>(5 yr. CMT + 4.090%) | Turkiye Garanti Bankasi AS (NR/B1)<sup>(b)(h)</sup><br>(5 yr. CMT + 4.090%) | Turkiye Garanti Bankasi AS (NR/B1)<sup>(b)(h)</sup><br>(5 yr. CMT + 4.090%) |
| 950000 | 8.375 %<sup>(a)</sup> | 02/28/34 | $994536 |
| (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 | 314064 |
| 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)(h)</sup> | 01/17/34 | 393628 |
| 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) |
| 630000 | 7.250 <sup>(a)</sup> | 03/03/30 | 654608 |
| 300000 | 7.250 | 03/03/30 | 311718 |
|  |  |  | 4335454 |
| **United Arab Emirates – 2.5%** | **United Arab Emirates – 2.5%** | **United Arab Emirates – 2.5%** | **United Arab Emirates – 2.5%** |
| 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) |
| 740000 | 4.600 | 11/02/47 | 687704 |
| 2280000 | 4.600 <sup>(a)</sup> | 11/02/47 | 2118872 |
| Adnoc Murban Rsc Ltd. (AA/Aa2)<sup>(b)</sup> | Adnoc Murban Rsc Ltd. (AA/Aa2)<sup>(b)</sup> | Adnoc Murban Rsc Ltd. (AA/Aa2)<sup>(b)</sup> | Adnoc Murban Rsc Ltd. (AA/Aa2)<sup>(b)</sup> |
| 760000 | 5.125 <sup>(a)</sup> | 09/11/54 | 714704 |
| 220000 | 5.125 | 09/11/54 | 206888 |
| DP World Crescent Ltd. (NR/Baa2) | DP World Crescent Ltd. (NR/Baa2) | DP World Crescent Ltd. (NR/Baa2) | DP World Crescent Ltd. (NR/Baa2) |
| 2260000 | 5.500 <sup>(a)</sup> | 05/08/35 | 2327190 |
| DP World Ltd. (NR/Baa2) | DP World Ltd. (NR/Baa2) | DP World Ltd. (NR/Baa2) | DP World Ltd. (NR/Baa2) |
| 2841000 | 5.625 | 09/25/48 | 2795715 |
| 1230000 | 4.700 <sup>(b)</sup> | 09/30/49 | 1062028 |
| 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) |
| 356587 | 2.160 <sup>(a)</sup> | 03/31/34 | 322943 |
| 580000 | 2.625 | 03/31/36 | 511780 |
| 3050000 | 3.250 | 09/30/40 | 2489776 |
|  |  |  | 13237600 |
| **United States<sup>(a)(b)</sup> – 0.2%** | **United States<sup>(a)(b)</sup> – 0.2%** | **United States<sup>(a)(b)</sup> – 0.2%** | **United States<sup>(a)(b)</sup> – 0.2%** |
| Bimbo Bakeries USA, Inc. (BBB+/Baa1) | Bimbo Bakeries USA, Inc. (BBB+/Baa1) | Bimbo Bakeries USA, Inc. (BBB+/Baa1) | Bimbo Bakeries USA, Inc. (BBB+/Baa1) |
| 1060000 | 6.050 | 01/15/29 | 1105887 |
| **Uzbekistan – 0.4%** | **Uzbekistan – 0.4%** | **Uzbekistan – 0.4%** | **Uzbekistan – 0.4%** |
| 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 | 538200 |
| 200000 | 6.750 <sup>(a)(b)</sup> | 05/14/30 | 209386 |
| 610000 | 6.950 <sup>(a)</sup> | 10/17/31 | 650031 |
| 900000 | 6.950 | 10/17/31 | 959063 |
|  |  |  | 2356680 |
| **Venezuela<sup>(f)</sup> –1.1%** | **Venezuela<sup>(f)</sup> –1.1%** | **Venezuela<sup>(f)</sup> –1.1%** | **Venezuela<sup>(f)</sup> –1.1%** |
| Petroleos de Venezuela SA (NR/NR) | Petroleos de Venezuela SA (NR/NR) | Petroleos de Venezuela SA (NR/NR) | Petroleos de Venezuela SA (NR/NR) |
| 11510000 | 6.000 | 05/16/24 | 2676075 |
| 77934 | 6.000 | 11/15/26 | 18120 |
| 2570000 | 5.375 | 04/12/27 | 593362 |
| 9920000 | 5.375 | 04/12/27 | 2290329 |
| 2180000 | 5.500 | 04/12/37 | 505760 |
|  |  |  | 6083646 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*December 31, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **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)** |
|  **Zambia<sup>(a)(b)</sup> – 0.1%** | **Zambia<sup>(a)(b)</sup> – 0.1%** | **Zambia<sup>(a)(b)</sup> – 0.1%** | **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) | First Quantum Minerals Ltd. (B/NR) | First Quantum Minerals Ltd. (B/NR) |
|  $ | 600000 | 8.625% | 06/01/31 | $630937 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $128,497,868)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $128,497,868)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $128,497,868)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $128,497,868)** | $126711840 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 0.0%** | **Common Stocks – 0.0%** | **Common Stocks – 0.0%** |
| **China – 0.0%** | **China – 0.0%** | **China – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224816 | Sunac Services Holdings Ltd. Real Estate Management & Development<sup>(a)</sup> | $40522 |
| 427130 | Yuzhou Group Holdings Co. Ltd. Real Estate Management & Development<sup>(f)</sup> | 5763 |
|  |  | 46285 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(j)</sup> – 3.5%** | **Investment Company<sup>(j)</sup> – 3.5%** | **Investment Company<sup>(j)</sup> – 3.5%** |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;19049664 | 3.686% | $19049664 |
| **(Cost $19,049,664)** | **(Cost $19,049,664)** | **(Cost $19,049,664)** |
| **TOTAL INVESTMENTS – 96.8%<br>(Cost $495,736,856)** | **TOTAL INVESTMENTS – 96.8%<br>(Cost $495,736,856)** | $517959808 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 3.2%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 3.2%** | 17021458 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $534981266 |

---

---

| | |
|:---|:---|
| 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) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (b) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (c) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2025. |
| (d) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (e) | Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $7,107,717, which represents approximately 1.4% of the Fund's net assets as of December 31, 2025. |
| (f) | Security is currently in default and/or non-income producing. |
| (g) | Actual maturity date is July 28, 2121. |
| (h) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2025. |
| (i) | Pay-in-kind securities. |
| (j) | Represents an affiliated issuer. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At December 31, 2025, 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 | 8745699 | NZD | 10061824 | 01/09/26 | $41567 |
|  | AUD | 89337 | USD | 59237 | 01/02/26 | 382 |
|  | AUD | 999643 | USD | 660457 | 01/09/26 | 6701 |
|  | AUD | 3915512 | USD | 2570409 | 01/30/26 | 43063 |
|  | AUD | 3050765 | USD | 2020038 | 03/18/26 | 16001 |
|  | BRL | 14395347 | USD | 2614852 | 01/05/26 | 8753 |
|  | BRL | 11681197 | USD | 2073669 | 02/03/26 | 39718 |
|  | CAD | 1788074 | EUR | 1106066 | 01/09/26 | 2881 |
|  | CAD | 292539 | EUR | 181000 | 03/18/26 | 358 |
|  | CAD | 5251918 | USD | 3822512 | 01/09/26 | 5498 |
|  | CAD | 9070179 | USD | 6569295 | 03/18/26 | 61205 |
|  | CHF | 1361929 | EUR | 1461202 | 01/09/26 | 3139 |
|  | CHF | 700894 | EUR | 753812 | 02/20/26 | 1639 |
|  | CHF | 3531925 | USD | 4464219 | 03/18/26 | 32011 |
|  | CLP | 137930663 | USD | 150305 | 03/18/26 | 3035 |
|  | CNH | 7349152 | USD | 1046129 | 01/09/26 | 8001 |
|  | CNH | 35260888 | USD | 4995389 | 02/02/26 | 69606 |
|  | CNH | 32387925 | USD | 4612343 | 03/18/26 | 52268 |
|  | COP | 1773234311 | USD | 459840 | 01/02/26 | 9100 |
|  | COP | 826627270 | USD | 215604 | 01/05/26 | 2677 |
|  | COP | 832570275 | USD | 218778 | 01/08/26 | 726 |
|  | COP | 1659966167 | USD | 430991 | 01/13/26 | 5359 |
|  | COP | 815809285 | USD | 213563 | 01/16/26 | 507 |
|  | COP | 826362217 | USD | 213751 | 01/20/26 | 2577 |
|  | COP | 2609385963 | USD | 665999 | 01/29/26 | 13498 |
|  | CZK | 68273640 | EUR | 2801002 | 01/09/26 | 28446 |
|  | CZK | 125376372 | USD | 6053729 | 03/18/26 | 52467 |
|  | EUR | 951092 | CHF | 884498 | 01/09/26 | 454 |
|  | EUR | 1254568 | CHF | 1157966 | 02/20/26 | 8099 |
|  | EUR | 291000 | CHF | 269592 | 03/18/26 | 44 |
|  | EUR | 950089 | PLN | 4006310 | 01/09/26 | 1107 |
|  | EUR | 2102543 | USD | 2429278 | 01/08/26 | 42572 |
|  | EUR | 1178843 | USD | 1379014 | 01/09/26 | 6957 |
|  | EUR | 1879360 | USD | 2170661 | 01/13/26 | 39351 |
|  | EUR | 2270079 | USD | 2650317 | 01/14/26 | 19288 |
|  | EUR | 3366361 | USD | 3910812 | 01/26/26 | 50366 |
|  | EUR | 3227878 | USD | 3774585 | 02/03/26 | 24889 |
|  | EUR | 2253258 | USD | 2632932 | 02/12/26 | 20378 |
|  | EUR | 5960077 | USD | 6989955 | 03/18/26 | 40109 |
|  | GBP | 963120 | EUR | 1101337 | 01/09/26 | 3378 |
|  | GBP | 285807 | EUR | 323495 | 03/05/26 | 3871 |
|  | GBP | 737648 | USD | 988856 | 01/09/26 | 5448 |
|  | GBP | 856911 | USD | 1134981 | 01/30/26 | 20047 |
|  | GBP | 717761 | USD | 958211 | 02/09/26 | 9229 |
|  | GBP | 2122762 | USD | 2842519 | 03/18/26 | 18262 |
|  | HUF | 178763396 | CZK | 11033000 | 03/18/26 | 6421 |
|  | HUF | 19740422 | USD | 59760 | 02/10/26 | 435 |
|  | HUF | 523338075 | USD | 1579407 | 03/18/26 | 12476 |
|  | ILS | 2989320 | USD | 927261 | 03/18/26 | 11719 |
|  | INR | 189907468 | USD | 2105296 | 01/02/26 | 7132 |
|  | INR | 37258518 | USD | 413925 | 01/12/26 | 90 |
|  | INR | 44537319 | USD | 492408 | 01/15/26 | 2352 |
|  | INR | 31927714 | USD | 354209 | 01/20/26 | 310 |
|  | INR | 388972286 | USD | 4289418 | 03/18/26 | 7242 |
|  | JPY | 195897312 | USD | 1251066 | 01/08/26 | 483 |
|  | KRW | 620767350 | USD | 430000 | 02/02/26 | 370 |
|  | KRW | 6780818792 | USD | 4627260 | 03/18/26 | 81936 |
|  | MXN | 22316626 | USD | 1203404 | 01/08/26 | 34975 |
|  | MXN | 3854101 | USD | 213253 | 01/09/26 | 594 |
|  | MXN | 11846113 | USD | 646763 | 01/20/26 | 9787 |
|  | MXN | 17696653 | USD | 967037 | 02/11/26 | 11763 |
|  | MXN | 11738934 | USD | 645404 | 02/17/26 | 3512 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*December 31, 2025 (Unaudited)* 

**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 | 25706592 | USD | 1398451 | 03/18/26 | $18111 |
|  | NOK | 3966037 | USD | 389000 | 03/18/26 | 4340 |
|  | NZD | 738967 | USD | 424863 | 01/09/26 | 758 |
|  | NZD | 8379722 | USD | 4725317 | 01/26/26 | 104870 |
|  | PLN | 8952422 | USD | 2460993 | 03/18/26 | 31683 |
|  | RON | 14018901 | EUR | 2726305 | 03/18/26 | 4817 |
|  | SEK | 29786499 | EUR | 2731744 | 01/09/26 | 25189 |
|  | SEK | 28336975 | USD | 3044369 | 03/18/26 | 46307 |
|  | SGD | 4261978 | EUR | 2815019 | 01/09/26 | 8137 |
|  | SGD | 2958095 | USD | 2297244 | 01/09/26 | 5509 |
|  | SGD | 2749132 | USD | 2140725 | 03/18/26 | 8968 |
|  | TRY | 91200675 | USD | 1989206 | 03/18/26 | 14428 |
|  | TWD | 1016387 | USD | 32129 | 03/18/26 | 180 |
|  | USD | 59905 | AUD | 89365 | 01/02/26 | 266 |
|  | USD | 641321 | AUD | 958169 | 01/09/26 | 1843 |
|  | USD | 217424 | BRL | 1171488 | 01/05/26 | 3916 |
|  | USD | 996791 | BRL | 5479359 | 01/15/26 | 855 |
|  | USD | 487889 | BRL | 2700241 | 03/18/26 | 4142 |
|  | USD | 478352 | COP | 1773234311 | 01/02/26 | 9411 |
|  | USD | 654178 | COP | 2462425333 | 01/05/26 | 3942 |
|  | USD | 385612 | COP | 1453372909 | 01/08/26 | 2436 |
|  | USD | 215588 | COP | 808238325 | 01/09/26 | 2625 |
|  | USD | 213563 | COP | 811751595 | 01/16/26 | 557 |
|  | USD | 23045 | COP | 86464690 | 01/22/26 | 436 |
|  | USD | 207481 | COP | 790296272 | 01/23/26 | 959 |
|  | USD | 220237 | COP | 847523511 | 03/18/26 | 1639 |
|  | USD | 679465 | EUR | 576062 | 01/02/26 | 2413 |
|  | USD | 6696826 | EUR | 5680006 | 01/09/26 | 18810 |
|  | USD | 593809 | EUR | 504382 | 01/26/26 | 306 |
|  | USD | 4205036 | EUR | 3551228 | 03/18/26 | 16273 |
|  | USD | 499608 | EUR | 422979 | 03/19/26 | 669 |
|  | USD | 434532 | GBP | 321631 | 01/09/26 | 992 |
|  | USD | 807429 | GBP | 597763 | 03/18/26 | 1841 |
|  | USD | 3922254 | HUF | 1288715692 | 03/18/26 | 2254 |
|  | USD | 863448 | INR | 77339118 | 01/02/26 | 3170 |
|  | USD | 428743 | INR | 38581996 | 01/15/26 | 139 |
|  | USD | 627103 | JPY | 96887452 | 01/09/26 | 8052 |
|  | USD | 38043 | JPY | 5920251 | 01/16/26 | 192 |
|  | USD | 158776 | JPY | 24512603 | 01/20/26 | 1997 |
|  | USD | 132095 | JPY | 20448333 | 02/05/26 | 1138 |
|  | USD | 1037684 | JPY | 155338552 | 03/18/26 | 39273 |
|  | USD | 583905 | KRW | 820765659 | 03/18/26 | 13893 |
|  | USD | 2143262 | MXN | 38541870 | 01/09/26 | 4744 |
|  | USD | 145561 | NOK | 1467130 | 03/18/26 | 55 |
|  | USD | 3612984 | NZD | 6221896 | 01/09/26 | 29380 |
|  | USD | 1224044 | NZD | 2095965 | 01/26/26 | 15901 |
|  | USD | 753623 | NZD | 1300696 | 01/27/26 | 3850 |
|  | USD | 4010131 | NZD | 6902018 | 03/18/26 | 24526 |
|  | USD | 136905 | PEN | 460809 | 03/18/26 | 216 |
|  | USD | 537000 | SGD | 686267 | 03/18/26 | 371 |
|  | USD | 639708 | TWD | 19666368 | 03/18/26 | 14555 |
|  | USD | 2305 | ZAR | 29258 | 01/09/26 | 539 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*December 31, 2025 (Unaudited)* 

**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) | ZAR | 32006235 | USD | 1843041 | 01/13/26 | $88006 |
|  | ZAR | 23687038 | USD | 1389351 | 01/20/26 | 38998 |
|  | ZAR | 25230494 | USD | 1497359 | 01/28/26 | 23121 |
|  | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46447437 | USD | 2710889 | 03/18/26 | 78328 |
|  **TOTAL** |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756955 |

---

**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 | 408256 | USD | 273633 | 01/09/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1164) |
|  | BRL | 12376496 | USD | 2270324 | 01/05/26 | (14662) |
|  | BRL | 162341 | USD | 29912 | 03/18/26 | (829) |
|  | CAD | 1832274 | USD | 1338613 | 01/09/26 | (3109) |
|  | CAD | 1017764 | USD | 747000 | 03/18/26 | (2992) |
|  | CHF | 150357 | USD | 192143 | 03/18/26 | (734) |
|  | COP | 1639977501 | USD | 442404 | 01/02/26 | (8703) |
|  | COP | 2460621053 | USD | 654357 | 01/05/26 | (4599) |
|  | COP | 3138006174 | USD | 836356 | 01/08/26 | (9032) |
|  | COP | 811037113 | USD | 215386 | 01/09/26 | (1686) |
|  | COP | 833775671 | USD | 220113 | 01/15/26 | (1200) |
|  | COP | 3986843829 | USD | 1055558 | 01/20/26 | (11864) |
|  | COP | 3200268412 | USD | 831492 | 03/18/26 | (6061) |
|  | EUR | 1894792 | CAD | 3064810 | 01/09/26 | (6156) |
|  | EUR | 1231626 | CHF | 1144673 | 02/27/26 | (2626) |
|  | EUR | 2806140 | CZK | 68349420 | 01/09/26 | (26090) |
|  | EUR | 1472529 | GBP | 1287804 | 01/09/26 | (4618) |
|  | EUR | 2274673 | SEK | 24780860 | 01/09/26 | (18604) |
|  | EUR | 327000 | SEK | 3562829 | 03/18/26 | (2888) |
|  | EUR | 815000 | SGD | 1234617 | 01/09/26 | (2898) |
|  | EUR | 1642792 | USD | 1933483 | 01/02/26 | (2691) |
|  | EUR | 712478 | USD | 840319 | 01/06/26 | (2776) |
|  | EUR | 367153 | USD | 432000 | 01/09/26 | (336) |
|  | EUR | 1258912 | USD | 1486523 | 02/12/26 | (4099) |
|  | EUR | 1457700 | USD | 1722931 | 03/18/26 | (3537) |
|  | GBP | 398631 | USD | 538324 | 01/09/26 | (994) |
|  | HUF | 874624143 | USD | 2661097 | 03/18/26 | (676) |
|  | INR | 92057600 | USD | 1024000 | 01/05/26 | (355) |
|  | JPY | 270111877 | USD | 1737836 | 01/08/26 | (12145) |
|  | JPY | 98539808 | USD | 633987 | 01/09/26 | (4379) |
|  | JPY | 14696009 | USD | 95107 | 01/16/26 | (1149) |
|  | JPY | 261478216 | USD | 1699747 | 03/18/26 | (19144) |
|  | KRW | 1723644588 | USD | 1239007 | 03/18/26 | (41957) |
|  | MXN | 3706870 | USD | 205926 | 01/09/26 | (248) |
|  | NOK | 10703948 | USD | 1066183 | 03/18/26 | (4596) |
|  | NZD | 5859889 | AUD | 5119486 | 01/09/26 | (41623) |
|  | NZD | 4064329 | USD | 2357086 | 01/09/26 | (16168) |
|  | NZD | 2539112 | USD | 1468876 | 01/27/26 | (5231) |
|  | NZD | 4003725 | USD | 2338976 | 02/05/26 | (30391) |
|  | NZD | 6806702 | USD | 3946332 | 03/18/26 | (15767) |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*December 31, 2025 (Unaudited)* 

**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 | 5471330 | EUR | 1298716 | 01/09/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2924) |
|  | PLN | 3925534 | USD | 1094000 | 03/18/26 | (991) |
|  | TWD | 14986074 | USD | 483356 | 03/18/26 | (6980) |
|  | USD | 1354727 | AUD | 2042110 | 01/09/26 | (8168) |
|  | USD | 2003049 | AUD | 3032636 | 03/18/26 | (20890) |
|  | USD | 4620278 | BRL | 25600355 | 01/05/26 | (45483) |
|  | USD | 962008 | BRL | 5339146 | 01/15/26 | (8443) |
|  | USD | 206835 | BRL | 1153413 | 02/03/26 | (1843) |
|  | USD | 2233994 | CAD | 3069345 | 01/09/26 | (3185) |
|  | USD | 670946 | CAD | 925772 | 02/10/26 | (4758) |
|  | USD | 6385319 | CAD | 8838920 | 03/18/26 | (76126) |
|  | USD | 762469 | CAD | 1044509 | 03/19/26 | (1122) |
|  | USD | 4765648 | CHF | 3779059 | 03/18/26 | (45191) |
|  | USD | 35490 | CLP | 32555298 | 03/18/26 | (702) |
|  | USD | 2631899 | CNH | 18441560 | 01/09/26 | (13279) |
|  | USD | 5564172 | CNH | 39006549 | 03/18/26 | (53673) |
|  | USD | 432427 | COP | 1639977501 | 01/02/26 | (1274) |
|  | USD | 216546 | COP | 824822990 | 01/05/26 | (1260) |
|  | USD | 604303 | COP | 2319919870 | 01/08/26 | (7335) |
|  | USD | 215344 | COP | 827136650 | 01/15/26 | (1826) |
|  | USD | 1624433 | COP | 6328851807 | 01/20/26 | (32361) |
|  | USD | 1534328 | COP | 6006034175 | 03/18/26 | (14784) |
|  | USD | 3007222 | CZK | 62318948 | 03/18/26 | (27893) |
|  | USD | 1250695 | EUR | 1066782 | 01/02/26 | (3106) |
|  | USD | 835827 | EUR | 712980 | 01/06/26 | (2306) |
|  | USD | 1001381 | EUR | 857934 | 01/08/26 | (7248) |
|  | USD | 3294997 | EUR | 2808910 | 01/09/26 | (7456) |
|  | USD | 972506 | EUR | 835271 | 01/13/26 | (9721) |
|  | USD | 2573411 | EUR | 2205151 | 01/14/26 | (19839) |
|  | USD | 1043602 | EUR | 888673 | 01/26/26 | (2094) |
|  | USD | 15551631 | EUR | 13278701 | 03/18/26 | (110934) |
|  | USD | 1352980 | GBP | 1008778 | 01/09/26 | (6791) |
|  | USD | 1082024 | GBP | 811157 | 03/18/26 | (11146) |
|  | USD | 371464 | HUF | 121818295 | 01/09/26 | (791) |
|  | USD | 144000 | HUF | 47476800 | 02/04/26 | (827) |
|  | USD | 1187558 | HUF | 394824089 | 03/18/26 | (13413) |
|  | USD | 955403 | ILS | 3137024 | 03/18/26 | (29973) |
|  | USD | 1251836 | INR | 112568350 | 01/02/26 | (313) |
|  | USD | 1023213 | INR | 92108300 | 01/05/26 | (997) |
|  | USD | 430267 | INR | 38829451 | 01/12/26 | (1204) |
|  | USD | 965556 | INR | 87755280 | 01/20/26 | (8861) |
|  | USD | 4468580 | INR | 405161446 | 03/18/26 | (6908) |
|  | USD | 2261601 | JPY | 354958229 | 01/08/26 | (6157) |
|  | USD | 533000 | KRW | 788200400 | 01/26/26 | (13340) |
|  | USD | 129574 | KRW | 189082259 | 03/11/26 | (1701) |
|  | USD | 3565719 | KRW | 5217055123 | 03/18/26 | (57463) |
|  | USD | 410962 | MXN | 7517730 | 01/08/26 | (6206) |
|  | USD | 383267 | MXN | 6950165 | 01/20/26 | (1934) |
|  | USD | 4555020 | MXN | 84340911 | 03/18/26 | (92590) |
|  | USD | 1092000 | NOK | 11042628 | 03/18/26 | (3176) |
|  | USD | 1810893 | NZD | 3147353 | 01/09/26 | (1878) |
|  | USD | 4654 | NZD | 8258 | 01/15/26 | (104) |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*December 31, 2025 (Unaudited)* 

**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 | 905552 | NZD | 1580588 | 03/18/26 | $(7166) |
|  | USD | 3289478 | PLN | 11919384 | 03/18/26 | (29306) |
|  | USD | 2650314 | SEK | 24721619 | 03/18/26 | (46039) |
|  | USD | 3177766 | SGD | 4092707 | 01/09/26 | (8235) |
|  | USD | 1880756 | SGD | 2414632 | 03/18/26 | (7374) |
|  | USD | 678104 | TRY | 31433715 | 03/18/26 | (12479) |
|  | USD | 32129 | TWD | 1016990 | 01/20/26 | (239) |
|  | USD | 2119738 | ZAR | 35545211 | 01/09/26 | (25491) |
|  | USD | 682197 | ZAR | 11624635 | 01/13/26 | (19158) |
|  | USD | 819238 | ZAR | 13795964 | 01/20/26 | (12670) |
|  | USD | 473847 | ZAR | 7955885 | 01/28/26 | (5603) |
|  | USD | 3428951 | ZAR | 58645072 | 03/18/26 | (92745) |
|  **TOTAL** |  |  |  |  |  | $(1414250) |

---

**FUTURES CONTRACTS** — At December 31, 2025, 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 | 119 | 03/20/26 | $13380063 | $(54481) |
|  2 Year U.S. Treasury Notes | 249 | 03/31/26 | 51988476 | (10020) |
|  20 Year U.S. Treasury Bonds | 180 | 03/20/26 | 20806875 | (133855) |
|  **Total** |  |  |  | $(198356) |
|  **Short position contracts:** |  |  |  |  |
|  5 Year U.S. Treasury Notes | (61) | 03/31/26 | (6667586) | 2455 |
|  Ultra Long U.S. Treasury Bonds | (34) | 03/20/26 | (4012000) | 13013 |
|  **Total** |  |  |  | $15468 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $(182888) |

---

**SWAP CONTRACTS** — At December 31, 2025, the Fund had the following swap contracts:

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **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)** |
|  1M BID Average<sup>(a)</sup><br> 13.750%<sup>(a)</sup> | 01/04/27 | 65020 | $(56742) | $(47774) | $(8968) |
|  13.750%<sup>(b)</sup><br> 1M BID Average<sup>(b)</sup> | 01/04/27 | 94910 | 82826 | (15691) | 98517 |
|  Mexico Interbank TIIE 28 Days<sup>(c)</sup><br> 7.250<sup>(c)</sup> | 03/15/28 | 102780 <sup>(d)</sup> | (2092) | 27910 | (30002) |
|  12M THOR<sup>(e)</sup><br> 1.000<sup>(e)</sup> | 03/18/28 | 161270 <sup>(d)</sup> | (5008) | (392) | (4616) |
|  3M CNRR<sup>(e)</sup><br> 1.500<sup>(e)</sup> | 03/18/28 | 35450 <sup>(d)</sup> | 1361 | (4866) | 6227 |
| 2.500<sup>(f)</sup><br> 12M CDOR<sup>(f)</sup> | 03/18/28 | 970 <sup>(d)</sup> | 565 | 1010 | (445) |
| 4.500<sup>(f)</sup><br> 12M CLICP<sup>(f)</sup> | 03/18/28 | 2748400 <sup>(d)</sup> | (2715) | (4570) | 1855 |
| 8.500<sup>(e)</sup><br> 12M CPIBR<sup>(e)</sup> | 03/18/28 | 17802510 <sup>(d)</sup> | 215062 | (24665) | 239727 |
| 3.500<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 03/18/28 | $1120 <sup>(d)</sup> | (4988) | (4981) | (7) |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **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)** |
|  3M KWCDC<sup>(e)</sup><br> 2.250%<sup>(e)</sup> | 03/18/28 | 574750 <sup>(d)</sup> | $(5484) | $(1930) | $(3554) |
|  6M PRIBOR<sup>(f)</sup><br> 3.750<sup>(a)</sup> | 03/18/28 | 194200 <sup>(d)</sup> | 30339 | 20817 | 9522 |
|  6M WIBOR<sup>(f)</sup><br> 3.750<sup>(a)</sup> | 03/18/28 | 20180 <sup>(d)</sup> | 28668 | 6533 | 22135 |
|  6M BUBOR<sup>(f)</sup><br> 6.000<sup>(a)</sup> | 03/18/28 | 1529130 <sup>(d)</sup> | 18102 | 1486 | 16616 |
|  3M JIBAR<sup>(e)</sup><br> 6.750<sup>(e)</sup> | 03/18/28 | 107880 <sup>(d)</sup> | 54337 | 37669 | 16668 |
|  2.000%<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 03/18/28 | 3540 <sup>(d)</sup> | 24885 | 29182 | (4297) |
| 5.500<sup>(f)</sup><br> 6M MIBOR<sup>(f)</sup> | 03/18/28 | 109930 <sup>(d)</sup> | 2286 | (625) | 2911 |
|  1M BID Average<sup>(a)</sup><br> 13.250<sup>(a)</sup> | 01/02/29 | 31860 | (25150) | (76156) | 51006 |
| 13.250<sup>(b)</sup><br> 1M BID Average<sup>(b)</sup> | 01/02/30 | 10370 | 10461 | 10996 | (535) |
|  12M SOFR<sup>(a)</sup><br> 3.265<sup>(a)</sup> | 01/30/31 | $9150 <sup>(d)</sup> | (81684) | (53578) | (28106) |
|  Mexico Interbank TIIE 28 Days<sup>(c)</sup><br> 7.500<sup>(c)</sup> | 03/12/31 | 55830 <sup>(d)</sup> | (36012) | 24814 | (60826) |
| 1.250<sup>(e)</sup><br> 12M THOR<sup>(e)</sup> | 03/18/31 | 51960 <sup>(d)</sup> | (768) | (4894) | 4126 |
| 2.250<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 03/18/31 | 2440 <sup>(d)</sup> | 48502 | 49777 | (1275) |
|  3M JIBAR<sup>(e)</sup><br> 7.250<sup>(e)</sup> | 03/18/31 | 25070 <sup>(d)</sup> | 38094 | 968 | 37126 |
|  12M CPIBR<sup>(e)</sup><br> 8.750<sup>(e)</sup> | 03/18/31 | 1735340 <sup>(d)</sup> | (36106) | 3084 | (39190) |
| 2.500<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 03/18/33 | 720 <sup>(d)</sup> | 14322 | 14530 | (208) |
|  Mexico Interbank TIIE 28 Days<sup>(c)</sup><br> 8.000<sup>(c)</sup> | 03/05/36 | 26020 <sup>(d)</sup> | (23221) | 6601 | (29822) |
| 9.250<sup>(e)</sup><br> 12M CPIBR<sup>(e)</sup> | 03/18/36 | 4977300 <sup>(d)</sup> | 131964 | 13006 | 118958 |
| 4.000<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 03/18/36 | $1060 <sup>(d)</sup> | (16892) | (18421) | 1529 |
|  6M EURO<sup>(f)</sup><br> 2.500<sup>(a)</sup> | 03/18/36 | 740 <sup>(d)</sup> | (34556) | (34453) | (103) |
| 8.500<sup>(e)</sup><br> 3M JIBAR<sup>(e)</sup> | 03/18/36 | 29750 <sup>(d)</sup> | (132824) | (95907) | (36917) |
|  6M WIBOR<sup>(f)</sup><br> 4.500<sup>(a)</sup> | 03/18/36 | 3680 <sup>(d)</sup> | 25444 | (7591) | 33035 |
|  12M CLICP<sup>(f)</sup><br> 5.250<sup>(f)</sup> | 03/18/36 | 537550 <sup>(d)</sup> | 2411 | 2859 | (448) |
| 4.000<sup>(a)</sup><br> 6M PRIBOR<sup>(f)</sup> | 03/18/36 | 3680 <sup>(d)</sup> | 1991 | 599 | 1392 |
| 2.750<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 03/18/41 | 1410 <sup>(d)</sup> | 83897 | 81824 | 2073 |
| 3.828<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 01/30/56 | $2520 <sup>(d)</sup> | 144576 | 65679 | 78897 |
|  **TOTAL** |  |  | $495851 | $2850 | $493001 |

---

(a) Payments made annually.

(b) Payments made at maturity.

(c) Payments made at monthly.

(d) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2025.

(e) Payments made quarterly.

(f) Payments made semi-annually.

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced**<br> **Obligation/Index** | **Financing Rate<br>Received/(Paid) by<br>the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>December 31,<br>2025<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:** |  |  |  |  |  |  |  |
| Republic of Colombia, 10.375%, 01/28/2033 | (1.000)% | 2.072% | 12/20/30 | $1680 | $78665 | $61836 | $16829 |

---

(a) Payments made quarterly.

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

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**PURCHASED AND WRITTEN OPTIONS CONTRACTS** — At December 31, 2025, 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** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |
|  **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** |
|  3M IRS | JPMorgan Securities, Inc. | 3.302% | 01/28/2026 | 4850000 | $4850000 | $5824 | $6548 | $(724) |
|  **TOTAL** |  |  |  | 4850000 | $4850000 | $5824 | $6548 | $(724) |

---

**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** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |
|  **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** |
|  Call USD/Put HUF | Barclays Bank PLC | $339.000 | 02/02/2026 | 4368000 | $4368000 | $11859 | $25378 | $(13519) |
|  Call USD/Put ZAR | Barclays Bank PLC | 17.175 | 01/15/2026 | 4384000 | 4384000 | 3314 | 37659 | (34345) |
|  Call USD/Put CNH | BNP Paribas SA (London) | 7.020 | 01/29/2026 | 4268000 | 4268000 | 4533 | 10849 | (6316) |
|  Call USD/Put HUF | BNP Paribas SA (London) | 337.500 | 02/06/2026 | 4373000 | 4373000 | 17413 | 30130 | (12717) |
|  Call USD/Put MXN | BNP Paribas SA (London) | 18.235 | 02/09/2026 | 2182000 | 2182000 | 13195 | 19926 | (6731) |
|  Call USD/Put MXN | BNP Paribas SA (London) | 18.350 | 02/12/2026 | 2178000 | 2178000 | 11593 | 21577 | (9984) |
|  Call USD/Put ZAR | BNP Paribas SA (London) | 17.440 | 01/09/2026 | 2176000 | 2176000 | 252 | 24914 | (24662) |
|  Call USD/Put ZAR | BNP Paribas SA (London) | 16.975 | 01/26/2026 | 4363000 | 4363000 | 10873 | 35759 | (24886) |
|  Call USD/Put ZAR | BofA Securities LLC | 16.785 | 01/26/2026 | 4375000 | 4375000 | 19320 | 45955 | (26635) |
|  Call USD/Put JPY | Citibank NA | 156.700 | 01/06/2026 | 4359000 | 4359000 | 11399 | 40107 | (28708) |
|  Call USD/Put COP | Deutsche Bank AG | 3975.000 | 01/27/2026 | 2130000 | 2130000 | 9340 | 24504 | (15164) |
|  Call USD/Put CNH | HSBC Bank PLC | 7.110 | 01/29/2026 | 6551000 | 6551000 | 911 | 18146 | (17235) |
|  Call USD/Put COP | JPMorgan Securities, Inc. | 3910.000 | 01/15/2026 | 2180000 | 2180000 | 7272 | 26683 | (19411) |
|  Call USD/Put MXN | JPMorgan Securities, Inc. | 18.555 | 02/09/2026 | 2180000 | 2180000 | 6268 | 21801 | (15533) |
|  Call USD/Put ZAR | JPMorgan Securities, Inc. | 17.440 | 01/09/2026 | 2176000 | 2176000 | 252 | 23544 | (23292) |
|  Call USD/Put COP | MS & Co. Int. PLC | 3891.000 | 01/06/2026 | 2185000 | 2185000 | 1210 | 26838 | (25628) |
|  Call USD/Put COP | MS & Co. Int. PLC | 3800.000 | 01/15/2026 | 2192000 | 2192000 | 26635 | 31080 | (4445) |
|  Call USD/Put ZAR | MS & Co. Int. PLC | 17.850 | 01/09/2026 | 2175000 | 2175000 | 44 | 22618 | (22574) |
|  Call USD/Put CNH | Standard Chartered Bank | 7.060 | 01/29/2026 | 6572000 | 6572000 | 2826 | 21661 | (18835) |
|  |  |  |  | 65367000 | $65367000 | $158509 | $509129 | $(350620) |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*December 31, 2025 (Unaudited)* 

**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)** |
|  **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** |
|  **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** |
|  Put NZD/Call USD | Barclays Bank PLC | $0.574 | 01/22/2026 | 15214000 | $15214000 | $51567 | $70975 | $(19408) |
|  Put EUR/Call USD | BNP Paribas SA (London) | 1.162 | 01/12/2026 | 5660000 | 5660000 | 3113 | 34331 | (31218) |
|  Put EUR/Call USD | BNP Paribas SA (London) | 1.150 | 01/22/2026 | 5673000 | 5673000 | 2227 | 44332 | (42105) |
|  Put NZD/Call USD | BNP Paribas SA (London) | 0.565 | 01/22/2026 | 15626000 | 15626000 | 16653 | 87737 | (71084) |
|  Put USD/Call JPY | BNP Paribas SA (London) | 152.950 | 01/14/2026 | 2185000 | 2185000 | 1958 | 12378 | (10420) |
|  Put EUR/Call USD | BofA Securities LLC | 1.170 | 01/30/2026 | 5614000 | 5614000 | 23764 | 37490 | (13726) |
|  Put EUR/Call USD | BofA Securities LLC | 1.175 | 02/10/2026 | 5442000 | 5442000 | 39812 | 34160 | 5652 |
|  Put USD/Call BRL | BofA Securities LLC | 5.550 | 01/13/2026 | 2188000 | 2188000 | 29516 | 30301 | (785) |
|  Put USD/Call CAD | BofA Securities LLC | 1.380 | 02/09/2026 | 4360000 | 4360000 | 45091 | 32700 | 12391 |
|  Put USD/Call JPY | BofA Securities LLC | 152.250 | 01/16/2026 | 4363000 | 4363000 | 3726 | 21043 | (17317) |
|  Put GBP/Call USD | Citibank NA | 1.335 | 01/28/2026 | 3288000 | 3288000 | 12521 | 40385 | (27864) |
|  Put NZD/Call USD | Citibank NA | 0.555 | 01/22/2026 | 15570000 | 15570000 | 4079 | 88392 | (84313) |
|  Put USD/Call JPY | Citibank NA | 150.100 | 01/14/2026 | 6554000 | 6554000 | 1173 | 8840 | (7667) |
|  Put USD/Call JPY | Citibank NA | 151.850 | 01/16/2026 | 4373000 | 4373000 | 3061 | 17664 | (14603) |
|  Put USD/Call JPY | Citibank NA | 146.750 | 02/03/2026 | 6559000 | 6559000 | 2676 | 13876 | (11200) |
|  Put EUR/Call USD | Deutsche Bank AG | 1.164 | 01/22/2026 | 5651000 | 5651000 | 9769 | 37721 | (27952) |
|  Put EUR/Call USD | Deutsche Bank AG | 1.158 | 01/30/2026 | 5660000 | 5660000 | 7895 | 39301 | (31406) |
|  Put GBP/Call USD | HSBC Bank PLC | 1.335 | 02/05/2026 | 3275000 | 3275000 | 16872 | 42976 | (26104) |
|  Put USD/Call JPY | JPMorgan Securities, Inc. | 150.800 | 02/03/2026 | 2186000 | 2186000 | 3640 | 8165 | (4525) |
|  Put EUR/Call USD | MS & Co. Int. PLC | 1.144 | 01/09/2026 | 5673000 | 5673000 | 107 | 38828 | (38721) |
|  Put AUD/Call USD | Standard Chartered Bank | 0.644 | 01/28/2026 | 3398000 | 3398000 | 2002 | 21153 | (19151) |
|  Put NZD/Call USD | Standard Chartered Bank | 0.580 | 02/03/2026 | 11049000 | 11049000 | 83367 | 47457 | 35910 |
|  Put AUD/Call USD | UBS AG (London) | 0.660 | 01/28/2026 | 6617000 | 6617000 | 19461 | 38837 | (19376) |
|  Put EUR/Call CHF | UBS AG (London) | 0.924 | 02/25/2026 | 3799000 | 3799000 | 18528 | 26098 | (7570) |
|  |  |  |  | 149977000 | $149977000 | $402578 | $875140 | $(472562) |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** |  | 215344000 | $215344000 | $561087 | $1384269 | $(823182) |
|  **Written option contracts**<br> **Calls** | **Written option contracts**<br> **Calls** | **Written option contracts**<br> **Calls** | **Written option contracts**<br> **Calls** | **Written option contracts**<br> **Calls** | **Written option contracts**<br> **Calls** | **Written option contracts**<br> **Calls** | **Written option contracts**<br> **Calls** | **Written option contracts**<br> **Calls** |
|  Call EUR/Put SEK | Barclays Bank PLC | 10.960 | 01/07/2026 | (938000) | (938000) | (126) | (5631) | 5505 |
|  Call USD/Put HUF | Barclays Bank PLC | 329.900 | 02/02/2026 | (2184000) | (2184000) | (18789) | (30491) | 11702 |
|  Call USD/Put ZAR | Barclays Bank PLC | 17.440 | 01/09/2026 | (4352000) | (4352000) | (505) | (17887) | 17382 |
|  Call AUD/Put NZD | BNP Paribas SA (London) | 1.144 | 01/05/2026 | (1664000) | (1664000) | (14524) | (5293) | (9231) |
|  Call AUD/Put NZD | BNP Paribas SA (London) | 1.146 | 01/08/2026 | (1603000) | (1603000) | (12098) | (3473) | (8625) |
|  Call USD/Put CNH | BNP Paribas SA (London) | 7.055 | 01/08/2026 | (1088000) | (1088000) | (45) | (2769) | 2724 |
|  Call USD/Put CNH | BNP Paribas SA (London) | 7.060 | 01/29/2026 | (6572000) | (6572000) | (2826) | (6205) | 3379 |
|  Call USD/Put HUF | BNP Paribas SA (London) | 330.150 | 02/06/2026 | (2186000) | (2186000) | (20481) | (31085) | 10604 |
|  Call USD/Put MXN | BNP Paribas SA (London) | 18.555 | 02/09/2026 | (2180000) | (2180000) | (6268) | (11438) | 5170 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*December 31, 2025 (Unaudited)* 

**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 (continued)**<br> **Calls (continued)** | **Written option contracts (continued)**<br> **Calls (continued)** | **Written option contracts (continued)**<br> **Calls (continued)** | **Written option contracts (continued)**<br> **Calls (continued)** | **Written option contracts (continued)**<br> **Calls (continued)** | **Written option contracts (continued)**<br> **Calls (continued)** | **Written option contracts (continued)**<br> **Calls (continued)** | **Written option contracts (continued)**<br> **Calls (continued)** | **Written option contracts (continued)**<br> **Calls (continued)** |
|  Call USD/Put ZAR | BNP Paribas SA (London) | $17.850 | 01/09/2026 | (2175000) | $(2175000) | $(44) | $(13137) | $13093 |
|  Call USD/Put ZAR | BNP Paribas SA (London) | 17.175 | 01/15/2026 | (4384000) | (4384000) | (3314) | (17404) | 14090 |
|  Call EUR/Put PLN | BofA Securities LLC | 4.233 | 01/08/2026 | (938000) | (938000) | (980) | (4536) | 3556 |
|  Call USD/Put BRL | BofA Securities LLC | 5.656 | 01/13/2026 | (2178000) | (2178000) | (5615) | (13811) | 8196 |
|  Call USD/Put ZAR | BofA Securities LLC | 16.975 | 01/26/2026 | (8751000) | (8751000) | (21807) | (57984) | 36177 |
|  Call USD/Put COP | Deutsche Bank AG | 3910.000 | 01/15/2026 | (2180000) | (2180000) | (7272) | (31708) | 24436 |
|  Call USD/Put SGD | Deutsche Bank AG | 1.292 | 01/13/2026 | (1089000) | (1089000) | (489) | (4370) | 3881 |
|  Call AUD/Put NZD | JPMorgan Securities, Inc. | 1.146 | 01/14/2026 | (1637000) | (1637000) | (12481) | (5368) | (7113) |
|  Call USD/Put CAD | JPMorgan Securities, Inc. | 1.379 | 01/02/2026 | (1067000) | (1067000) | (113) | (2673) | 2560 |
|  Call USD/Put COP | JPMorgan Securities, Inc. | 3800.000 | 01/15/2026 | (2192000) | (2192000) | (26635) | (57266) | 30631 |
|  Call USD/Put JPY | JPMorgan Securities, Inc. | 156.700 | 01/06/2026 | (4359000) | (4359000) | (11399) | (64252) | 52853 |
|  Call USD/Put SGD | JPMorgan Securities, Inc. | 1.292 | 01/02/2026 | (1067000) | (1067000) | (2) | (2027) | 2025 |
|  Call USD/Put COP | MS & Co. Int. PLC | 3891.000 | 01/06/2026 | (2185000) | (2185000) | (1210) | (11091) | 9881 |
|  Call USD/Put CAD | Royal Bank of Canada (UK) | 1.375 | 01/06/2026 | (1093000) | (1093000) | (1218) | (3925) | 2707 |
|  Call USD/Put CAD | Royal Bank of Canada (UK) | 1.377 | 01/16/2026 | (1093000) | (1093000) | (2520) | (5161) | 2641 |
|  Call USD/Put CNH | Standard Chartered Bank | 7.110 | 01/29/2026 | (6551000) | (6551000) | (910) | (7769) | 6859 |
|  |  |  |  | (65706000) | $(65706000) | $(171671) | $(416754) | $245083 |
|  **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** |
|  Put EUR/Call SEK | Barclays Bank PLC | 10.960 | 01/07/2026 | (938000) | (938000) | (14280) | (5630) | (8650) |
|  Put NZD/Call USD | Barclays Bank PLC | 0.565 | 01/22/2026 | (15626000) | (15626000) | (16653) | (34781) | 18128 |
|  Put AUD/Call NZD | BNP Paribas SA (London) | 1.144 | 01/05/2026 | (1664000) | (1664000) | (1) | (5293) | 5292 |
|  Put AUD/Call NZD | BNP Paribas SA (London) | 1.146 | 01/08/2026 | (1603000) | (1603000) | (137) | (3473) | 3336 |
|  Put EUR/Call USD | BNP Paribas SA (London) | 1.164 | 01/22/2026 | (3729545) | (3729545) | (6447) | (10258) | 3811 |
|  Put NZD/Call USD | BNP Paribas SA (London) | 0.555 | 01/22/2026 | (15570000) | (15570000) | (4079) | (41964) | 37885 |
|  Put USD/Call CNH | BNP Paribas SA (London) | 7.055 | 01/08/2026 | (1088000) | (1088000) | (12903) | (2769) | (10134) |
|  Put USD/Call JPY | BNP Paribas SA (London) | 150.100 | 01/14/2026 | (6554000) | (6554000) | (1173) | (12429) | 11256 |
|  Put EUR/Call PLN | BofA Securities LLC | 4.233 | 01/08/2026 | (938000) | (938000) | (4323) | (4536) | 213 |
|  Put EUR/Call USD | BofA Securities LLC | 1.162 | 01/12/2026 | (5660000) | (5660000) | (3113) | (26863) | 23750 |
|  Put EUR/Call USD | BofA Securities LLC | 1.164 | 01/22/2026 | (1921455) | (1921455) | (3322) | (6817) | 3495 |
|  Put EUR/Call USD | BofA Securities LLC | 1.158 | 01/30/2026 | (5660000) | (5660000) | (7895) | (16613) | 8718 |
|  Put USD/Call CAD | BofA Securities LLC | 1.363 | 02/09/2026 | (6540000) | (6540000) | (24473) | (19620) | (4853) |
|  Put USD/Call JPY | BofA Securities LLC | 154.350 | 01/16/2026 | (2182000) | (2182000) | (5370) | (21477) | 16107 |
|  Put EUR/Call USD | Citibank NA | 1.170 | 01/02/2026 | (1819000) | (1819000) | (402) | (3966) | 3564 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*December 31, 2025 (Unaudited)* 

**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 (continued)**<br> **Puts (continued)** | **Written option contracts (continued)**<br> **Puts (continued)** | **Written option contracts (continued)**<br> **Puts (continued)** | **Written option contracts (continued)**<br> **Puts (continued)** | **Written option contracts (continued)**<br> **Puts (continued)** | **Written option contracts (continued)**<br> **Puts (continued)** | **Written option contracts (continued)**<br> **Puts (continued)** | **Written option contracts (continued)**<br> **Puts (continued)** | **Written option contracts (continued)**<br> **Puts (continued)** |
|  Put GBP/Call USD | Citibank NA | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.314 | 01/28/2026 | (4111000) | $(4111000) | $(3674) | $(20439) | $16765 |
|  Put USD/Call JPY | Citibank NA | 152.950 | 01/14/2026 | (2185000) | (2185000) | (1958) | (8826) | 6868 |
|  Put USD/Call JPY | Citibank NA | 153.950 | 01/16/2026 | (2186000) | (2186000) | (4398) | (18613) | 14215 |
|  Put USD/Call JPY | Citibank NA | 150.800 | 02/03/2026 | (2186000) | (2186000) | (3640) | (12779) | 9139 |
|  Put EUR/Call USD | Deutsche Bank AG | 1.144 | 01/09/2026 | (5673000) | (5673000) | (107) | (11236) | 11129 |
|  Put EUR/Call USD | Deutsche Bank AG | 1.150 | 01/22/2026 | (5673000) | (5673000) | (2227) | (15639) | 13412 |
|  Put USD/Call SGD | Deutsche Bank AG | 1.292 | 01/13/2026 | (1089000) | (1089000) | (6391) | (4370) | (2021) |
|  Put GBP/Call USD | HSBC Bank PLC | 1.312 | 02/05/2026 | (4094000) | (4094000) | (5601) | (21893) | 16292 |
|  Put AUD/Call NZD | JPMorgan Securities, Inc. | 1.146 | 01/14/2026 | (1637000) | (1637000) | (399) | (5378) | 4979 |
|  Put USD/Call CAD | JPMorgan Securities, Inc. | 1.379 | 01/02/2026 | (1067000) | (1067000) | (5198) | (2673) | (2525) |
|  Put USD/Call JPY | JPMorgan Securities, Inc. | 146.750 | 02/03/2026 | (6559000) | (6559000) | (2676) | (6592) | 3916 |
|  Put USD/Call SGD | JPMorgan Securities, Inc. | 1.292 | 01/02/2026 | (1067000) | (1067000) | (5551) | (2027) | (3524) |
|  Put USD/Call CAD | Royal Bank of Canada (UK) | 1.375 | 01/06/2026 | (1093000) | (1093000) | (3342) | (3925) | 583 |
|  Put USD/Call CAD | Royal Bank of Canada (UK) | 1.377 | 01/16/2026 | (1093000) | (1093000) | (6476) | (5161) | (1315) |
|  Put NZD/Call USD | Standard Chartered Bank | 0.574 | 01/22/2026 | (11410482) | (11410482) | (38675) | (18595) | (20080) |
|  Put AUD/Call USD | UBS AG (London) | 0.644 | 01/28/2026 | (3398000) | (3398000) | (2002) | (13761) | 11759 |
|  Put NZD/Call USD | UBS AG (London) | 0.574 | 01/22/2026 | (3803518) | (3803518) | (12892) | (14996) | 2104 |
|  |  |  |  | (129818000) | $(129818000) | $(209778) | $(403392) | $193614 |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** |  | (195524000) | $(195524000) | $(381449) | $(820146) | $438697 |
|  **TOTAL** |  |  |  | 19820000 | $19820000 | $179638 | $564123 | $(384485) |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*December 31, 2025 (Unaudited)* 

**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 |
| CNY | — Chinese Yuan Renminbi |
| COP | — Colombia Peso |
| CZK | — Czech Republic Koruna |
| EUR | — Euro |
| GBP | — British Pound |
| HUF | — Hungarian Forint |
| ILS | — Israeli Shekel |
| INR | — Indian Rupee |
| JPY | — Japanese Yen |
| KRW | — South Korean Won |
| MXN | — Mexican Peso |
| NOK | — Norwegian Krone |
| NZD | — New Zealand Dollar |
| PEN | — Peru Nuevo Sol |
| PLN | — Polish Zloty |
| RON | — Romania New Leu |
| SEK | — Swedish Krona |
| SGD | — Singapore Dollar |
| THB | — Thailand Baht |
| TRY | — Turkish Lira |
| TWD | — Taiwan Dollar |
| USD | — U.S. Dollar |
| 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:** |
| 3M IRS | — 3 Months Interest Rate Swaptions |
| BofA Securities LLC | — Bank of America Securities LLC |
| BUBOR | — Budapest Interbank Offered Rate |
| CDOR | — Canadian Dollar Offered Rate |
| CLICP | — Sinacofi Chile Interbank Rate |
| CNRR | — China Fixing Repo 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;

------

GOLDMAN SACHS HIGH YIELD FUND

## Schedule of Investments
*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – 86.8%** | **Corporate Obligations – 86.8%** | **Corporate Obligations – 86.8%** | **Corporate Obligations – 86.8%** |
| **Advertising – 0.5%** | **Advertising – 0.5%** | **Advertising – 0.5%** | **Advertising – 0.5%** |
| 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) |
| 3680000 | 7.875% | 04/01/30 | $3881149 |
| 1502000 | 7.125 | 02/15/31 | 1572023 |
| 1665000 | 7.500 | 03/15/33 | 1763651 |
| 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 | 1610644 |
| 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) | Neptune Bidco U.S., Inc.<sup>(a)(b)</sup> (B/B3) |
| 1797000 | 10.375 | 05/15/31 | 1841673 |
| Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(a)(b)</sup> (B/B2) | Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(a)(b)</sup> (B/B2) | Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(a)(b)</sup> (B/B2) | Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(a)(b)</sup> (B/B2) |
| 2809000 | 4.250 | 01/15/29 | 2739534 |
|  |  |  | 13408674 |
| **Aerospace & Defense – 1.6%** | **Aerospace & Defense – 1.6%** | **Aerospace & Defense – 1.6%** | **Aerospace & Defense – 1.6%** |
| Bombardier, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | 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 | 3351926 |
| 3505000 | 6.750 | 06/15/33 | 3708045 |
| Moog, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Moog, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Moog, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Moog, Inc.<sup>(a)(b)</sup> (BB/Ba3) |
| 3362000 | 4.250 | 12/15/27 | 3332078 |
| Spirit AeroSystems, Inc.<sup>(a)</sup> (BBB-/Baa3) | Spirit AeroSystems, Inc.<sup>(a)</sup> (BBB-/Baa3) | Spirit AeroSystems, Inc.<sup>(a)</sup> (BBB-/Baa3) | Spirit AeroSystems, Inc.<sup>(a)</sup> (BBB-/Baa3) |
| 5880000 | 4.600 | 06/15/28 | 5886997 |
| TransDigm, Inc.<sup>(a)</sup> (B/B3) | TransDigm, Inc.<sup>(a)</sup> (B/B3) | TransDigm, Inc.<sup>(a)</sup> (B/B3) | TransDigm, Inc.<sup>(a)</sup> (B/B3) |
| 8048000 | 4.875 | 05/01/29 | 8020878 |
| TransDigm, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | 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 | 4274693 |
| 5500000 | 6.375 | 03/01/29 | 5678365 |
| 5810000 | 6.875 | 12/15/30 | 6078538 |
|  |  |  | 40331520 |
| **Airlines – 0.8%** | **Airlines – 0.8%** | **Airlines – 0.8%** | **Airlines – 0.8%** |
| 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) | American Airlines, Inc.<sup>(a)(b)</sup> (BB-/Ba2) |
| 7339000 | 7.250 | 02/15/28 | 7500971 |
| 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) |
| 437500 | 5.500 | 04/20/26 | 438117 |
| 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) | OneSky Flight LLC<sup>(a)(b)</sup> (B+/B3) |
| 2550000 | 8.875 | 12/15/29 | 2731305 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc.<sup>(a)(b)</sup> (B/B3) | VistaJet Malta Finance PLC/Vista Management Holding, Inc.<sup>(a)(b)</sup> (B/B3) | VistaJet Malta Finance PLC/Vista Management Holding, Inc.<sup>(a)(b)</sup> (B/B3) | VistaJet Malta Finance PLC/Vista Management Holding, Inc.<sup>(a)(b)</sup> (B/B3) |
| 3450000 | 7.875 | 05/01/27 | 3467457 |
| 3852000 | 9.500 <sup>(c)</sup> | 06/01/28 | 3981620 |
| 1555000 | 6.375 <sup>(c)</sup> | 02/01/30 | 1487140 |
|  |  |  | 19606610 |
| **Apparel<sup>(a)(b)</sup> – 0.4%** | **Apparel<sup>(a)(b)</sup> – 0.4%** | **Apparel<sup>(a)(b)</sup> – 0.4%** | **Apparel<sup>(a)(b)</sup> – 0.4%** |
| 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%) |
| 3980000 | 10.000 | 07/15/33 | 4375333 |
| Beach Acquisition Bidco LLC (NR/Ba3) | Beach Acquisition Bidco LLC (NR/Ba3) | Beach Acquisition Bidco LLC (NR/Ba3) | Beach Acquisition Bidco LLC (NR/Ba3) |
| 1094000 | 5.250 | 07/15/32 | 1311125 |
| Champ Acquisition Corp. (B/B2) | Champ Acquisition Corp. (B/B2) | Champ Acquisition Corp. (B/B2) | Champ Acquisition Corp. (B/B2) |
| 4695000 | 8.375 | 12/01/31 | 5069192 |
|  |  |  | 10755650 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Automotive – 1.8%** | **Automotive – 1.8%** | **Automotive – 1.8%** | **Automotive – 1.8%** |
| 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 | $1249886 |
| 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 | 5682294 |
| Dana, Inc.<sup>(a)</sup> (BB-/B1) | Dana, Inc.<sup>(a)</sup> (BB-/B1) | Dana, Inc.<sup>(a)</sup> (BB-/B1) | Dana, Inc.<sup>(a)</sup> (BB-/B1) |
| 5373000 | 5.375 | 11/15/27 | 5368755 |
| 2500000 | 5.625 | 06/15/28 | 2498300 |
| Grupo Antolin Irausa SA<sup>(a)</sup> (B-/B3) | Grupo Antolin Irausa SA<sup>(a)</sup> (B-/B3) | Grupo Antolin Irausa SA<sup>(a)</sup> (B-/B3) | Grupo Antolin Irausa SA<sup>(a)</sup> (B-/B3) |
| 2391000 | 10.375 | 01/30/30 | 2067386 |
| 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%) | (PIK 7.125%, Cash 6.375%) |
| 3305000 | 6.375 | 05/15/29 | 3329788 |
| (PIK 9.500%, Cash 8.750%) | (PIK 9.500%, Cash 8.750%) | (PIK 9.500%, Cash 8.750%) | (PIK 9.500%, Cash 8.750%) |
| 970000 | 8.750 | 05/15/28 | 1190193 |
| 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) |
| 11543000 | 6.125 | 09/30/30 | 11546578 |
| Phinia, Inc.<sup>(a)(b)</sup> (BB+/Baa3) | Phinia, Inc.<sup>(a)(b)</sup> (BB+/Baa3) | Phinia, Inc.<sup>(a)(b)</sup> (BB+/Baa3) | Phinia, Inc.<sup>(a)(b)</sup> (BB+/Baa3) |
| 2900000 | 6.750 | 04/15/29 | 3004081 |
| 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) | Qnity Electronics, Inc.<sup>(a)(b)</sup> (BB/B1) |
| 890000 | 6.250 | 08/15/33 | 924301 |
| 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) | Qnity Electronics, Inc.<sup>(a)(b)</sup> (BB+/Ba1) |
| 1805000 | 5.750 | 08/15/32 | 1848952 |
| 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) | ZF Europe Finance BV<sup>(a)</sup> (BB-/Ba2) |
| 3100000 | 4.750 | 01/31/29 | 3634194 |
| 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 | 2348046 |
| 2020000 | 6.750 | 04/23/30 | 1995800 |
|  |  |  | 46688554 |
| **Banks – 3.1%** | **Banks – 3.1%** | **Banks – 3.1%** | **Banks – 3.1%** |
| 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 | 5166512 |
| Bank of New York Mellon Corp. <sup>(a)(e)</sup> (BBB/Baa1) (5 yr. CMT + 3.352%) | Bank of New York Mellon Corp. <sup>(a)(e)</sup> (BBB/Baa1) (5 yr. CMT + 3.352%) | Bank of New York Mellon Corp. <sup>(a)(e)</sup> (BBB/Baa1) (5 yr. CMT + 3.352%) | Bank of New York Mellon Corp. <sup>(a)(e)</sup> (BBB/Baa1) (5 yr. CMT + 3.352%) |
| 7293000 | 3.700 | 03/20/26 | 7264630 |
| Barclays PLC<sup>(a)(e)</sup> (BB+/Ba1) | 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 + 5.431%) | (5 yr. CMT + 5.431%) | (5 yr. CMT + 5.431%) | (5 yr. CMT + 5.431%) |
| 7000000 | 8.000 | 03/15/29 | 7448910 |
| (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + | (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + | (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + | (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + |
| 3.686%) |  |  |  |
| 1670000 | 7.625 | 03/15/35 | 1779201 |
| Citigroup, Inc.<sup>(a)(e)</sup> (BB+/Ba1) | Citigroup, Inc.<sup>(a)(e)</sup> (BB+/Ba1) | Citigroup, Inc.<sup>(a)(e)</sup> (BB+/Ba1) | Citigroup, Inc.<sup>(a)(e)</sup> (BB+/Ba1) |
| (5 yr. CMT + 3.001%) | (5 yr. CMT + 3.001%) | (5 yr. CMT + 3.001%) | (5 yr. CMT + 3.001%) |
| 14855000 | 6.625 | 02/15/31 | 15059256 |
| (5 yr. CMT + 3.417%) | (5 yr. CMT + 3.417%) | (5 yr. CMT + 3.417%) | (5 yr. CMT + 3.417%) |
| 2840000 | 3.875 | 02/18/26 | 2831508 |
| 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 | 4619736 |
| 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) | JPMorgan Chase & Co.<sup>(a)(e)</sup> (BBB/Baa1) |
| (5 yr. CMT + 2.152%) | (5 yr. CMT + 2.152%) | (5 yr. CMT + 2.152%) | (5 yr. CMT + 2.152%) |
| 5580000 | 6.500 | 04/01/30 | 5789697 |
| (5 yr. CMT + 2.850%) | (5 yr. CMT + 2.850%) | (5 yr. CMT + 2.850%) | (5 yr. CMT + 2.850%) |
| 855000 | 3.650 | 06/01/26 | 850075 |

---

------

GOLDMAN SACHS HIGH YIELD FUND

## Schedule of Investments (continued)
*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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 | $2553376 |
| 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 | 4535578 |
| 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 | 1551272 |
| 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 | 4904350 |
| 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 | 3536017 |
| 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 | 3477870 |
| Walker & Dunlop, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Walker & Dunlop, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Walker & Dunlop, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Walker & Dunlop, Inc.<sup>(a)(b)</sup> (BB/Ba2) |
| 1870000 | 6.625 | 04/01/33 | 1917592 |
| 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%) |
| 2525000 | 6.850 | 09/15/29 | 2637741 |
| (5 yr. CMT + 3.453%) | (5 yr. CMT + 3.453%) | (5 yr. CMT + 3.453%) | (5 yr. CMT + 3.453%) |
| 618000 | 3.900 | 03/15/26 | 615899 |
| (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 | 2175334 |
|  |  |  | 78714554 |
| **Beverages<sup>(a)</sup> – 0.1%** | **Beverages<sup>(a)</sup> – 0.1%** | **Beverages<sup>(a)</sup> – 0.1%** | **Beverages<sup>(a)</sup> – 0.1%** |
| 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 | 105289 |
| 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 | 3558435 |
|  |  |  | 3663724 |
| **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 | 5717680 |
| 2455000 | 6.750 | 05/15/35 | 2570974 |
| 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 | 4644421 |
| 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 | 5674943 |
| Masterbrand, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Masterbrand, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Masterbrand, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Masterbrand, Inc.<sup>(a)(b)</sup> (BB/Ba3) |
| 2105000 | 7.000 | 07/15/32 | 2183264 |
| 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 | 3257842 |
| 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 | 2986493 |
| 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 | 7546128 |
| 3320000 | 8.875 | 11/15/31 | 3551869 |
| 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 | 5870748 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Building Materials – (continued)** | **Building Materials – (continued)** | **Building Materials – (continued)** | **Building Materials – (continued)** |
| 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 | $1355743 |
|  |  |  | 45360105 |
| **Chemicals – 3.1%** | **Chemicals – 3.1%** | **Chemicals – 3.1%** | **Chemicals – 3.1%** |
| Ashland, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Ashland, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Ashland, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Ashland, Inc.<sup>(a)(b)</sup> (BB+/Ba2) |
| 2590000 | 3.375 | 09/01/31 | 2363323 |
| 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 | 3028196 |
| 1050000 | 6.250 | 11/01/31 | 1079600 |
| 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 | 2936222 |
| 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 | 3546237 |
| 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) | Celanese U.S. Holdings LLC<sup>(a)</sup> (BB/Ba2) |
| 2515000 | 7.050 <sup>(f)</sup> | 11/15/30 | 2643340 |
| 808000 | 6.750 <sup>(c)</sup> | 04/15/33 | 803402 |
| 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) |
| 2600000 | 9.375 | 10/03/31 | 2693288 |
| 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) |
| 3221000 | 5.750 | 11/15/28 | 3132970 |
| FMC Corp.<sup>(a)</sup> (BB+/Baa3) | FMC Corp.<sup>(a)</sup> (BB+/Baa3) | FMC Corp.<sup>(a)</sup> (BB+/Baa3) | FMC Corp.<sup>(a)</sup> (BB+/Baa3) |
| 4079000 | 4.500 | 10/01/49 | 2602769 |
| 3787000 | 6.375 <sup>(c)</sup> | 05/18/53 | 2822035 |
| Illuminate Buyer LLC/Illuminate Holdings IV, Inc.<sup>(a)(b)</sup> (B-/Caa1) | Illuminate Buyer LLC/Illuminate Holdings IV, Inc.<sup>(a)(b)</sup> (B-/Caa1) | Illuminate Buyer LLC/Illuminate Holdings IV, Inc.<sup>(a)(b)</sup> (B-/Caa1) | Illuminate Buyer LLC/Illuminate Holdings IV, Inc.<sup>(a)(b)</sup> (B-/Caa1) |
| 716000 | 9.000 | 07/01/28 | 717912 |
| 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 | 3163724 |
| Inversion Escrow Issuer LLC<sup>(a)(b)</sup> (B-/B3) | Inversion Escrow Issuer LLC<sup>(a)(b)</sup> (B-/B3) | Inversion Escrow Issuer LLC<sup>(a)(b)</sup> (B-/B3) | Inversion Escrow Issuer LLC<sup>(a)(b)</sup> (B-/B3) |
| 5320000 | 6.750 | 08/01/32 | 5300210 |
| 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 | 2211495 |
| 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 | 3777671 |
| 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 | 871026 |
| 6335000 | 4.250 | 10/01/28 | 6147231 |
| 1769000 | 7.250 | 02/15/33 | 1779189 |
| Olympus Water U.S. Holding Corp.<sup>(a)(b)(c)</sup> (CCC+/Caa2) | Olympus Water U.S. Holding Corp.<sup>(a)(b)(c)</sup> (CCC+/Caa2) | Olympus Water U.S. Holding Corp.<sup>(a)(b)(c)</sup> (CCC+/Caa2) | Olympus Water U.S. Holding Corp.<sup>(a)(b)(c)</sup> (CCC+/Caa2) |
| 312000 | 6.250 | 10/01/29 | 303108 |
| 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) |
| 4135000 | 6.250 | 01/15/34 | 4104815 |
| SNF Group SACA<sup>(a)(b)</sup> (BB+/Baa3) | SNF Group SACA<sup>(a)(b)</sup> (BB+/Baa3) | SNF Group SACA<sup>(a)(b)</sup> (BB+/Baa3) | SNF Group SACA<sup>(a)(b)</sup> (BB+/Baa3) |
| 3055000 | 3.125 | 03/15/27 | 3001904 |
| 4285000 | 3.375 | 03/15/30 | 4005789 |
| 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 | 5807653 |
| Valvoline, Inc.<sup>(a)(b)</sup> (B+/Ba3) | Valvoline, Inc.<sup>(a)(b)</sup> (B+/Ba3) | Valvoline, Inc.<sup>(a)(b)</sup> (B+/Ba3) | Valvoline, Inc.<sup>(a)(b)</sup> (B+/Ba3) |
| 2156000 | 3.625 | 06/15/31 | 1979790 |
| 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) |
| 2116000 | 4.875 | 06/15/27 | 2113715 |
| 3485000 | 7.375 | 03/01/31 | 3572404 |

---

------

GOLDMAN SACHS HIGH YIELD FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Chemicals – (continued)** | **Chemicals – (continued)** | **Chemicals – (continued)** | **Chemicals – (continued)** |
| WR Grace Holdings LLC<sup>(a)(b)</sup> (CCC/Caa2) | WR Grace Holdings LLC<sup>(a)(b)</sup> (CCC/Caa2) | WR Grace Holdings LLC<sup>(a)(b)</sup> (CCC/Caa2) | WR Grace Holdings LLC<sup>(a)(b)</sup> (CCC/Caa2) |
| 3657000 | 5.625% | 08/15/29 | $3472541 |
|  |  |  | 79981559 |
| **Commercial Services – 3.7%** | **Commercial Services – 3.7%** | **Commercial Services – 3.7%** | **Commercial Services – 3.7%** |
| ADT Security Corp.<sup>(a)(b)</sup> (BB/Ba3) | ADT Security Corp.<sup>(a)(b)</sup> (BB/Ba3) | ADT Security Corp.<sup>(a)(b)</sup> (BB/Ba3) | ADT Security Corp.<sup>(a)(b)</sup> (BB/Ba3) |
| 5036000 | 4.125 | 08/01/29 | 4915186 |
| Adtalem Global Education, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Adtalem Global Education, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Adtalem Global Education, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Adtalem Global Education, Inc.<sup>(a)(b)</sup> (BB/Ba2) |
| 1277000 | 5.500 | 03/01/28 | 1275174 |
| 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) |
| 3915000 | 5.625 | 10/29/31 | 4658419 |
| 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 | 3475236 |
| 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 | 1186820 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(a)(b)(c)</sup> (CCC+/Caa2) | Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(a)(b)(c)</sup> (CCC+/Caa2) | Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(a)(b)(c)</sup> (CCC+/Caa2) | Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(a)(b)(c)</sup> (CCC+/Caa2) |
| 3747000 | 6.000 | 06/01/29 | 3709680 |
| 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 | 7964958 |
| 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 | 6859113 |
| 2639000 | 4.750 | 10/15/29 | 2583502 |
| 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) |
| 1505000 | 8.250 | 01/15/30 | 1562476 |
| 660000 | 8.375 | 06/15/32 | 681641 |
| 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 | 2421109 |
| 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 | 5667626 |
| Boost Newco Borrower LLC<sup>(a)(b)</sup> (BB/Ba3) | Boost Newco Borrower LLC<sup>(a)(b)</sup> (BB/Ba3) | Boost Newco Borrower LLC<sup>(a)(b)</sup> (BB/Ba3) | Boost Newco Borrower LLC<sup>(a)(b)</sup> (BB/Ba3) |
| 2159000 | 7.500 | 01/15/31 | 2294780 |
| 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 | 2257367 |
| 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 | 2711909 |
| 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 | 1823899 |
| 2370000 | 8.375 | 11/15/32 | 2417708 |
| 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) |
| 4025000 | 5.625 | 12/01/33 | 4062312 |
| 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 | 2845065 |
| Hertz Corp.<sup>(a)(b)</sup> (B/Ba3) | Hertz Corp.<sup>(a)(b)</sup> (B/Ba3) | Hertz Corp.<sup>(a)(b)</sup> (B/Ba3) | Hertz Corp.<sup>(a)(b)</sup> (B/Ba3) |
| 2014000 | 12.625 | 07/15/29 | 2029911 |
| 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) |
| 6815000 | 6.500 | 05/15/29 | 6789444 |
| Paysafe Finance PLC/Paysafe Holdings U.S. Corp.<sup>(a)(b)</sup> (B/B2) | Paysafe Finance PLC/Paysafe Holdings U.S. Corp.<sup>(a)(b)</sup> (B/B2) | Paysafe Finance PLC/Paysafe Holdings U.S. Corp.<sup>(a)(b)</sup> (B/B2) | Paysafe Finance PLC/Paysafe Holdings U.S. Corp.<sup>(a)(b)</sup> (B/B2) |
| 3765000 | 4.000 | 06/15/29 | 3462181 |
| 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 | 4946006 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 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 | $2978923 |
| 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) |
| 3531000 | 3.500 | 03/01/29 | 3338490 |
| 1355000 | 7.125 | 08/15/31 | 1396815 |
| 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 | 1740250 |
| 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 | 998032 |
|  |  |  | 93054032 |
| **Computers – 1.5%** | **Computers – 1.5%** | **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 | 10793491 |
| 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) |
| 799000 | 6.375 | 06/15/33 | 826965 |
| 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 | 4347747 |
| 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) |
| 13442000 | 7.375 | 02/15/30 | 11731640 |
| 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 | 1491492 |
| 2834000 | 9.625 | 12/01/32 | 3218517 |
| 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) |
| 5948000 | 7.125 | 12/15/28 | 5859732 |
|  |  |  | 38269584 |
| **Cosmetics & Personal Care<sup>(a)</sup> – 0.0%** | **Cosmetics & Personal Care<sup>(a)</sup> – 0.0%** | **Cosmetics & Personal Care<sup>(a)</sup> – 0.0%** | **Cosmetics & Personal Care<sup>(a)</sup> – 0.0%** |
| Perrigo Finance Unlimited Co. (B+/B1) | Perrigo Finance Unlimited Co. (B+/B1) | Perrigo Finance Unlimited Co. (B+/B1) | Perrigo Finance Unlimited Co. (B+/B1) |
| 355000 | 6.125 | 09/30/32 | 346331 |
| **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 | 11130661 |
| **Diversified Financial Services – 7.5%** | **Diversified Financial Services – 7.5%** | **Diversified Financial Services – 7.5%** | **Diversified Financial Services – 7.5%** |
| AG Issuer LLC<sup>(a)(b)</sup> (B/B1) | AG Issuer LLC<sup>(a)(b)</sup> (B/B1) | AG Issuer LLC<sup>(a)(b)</sup> (B/B1) | AG Issuer LLC<sup>(a)(b)</sup> (B/B1) |
| 3279000 | 6.250 | 03/01/28 | 3292214 |
| 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 | 3092697 |
| Ally Financial, Inc.<sup>(a)(e)</sup> (BB-/Ba2) (5 yr. CMT + 3.868%) | Ally Financial, Inc.<sup>(a)(e)</sup> (BB-/Ba2) (5 yr. CMT + 3.868%) | Ally Financial, Inc.<sup>(a)(e)</sup> (BB-/Ba2) (5 yr. CMT + 3.868%) | Ally Financial, Inc.<sup>(a)(e)</sup> (BB-/Ba2) (5 yr. CMT + 3.868%) |
| 6725000 | 4.700 | 05/15/26 | 6641543 |
| 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%) |
| 9817000 | 3.550 | 09/15/26 | 9682016 |
| 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 | 2280478 |
| 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 | 3587678 |
| (5 yr. CMT + 3.168%) | (5 yr. CMT + 3.168%) | (5 yr. CMT + 3.168%) | (5 yr. CMT + 3.168%) |
| 16752000 | 4.000 | 06/01/26 | 16632726 |
| 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) |
| 8063000 | 9.250 | 12/15/28 | 8442687 |
| 8480000 | 6.625 | 03/15/30 | 8512733 |

---

------

GOLDMAN SACHS HIGH YIELD FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 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 | $3349114 |
| 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) |
| 4072000 | 9.250 | 02/01/29 | 4269981 |
| goeasy Ltd.<sup>(a)(b)</sup> (BB-/Ba3) | goeasy Ltd.<sup>(a)(b)</sup> (BB-/Ba3) | goeasy Ltd.<sup>(a)(b)</sup> (BB-/Ba3) | goeasy Ltd.<sup>(a)(b)</sup> (BB-/Ba3) |
| 1829000 | 9.250 | 12/01/28 | 1880889 |
| 2051000 | 7.625 | 07/01/29 | 2028972 |
| 6474000 | 6.875 | 02/15/31 | 6045810 |
| 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 | 4835835 |
| 7820000 | 6.125 | 11/01/32 | 7961464 |
| 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) |
| 518000 | 9.500 | 02/15/29 | 544278 |
| 1810000 | 8.250 | 05/15/30 | 1899378 |
| Midcap Financial Issuer Trust<sup>(a)(b)</sup> (B+/B1) | Midcap Financial Issuer Trust<sup>(a)(b)</sup> (B+/B1) | Midcap Financial Issuer Trust<sup>(a)(b)</sup> (B+/B1) | Midcap Financial Issuer Trust<sup>(a)(b)</sup> (B+/B1) |
| 4977000 | 6.500 | 05/01/28 | 4966150 |
| 7251000 | 5.625 | 01/15/30 | 6810357 |
| 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) |
| 3115000 | 5.000 | 03/15/27 | 3118925 |
| 4495000 | 5.500 | 03/15/29 | 4458366 |
| 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 | 3955237 |
| 4210000 | 6.125 | 05/15/30 | 4292979 |
| 1805000 | 7.125 | 09/15/32 | 1877976 |
| OneMain Finance Corp.<sup>(a)</sup> (BB/NR) | OneMain Finance Corp.<sup>(a)</sup> (BB/NR) | OneMain Finance Corp.<sup>(a)</sup> (BB/NR) | OneMain Finance Corp.<sup>(a)</sup> (BB/NR) |
| 14272000 | 6.750 | 09/15/33 | 14483083 |
| 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) |
| 2985000 | 6.875 | 05/15/32 | 3126310 |
| Provident Funding Associates LP/PFG Finance Corp.<sup>(a)(b)</sup> | Provident Funding Associates LP/PFG Finance Corp.<sup>(a)(b)</sup> | Provident Funding Associates LP/PFG Finance Corp.<sup>(a)(b)</sup> | Provident Funding Associates LP/PFG Finance Corp.<sup>(a)(b)</sup> |
| (NR/B3) |  |  |  |
| 1000000 | 9.750 | 09/15/29 | 1054230 |
| 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 | 5852836 |
| 4855000 | 6.375 | 08/01/33 | 5070950 |
| 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> |
| (BB/Ba1) |  |  |  |
| 6243000 | 4.000 | 10/15/33 | 5800059 |
| 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 | 1779013 |
| 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 | 1866726 |
| 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 | 3291828 |
| 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) |
| 11905000 | 5.500 | 04/15/29 | 11819879 |
| 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) |
| 3655000 | 6.625 | 02/01/30 | 3697763 |
| 4728000 | 6.250 | 03/15/31 | 4720199 |
| 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 | 5267567 |
|  |  |  | 192290926 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Electrical – 1.6%** | **Electrical – 1.6%** | **Electrical – 1.6%** | **Electrical – 1.6%** |
| 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 | $16944140 |
| 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 | 2106350 |
| Lightning Power LLC<sup>(a)(b)</sup> (BB/Ba3) | Lightning Power LLC<sup>(a)(b)</sup> (BB/Ba3) | Lightning Power LLC<sup>(a)(b)</sup> (BB/Ba3) | Lightning Power LLC<sup>(a)(b)</sup> (BB/Ba3) |
| 5288000 | 7.250 | 08/15/32 | 5623682 |
| 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 | 11282893 |
| 3100000 | 6.000 | 01/15/36 | 3142005 |
| 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 | 657823 |
|  |  |  | 39756893 |
| **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 | 766965 |
| **Electronics – 0.8%** | **Electronics – 0.8%** | **Electronics – 0.8%** | **Electronics – 0.8%** |
| Atkore, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Atkore, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Atkore, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Atkore, Inc.<sup>(a)(b)</sup> (BB+/Ba2) |
| 6055000 | 4.250 | 06/01/31 | 5805716 |
| 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 | 2740003 |
| 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 | 4540296 |
| 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 | 805192 |
| 3474000 | 5.875 | 09/01/30 | 3532016 |
| 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 | 3662323 |
|  |  |  | 21085546 |
| **Engineering & Construction – 1.1%** | **Engineering & Construction – 1.1%** | **Engineering & Construction – 1.1%** | **Engineering & Construction – 1.1%** |
| 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) |
| 5714000 | 6.000 | 08/01/33 | 5854564 |
| 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) |
| 1755000 | 7.500 | 02/01/32 | 1790398 |
| Dycom Industries, Inc.<sup>(a)(b)</sup> (BB+/Ba3) | Dycom Industries, Inc.<sup>(a)(b)</sup> (BB+/Ba3) | Dycom Industries, Inc.<sup>(a)(b)</sup> (BB+/Ba3) | Dycom Industries, Inc.<sup>(a)(b)</sup> (BB+/Ba3) |
| 5174000 | 4.500 | 04/15/29 | 5104875 |
| Global Infrastructure Solutions, Inc.<sup>(a)(b)</sup> (BB/B1) | Global Infrastructure Solutions, Inc.<sup>(a)(b)</sup> (BB/B1) | Global Infrastructure Solutions, Inc.<sup>(a)(b)</sup> (BB/B1) | Global Infrastructure Solutions, Inc.<sup>(a)(b)</sup> (BB/B1) |
| 6523000 | 5.625 | 06/01/29 | 6513803 |
| 5556000 | 7.500 | 04/15/32 | 5919196 |
| 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 | 1634727 |
|  |  |  | 26817563 |
| **Entertainment – 3.5%** | **Entertainment – 3.5%** | **Entertainment – 3.5%** | **Entertainment – 3.5%** |
| AMC Entertainment Holdings, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa3) | AMC Entertainment Holdings, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa3) | AMC Entertainment Holdings, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa3) | AMC Entertainment Holdings, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa3) |
| 891000 | 7.500 | 02/15/29 | 779625 |
| 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 | 2996786 |
| 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 | 3962471 |
| 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 | 3457716 |

---

------

GOLDMAN SACHS HIGH YIELD FUND

*December 31, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **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)** |
|  **Entertainment – (continued)** | **Entertainment – (continued)** | **Entertainment – (continued)** | **Entertainment – (continued)** | **Entertainment – (continued)** |
|  Caesars Entertainment, Inc.<sup>(a)(b)</sup> (B-/B3) | Caesars Entertainment, Inc.<sup>(a)(b)</sup> (B-/B3) | Caesars Entertainment, Inc.<sup>(a)(b)</sup> (B-/B3) | Caesars Entertainment, Inc.<sup>(a)(b)</sup> (B-/B3) | Caesars Entertainment, Inc.<sup>(a)(b)</sup> (B-/B3) |
|  $ | 5056000 | 4.625% | 10/15/29 | $4853204 |
|  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) | Cinemark USA, Inc.<sup>(a)(b)</sup> (BB/B2) |
|  | 7035000 | 5.250 | 07/15/28 | 7034296 |
|  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) | CPUK Finance Ltd.<sup>(a)</sup> (B/NR) |
|  GBP | 1000000 | 7.875 | 08/28/29 | 1400467 |
|  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) | Flutter Treasury DAC<sup>(a)(b)</sup> (BBB-/Ba1) |
|  $ | 9526000 | 5.875 | 06/04/31 | 9663079 |
|  Light & Wonder International, Inc.<sup>(a)(b)</sup> (B+/B2) | Light & Wonder International, Inc.<sup>(a)(b)</sup> (B+/B2) | Light & Wonder International, Inc.<sup>(a)(b)</sup> (B+/B2) | Light & Wonder International, Inc.<sup>(a)(b)</sup> (B+/B2) | Light & Wonder International, Inc.<sup>(a)(b)</sup> (B+/B2) |
|  | 2044000 | 6.250 | 10/01/33 | 2068487 |
|  Live Nation Entertainment, Inc.<sup>(a)(b)</sup> (BB/Ba1) | Live Nation Entertainment, Inc.<sup>(a)(b)</sup> (BB/Ba1) | Live Nation Entertainment, Inc.<sup>(a)(b)</sup> (BB/Ba1) | Live Nation Entertainment, Inc.<sup>(a)(b)</sup> (BB/Ba1) | Live Nation Entertainment, Inc.<sup>(a)(b)</sup> (BB/Ba1) |
|  | 3161000 | 3.750 | 01/15/28 | 3108875 |
|  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) | Penn Entertainment, Inc.<sup>(a)(b)</sup> (B-/B3) |
|  | 3210000 | 5.625 | 01/15/27 | 3205538 |
|  | 1750000 | 4.125 <sup>(c)</sup> | 07/01/29 | 1620850 |
|  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) | Pinewood Finco PLC<sup>(a)(b)</sup> (BB+/NR) |
|  GBP | 2988000 | 6.000 | 03/27/30 | 4057199 |
|  Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.<sup>(a)(b)</sup> (CCC/Caa1) | Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.<sup>(a)(b)</sup> (CCC/Caa1) | Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.<sup>(a)(b)</sup> (CCC/Caa1) | Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.<sup>(a)(b)</sup> (CCC/Caa1) | Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.<sup>(a)(b)</sup> (CCC/Caa1) |
|  $ | 4764000 | 5.625 | 09/01/29 | 3539700 |
|  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) | Resorts World Las Vegas LLC/RWLV Capital, Inc. (BB+/NR) |
|  | 7800000 | 8.450 %<sup>(a)(b)</sup> | 07/27/30 | 7704450 |
|  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) | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.<sup>(a)(b)</sup> (B+/B1) |
|  | 6117000 | 6.625 | 02/01/33 | 6262768 |
|  Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp.<sup>(a)(b)</sup> (B+/B1) | Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp.<sup>(a)(b)</sup> (B+/B1) | Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp.<sup>(a)(b)</sup> (B+/B1) | Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp.<sup>(a)(b)</sup> (B+/B1) | Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp.<sup>(a)(b)</sup> (B+/B1) |
|  | 1920000 | 6.250 | 10/15/30 | 1958285 |
|  SeaWorld Parks & Entertainment, Inc.<sup>(a)(b)</sup> (B+/B2) | SeaWorld Parks & Entertainment, Inc.<sup>(a)(b)</sup> (B+/B2) | SeaWorld Parks & Entertainment, Inc.<sup>(a)(b)</sup> (B+/B2) | SeaWorld Parks & Entertainment, Inc.<sup>(a)(b)</sup> (B+/B2) | SeaWorld Parks & Entertainment, Inc.<sup>(a)(b)</sup> (B+/B2) |
|  | 6035000 | 5.250 | 08/15/29 | 5870969 |
|  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) | Vail Resorts, Inc.<sup>(a)(b)</sup> (BB-/Ba3) |
|  | 2425000 | 5.625 | 07/15/30 | 2465522 |
|  Warnermedia Holdings, Inc.<sup>(a)</sup> (BB/Ba2) | Warnermedia Holdings, Inc.<sup>(a)</sup> (BB/Ba2) | Warnermedia Holdings, Inc.<sup>(a)</sup> (BB/Ba2) | Warnermedia Holdings, Inc.<sup>(a)</sup> (BB/Ba2) | Warnermedia Holdings, Inc.<sup>(a)</sup> (BB/Ba2) |
|  | 13333000 | 5.050 | 03/15/42 | 9417231 |
|  | 5385000 | 5.141 | 03/15/52 | 3558785 |
|  |  |  |  | 88986303 |
|  **Environmental – 1.4%** | **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) | GFL Environmental, Inc.<sup>(a)(b)</sup> (BB/Ba3) |
|  | 2451000 | 4.000 | 08/01/28 | 2415240 |
|  | 3580000 | 4.375 | 08/15/29 | 3519641 |
|  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) | Luna 1.5 SARL<sup>(a)(b)(d)</sup> (B-/B3) |
|  | 8815000 | 12.000 | 07/01/32 | 9246935 |
|  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) | Luna 2 5SARL<sup>(a)(b)</sup> (B+/B1) |
|  EUR | 1408000 | 5.500 | 07/01/32 | 1682762 |
|  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) | Madison IAQ LLC<sup>(a)(b)</sup> (CCC+/Caa1) |
|  $ | 13694000 | 5.875 | 06/30/29 | 13618820 |
|  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) | Waste Pro USA, Inc.<sup>(a)(b)</sup> (B-/Caa1) |
|  | 5505000 | 7.000 | 02/01/33 | 5679343 |
|  |  |  |  | 36162741 |
|  **Food & Drug Retailing – 1.9%** | **Food & Drug Retailing – 1.9%** | **Food & Drug Retailing – 1.9%** | **Food & Drug Retailing – 1.9%** | **Food & Drug Retailing – 1.9%** |
|  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) | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons <br>LLC<sup>(a)(b)</sup> (BB+/Ba2) |
|  | 302000 | 4.625 | 01/15/27 | 302006 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) – (continued) | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons <br>LLC<sup>(a)(b)</sup> (BB+/Ba2) – (continued) | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons <br>LLC<sup>(a)(b)</sup> (BB+/Ba2) – (continued) | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons <br>LLC<sup>(a)(b)</sup> (BB+/Ba2) – (continued) |
| 4144000 | 3.500% | 03/15/29 | $3985078 |
| 5840000 | 4.875 | 02/15/30 | 5794448 |
| 2465000 | 6.250 | 03/15/33 | 2533330 |
| 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 | 2999886 |
| Fiesta Purchaser, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa2) | Fiesta Purchaser, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa2) | Fiesta Purchaser, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa2) | Fiesta Purchaser, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa2) |
| 4254000 | 9.625 | 09/15/32 | 4458702 |
| 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 | 2919110 |
| 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 | 1515602 |
| 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) |
| 6925000 | 4.250 | 08/01/29 | 6785738 |
| 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) |
| 4242000 | 6.375 | 03/01/33 | 4283359 |
| 8203000 | 6.500 | 03/15/36 | 8215715 |
| 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) |
| 980000 | 6.250 | 02/15/32 | 1007724 |
| 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) |
| 4160000 | 6.750 | 10/15/28 | 4160000 |
|  |  |  | 48960698 |
| **Forest Products & Paper<sup>(a)(b)</sup> – 0.0%** | **Forest Products & Paper<sup>(a)(b)</sup> – 0.0%** | **Forest Products & Paper<sup>(a)(b)</sup> – 0.0%** | **Forest Products & Paper<sup>(a)(b)</sup> – 0.0%** |
| Magnera Corp. (B+/B1) | Magnera Corp. (B+/B1) | Magnera Corp. (B+/B1) | Magnera Corp. (B+/B1) |
| 119000 | 7.250 | 11/15/31 | 116983 |
| **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 | 5985327 |
| **Healthcare Providers & Services – 3.8%** | **Healthcare Providers & Services – 3.8%** | **Healthcare Providers & Services – 3.8%** | **Healthcare Providers & Services – 3.8%** |
| 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 | 12701969 |
| CHS/Community Health Systems, Inc.<sup>(a)(b)</sup> (CCC-/Caa3) | CHS/Community Health Systems, Inc.<sup>(a)(b)</sup> (CCC-/Caa3) | CHS/Community Health Systems, Inc.<sup>(a)(b)</sup> (CCC-/Caa3) | CHS/Community Health Systems, Inc.<sup>(a)(b)</sup> (CCC-/Caa3) |
| 6449000 | 6.875 | 04/15/29 | 5741351 |
| 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) |
| 3732000 | 3.750 | 02/15/31 | 3445606 |
| 1970000 | 6.875 | 09/01/32 | 2046948 |
| 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 | 5644345 |
| Insulet Corp.<sup>(a)(b)</sup> (B+/B2) | Insulet Corp.<sup>(a)(b)</sup> (B+/B2) | Insulet Corp.<sup>(a)(b)</sup> (B+/B2) | Insulet Corp.<sup>(a)(b)</sup> (B+/B2) |
| 780000 | 6.500 | 04/01/33 | 812011 |
| 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 | 3070228 |
| 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 | 3748768 |
| 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 | 4060492 |
| 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 | 4731381 |
| 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) |
| 4333000 | 6.500 | 02/15/31 | 4453674 |
| 4295000 | 6.250 | 01/15/33 | 4351308 |
| MPH Acquisition Holdings LLC<sup>(a)(b)(d)</sup> (CCC/Caa3) | MPH Acquisition Holdings LLC<sup>(a)(b)(d)</sup> (CCC/Caa3) | MPH Acquisition Holdings LLC<sup>(a)(b)(d)</sup> (CCC/Caa3) | MPH Acquisition Holdings LLC<sup>(a)(b)(d)</sup> (CCC/Caa3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(PIK 0.750%, Cash 6.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(PIK 0.750%, Cash 6.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(PIK 0.750%, Cash 6.000%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(PIK 0.750%, Cash 6.000%) |
| 4149841 | 6.750 | 03/31/31 | 3586002 |

---

------

GOLDMAN SACHS HIGH YIELD FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 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 | $2965096 |
| Select Medical Corp.<sup>(a)(b)(c)</sup> (B/B1) | Select Medical Corp.<sup>(a)(b)(c)</sup> (B/B1) | Select Medical Corp.<sup>(a)(b)(c)</sup> (B/B1) | Select Medical Corp.<sup>(a)(b)(c)</sup> (B/B1) |
| 5984000 | 6.250 | 12/01/32 | 5848103 |
| 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 | 1119659 |
| Team Health Holdings, Inc.<sup>(a)(b)(d)</sup> (B-/NR) (PIK 4.500%, Cash | Team Health Holdings, Inc.<sup>(a)(b)(d)</sup> (B-/NR) (PIK 4.500%, Cash | Team Health Holdings, Inc.<sup>(a)(b)(d)</sup> (B-/NR) (PIK 4.500%, Cash | Team Health Holdings, Inc.<sup>(a)(b)(d)</sup> (B-/NR) (PIK 4.500%, Cash |
| 9.000%) |  |  |  |
| 15764376 | 13.500 | 06/30/28 | 16654117 |
| 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) |
| 4537000 | 4.625 | 06/15/28 | 4544032 |
| 3620000 | 4.250 | 06/01/29 | 3569284 |
| 1762000 | 6.125 | 06/15/30 | 1804394 |
| 2730000 | 6.750 | 05/15/31 | 2838709 |
|  |  |  | 97737477 |
| **Home Builders<sup>(a)(b)</sup> – 0.5%** | **Home Builders<sup>(a)(b)</sup> – 0.5%** | **Home Builders<sup>(a)(b)</sup> – 0.5%** | **Home Builders<sup>(a)(b)</sup> – 0.5%** |
| 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 | 1535850 |
| Dream Finders Homes, Inc. (BB-/B1u) | Dream Finders Homes, Inc. (BB-/B1u) | Dream Finders Homes, Inc. (BB-/B1u) | Dream Finders Homes, Inc. (BB-/B1u) |
| 383000 | 8.250 | 08/15/28 | 394333 |
| Dream Finders Homes, Inc. (BB-/NR) | Dream Finders Homes, Inc. (BB-/NR) | Dream Finders Homes, Inc. (BB-/NR) | Dream Finders Homes, Inc. (BB-/NR) |
| 1000000 | 6.875 | 09/15/30 | 1005540 |
| K Hovnanian Enterprises, Inc. (BB-/B3) | K Hovnanian Enterprises, Inc. (BB-/B3) | K Hovnanian Enterprises, Inc. (BB-/B3) | K Hovnanian Enterprises, Inc. (BB-/B3) |
| 2365000 | 8.375 | 10/01/33 | 2403053 |
| 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 | 358412 |
| New Home Co., Inc. (B+/B2) | New Home Co., Inc. (B+/B2) | New Home Co., Inc. (B+/B2) | New Home Co., Inc. (B+/B2) |
| 5521000 | 8.500 | 11/01/30 | 5700377 |
|  |  |  | 11397565 |
| **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 | 10/15/30 | 2448925 |
| 1105000 | 4.125 <sup>(b)</sup> | 04/30/31 | 1039484 |
|  |  |  | 3488409 |
| **Housewares<sup>(a)(c)</sup> – 0.2%** | **Housewares<sup>(a)(c)</sup> – 0.2%** | **Housewares<sup>(a)(c)</sup> – 0.2%** | **Housewares<sup>(a)(c)</sup> – 0.2%** |
| Newell Brands, Inc. (B+/B2) | Newell Brands, Inc. (B+/B2) | Newell Brands, Inc. (B+/B2) | Newell Brands, Inc. (B+/B2) |
| 5205000 | 7.500 | 04/01/46 | 4349766 |
| **Insurance – 3.9%** | **Insurance – 3.9%** | **Insurance – 3.9%** | **Insurance – 3.9%** |
| 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) |
| 1825000 | 6.750 | 07/01/32 | 1876921 |
| 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) |
| 4915000 | 8.250 | 02/01/29 | 5099116 |
| 1175000 | 8.500 | 06/15/29 | 1229696 |
| 8810000 | 6.000 | 08/01/29 | 8716085 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(a)(b)</sup> (B/B2) | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(a)(b)</sup> (B/B2) | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(a)(b)</sup> (B/B2) | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(a)(b)</sup> (B/B2) |
| 2605000 | 6.750 | 04/15/28 | 2652750 |
| 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) |
| 3194000 | 6.750 | 10/15/27 | 3199717 |
| 2835000 | 7.375 | 10/01/32 | 2944544 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Insurance – (continued)** | **Insurance – (continued)** | **Insurance – (continued)** | **Insurance – (continued)** |
| 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) |
| 5545000 | 7.875% | 11/01/29 | $5625125 |
| 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 | 1950102 |
| Ardonagh Group Finance Ltd.<sup>(a)(b)</sup> (CCC/Caa2) | Ardonagh Group Finance Ltd.<sup>(a)(b)</sup> (CCC/Caa2) | Ardonagh Group Finance Ltd.<sup>(a)(b)</sup> (CCC/Caa2) | Ardonagh Group Finance Ltd.<sup>(a)(b)</sup> (CCC/Caa2) |
| 10765000 | 8.875 | 02/15/32 | 11188711 |
| Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance<sup>(a)(b)</sup> (B/B2) | Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance<sup>(a)(b)</sup> (B/B2) | Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance<sup>(a)(b)</sup> (B/B2) | Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance<sup>(a)(b)</sup> (B/B2) |
| 2684000 | 7.125 | 05/15/31 | 2778128 |
| Broadstreet Partners Group LLC<sup>(a)(b)</sup> (CCC+/Caa2) | Broadstreet Partners Group LLC<sup>(a)(b)</sup> (CCC+/Caa2) | Broadstreet Partners Group LLC<sup>(a)(b)</sup> (CCC+/Caa2) | Broadstreet Partners Group LLC<sup>(a)(b)</sup> (CCC+/Caa2) |
| 3424000 | 5.875 | 04/15/29 | 3419720 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC<sup>(a)(b)</sup> (B/B2) | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC<sup>(a)(b)</sup> (B/B2) | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC<sup>(a)(b)</sup> (B/B2) | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC<sup>(a)(b)</sup> (B/B2) |
| 595000 | 7.250 | 02/15/31 | 613011 |
| 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) |
| 6835000 | 8.125 | 02/15/32 | 7047842 |
| 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) |
| 4198000 | 7.375 | 01/31/32 | 4405339 |
| 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) |
| 6927000 | 7.875 | 07/15/30 | 6614731 |
| 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) |
| 22190000 | 7.125 | 06/01/31 | 23000601 |
| 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) |
| 7308000 | 7.500 | 01/15/32 | 7664996 |
|  |  |  | 100027135 |
| **Internet – 2.2%** | **Internet – 2.2%** | **Internet – 2.2%** | **Internet – 2.2%** |
| 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) |
| 9728000 | 3.875 | 08/15/28 | 8991785 |
| Arches Buyer, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) | Arches Buyer, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) | Arches Buyer, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) | Arches Buyer, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) |
| 7222000 | 6.125 | 12/01/28 | 7046578 |
| 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) |
| 2210000 | 6.500 | 07/01/32 | 2069400 |
| 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) |
| 9095000 | 6.250 | 04/01/33 | 9370760 |
| 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 | 3069061 |
| 2248000 | 4.625 | 06/01/28 | 2226824 |
| 4149000 | 5.625 | 02/15/29 | 4162194 |
| 2375000 | 4.125 | 08/01/30 | 2249458 |
| 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) |
| 7615000 | 5.625 | 11/15/55 | 7321213 |
| 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 | 2040311 |
| 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) |
| 1025000 | 6.875 | 03/01/33 | 1063243 |
| 5105000 | 6.875 | 03/15/34 | 5259324 |
| United Group BV<sup>(a)(e)</sup> (B/B2) (3 mo. EUR EURIBOR + 4.250%) | United Group BV<sup>(a)(e)</sup> (B/B2) (3 mo. EUR EURIBOR + 4.250%) | United Group BV<sup>(a)(e)</sup> (B/B2) (3 mo. EUR EURIBOR + 4.250%) | United Group BV<sup>(a)(e)</sup> (B/B2) (3 mo. EUR EURIBOR + 4.250%) |
| 674000 | 6.314 | 02/15/31 | 797035 |
|  |  |  | 55667186 |

---

------

GOLDMAN SACHS HIGH YIELD FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Investment Companies<sup>(a)(b)</sup> – 0.5%** | **Investment Companies<sup>(a)(b)</sup> – 0.5%** | **Investment Companies<sup>(a)(b)</sup> – 0.5%** | **Investment Companies<sup>(a)(b)</sup> – 0.5%** |
| 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) |
| 12423000 | 10.000% | 11/15/29 | $12416913 |
| **Iron/Steel – 0.5%** | **Iron/Steel – 0.5%** | **Iron/Steel – 0.5%** | **Iron/Steel – 0.5%** |
| Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> (B+/Ba3) | Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> (B+/Ba3) | Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> (B+/Ba3) | Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> (B+/Ba3) |
| 2685000 | 6.750 | 04/15/30 | 2764046 |
| 2576000 | 7.000 | 03/15/32 | 2640220 |
| 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) |
| 1315000 | 6.875 | 11/01/29 | 1361170 |
| 1131000 | 7.625 | 01/15/34 | 1184146 |
| 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) |
| 5446000 | 8.000 | 11/01/27 | 5559494 |
|  |  |  | 13509076 |
| **Leisure Time – 2.2%** | **Leisure Time – 2.2%** | **Leisure Time – 2.2%** | **Leisure Time – 2.2%** |
| 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 | 4179324 |
| 2285000 | 6.125 | 02/15/33 | 2358874 |
| Deuce Finco PLC<sup>(a)(b)(c)</sup> (NR/B2) | Deuce Finco PLC<sup>(a)(b)(c)</sup> (NR/B2) | Deuce Finco PLC<sup>(a)(b)(c)</sup> (NR/B2) | Deuce Finco PLC<sup>(a)(b)(c)</sup> (NR/B2) |
| 2076000 | 7.000 | 11/20/31 | 2832345 |
| Lindblad Expeditions LLC<sup>(a)(b)</sup> (B/B3) | Lindblad Expeditions LLC<sup>(a)(b)</sup> (B/B3) | Lindblad Expeditions LLC<sup>(a)(b)</sup> (B/B3) | Lindblad Expeditions LLC<sup>(a)(b)</sup> (B/B3) |
| 1435000 | 7.000 | 09/15/30 | 1496045 |
| MajorDrive Holdings IV LLC<sup>(a)(b)(c)</sup> (CCC-/Caa2) | MajorDrive Holdings IV LLC<sup>(a)(b)(c)</sup> (CCC-/Caa2) | MajorDrive Holdings IV LLC<sup>(a)(b)(c)</sup> (CCC-/Caa2) | MajorDrive Holdings IV LLC<sup>(a)(b)(c)</sup> (CCC-/Caa2) |
| 12142000 | 6.375 | 06/01/29 | 8771502 |
| NCL Corp. Ltd.<sup>(a)(b)</sup> (B+/B3) | NCL Corp. Ltd.<sup>(a)(b)</sup> (B+/B3) | NCL Corp. Ltd.<sup>(a)(b)</sup> (B+/B3) | NCL Corp. Ltd.<sup>(a)(b)</sup> (B+/B3) |
| 2526000 | 5.875 | 01/15/31 | 2517285 |
| 1905000 | 6.750 | 02/01/32 | 1951253 |
| 517000 | 6.250 | 09/15/33 | 516876 |
| 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 | 3949567 |
| Royal Caribbean Cruises Ltd.<sup>(a)(b)</sup> (BBB-/Baa3) | Royal Caribbean Cruises Ltd.<sup>(a)(b)</sup> (BBB-/Baa3) | Royal Caribbean Cruises Ltd.<sup>(a)(b)</sup> (BBB-/Baa3) | Royal Caribbean Cruises Ltd.<sup>(a)(b)</sup> (BBB-/Baa3) |
| 4553000 | 5.375 | 07/15/27 | 4588923 |
| 1175000 | 5.625 | 09/30/31 | 1201426 |
| 850000 | 6.250 | 03/15/32 | 879648 |
| 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) |
| 238000 | 10.750 | 11/15/29 | 202291 |
| 5822000 | 11.125 | 07/15/30 | 4892168 |
| Sabre GLBL, Inc.<sup>(a)(b)</sup> (NR/B3) | Sabre GLBL, Inc.<sup>(a)(b)</sup> (NR/B3) | Sabre GLBL, Inc.<sup>(a)(b)</sup> (NR/B3) | Sabre GLBL, Inc.<sup>(a)(b)</sup> (NR/B3) |
| 302000 | 10.750 | 03/15/30 | 248229 |
| 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) |
| 7370000 | 7.000 | 02/15/29 | 7388425 |
| 3955000 | 5.875 | 10/15/33 | 4021405 |
| VOC Escrow Ltd.<sup>(a)(b)</sup> (BB+/Baa3) | VOC Escrow Ltd.<sup>(a)(b)</sup> (BB+/Baa3) | VOC Escrow Ltd.<sup>(a)(b)</sup> (BB+/Baa3) | VOC Escrow Ltd.<sup>(a)(b)</sup> (BB+/Baa3) |
| 3293000 | 5.000 | 02/15/28 | 3292144 |
|  |  |  | 55287730 |
| **Lodging – 1.8%** | **Lodging – 1.8%** | **Lodging – 1.8%** | **Lodging – 1.8%** |
| 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 | 5724522 |
| 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) |
| 2686000 | 5.875 | 04/01/29 | 2746972 |
| 2540000 | 3.625 | 02/15/32 | 2357577 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (B/B2) | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (B/B2) | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (B/B2) | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (B/B2) |
| 7050000 | 5.000 | 06/01/29 | 6851190 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (B/B2) – (continued) | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (B/B2) – (continued) | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (B/B2) – (continued) | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (B/B2) – (continued) |
| 2797000 | 4.875% | 07/01/31 | $2611755 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (BB/Ba2) |
| 3100000 | 6.625 | 01/15/32 | 3179577 |
| Marriott Ownership Resorts, Inc.<sup>(a)(c)</sup> (B/B2) | Marriott Ownership Resorts, Inc.<sup>(a)(c)</sup> (B/B2) | Marriott Ownership Resorts, Inc.<sup>(a)(c)</sup> (B/B2) | Marriott Ownership Resorts, Inc.<sup>(a)(c)</sup> (B/B2) |
| 3169000 | 4.750 | 01/15/28 | 3122638 |
| 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 | 2299500 |
| 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 | 4468812 |
| 3175000 | 6.125 | 09/15/29 | 3263582 |
| Travel & Leisure Co.<sup>(a)</sup> (BB-/Ba3) | Travel & Leisure Co.<sup>(a)</sup> (BB-/Ba3) | Travel & Leisure Co.<sup>(a)</sup> (BB-/Ba3) | Travel & Leisure Co.<sup>(a)</sup> (BB-/Ba3) |
| 2652000 | 6.000 | 04/01/27 | 2691886 |
| 2890000 | 4.500 <sup>(b)</sup> | 12/01/29 | 2829252 |
| 3637000 | 4.625 <sup>(b)</sup> | 03/01/30 | 3546875 |
|  |  |  | 45694138 |
| **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 | 3346684 |
| Vertiv Group Corp. (BB+/Ba1) | Vertiv Group Corp. (BB+/Ba1) | Vertiv Group Corp. (BB+/Ba1) | Vertiv Group Corp. (BB+/Ba1) |
| 5561000 | 4.125 | 11/15/28 | 5491376 |
|  |  |  | 8838060 |
| **Machinery-Diversified<sup>(a)(b)</sup> – 0.5%** | **Machinery-Diversified<sup>(a)(b)</sup> – 0.5%** | **Machinery-Diversified<sup>(a)(b)</sup> – 0.5%** | **Machinery-Diversified<sup>(a)(b)</sup> – 0.5%** |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (B-/B3) | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (B-/B3) | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (B-/B3) | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (B-/B3) |
| 4904000 | 9.000 | 02/15/29 | 5140569 |
| 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 | 3027455 |
| SPX FLOW, Inc. (B-/Caa1) | SPX FLOW, Inc. (B-/Caa1) | SPX FLOW, Inc. (B-/Caa1) | SPX FLOW, Inc. (B-/Caa1) |
| 3215000 | 8.750 | 04/01/30 | 3316883 |
|  |  |  | 11484907 |
| **Media – 5.6%** | **Media – 5.6%** | **Media – 5.6%** | **Media – 5.6%** |
| 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) |
| 3239000 | 10.250 | 01/15/29 | 3393889 |
| Cable One, Inc.<sup>(a)(b)(c)</sup> (B/B3) | Cable One, Inc.<sup>(a)(b)(c)</sup> (B/B3) | Cable One, Inc.<sup>(a)(b)(c)</sup> (B/B3) | Cable One, Inc.<sup>(a)(b)(c)</sup> (B/B3) |
| 160000 | 4.000 | 11/15/30 | 123405 |
| 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) |
| 815000 | 4.750 | 03/01/30 | 779653 |
| 6416000 | 4.500 | 08/15/30 | 6044514 |
| 14339000 | 4.250 | 02/01/31 | 13176967 |
| 6197000 | 4.750 | 02/01/32 | 5663438 |
| 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 | 422890 |
| 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 | 4868255 |
| 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 | 2867395 |
| 3400000 | 3.375 <sup>(c)</sup> | 02/15/31 | 2058462 |
| 7062000 | 4.500 <sup>(c)</sup> | 11/15/31 | 4297298 |
| Directv Financing LLC (B+/B1) | Directv Financing LLC (B+/B1) | Directv Financing LLC (B+/B1) | Directv Financing LLC (B+/B1) |
| 4205000 | 8.875 | 02/01/30 | 4257226 |

---

------

GOLDMAN SACHS HIGH YIELD FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 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) |
| 2970000 | 5.875% | 08/15/27 | $2986513 |
| 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 | 7005880 |
| 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 | 5612712 |
| 784000 | 5.750 | 12/01/28 | 767105 |
| 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 | 5484015 |
| 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 | 3303594 |
| 1291000 | 7.250 | 08/15/33 | 1319867 |
| Gray Media, Inc.<sup>(a)(b)</sup> (CCC/Caa1) | Gray Media, Inc.<sup>(a)(b)</sup> (CCC/Caa1) | Gray Media, Inc.<sup>(a)(b)</sup> (CCC/Caa1) | Gray Media, Inc.<sup>(a)(b)</sup> (CCC/Caa1) |
| 3230000 | 4.750 | 10/15/30 | 2503444 |
| 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 | 4243920 |
| iHeartCommunications, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) | iHeartCommunications, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) | iHeartCommunications, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) | iHeartCommunications, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) |
| 456466 | 9.125 <sup>(c)</sup> | 05/01/29 | 439705 |
| 1599200 | 7.000 | 01/15/31 | 1310864 |
| McGraw-Hill Education, Inc.<sup>(a)(b)</sup> (B-/Caa1) | McGraw-Hill Education, Inc.<sup>(a)(b)</sup> (B-/Caa1) | McGraw-Hill Education, Inc.<sup>(a)(b)</sup> (B-/Caa1) | McGraw-Hill Education, Inc.<sup>(a)(b)</sup> (B-/Caa1) |
| 5583000 | 8.000 | 08/01/29 | 5642515 |
| 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 | 3043437 |
| Sinclair Television Group, Inc.<sup>(a)(b)</sup> (B+/B2) | Sinclair Television Group, Inc.<sup>(a)(b)</sup> (B+/B2) | Sinclair Television Group, Inc.<sup>(a)(b)</sup> (B+/B2) | Sinclair Television Group, Inc.<sup>(a)(b)</sup> (B+/B2) |
| 3658000 | 8.125 | 02/15/33 | 3825024 |
| 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) |
| 5176000 | 3.125 | 09/01/26 | 5127811 |
| 8174000 | 5.000 | 08/01/27 | 8185280 |
| 3555000 | 4.000 | 07/15/28 | 3473768 |
| 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 | 5426772 |
| 6320000 | 7.300 | 07/01/38 | 6777821 |
| 3340000 | 6.750 | 06/15/39 | 3377842 |
| 7166000 | 5.875 <sup>(a)</sup> | 11/15/40 | 6634928 |
| 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 | 2855267 |
| 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 | 2345347 |
| Virgin Media Vendor Financing Notes IV DAC<sup>(a)(b)</sup> (B-/B2) | Virgin Media Vendor Financing Notes IV DAC<sup>(a)(b)</sup> (B-/B2) | Virgin Media Vendor Financing Notes IV DAC<sup>(a)(b)</sup> (B-/B2) | Virgin Media Vendor Financing Notes IV DAC<sup>(a)(b)</sup> (B-/B2) |
| 2050000 | 5.000 | 07/15/28 | 2010251 |
|  |  |  | 141657074 |
| **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 | 5264361 |
| **Mining<sup>(a)(b)</sup> – 0.3%** | **Mining<sup>(a)(b)</sup> – 0.3%** | **Mining<sup>(a)(b)</sup> – 0.3%** | **Mining<sup>(a)(b)</sup> – 0.3%** |
| 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 | 1507429 |
| Fortescue Treasury Pty. Ltd. (BB+/Ba1) | Fortescue Treasury Pty. Ltd. (BB+/Ba1) | Fortescue Treasury Pty. Ltd. (BB+/Ba1) | Fortescue Treasury Pty. Ltd. (BB+/Ba1) |
| 1541000 | 5.875 | 04/15/30 | 1585211 |
| Novelis Corp. (BB/B1) | Novelis Corp. (BB/B1) | Novelis Corp. (BB/B1) | Novelis Corp. (BB/B1) |
| 4907000 | 4.750 | 01/30/30 | 4742763 |
|  |  |  | 7835403 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Miscellaneous Manufacturing – 0.4%** | **Miscellaneous Manufacturing – 0.4%** | **Miscellaneous Manufacturing – 0.4%** | **Miscellaneous Manufacturing – 0.4%** |
| 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 | $2124004 |
| 680000 | 6.375 | 03/15/33 | 700400 |
| Axon Enterprise, Inc.<sup>(a)(b)</sup> (BB+/Ba3) | Axon Enterprise, Inc.<sup>(a)(b)</sup> (BB+/Ba3) | Axon Enterprise, Inc.<sup>(a)(b)</sup> (BB+/Ba3) | Axon Enterprise, Inc.<sup>(a)(b)</sup> (BB+/Ba3) |
| 1640000 | 6.125 | 03/15/30 | 1698499 |
| 1695000 | 6.250 | 03/15/33 | 1762240 |
| Hillenbrand, Inc.<sup>(a)(c)</sup> (BB/Ba1) | Hillenbrand, Inc.<sup>(a)(c)</sup> (BB/Ba1) | Hillenbrand, Inc.<sup>(a)(c)</sup> (BB/Ba1) | Hillenbrand, Inc.<sup>(a)(c)</sup> (BB/Ba1) |
| 4829000 | 3.750 | 03/01/31 | 4833153 |
|  |  |  | 11118296 |
| **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 | 2892099 |
| 5580000 | 6.625 | 09/01/32 | 5747623 |
| 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 | 2130051 |
| California Resources Corp.<sup>(b)</sup> (BB-/B1) | California Resources Corp.<sup>(b)</sup> (BB-/B1) | California Resources Corp.<sup>(b)</sup> (BB-/B1) | California Resources Corp.<sup>(b)</sup> (BB-/B1) |
| 1800000 | 7.000 | 01/15/34 | 1776546 |
| 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) |
| 6968000 | 6.000 | 10/01/30 | 7038586 |
| 2405000 | 6.750 | 03/15/33 | 2487131 |
| Civitas Resources, Inc.<sup>(a)(b)</sup> (BB-/B1) | Civitas Resources, Inc.<sup>(a)(b)</sup> (BB-/B1) | Civitas Resources, Inc.<sup>(a)(b)</sup> (BB-/B1) | Civitas Resources, Inc.<sup>(a)(b)</sup> (BB-/B1) |
| 6951000 | 5.000 | 10/15/26 | 6948915 |
| 1436000 | 8.375 | 07/01/28 | 1480976 |
| 1595000 | 9.625 | 06/15/33 | 1719410 |
| 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 | 3338843 |
| 2105000 | 7.250 | 03/01/32 | 2199767 |
| 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) |
| 14202000 | 6.250 | 12/01/30 | 14508195 |
| 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) |
| 2255000 | 6.500 | 10/01/33 | 2301814 |
| 1149000 | 6.750 | 10/01/35 | 1181241 |
| 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) |
| 3240000 | 7.625 | 08/15/29 | 3205008 |
| 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) |
| 2938000 | 6.875 | 12/01/32 | 3021498 |
| 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) |
| 3638000 | 6.875 | 04/15/28 | 3715562 |
| 1155000 | 6.500 | 04/15/32 | 1169611 |
| 1289000 | 6.250 | 04/15/33 | 1288716 |
| 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) |
| 7667000 | 8.000 | 04/15/30 | 7969156 |
| 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) |
| 5590000 | 8.750 | 06/15/31 | 5635223 |
| 415000 | 7.875 | 10/15/33 | 403355 |
| Permian Resources Operating LLC<sup>(a)(b)</sup> (BB+/Ba2) | Permian Resources Operating LLC<sup>(a)(b)</sup> (BB+/Ba2) | Permian Resources Operating LLC<sup>(a)(b)</sup> (BB+/Ba2) | Permian Resources Operating LLC<sup>(a)(b)</sup> (BB+/Ba2) |
| 1482000 | 5.875 | 07/01/29 | 1488921 |
| 2425000 | 9.875 | 07/15/31 | 2607675 |
| 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 | 2909042 |
| Saturn Oil & Gas, Inc.<sup>(a)(b)(c)</sup> (BB-/B2) | Saturn Oil & Gas, Inc.<sup>(a)(b)(c)</sup> (BB-/B2) | Saturn Oil & Gas, Inc.<sup>(a)(b)(c)</sup> (BB-/B2) | Saturn Oil & Gas, Inc.<sup>(a)(b)(c)</sup> (BB-/B2) |
| 1639000 | 9.625 | 06/15/29 | 1622331 |

---

------

GOLDMAN SACHS HIGH YIELD FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 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) |
| 425000 | 7.875% | 09/30/30 | $418349 |
| 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) |
| 970000 | 6.500 | 07/15/28 | 980166 |
| 2395000 | 6.750 <sup>(b)</sup> | 08/01/29 | 2412819 |
| 2700000 | 7.000 <sup>(b)</sup> | 08/01/32 | 2656665 |
| 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%) |
| 5475000 | 7.875 | 09/18/30 | 5614613 |
| 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 | 2210482 |
| 1620000 | 7.250 | 05/01/32 | 1711174 |
| 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 | 3342254 |
| 4900000 | 4.500 | 04/30/30 | 4785781 |
| 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) |
| 8497000 | 9.125 | 07/15/30 | 9118895 |
| 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) |
| 3734250 | 8.750 | 02/15/30 | 3898258 |
| 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 | 1249272 |
| Transocean Titan Financing Ltd.<sup>(a)(b)</sup> (B/B1) | Transocean Titan Financing Ltd.<sup>(a)(b)</sup> (B/B1) | Transocean Titan Financing Ltd.<sup>(a)(b)</sup> (B/B1) | Transocean Titan Financing Ltd.<sup>(a)(b)</sup> (B/B1) |
| 372381 | 8.375 | 02/01/28 | 380365 |
| 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) |
| 1715000 | 7.125 | 03/15/29 | 1776071 |
| 1620000 | 6.250 | 10/01/33 | 1637528 |
| 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) |
| 4958000 | 6.250 | 10/15/30 | 4992061 |
| 6786000 | 6.500 | 10/15/33 | 6761095 |
| 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) |
| 2280000 | 6.750 | 10/15/33 | 2334378 |
| 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 | 2773576 |
| Wildfire Intermediate Holdings LLC<sup>(a)(b)</sup> (B+/B3) | Wildfire Intermediate Holdings LLC<sup>(a)(b)</sup> (B+/B3) | Wildfire Intermediate Holdings LLC<sup>(a)(b)</sup> (B+/B3) | Wildfire Intermediate Holdings LLC<sup>(a)(b)</sup> (B+/B3) |
| 1755000 | 7.500 | 10/15/29 | 1777675 |
|  |  |  | 151618772 |
| **Packaging – 1.3%** | **Packaging – 1.3%** | **Packaging – 1.3%** | **Packaging – 1.3%** |
| Ardagh Group SA<sup>(a)(b)(d)</sup> (CCC/Caa2) | Ardagh Group SA<sup>(a)(b)(d)</sup> (CCC/Caa2) | Ardagh Group SA<sup>(a)(b)(d)</sup> (CCC/Caa2) | Ardagh Group SA<sup>(a)(b)(d)</sup> (CCC/Caa2) |
| 2179000 | 12.000 | 12/01/30 | 1992739 |
| 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) |
| 3670000 | 3.000 | 09/01/29 | 4099578 |
| 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 | 4374364 |
| 3240000 | 2.875 | 08/15/30 | 2991881 |
| 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) |
| 2550000 | 6.750 | 04/15/32 | 2625174 |
| Efesto Bidco SpA Efesto U.S. LLC<sup>(a)(b)</sup> (B-/B3) | Efesto Bidco SpA Efesto U.S. LLC<sup>(a)(b)</sup> (B-/B3) | Efesto Bidco SpA Efesto U.S. LLC<sup>(a)(b)</sup> (B-/B3) | Efesto Bidco SpA Efesto U.S. LLC<sup>(a)(b)</sup> (B-/B3) |
| 3088000 | 7.500 | 02/15/32 | 3124593 |
| 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 | 6439748 |
| Sealed Air Corp.<sup>(a)(b)</sup> (BB+/Ba2) | Sealed Air Corp.<sup>(a)(b)</sup> (BB+/Ba2) | Sealed Air Corp.<sup>(a)(b)</sup> (BB+/Ba2) | Sealed Air Corp.<sup>(a)(b)</sup> (BB+/Ba2) |
| 1285000 | 6.500 | 07/15/32 | 1331903 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Packaging – (continued)** | **Packaging – (continued)** | **Packaging – (continued)** | **Packaging – (continued)** |
| Sealed Air Corp./Sealed Air Corp. U.S.<sup>(a)(b)</sup> (BB+/Ba2) | Sealed Air Corp./Sealed Air Corp. U.S.<sup>(a)(b)</sup> (BB+/Ba2) | Sealed Air Corp./Sealed Air Corp. U.S.<sup>(a)(b)</sup> (BB+/Ba2) | Sealed Air Corp./Sealed Air Corp. U.S.<sup>(a)(b)</sup> (BB+/Ba2) |
| 2505000 | 7.250% | 02/15/31 | $2607930 |
| TriMas Corp.<sup>(a)(b)</sup> (BB-/Ba3) | TriMas Corp.<sup>(a)(b)</sup> (BB-/Ba3) | TriMas Corp.<sup>(a)(b)</sup> (BB-/Ba3) | TriMas Corp.<sup>(a)(b)</sup> (BB-/Ba3) |
| 3170000 | 4.125 | 04/15/29 | 3086280 |
|  |  |  | 32674190 |
| **Pharmaceuticals – 2.0%** | **Pharmaceuticals – 2.0%** | **Pharmaceuticals – 2.0%** | **Pharmaceuticals – 2.0%** |
| 1261229 BC Ltd.<sup>(a)(b)(c)</sup> (B/Caa1) | 1261229 BC Ltd.<sup>(a)(b)(c)</sup> (B/Caa1) | 1261229 BC Ltd.<sup>(a)(b)(c)</sup> (B/Caa1) | 1261229 BC Ltd.<sup>(a)(b)(c)</sup> (B/Caa1) |
| 10324080 | 10.000 | 04/15/32 | 10752839 |
| AdaptHealth LLC<sup>(a)(b)</sup> (BB-/B1) | AdaptHealth LLC<sup>(a)(b)</sup> (BB-/B1) | AdaptHealth LLC<sup>(a)(b)</sup> (BB-/B1) | AdaptHealth LLC<sup>(a)(b)</sup> (BB-/B1) |
| 2882000 | 6.125 | 08/01/28 | 2902347 |
| 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 | 953450 |
| 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 | 1340201 |
| 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 | 518408 |
| 1269000 | 11.000 | 09/30/28 | 1316143 |
| 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 | 2073963 |
| 1873000 | 6.250 | 02/15/29 | 1488005 |
| Grifols SA<sup>(a)(b)(c)</sup> (B/Caa1) | Grifols SA<sup>(a)(b)(c)</sup> (B/Caa1) | Grifols SA<sup>(a)(b)(c)</sup> (B/Caa1) | Grifols SA<sup>(a)(b)(c)</sup> (B/Caa1) |
| 4248000 | 4.750 | 10/15/28 | 4195665 |
| 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 | 4761138 |
| 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 | 6683557 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>(a)(b)</sup> (BB-/B2) | Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>(a)(b)</sup> (BB-/B2) | Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>(a)(b)</sup> (BB-/B2) | Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>(a)(b)</sup> (BB-/B2) |
| 2899000 | 5.125 | 04/30/31 | 2402401 |
| Perrigo Finance Unlimited Co.<sup>(a)</sup> (B+/B1) | Perrigo Finance Unlimited Co.<sup>(a)</sup> (B+/B1) | Perrigo Finance Unlimited Co.<sup>(a)</sup> (B+/B1) | Perrigo Finance Unlimited Co.<sup>(a)</sup> (B+/B1) |
| 7731000 | 4.900 | 06/15/30 | 7466368 |
| 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) |
| 2229000 | 3.750 | 04/01/31 | 2080950 |
| 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 | 860226 |
| Teva Pharmaceutical Finance Netherlands IV BV<sup>(a)</sup> (BB+/Ba1) | Teva Pharmaceutical Finance Netherlands IV BV<sup>(a)</sup> (BB+/Ba1) | Teva Pharmaceutical Finance Netherlands IV BV<sup>(a)</sup> (BB+/Ba1) | Teva Pharmaceutical Finance Netherlands IV BV<sup>(a)</sup> (BB+/Ba1) |
| 2130000 | 5.750 | 12/01/30 | 2209875 |
|  |  |  | 52005536 |
| **Pipelines – 5.3%** | **Pipelines – 5.3%** | **Pipelines – 5.3%** | **Pipelines – 5.3%** |
| 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) |
| 4359000 | 6.625 | 02/01/32 | 4520501 |
| 1959000 | 5.750 | 10/15/33 | 1970421 |
| 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 | 1455111 |
| 1405000 | 7.250 | 07/15/32 | 1489581 |
| 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 | 3710323 |
| 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 | 8382188 |

---

------

GOLDMAN SACHS HIGH YIELD FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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 | $1026500 |
| Genesis Energy LP/Genesis Energy Finance Corp.<sup>(a)</sup> (B/B3) | Genesis Energy LP/Genesis Energy Finance Corp.<sup>(a)</sup> (B/B3) | Genesis Energy LP/Genesis Energy Finance Corp.<sup>(a)</sup> (B/B3) | Genesis Energy LP/Genesis Energy Finance Corp.<sup>(a)</sup> (B/B3) |
| 1625000 | 8.875 | 04/15/30 | 1705633 |
| 4247000 | 8.000 | 05/15/33 | 4408089 |
| 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 | 1551059 |
| 1560000 | 8.250 <sup>(b)</sup> | 01/15/32 | 1641775 |
| 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 | 3091724 |
| 1245000 | 6.500 | 06/01/29 | 1288563 |
| 892000 | 5.500 | 10/15/30 | 901643 |
| 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 | 5265997 |
| 2955000 | 6.625 | 01/15/34 | 3023379 |
| 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 | 5189083 |
| 3795000 | 5.875 | 06/15/30 | 3827409 |
| NFE Financing LLC<sup>(a)(b)(g)</sup> (D/Ca) | NFE Financing LLC<sup>(a)(b)(g)</sup> (D/Ca) | NFE Financing LLC<sup>(a)(b)(g)</sup> (D/Ca) | NFE Financing LLC<sup>(a)(b)(g)</sup> (D/Ca) |
| 5730369 | 12.000 | 11/15/29 | 1655618 |
| 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 | 4808043 |
| 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 | 4705260 |
| 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 | 6840618 |
| 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 | 2551619 |
| 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) |
| 2684000 | 7.375 | 02/15/29 | 2773726 |
| 4920000 | 6.000 | 09/01/31 | 4884920 |
| 1090000 | 6.750 | 03/15/34 | 1089488 |
| 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) |
| 7250000 | 8.500 | 06/15/30 | 7322572 |
| 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) |
| 14878000 | 4.125 | 08/15/31 | 13536897 |
| 5214000 | 3.875 | 11/01/33 | 4475489 |
| 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%) |
| 6192000 | 9.000 | 09/30/29 | 4892795 |
| Venture Global LNG, Inc.<sup>(a)(b)</sup> (BB/B1) | Venture Global LNG, Inc.<sup>(a)(b)</sup> (BB/B1) | Venture Global LNG, Inc.<sup>(a)(b)</sup> (BB/B1) | Venture Global LNG, Inc.<sup>(a)(b)</sup> (BB/B1) |
| 5139000 | 9.875 | 02/01/32 | 5308176 |
| 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) |
| 4526000 | 6.125 | 12/15/30 | 4608056 |
| 10635000 | 6.500 | 01/15/34 | 10887156 |
|  |  |  | 134789412 |
| **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 | 5958145 |
| 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 | 2561530 |
| 1240000 | 8.875 | 09/01/31 | 1322038 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Real Estate – (continued)** | **Real Estate – (continued)** | **Real Estate – (continued)** | **Real Estate – (continued)** |
| 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) |
| 3025000 | 4.750% | 03/01/29 | $2933978 |
| 3876000 | 4.750 | 02/01/30 | 3668014 |
|  |  |  | 16443705 |
| **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 | 4469190 |
| 1860000 | 4.875 | 09/15/29 | 1834499 |
| 7800000 | 5.625 | 07/15/32 | 7669896 |
| 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 | 2120580 |
| 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 | 2486990 |
| 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) |
| 562000 | 6.500 | 06/15/33 | 583131 |
| 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 | 3593470 |
| 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) |
| 2630000 | 5.250 | 10/15/28 | 2651171 |
| 7173000 | 7.250 | 04/01/29 | 7569882 |
| 1640000 | 6.500 | 07/01/30 | 1710586 |
| 1035000 | 5.750 | 01/15/31 | 1047492 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC<sup>(a)(b)</sup> (B/B2) | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC<sup>(a)(b)</sup> (B/B2) | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC<sup>(a)(b)</sup> (B/B2) | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC<sup>(a)(b)</sup> (B/B2) |
| 3630000 | 4.750 | 04/15/28 | 3612286 |
| 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 | 5736933 |
|  |  |  | 45086106 |
| **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 | 3029870 |
| 4611000 | 4.000 | 10/15/30 | 4390917 |
| 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 | 1408457 |
| 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) |
| 6039000 | 5.125 | 11/15/29 | 5176752 |
| 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 | 9733459 |
| 1124000 | 5.000 | 02/15/32 | 1092517 |
| Carvana Co.<sup>(a)(b)(d)</sup> (BB-u/B2u) (PIK 13.000%, Cash 11.000%) | Carvana Co.<sup>(a)(b)(d)</sup> (BB-u/B2u) (PIK 13.000%, Cash 11.000%) | Carvana Co.<sup>(a)(b)(d)</sup> (BB-u/B2u) (PIK 13.000%, Cash 11.000%) | Carvana Co.<sup>(a)(b)(d)</sup> (BB-u/B2u) (PIK 13.000%, Cash 11.000%) |
| 537325 | 9.000 | 06/01/30 | 563219 |
| 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 | 1703290 |
| 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 | 4466616 |
| EG Global Finance PLC<sup>(a)(b)</sup> (B/B3) | EG Global Finance PLC<sup>(a)(b)</sup> (B/B3) | EG Global Finance PLC<sup>(a)(b)</sup> (B/B3) | EG Global Finance PLC<sup>(a)(b)</sup> (B/B3) |
| 7722000 | 12.000 | 11/30/28 | 8400995 |
| 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 | 2396192 |
| 695000 | 6.375 | 01/15/30 | 714745 |

---

------

GOLDMAN SACHS HIGH YIELD FUND

*December 31, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **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)** |
|  **Retailing – (continued)** | **Retailing – (continued)** | **Retailing – (continued)** | **Retailing – (continued)** | **Retailing – (continued)** |
|  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) | Ken Garff Automotive LLC<sup>(a)(b)</sup> (BB/B1) |
|  $ | 5132000 | 4.875% | 09/15/28 | $5117374 |
|  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) | LCM Investments Holdings II LLC<sup>(a)(b)</sup> (BB-/B2) |
|  | 9132000 | 4.875 | 05/01/29 | 8950182 |
|  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) | Lithia Motors, Inc.<sup>(a)(b)</sup> (BB+/Ba2) |
|  | 1393000 | 3.875 | 06/01/29 | 1346669 |
|  | 943000 | 4.375 | 01/15/31 | 905959 |
|  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%) | Maryland Bidco Ltd.<sup>(a)(d)</sup> (NR/NR) (PIK 10.000%, Cash 10.000%) |
|  GBP | 1071000 | 10.000 | 01/26/28 | 981830 |
|  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) | Michaels Cos., Inc.<sup>(a)(b)</sup> (B-/B2) |
|  $ | 1111000 | 5.250 | 05/01/28 | 1067704 |
|  Michaels Cos., Inc.<sup>(a)(b)</sup> (CCC/Caa2) | Michaels Cos., Inc.<sup>(a)(b)</sup> (CCC/Caa2) | Michaels Cos., Inc.<sup>(a)(b)</sup> (CCC/Caa2) | Michaels Cos., Inc.<sup>(a)(b)</sup> (CCC/Caa2) | Michaels Cos., Inc.<sup>(a)(b)</sup> (CCC/Caa2) |
|  | 3735000 | 7.875 | 05/01/29 | 3445650 |
|  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) | Murphy Oil USA, Inc.<sup>(a)(b)</sup> (BB+/Ba2) |
|  | 3696000 | 3.750 | 02/15/31 | 3473279 |
|  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) | Nordstrom, Inc.<sup>(a)</sup> (BB+/Ba2) |
|  | 1985000 | 4.375 | 04/01/30 | 1899526 |
|  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) | Penske Automotive Group, Inc.<sup>(a)</sup> (BB-/Ba3) |
|  | 3839000 | 3.750 | 06/15/29 | 3721258 |
|  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) | Punch Finance PLC<sup>(a)(b)</sup> (NR/B3) |
|  GBP | 940000 | 7.875 | 12/30/30 | 1292415 |
|  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) | QXO Building Products, Inc.<sup>(a)(b)</sup> (BB-/Ba3) |
|  $ | 2440000 | 6.750 | 04/30/32 | 2549458 |
|  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) | Sonic Automotive, Inc.<sup>(a)(b)</sup> (BB-/B1) |
|  | 3553000 | 4.625 | 11/15/29 | 3485884 |
|  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%) | Stonegate Pub Co. Financing PLC<sup>(a)(b)(e)</sup> (NR/Caa1) (3 mo. EUR EURIBOR + 6.625%) |
|  EUR | 604000 | 8.689 | 07/31/29 | 692331 |
|  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) | Suburban Propane Partners LP/Suburban Energy Finance Corp.<sup>(a)(b)</sup> (BB-/B1) |
|  $ | 3247000 | 5.000 | 06/01/31 | 3117964 |
|  | 9902000 | 6.500 | 12/15/35 | 9903881 |
|  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) | Yum! Brands, Inc.<sup>(a)</sup> (BB/Ba3) |
|  | 4703000 | 3.625 | 03/15/31 | 4446545 |
|  |  |  |  | 99474938 |
|  **Software – 2.3%** | **Software – 2.3%** | **Software – 2.3%** | **Software – 2.3%** | **Software – 2.3%** |
|  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) | AthenaHealth Group, Inc.<sup>(a)(b)</sup> (CCC/Caa2) |
|  | 6169000 | 6.500 | 02/15/30 | 6171097 |
|  Castle U.S. Holding Corp.<sup>(a)(b)</sup> (CCC-/Ca) | Castle U.S. Holding Corp.<sup>(a)(b)</sup> (CCC-/Ca) | Castle U.S. Holding Corp.<sup>(a)(b)</sup> (CCC-/Ca) | Castle U.S. Holding Corp.<sup>(a)(b)</sup> (CCC-/Ca) | Castle U.S. Holding Corp.<sup>(a)(b)</sup> (CCC-/Ca) |
|  | 2639000 | 10.000 | 06/30/31 | 387748 |
|  Clarivate Science Holdings Corp.<sup>(a)(b)</sup> (B/Caa1) | Clarivate Science Holdings Corp.<sup>(a)(b)</sup> (B/Caa1) | Clarivate Science Holdings Corp.<sup>(a)(b)</sup> (B/Caa1) | Clarivate Science Holdings Corp.<sup>(a)(b)</sup> (B/Caa1) | Clarivate Science Holdings Corp.<sup>(a)(b)</sup> (B/Caa1) |
|  | 5466000 | 4.875 | 07/01/29 | 5167666 |
|  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) | Cloud Software Group, Inc.<sup>(a)(b)</sup> (B/B1) |
|  | 4384000 | 6.500 | 03/31/29 | 4440904 |
|  | 2649000 | 8.250 | 06/30/32 | 2772735 |
|  Cloud Software Group, Inc.<sup>(a)(b)</sup> (B-/Caa1) | Cloud Software Group, Inc.<sup>(a)(b)</sup> (B-/Caa1) | Cloud Software Group, Inc.<sup>(a)(b)</sup> (B-/Caa1) | Cloud Software Group, Inc.<sup>(a)(b)</sup> (B-/Caa1) | Cloud Software Group, Inc.<sup>(a)(b)</sup> (B-/Caa1) |
|  | 12645000 | 9.000 | 09/30/29 | 13169262 |
|  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) | CoreWeave, Inc.<sup>(a)(b)</sup> (B/B1) |
|  | 760000 | 9.250 | 06/01/30 | 706884 |
|  | 11452000 | 9.000 | 02/01/31 | 10463807 |
|  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) | Elastic NV<sup>(a)(b)</sup> (BB/Ba3) |
|  | 3670000 | 4.125 | 07/15/29 | 3549771 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| Open Text Corp.<sup>(a)(b)</sup> (BB/Ba3) | Open Text Corp.<sup>(a)(b)</sup> (BB/Ba3) | Open Text Corp.<sup>(a)(b)</sup> (BB/Ba3) | Open Text Corp.<sup>(a)(b)</sup> (BB/Ba3) |
| 3315000 | 3.875% | 12/01/29 | $3146896 |
| 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) |
| 2891000 | 3.875 | 05/01/30 | 2762755 |
| 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 | 1260182 |
| 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) |
| 4815000 | 3.875 | 02/01/29 | 4551956 |
|  |  |  | 58551663 |
| **Telecommunication Services – 3.3%** | **Telecommunication Services – 3.3%** | **Telecommunication Services – 3.3%** | **Telecommunication Services – 3.3%** |
| 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) |
| 1557912 | 9.500 | 11/01/29 | 1602500 |
| 2102373 | 6.500 | 04/15/32 | 2016218 |
| 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) |
| 2391000 | 9.250 | 12/15/30 | 2345165 |
| Cipher Compute LLC<sup>(a)(b)</sup> (NR/Ba3) | Cipher Compute LLC<sup>(a)(b)</sup> (NR/Ba3) | Cipher Compute LLC<sup>(a)(b)</sup> (NR/Ba3) | Cipher Compute LLC<sup>(a)(b)</sup> (NR/Ba3) |
| 935000 | 7.125 | 11/15/30 | 953728 |
| CommScope LLC<sup>(a)(b)</sup> (B-/B3) | CommScope LLC<sup>(a)(b)</sup> (B-/B3) | CommScope LLC<sup>(a)(b)</sup> (B-/B3) | CommScope LLC<sup>(a)(b)</sup> (B-/B3) |
| 1834000 | 4.750 | 09/01/29 | 1832661 |
| 4252000 | 9.500 <sup>(c)</sup> | 12/15/31 | 4295711 |
| CommScope LLC<sup>(a)(b)(c)</sup> (CCC/Caa3) | CommScope LLC<sup>(a)(b)(c)</sup> (CCC/Caa3) | CommScope LLC<sup>(a)(b)(c)</sup> (CCC/Caa3) | CommScope LLC<sup>(a)(b)(c)</sup> (CCC/Caa3) |
| 2240000 | 8.250 | 03/01/27 | 2258301 |
| 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 | 9852140 |
| (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 | 10043125 |
| 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 | 2021182 |
| 3106000 | 7.200 | 07/18/36 | 3106776 |
| Flash Compute LLC<sup>(a)(b)</sup> (NR/Ba3) | Flash Compute LLC<sup>(a)(b)</sup> (NR/Ba3) | Flash Compute LLC<sup>(a)(b)</sup> (NR/Ba3) | Flash Compute LLC<sup>(a)(b)</sup> (NR/Ba3) |
| 3780000 | 7.250 | 12/31/30 | 3746698 |
| Frontier Communications Holdings LLC<sup>(a)(b)</sup> (B/B2) | Frontier Communications Holdings LLC<sup>(a)(b)</sup> (B/B2) | Frontier Communications Holdings LLC<sup>(a)(b)</sup> (B/B2) | Frontier Communications Holdings LLC<sup>(a)(b)</sup> (B/B2) |
| 7184000 | 5.875 | 10/15/27 | 7194058 |
| Frontier Communications Holdings LLC<sup>(a)(b)</sup> (CCC+/Caa1) | Frontier Communications Holdings LLC<sup>(a)(b)</sup> (CCC+/Caa1) | Frontier Communications Holdings LLC<sup>(a)(b)</sup> (CCC+/Caa1) | Frontier Communications Holdings LLC<sup>(a)(b)</sup> (CCC+/Caa1) |
| 5250000 | 6.000 | 01/15/30 | 5342190 |
| 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 | 3165323 |
| Level 3 Financing, Inc.<sup>(a)(b)</sup> (B+/B1) | Level 3 Financing, Inc.<sup>(a)(b)</sup> (B+/B1) | Level 3 Financing, Inc.<sup>(a)(b)</sup> (B+/B1) | Level 3 Financing, Inc.<sup>(a)(b)</sup> (B+/B1) |
| 3680000 | 6.875 | 06/30/33 | 3766112 |
| 4315000 | 7.000 | 03/31/34 | 4445442 |
| 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 | 5719894 |
| 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 | 1819681 |
| 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 | 4988841 |
| Windstream Services LLC<sup>(a)(b)</sup> (B/B2) | Windstream Services LLC<sup>(a)(b)</sup> (B/B2) | Windstream Services LLC<sup>(a)(b)</sup> (B/B2) | Windstream Services LLC<sup>(a)(b)</sup> (B/B2) |
| 2510000 | 7.500 | 10/15/33 | 2572449 |

---

------

GOLDMAN SACHS HIGH YIELD FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 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 | $1605857 |
|  |  |  | 84694052 |
| **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 | 2373512 |
| Rand Parent LLC (BB-/Ba1) | Rand Parent LLC (BB-/Ba1) | Rand Parent LLC (BB-/Ba1) | Rand Parent LLC (BB-/Ba1) |
| 6947000 | 8.500 | 02/15/30 | 7242386 |
|  |  |  | 9615898 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $2,190,898,196)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $2,190,898,196)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $2,190,898,196)** | $2212969271 |
| **Bank Loans<sup>(h)</sup> –3.6%** | **Bank Loans<sup>(h)</sup> –3.6%** | **Bank Loans<sup>(h)</sup> –3.6%** | **Bank Loans<sup>(h)</sup> –3.6%** |
| **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** |
| Kaman Corp. (B/B2)(3 mo. USD Term SOFR + 2.500%) | Kaman Corp. (B/B2)(3 mo. USD Term SOFR + 2.500%) | Kaman Corp. (B/B2)(3 mo. USD Term SOFR + 2.500%) | Kaman Corp. (B/B2)(3 mo. USD Term SOFR + 2.500%) |
| 4033425 | 6.167– |  |  |
|  | 6.322% | 02/26/32 | $4046978 |
| 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%) |
| 36438 | 6.427 | 02/26/32 | 35500 |
|  |  |  | 4082478 |
| **Automotive – 0.0%** | **Automotive – 0.0%** | **Automotive – 0.0%** | **Automotive – 0.0%** |
| First Brands Group LLC (NR/WR) | First Brands Group LLC (NR/WR) | First Brands Group LLC (NR/WR) | First Brands Group LLC (NR/WR) |
| 129501 | 0.000 | 03/30/27 | 263 |
| **Banks – 0.1%** | **Banks – 0.1%** | **Banks – 0.1%** | **Banks – 0.1%** |
| Nouryon Finance BV (B+/B2)(3 mo. USD Term SOFR + 3.250%) | Nouryon Finance BV (B+/B2)(3 mo. USD Term SOFR + 3.250%) | Nouryon Finance BV (B+/B2)(3 mo. USD Term SOFR + 3.250%) | Nouryon Finance BV (B+/B2)(3 mo. USD Term SOFR + 3.250%) |
| 3162793 | 7.036 | 04/03/28 | 3160168 |
| **Building & Construction – 0.7%** | **Building & Construction – 0.7%** | **Building & Construction – 0.7%** | **Building & Construction – 0.7%** |
| 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%) |
| 5385736 | 6.466 | 07/30/31 | 5407225 |
| 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%) |
| 3227351 | 6.216 | 09/23/31 | 3243036 |
| Tecta America Corp. (NR/B2)(1 mo. USD Term SOFR + 3.000%) | Tecta America Corp. (NR/B2)(1 mo. USD Term SOFR + 3.000%) | Tecta America Corp. (NR/B2)(1 mo. USD Term SOFR + 3.000%) | Tecta America Corp. (NR/B2)(1 mo. USD Term SOFR + 3.000%) |
| 5511188 | 6.716 | 02/18/32 | 5527391 |
| TRC Cos. LLC (B/B3)(1 mo. USD Term SOFR + 3.000%) | TRC Cos. LLC (B/B3)(1 mo. USD Term SOFR + 3.000%) | TRC Cos. LLC (B/B3)(1 mo. USD Term SOFR + 3.000%) | TRC Cos. LLC (B/B3)(1 mo. USD Term SOFR + 3.000%) |
| 3140271 | 6.716 | 12/08/28 | 3147148 |
|  |  |  | 17324800 |
| **Capital Goods - Others – 0.1%** | **Capital Goods - Others – 0.1%** | **Capital Goods - Others – 0.1%** | **Capital Goods - Others – 0.1%** |
| Titan Acquisition Ltd. (B-/B3)((1 mo. USD Term SOFR + 3.750%) <br>– (3 mo. USD Term SOFR + 3.750%)) | Titan Acquisition Ltd. (B-/B3)((1 mo. USD Term SOFR + 3.750%) <br>– (3 mo. USD Term SOFR + 3.750%)) | Titan Acquisition Ltd. (B-/B3)((1 mo. USD Term SOFR + 3.750%) <br>– (3 mo. USD Term SOFR + 3.750%)) | Titan Acquisition Ltd. (B-/B3)((1 mo. USD Term SOFR + 3.750%) <br>– (3 mo. USD Term SOFR + 3.750%)) |
| 2905750 | 7.466– |  |  |
|  | 7.590 | 02/15/29 | 2924318 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(h)</sup> – (continued)** | **Bank Loans<sup>(h)</sup> – (continued)** | **Bank Loans<sup>(h)</sup> – (continued)** | **Bank Loans<sup>(h)</sup> – (continued)** |
| **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%) |
| 5865792 | 7.365% | 12/29/31 | $5721259 |
| Groundworks LLC (B/B3) (1 mo. USD Term SOFR + 3.000%) | Groundworks LLC (B/B3) (1 mo. USD Term SOFR + 3.000%) | Groundworks LLC (B/B3) (1 mo. USD Term SOFR + 3.000%) | Groundworks LLC (B/B3) (1 mo. USD Term SOFR + 3.000%) |
| 4435379 | 6.732 | 03/14/31 | 4453875 |
| 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%) |
| 5041728 | 6.216 | 01/30/31 | 5044400 |
|  |  |  | 15219534 |
| **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%) |
| 5787347 | 7.331 | 06/30/28 | 4848697 |
| Pre-Paid Legal Services, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.750%) | Pre-Paid Legal Services, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.750%) | Pre-Paid Legal Services, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.750%) | Pre-Paid Legal Services, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.750%) |
| 3927911 | 6.966 | 12/15/28 | 3790434 |
|  |  |  | 8639131 |
| **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 | 6.593 | 10/01/32 | 5287080 |
| 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%) |
| 2809543 | 7.216 | 07/31/31 | 2767709 |
|  |  |  | 8054789 |
| **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%) |
| 5447625 | 8.343 | 12/02/31 | 5363187 |
| **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 + 2.500%) | Sazerac Co., Inc. (BB-/Ba3)(1 mo. USD Term SOFR + 2.500%) | Sazerac Co., Inc. (BB-/Ba3)(1 mo. USD Term SOFR + 2.500%) | Sazerac Co., Inc. (BB-/Ba3)(1 mo. USD Term SOFR + 2.500%) |
| 3566063 | 6.500 | 07/09/32 | 3569521 |
| **Insurance – 0.1%** | **Insurance – 0.1%** | **Insurance – 0.1%** | **Insurance – 0.1%** |
| Broadstreet Partners, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) | Broadstreet Partners, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) | Broadstreet Partners, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) | Broadstreet Partners, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) |
| 1144858 | 6.466 | 06/13/31 | 1148167 |
| **Internet – 0.2%** | **Internet – 0.2%** | **Internet – 0.2%** | **Internet – 0.2%** |
| 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%) |
| 3797183 | 7.172 | 10/02/31 | 3673775 |
| **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%) |
| 1923441 | 9.606 | 05/01/29 | 1755486 |
| **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 + 15.000%) | Diamond Sports Group LLC (NR/NR)(Fixed + 15.000%) | Diamond Sports Group LLC (NR/NR)(Fixed + 15.000%) | Diamond Sports Group LLC (NR/NR)(Fixed + 15.000%) |
| 244378 | 15.000 | 01/02/28 | 84833 |
| **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%) |
| 2336289 | 5.966 | 06/11/31 | 2311267 |

---

------

GOLDMAN SACHS HIGH YIELD FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(h)</sup> – (continued)** | **Bank Loans<sup>(h)</sup> – (continued)** | **Bank Loans<sup>(h)</sup> – (continued)** | **Bank Loans<sup>(h)</sup> – (continued)** |
| **Retailers – (continued)** | **Retailers – (continued)** | **Retailers – (continued)** | **Retailers – (continued)** |
| 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%) |
| 2573 | 6.331% | 10/20/28 | $2535 |
|  |  |  | 2313802 |
| **Technology – 0.5%** | **Technology – 0.5%** | **Technology – 0.5%** | **Technology – 0.5%** |
| Kaseya, Inc. (CCC+/Caa2)(1 mo. USD Term SOFR + 5.000%) | Kaseya, Inc. (CCC+/Caa2)(1 mo. USD Term SOFR + 5.000%) | Kaseya, Inc. (CCC+/Caa2)(1 mo. USD Term SOFR + 5.000%) | Kaseya, Inc. (CCC+/Caa2)(1 mo. USD Term SOFR + 5.000%) |
| 4475000 | 8.716 | 03/18/33 | 4369658 |
| LSF12 Crown U.S. Commercial Bidco LLC (B-/B1)(1 mo. USD Term SOFR + 3.500%) | LSF12 Crown U.S. Commercial Bidco LLC (B-/B1)(1 mo. USD Term SOFR + 3.500%) | LSF12 Crown U.S. Commercial Bidco LLC (B-/B1)(1 mo. USD Term SOFR + 3.500%) | LSF12 Crown U.S. Commercial Bidco LLC (B-/B1)(1 mo. USD Term SOFR + 3.500%) |
| 3424629 | 7.373 | 12/02/31 | 3442813 |
| Pitney Bowes, Inc. (BB/Ba2)(1 mo. USD Term SOFR + 3.750%) | Pitney Bowes, Inc. (BB/Ba2)(1 mo. USD Term SOFR + 3.750%) | Pitney Bowes, Inc. (BB/Ba2)(1 mo. USD Term SOFR + 3.750%) | Pitney Bowes, Inc. (BB/Ba2)(1 mo. USD Term SOFR + 3.750%) |
| 5558726 | 7.422 | 03/19/32 | 5517036 |
|  |  |  | 13329507 |
| **TOTAL BANK LOANS<br>(Cost $91,097,709)** | **TOTAL BANK LOANS<br>(Cost $91,097,709)** | **TOTAL BANK LOANS<br>(Cost $91,097,709)** | $90643759 |
| **Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – 0.3%** | **Common Stocks – 0.3%** | **Common Stocks – 0.3%** | **Common Stocks – 0.3%** |
| **Automobile Components – 0.0%** | **Automobile Components – 0.0%** | **Automobile Components – 0.0%** | **Automobile Components – 0.0%** |
| 1229 | Lear Corp. |  | $140843 |
| **Chemicals – 0.0%** | **Chemicals – 0.0%** | **Chemicals – 0.0%** | **Chemicals – 0.0%** |
| 411 | LyondellBasell<br>Industries NV Class A | LyondellBasell<br>Industries NV Class A | 17796 |
| **Commercial Services & Supplies<sup>(g)(i)</sup> – 0.0%** | **Commercial Services & Supplies<sup>(g)(i)</sup> – 0.0%** | **Commercial Services & Supplies<sup>(g)(i)</sup> – 0.0%** | **Commercial Services & Supplies<sup>(g)(i)</sup> – 0.0%** |
| 7179000 | Reorganized ISA SA | Reorganized ISA SA |  |
| **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 | 21734 |
| **Energy Equipment & Services – 0.1%** | **Energy Equipment & Services – 0.1%** | **Energy Equipment & Services – 0.1%** | **Energy Equipment & Services – 0.1%** |
| 33272 | Noble Corp. PLC | Noble Corp. PLC | 939601 |
| 18791 | Valaris Ltd.<sup>(g)</sup> | Valaris Ltd.<sup>(g)</sup> | 947067 |
|  |  |  | 1886668 |
| **Financial Services<sup>(c)(g)(i)</sup> – 0.1%** | **Financial Services<sup>(c)(g)(i)</sup> – 0.1%** | **Financial Services<sup>(c)(g)(i)</sup> – 0.1%** | **Financial Services<sup>(c)(g)(i)</sup> – 0.1%** |
| 214008 | Yeoman Capital SA | Yeoman Capital SA | 1498056 |
| **IT Services<sup>(g)</sup> – 0.0%** | **IT Services<sup>(g)</sup> – 0.0%** | **IT Services<sup>(g)</sup> – 0.0%** | **IT Services<sup>(g)</sup> – 0.0%** |
| 11631 | DSG TopCo, Inc. | DSG TopCo, Inc. | 19389 |
| **Media\*<sup>(g)</sup> – 0.1%** | **Media\*<sup>(g)</sup> – 0.1%** | **Media\*<sup>(g)</sup> – 0.1%** | **Media\*<sup>(g)</sup> – 0.1%** |
| 229679 | SES SA | SES SA | 3464248 |
| **Real Estate Investment Trusts – 0.0%** | **Real Estate Investment Trusts – 0.0%** | **Real Estate Investment Trusts – 0.0%** | **Real Estate Investment Trusts – 0.0%** |
| 21514 | Luxco Co. Ltd. | Luxco Co. Ltd. | 378895 |
| **TOTAL COMMON STOCKS<br>(Cost $6,483,340)** | **TOTAL COMMON STOCKS<br>(Cost $6,483,340)** | **TOTAL COMMON STOCKS<br>(Cost $6,483,340)** | $7427629 |

---

---

| | | |
|:---|:---|:---|
| **Units** | **Expiration**<br> **Date** | **Value** |
| **Rights – 0.0%** | **Rights – 0.0%** | **Rights – 0.0%** |
| **Media – 0.0%** | **Media – 0.0%** | **Media – 0.0%** |
| Cineworld Group PLC (NR/NR) | Cineworld Group PLC (NR/NR) | Cineworld Group PLC (NR/NR) |
| 42700 | 12/31/99 | $800625 |
| **(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 | $59365 |
| **(Cost $11,490)** | **(Cost $11,490)** | **(Cost $11,490)** |
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – 0.2%** | **Exchange Traded Funds – 0.2%** | **Exchange Traded Funds – 0.2%** |
| 41233 | Eaton Vance Senior Floating-Rate Trust (NR/NR) | $459335 |
| 68160 | Janus Henderson B-BBB CLO ETF (NR/NR)<sup>(c)</sup> | 3251232 |
| **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $3,745,526)** | **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $3,745,526)** | $3710567 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(j)</sup> – 5.3%** | **Investment Company<sup>(j)</sup> – 5.3%** | **Investment Company<sup>(j)</sup> – 5.3%** |
| 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 |
| 135238693 | 3.686% | $135238693 |
| **(Cost $135,238,693)** | **(Cost $135,238,693)** | **(Cost $135,238,693)** |
| **TOTAL INVESTMENTS BEFORE SHORT-TERM<br>INVESTMENT<br>(Cost $2,428,559,961)** | **TOTAL INVESTMENTS BEFORE SHORT-TERM<br>INVESTMENT<br>(Cost $2,428,559,961)** | $2450849909 |
| **Securities Lending Reinvestment Vehicle<sup>(j)</sup> – 2.2%** | **Securities Lending Reinvestment Vehicle<sup>(j)</sup> – 2.2%** | **Securities Lending Reinvestment Vehicle<sup>(j)</sup> – 2.2%** |
| 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;55866947 | 3.686% | $55866947 |
| **(Cost $55,866,947)** | **(Cost $55,866,947)** | **(Cost $55,866,947)** |

---

------

GOLDMAN SACHS HIGH YIELD FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | |
| **Short-term Investments<sup>(b)(k)</sup> – 0.5%** | **Short-term Investments<sup>(b)(k)</sup> – 0.5%** | **Short-term Investments<sup>(b)(k)</sup> – 0.5%** | **Value** |
|  **Commercial Paper – 0.5%** | **Commercial Paper – 0.5%** |  |  |
|  AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
| $12958000 | 0.000% | 01/02/26 | $12955059 |
| **(Cost $12,956,560)** | **(Cost $12,956,560)** | **(Cost $12,956,560)** | **(Cost $12,956,560)** |
| **TOTAL SHORT- TERM INVESTMENTS<br>(Cost $12,956,560)** | **TOTAL SHORT- TERM INVESTMENTS<br>(Cost $12,956,560)** | **TOTAL SHORT- TERM INVESTMENTS<br>(Cost $12,956,560)** | $12955059 |
| **TOTAL INVESTMENTS – 98.9%<br>(Cost $2,497,383,468)** | **TOTAL INVESTMENTS – 98.9%<br>(Cost $2,497,383,468)** | **TOTAL INVESTMENTS – 98.9%<br>(Cost $2,497,383,468)** | $2519671915 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 1.1%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 1.1%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 1.1%** | $29142714 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** |  | $2548814629 |

---

---

| | |
|:---|:---|
| 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. |
| \* | Non-income producing security. |
| (a) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (b) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (c) | All or a portion of security is on loan. |
| (d) | Pay-in-kind securities. |
| (e) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2025. |
| (f) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2025. |
| (g) | Security is currently in default and/or non-income producing. |
| (h) | Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on December 31, 2025. 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. |
| (i) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3. |
| (j) | Represents an affiliated issuer. |
| (k) | Issued with a zero coupon. Income is recognized through the accretion of discount. |

---

------

GOLDMAN SACHS HIGH YIELD FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**UNFUNDED LOAN COMMITMENTS** — At December 31, 2025, 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 | $344845 | $347064 | $1162 |

---

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At December 31, 2025, 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** |
|  UBS AG (London) | GBP | 2060172 | USD | 2695747 | 02/04/26 | $81117 |

---

**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 | 2609691 | GBP | 1984349 | 02/04/26 | $(64973) |
|  MS & Co. Int. PLC | USD | 35654597 | EUR | 30429956 | 02/25/26 | (198359) |
|  | USD | 24070075 | GBP | 18326733 | 02/04/26 | (632157) |
|  **TOTAL** |  |  |  |  |  | $(895489) |

---

**FUTURES CONTRACTS** — At December 31, 2025, 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 | 1000 | 03/20/26 | $112437500 | $(332446) |
|  2 Year U.S. Treasury Notes | 682 | 03/31/26 | 142394140 | (32118) |
|  5 Year U.S. Treasury Notes | 599 | 03/31/26 | 65473508 | (140264) |
|  Ultra 10-Year U.S. Treasury Notes | 59 | 03/20/26 | 6785922 | (24818) |
|  **Total** |  |  |  | $(529646) |
|  **Short position contracts:** |  |  |  |  |
|  20 Year U.S. Treasury Bonds | (52) | 03/20/26 | (6010875) | (6602) |
|  5 Year German Euro-Bobl | (68) | 03/06/26 | (9282763) | 42240 |
|  Ultra Long U.S. Treasury Bonds | (31) | 03/20/26 | (3658000) | 3811 |
|  **Total** |  |  |  | $39449 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $(490197) |

---

**SWAP CONTRACTS** — At December 31, 2025, the Fund had the following swap contracts:

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br>Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit Spread<br>at December 31,<br>2025<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:** |  |  |
|  CDX.NA.HY Index 39 | 5.000% | 1.866% | 12/20/27 | $90783 | $5484225 | $3170872 | $2313353 |
|  CDX.NA.HY Index 45 | 5.000 | 3.168 | 12/20/30 | 189575 | 14671947 | 13742939 | 929008 |
|  **TOTAL** |  |  |  |  | $20156172 | $16913811 | $3242361 |

---

(a) Payments made quarterly.

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

------

GOLDMAN SACHS HIGH YIELD FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| EUR | — Euro |
| GBP | — British Pound |
| 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 |
| 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 |
| 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;

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

## Schedule of Investments
*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(a)</sup> – 86.2%** | **Bank Loans<sup>(a)</sup> – 86.2%** | **Bank Loans<sup>(a)</sup> – 86.2%** | **Bank Loans<sup>(a)</sup> – 86.2%** |
| **Aerospace & Defense – 3.8%** | **Aerospace & Defense – 3.8%** | **Aerospace & Defense – 3.8%** | **Aerospace & Defense – 3.8%** |
| 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%) |
| 9810076 | 6.440– |  |  |
|  | 6.572% | 12/11/31 | $9834602 |
| 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%) |
| 8553050 | 6.172 | 10/31/30 | 8592223 |
| Kaman Corp. (B/B2) (3 mo. USD Term SOFR + 2.500%) | Kaman Corp. (B/B2) (3 mo. USD Term SOFR + 2.500%) | Kaman Corp. (B/B2) (3 mo. USD Term SOFR + 2.500%) | Kaman Corp. (B/B2) (3 mo. USD Term SOFR + 2.500%) |
| 10676122 | 6.322– |  |  |
|  | 6.544 | 02/26/32 | 10711994 |
| 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%) |
| 96550 | 6.427 | 02/26/32 | 101735 |
| 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%) |
| 10422745 | 6.172 | 12/01/32 | 10467041 |
| TransDigm, Inc. (BB-/Ba3) | 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%) | (1 mo. USD Term SOFR + 2.500%) |
| 15088625 | 6.216 | 02/28/31 | 15139926 |
| 1774994 | 6.216 | 01/19/32 | 1781579 |
| 2743125 | 6.216 | 08/19/32 | 2753988 |
|  |  |  | 59383088 |
| **Airlines – 0.2%** | **Airlines – 0.2%** | **Airlines – 0.2%** | **Airlines – 0.2%** |
| Vista Management Holding, Inc. (BB-/Ba3) (3 mo. USD Term SOFR + 3.750%) | Vista Management Holding, Inc. (BB-/Ba3) (3 mo. USD Term SOFR + 3.750%) | Vista Management Holding, Inc. (BB-/Ba3) (3 mo. USD Term SOFR + 3.750%) | Vista Management Holding, Inc. (BB-/Ba3) (3 mo. USD Term SOFR + 3.750%) |
| 3514500 | 7.735 | 04/01/31 | 3543776 |
| **Auto Parts & Equipment – 1.4%** | **Auto Parts & Equipment – 1.4%** | **Auto Parts & Equipment – 1.4%** | **Auto Parts & Equipment – 1.4%** |
| BBB Industries LLC (CCC/Caa1) (3 mo. USD Term SOFR + 5.250%) | BBB Industries LLC (CCC/Caa1) (3 mo. USD Term SOFR + 5.250%) | BBB Industries LLC (CCC/Caa1) (3 mo. USD Term SOFR + 5.250%) | BBB Industries LLC (CCC/Caa1) (3 mo. USD Term SOFR + 5.250%) |
| 1492308 | 9.190 | 07/25/29 | 1259940 |
| Clarios Global LP (BB-/B2) | 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%) | (1 mo. EUR EURIBOR + 3.000%) |
| 4125000 | 4.901 | 07/16/31 | 4884058 |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 5283259 | 6.216 | 05/06/30 | 5283946 |
| (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%) |
| 3316687 | 6.466 | 01/28/32 | 3329125 |
| 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%) |
| 6586856 | 6.716 | 05/04/28 | 6607934 |
|  |  |  | 21365003 |
| **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) |
| (1 mo. USD Term SOFR + 1.550%) | (1 mo. USD Term SOFR + 1.550%) | (1 mo. USD Term SOFR + 1.550%) | (1 mo. USD Term SOFR + 1.550%) |
| 1113023 | 5.393 | 06/29/26 | 200344 |
| (3 mo. USD Term SOFR + 0.000%) | (3 mo. USD Term SOFR + 0.000%) | (3 mo. USD Term SOFR + 0.000%) | (3 mo. USD Term SOFR + 0.000%) |
| 2543452 | 10.976 | 06/29/26 | 29250 |
| First Brands Group LLC<sup>(b)</sup> (NR/WR) | First Brands Group LLC<sup>(b)</sup> (NR/WR) | First Brands Group LLC<sup>(b)</sup> (NR/WR) | First Brands Group LLC<sup>(b)</sup> (NR/WR) |
| 6855298 | 0.000 | 03/30/27 | 13916 |
| 5293839 | 0.000 | 03/30/28 | 6406 |
|  |  |  | 249916 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| **Automotive - Distributors – 0.7%** | **Automotive - Distributors – 0.7%** | **Automotive - Distributors – 0.7%** | **Automotive - Distributors – 0.7%** |
| 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%) | (1 mo. USD Term SOFR + 2.250%) |
| 723187 | 5.966% | 12/13/29 | $725899 |
| 1246875 | 5.966 | 01/22/31 | 1250366 |
| DexKo Global, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.750%) | DexKo Global, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.750%) | DexKo Global, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.750%) | DexKo Global, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.750%) |
| 2000144 | 7.581 | 10/04/28 | 1982223 |
| 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%)) |
| 6848418 | 5.948– |  |  |
|  | 5.966 | 02/27/32 | 6848418 |
|  |  |  | 10806906 |
| **Banks – 0.4%** | **Banks – 0.4%** | **Banks – 0.4%** | **Banks – 0.4%** |
| 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%) |
| 6247417 | 7.036 | 04/03/28 | 6242231 |
| **Building & Construction – 5.2%** | **Building & Construction – 5.2%** | **Building & Construction – 5.2%** | **Building & Construction – 5.2%** |
| 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%) |
| 11335615 | 6.466 | 07/30/31 | 11380844 |
| Brown Group Holding LLC (B+/B2) | 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%) | (1 mo. USD Term SOFR + 2.500%) |
| 10819532 | 6.216 | 07/01/31 | 10868761 |
| ((1 mo. USD Term SOFR + 2.750%) – (3 mo. USD Term SOFR + 2.750%)) | ((1 mo. USD Term SOFR + 2.750%) – (3 mo. USD Term SOFR + 2.750%)) | ((1 mo. USD Term SOFR + 2.750%) – (3 mo. USD Term SOFR + 2.750%)) | ((1 mo. USD Term SOFR + 2.750%) – (3 mo. USD Term SOFR + 2.750%)) |
| 3117682 | 6.466–6.590 | 07/01/31 | 3131649 |
| 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%) |
| 3712500 | 6.216 | 11/03/31 | 3735703 |
| 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%) |
| 8039351 | 6.912 | 10/17/31 | 8086221 |
| DG Investment Intermediate Holdings 2, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.750%) | DG Investment Intermediate Holdings 2, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.750%) | DG Investment Intermediate Holdings 2, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.750%) | DG Investment Intermediate Holdings 2, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.750%) |
| 5033911 | 7.466 | 07/09/32 | 5033911 |
| Holding Socotec (B/B2) | Holding Socotec (B/B2) | Holding Socotec (B/B2) | Holding Socotec (B/B2) |
| (3 mo. EUR EURIBOR + 3.500%) | (3 mo. EUR EURIBOR + 3.500%) | (3 mo. EUR EURIBOR + 3.500%) | (3 mo. EUR EURIBOR + 3.500%) |
| 1525000 | 5.519 | 06/02/31 | 1807575 |
| (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%) |
| 6790500 | 6.910 | 06/02/31 | 6821601 |
| 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%) |
| 11804349 | 6.216 | 09/23/31 | 11861718 |
| Tecta America Corp. (NR/B2) (1 mo. USD Term SOFR + 0.000%) | Tecta America Corp. (NR/B2) (1 mo. USD Term SOFR + 0.000%) | Tecta America Corp. (NR/B2) (1 mo. USD Term SOFR + 0.000%) | Tecta America Corp. (NR/B2) (1 mo. USD Term SOFR + 0.000%) |
| 8525397 | 6.466 | 02/18/32 | 8549950 |
| TRC Cos. LLC (B/B3) (1 mo. USD Term SOFR + 3.000%) | TRC Cos. LLC (B/B3) (1 mo. USD Term SOFR + 3.000%) | TRC Cos. LLC (B/B3) (1 mo. USD Term SOFR + 3.000%) | TRC Cos. LLC (B/B3) (1 mo. USD Term SOFR + 3.000%) |
| 10502017 | 6.716 | 12/08/28 | 10525016 |
|  |  |  | 81802949 |
| **Building Materials – 3.6%** | **Building Materials – 3.6%** | **Building Materials – 3.6%** | **Building Materials – 3.6%** |
| 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%) |
| 4443989 | 9.716 | 03/08/29 | 3927375 |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

## Schedule of Investments (continued)
*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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 Materials – (continued)** | **Building Materials – (continued)** | **Building Materials – (continued)** | **Building Materials – (continued)** |
| 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%) |
| 9976557 | 6.466% | 09/08/32 | $9991123 |
| Cornerstone Building Brands, Inc. (B-/Caa1) (1 mo. USD Term SOFR + 3.250%) | Cornerstone Building Brands, Inc. (B-/Caa1) (1 mo. USD Term SOFR + 3.250%) | Cornerstone Building Brands, Inc. (B-/Caa1) (1 mo. USD Term SOFR + 3.250%) | Cornerstone Building Brands, Inc. (B-/Caa1) (1 mo. USD Term SOFR + 3.250%) |
| 1949334 | 7.100 | 04/12/28 | 1519506 |
| CP Atlas Buyer, Inc. (CCC+/B2) (1 mo. USD Term SOFR + 5.250%) | CP Atlas Buyer, Inc. (CCC+/B2) (1 mo. USD Term SOFR + 5.250%) | CP Atlas Buyer, Inc. (CCC+/B2) (1 mo. USD Term SOFR + 5.250%) | CP Atlas Buyer, Inc. (CCC+/B2) (1 mo. USD Term SOFR + 5.250%) |
| 2094750 | 8.966 | 07/08/30 | 2021434 |
| 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%) |
| 7548699 | 6.922 | 12/22/31 | 7605314 |
| 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 | 10.172 | 12/22/32 | 1545969 |
| LBM Acquisition LLC (B-/B3) | LBM Acquisition LLC (B-/B3) | LBM Acquisition LLC (B-/B3) | LBM Acquisition LLC (B-/B3) |
| (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%) |
| 6504980 | 7.584 | 06/06/31 | 6090938 |
| (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%) |
| 1670812 | 8.734 | 06/06/31 | 1667471 |
| 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%) |
| 1762173 | 6.466 | 03/28/31 | 1761626 |
| MSOF Beacon LLC<sup>(b)</sup> (NR/NR) | MSOF Beacon LLC<sup>(b)</sup> (NR/NR) | MSOF Beacon LLC<sup>(b)</sup> (NR/NR) | MSOF Beacon LLC<sup>(b)</sup> (NR/NR) |
| 1750000 | 0.000 | 12/09/32 | 1756563 |
| 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%) |
| 8924397 | 5.966 | 04/14/31 | 8947154 |
| 3305789 | 5.966 | 02/10/32 | 3315243 |
| 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%) |
| 3491206 | 6.716 | 04/02/29 | 3508662 |
| 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%) |
| 3909897 | 8.831 | 10/12/28 | 3680191 |
|  |  |  | 57338569 |
| **Capital Goods - Others – 2.8%** | **Capital Goods - Others – 2.8%** | **Capital Goods - Others – 2.8%** | **Capital Goods - Others – 2.8%** |
| AI Aqua Merger Sub, Inc. (B/B3) ((1 mo. USD Term SOFR + 3.000%) – (3 mo. USD Term SOFR + 3.000%)) | AI Aqua Merger Sub, Inc. (B/B3) ((1 mo. USD Term SOFR + 3.000%) – (3 mo. USD Term SOFR + 3.000%)) | AI Aqua Merger Sub, Inc. (B/B3) ((1 mo. USD Term SOFR + 3.000%) – (3 mo. USD Term SOFR + 3.000%)) | AI Aqua Merger Sub, Inc. (B/B3) ((1 mo. USD Term SOFR + 3.000%) – (3 mo. USD Term SOFR + 3.000%)) |
| 11655835 | 6.854– |  |  |
|  | 6.873 | 07/31/28 | 11677165 |
| 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%) |
| 5883188 | 6.216 | 07/16/32 | 5848889 |
| 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 | 5.519 | 11/26/32 | 3877791 |
| (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%) |
| 5084953 | 6.922 | 11/26/32 | 5112920 |
| 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 | 9.934 | 05/21/29 | 501250 |
| 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%) |
| 7630875 | 6.843 | 01/30/32 | 7676202 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| Team Health Holdings, Inc. (B-/Caa1) (3 mo. USD Term SOFR + 4.500%) | Team Health Holdings, Inc. (B-/Caa1) (3 mo. USD Term SOFR + 4.500%) | Team Health Holdings, Inc. (B-/Caa1) (3 mo. USD Term SOFR + 4.500%) | Team Health Holdings, Inc. (B-/Caa1) (3 mo. USD Term SOFR + 4.500%) |
| 2860625 | 8.340% | 06/30/28 | $2867777 |
| Titan Acquisition Ltd. (B-/B3) ((1 mo. USD Term SOFR + 3.750%) – (3 mo. USD Term SOFR + 3.750%)) | Titan Acquisition Ltd. (B-/B3) ((1 mo. USD Term SOFR + 3.750%) – (3 mo. USD Term SOFR + 3.750%)) | Titan Acquisition Ltd. (B-/B3) ((1 mo. USD Term SOFR + 3.750%) – (3 mo. USD Term SOFR + 3.750%)) | Titan Acquisition Ltd. (B-/B3) ((1 mo. USD Term SOFR + 3.750%) – (3 mo. USD Term SOFR + 3.750%)) |
| 4513729 | 7.466– |  |  |
|  | 7.590 | 02/15/29 | 4542572 |
| 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 | 4.300 | 11/03/32 | 2429675 |
|  |  |  | 44534241 |
| **Chemicals – 3.6%** | **Chemicals – 3.6%** | **Chemicals – 3.6%** | **Chemicals – 3.6%** |
| Albaugh LLC (BB/Ba3) (1 mo. USD Term SOFR + 3.750%) | Albaugh LLC (BB/Ba3) (1 mo. USD Term SOFR + 3.750%) | Albaugh LLC (BB/Ba3) (1 mo. USD Term SOFR + 3.750%) | Albaugh LLC (BB/Ba3) (1 mo. USD Term SOFR + 3.750%) |
| 2304739 | 7.466 | 04/06/29 | 2254795 |
| Aruba Investments Holdings LLC<sup>(b)</sup> (CCC+/B3) | Aruba Investments Holdings LLC<sup>(b)</sup> (CCC+/B3) | Aruba Investments Holdings LLC<sup>(b)</sup> (CCC+/B3) | Aruba Investments Holdings LLC<sup>(b)</sup> (CCC+/B3) |
| 1396354 | 0.000 | 11/24/27 | 1272428 |
| Berlin Packaging LLC (B-/B2) ((1 mo. USD Term SOFR + 3.250%) – (3 mo. USD Term SOFR + 3.250%)) | Berlin Packaging LLC (B-/B2) ((1 mo. USD Term SOFR + 3.250%) – (3 mo. USD Term SOFR + 3.250%)) | Berlin Packaging LLC (B-/B2) ((1 mo. USD Term SOFR + 3.250%) – (3 mo. USD Term SOFR + 3.250%)) | Berlin Packaging LLC (B-/B2) ((1 mo. USD Term SOFR + 3.250%) – (3 mo. USD Term SOFR + 3.250%)) |
| 4477500 | 6.922– |  |  |
|  | 7.235 | 06/07/31 | 4486187 |
| Consolidated Energy Finance SA (CCC+/B3) (3 mo. USD Term SOFR + 4.500%) | Consolidated Energy Finance SA (CCC+/B3) (3 mo. USD Term SOFR + 4.500%) | Consolidated Energy Finance SA (CCC+/B3) (3 mo. USD Term SOFR + 4.500%) | Consolidated Energy Finance SA (CCC+/B3) (3 mo. USD Term SOFR + 4.500%) |
| 3017322 | 9.557 | 11/15/30 | 2457850 |
| 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%) |
| 4931019 | 7.607 | 10/04/29 | 4730277 |
| 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%) |
| 12027117 | 6.216 | 12/31/29 | 12031447 |
| INEOS Quattro Holdings U.K. Ltd. (BB-/B3) (1 mo. USD Term SOFR + 4.250%) | INEOS Quattro Holdings U.K. Ltd. (BB-/B3) (1 mo. USD Term SOFR + 4.250%) | INEOS Quattro Holdings U.K. Ltd. (BB-/B3) (1 mo. USD Term SOFR + 4.250%) | INEOS Quattro Holdings U.K. Ltd. (BB-/B3) (1 mo. USD Term SOFR + 4.250%) |
| 2486136 | 7.966 | 10/07/31 | 1647065 |
| Ineos U.S. Finance LLC (BB-/B2) (1 mo. USD Term SOFR + 3.000%) | Ineos U.S. Finance LLC (BB-/B2) (1 mo. USD Term SOFR + 3.000%) | Ineos U.S. Finance LLC (BB-/B2) (1 mo. USD Term SOFR + 3.000%) | Ineos U.S. Finance LLC (BB-/B2) (1 mo. USD Term SOFR + 3.000%) |
| 3959900 | 6.716 | 02/07/31 | 3162970 |
| 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%) |
| 2812697 | 8.081 | 03/16/29 | 2742379 |
| Qnity Electronics, Inc. (BB+/Ba1) (6 mo. USD Term SOFR + 2.000%) | Qnity Electronics, Inc. (BB+/Ba1) (6 mo. USD Term SOFR + 2.000%) | Qnity Electronics, Inc. (BB+/Ba1) (6 mo. USD Term SOFR + 2.000%) | Qnity Electronics, Inc. (BB+/Ba1) (6 mo. USD Term SOFR + 2.000%) |
| 5125000 | 5.804 | 11/01/32 | 5144219 |
| SCIH Salt Holdings, Inc. (B/NR) (3 mo. USD Term SOFR + 2.750%) | SCIH Salt Holdings, Inc. (B/NR) (3 mo. USD Term SOFR + 2.750%) | SCIH Salt Holdings, Inc. (B/NR) (3 mo. USD Term SOFR + 2.750%) | SCIH Salt Holdings, Inc. (B/NR) (3 mo. USD Term SOFR + 2.750%) |
| 850000 | 6.522 | 01/31/29 | 851241 |
| 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%) |
| 2685975 | 7.422 | 09/15/28 | 2575179 |
| 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%) |
| 5461313 | 6.689 | 08/19/32 | 5456179 |
| 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%) |
| 7898819 | 6.466 | 08/01/30 | 7910193 |
|  |  |  | 56722409 |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| **Commercial Services – 6.2%** | **Commercial Services – 6.2%** | **Commercial Services – 6.2%** | **Commercial Services – 6.2%** |
| 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%) |
| 3815438 | 6.966% | 08/20/32 | $3832798 |
| 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%) |
| 10127288 | 7.365 | 12/29/31 | 9877751 |
| Anticimex International AB (NR/B3) (3 mo. USD Term SOFR + 3.400%) | Anticimex International AB (NR/B3) (3 mo. USD Term SOFR + 3.400%) | Anticimex International AB (NR/B3) (3 mo. USD Term SOFR + 3.400%) | Anticimex International AB (NR/B3) (3 mo. USD Term SOFR + 3.400%) |
| 4861105 | 7.310 | 11/16/28 | 4873257 |
| Belron Finance 2019 LLC (BB-/Ba3) (3 mo. USD Term SOFR + 2.250%) | Belron Finance 2019 LLC (BB-/Ba3) (3 mo. USD Term SOFR + 2.250%) | Belron Finance 2019 LLC (BB-/Ba3) (3 mo. USD Term SOFR + 2.250%) | Belron Finance 2019 LLC (BB-/Ba3) (3 mo. USD Term SOFR + 2.250%) |
| 14160289 | 6.120 | 10/16/31 | 14231091 |
| 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%) |
| 5361562 | 6.922 | 05/01/32 | 5367139 |
| 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%) |
| 2213442 | 7.331 | 06/02/28 | 2212645 |
| Element Materials Technology Group U.S. Holdings, Inc. (B/B3) (3 mo. USD Term SOFR + 3.675%) | Element Materials Technology Group U.S. Holdings, Inc. (B/B3) (3 mo. USD Term SOFR + 3.675%) | Element Materials Technology Group U.S. Holdings, Inc. (B/B3) (3 mo. USD Term SOFR + 3.675%) | Element Materials Technology Group U.S. Holdings, Inc. (B/B3) (3 mo. USD Term SOFR + 3.675%) |
| 9255460 | 7.347 | 07/06/29 | 9313307 |
| First Advantage Holdings LLC (B+/B1) (1 mo. USD Term SOFR + 2.750%) | First Advantage Holdings LLC (B+/B1) (1 mo. USD Term SOFR + 2.750%) | First Advantage Holdings LLC (B+/B1) (1 mo. USD Term SOFR + 2.750%) | First Advantage Holdings LLC (B+/B1) (1 mo. USD Term SOFR + 2.750%) |
| 1746319 | 6.466 | 10/31/31 | 1726201 |
| Fleet Midco I Ltd. (B+/B2) (6 mo. USD Term SOFR + 2.500%) | Fleet Midco I Ltd. (B+/B2) (6 mo. USD Term SOFR + 2.500%) | Fleet Midco I Ltd. (B+/B2) (6 mo. USD Term SOFR + 2.500%) | Fleet Midco I Ltd. (B+/B2) (6 mo. USD Term SOFR + 2.500%) |
| 4851884 | 6.542 | 02/21/31 | 4870079 |
| Fugue Finance BV (B/B2) (3 mo. USD Term SOFR + 2.750%) | Fugue Finance BV (B/B2) (3 mo. USD Term SOFR + 2.750%) | Fugue Finance BV (B/B2) (3 mo. USD Term SOFR + 2.750%) | Fugue Finance BV (B/B2) (3 mo. USD Term SOFR + 2.750%) |
| 6958719 | 6.572 | 01/09/32 | 6976116 |
| Garda World Security Corp. (B/B1) (1 mo. USD Term SOFR + 3.000%) | Garda World Security Corp. (B/B1) (1 mo. USD Term SOFR + 3.000%) | Garda World Security Corp. (B/B1) (1 mo. USD Term SOFR + 3.000%) | Garda World Security Corp. (B/B1) (1 mo. USD Term SOFR + 3.000%) |
| 9433987 | 6.750 | 02/01/29 | 9457572 |
| Grant Thornton Advisors LLC (B/B2) (1 mo. USD Term SOFR + 3.000%) | Grant Thornton Advisors LLC (B/B2) (1 mo. USD Term SOFR + 3.000%) | Grant Thornton Advisors LLC (B/B2) (1 mo. USD Term SOFR + 3.000%) | Grant Thornton Advisors LLC (B/B2) (1 mo. USD Term SOFR + 3.000%) |
| 2743125 | 6.716 | 06/02/31 | 2750970 |
| Groundworks LLC (B/B3) (1 mo. USD Term SOFR + 3.000%) | Groundworks LLC (B/B3) (1 mo. USD Term SOFR + 3.000%) | Groundworks LLC (B/B3) (1 mo. USD Term SOFR + 3.000%) | Groundworks LLC (B/B3) (1 mo. USD Term SOFR + 3.000%) |
| 8988582 | 6.732 | 03/14/31 | 9026065 |
| 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%) |
| 965025 | 8.822 | 01/22/29 | 783889 |
| 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%) |
| 1691479 | 5.585 | 03/07/32 | 1686083 |
| 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%) |
| 1800000 | 6.072 | 02/22/31 | 1642500 |
| 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%) |
| 2546488 | 6.216 | 01/30/31 | 2547838 |
| WCG Intermediate Corp. (B-/B3) (1 mo. USD Term SOFR + 3.000%) | WCG Intermediate Corp. (B-/B3) (1 mo. USD Term SOFR + 3.000%) | WCG Intermediate Corp. (B-/B3) (1 mo. USD Term SOFR + 3.000%) | WCG Intermediate Corp. (B-/B3) (1 mo. USD Term SOFR + 3.000%) |
| 6766000 | 6.716 | 02/25/32 | 6775540 |
|  |  |  | 97950841 |
| **Consumer Cyclical Services – 3.8%** | **Consumer Cyclical Services – 3.8%** | **Consumer Cyclical Services – 3.8%** | **Consumer Cyclical Services – 3.8%** |
| 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%) |
| 7923696 | 6.869 | 05/21/31 | 7963315 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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%) |
| 4675000 | 9.081% | 01/20/29 | $4581500 |
| Asurion LLC (BB-/Ba3) | Asurion LLC (BB-/Ba3) | Asurion LLC (BB-/Ba3) | Asurion LLC (BB-/Ba3) |
| (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) |
| 992308 | 7.816 | 08/19/28 | 992933 |
| (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%) |
| 3335509 | 7.966 | 09/19/30 | 3333941 |
| C&S Wholesale Grocers, Inc.<sup>(b)</sup> (B/B3) | C&S Wholesale Grocers, Inc.<sup>(b)</sup> (B/B3) | C&S Wholesale Grocers, Inc.<sup>(b)</sup> (B/B3) | C&S Wholesale Grocers, Inc.<sup>(b)</sup> (B/B3) |
| 773063 | 0.000 | 09/20/30 | 753736 |
| Core & Main LP (BB/Ba3) (3 mo. USD Term SOFR + 2.000%) | Core & Main LP (BB/Ba3) (3 mo. USD Term SOFR + 2.000%) | Core & Main LP (BB/Ba3) (3 mo. USD Term SOFR + 2.000%) | Core & Main LP (BB/Ba3) (3 mo. USD Term SOFR + 2.000%) |
| 850021 | 5.690 | 07/27/28 | 851619 |
| 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 | 6.966 | 03/31/28 | 10716894 |
| 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%) |
| 1968008 | 8.672 | 09/30/31 | 1943408 |
| 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%) |
| 4743843 | 7.331 | 06/30/28 | 3974440 |
| 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%) |
| 1971562 | 6.966 | 12/15/28 | 1902558 |
| Sabre GLBL, Inc. (NR/NR) (1 mo. USD Term SOFR + 3.500%) | Sabre GLBL, Inc. (NR/NR) (1 mo. USD Term SOFR + 3.500%) | Sabre GLBL, Inc. (NR/NR) (1 mo. USD Term SOFR + 3.500%) | Sabre GLBL, Inc. (NR/NR) (1 mo. USD Term SOFR + 3.500%) |
| 707614 | 10.066 | 12/17/27 | 688742 |
| Spin Holdco, Inc.<sup>(b)</sup> (CCC/Caa3) | Spin Holdco, Inc.<sup>(b)</sup> (CCC/Caa3) | Spin Holdco, Inc.<sup>(b)</sup> (CCC/Caa3) | Spin Holdco, Inc.<sup>(b)</sup> (CCC/Caa3) |
| 9998757 | 0.000 | 03/04/28 | 7686544 |
| 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%) |
| 7325456 | 6.672 | 06/18/29 | 7343769 |
| 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%) |
| 3692817 | 7.672 | 12/02/30 | 3688607 |
| 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%) |
| 3523308 | 6.216 | 08/03/28 | 3531623 |
|  |  |  | 59953629 |
| **Consumer Products – 0.5%** | **Consumer Products – 0.5%** | **Consumer Products – 0.5%** | **Consumer Products – 0.5%** |
| MajorDrive Holdings IV LLC (CCC+/B2) (3 mo. USD Term SOFR + 4.000%) | MajorDrive Holdings IV LLC (CCC+/B2) (3 mo. USD Term SOFR + 4.000%) | MajorDrive Holdings IV LLC (CCC+/B2) (3 mo. USD Term SOFR + 4.000%) | MajorDrive Holdings IV LLC (CCC+/B2) (3 mo. USD Term SOFR + 4.000%) |
| 4847003 | 7.934 | 06/01/28 | 4386537 |
| 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%) |
| 1620937 | 6.686 | 04/28/32 | 1629545 |
| 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) |
| 1199814 | 0.000 | 06/29/28 | 1115419 |
|  |  |  | 7131501 |
| **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%) |
| 5054923 | 5.818 | 01/30/32 | 5048604 |
| **Diversified Financial Services – 4.5%** | **Diversified Financial Services – 4.5%** | **Diversified Financial Services – 4.5%** | **Diversified Financial Services – 4.5%** |
| 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%) |
| 5893182 | 6.688 | 11/01/30 | 5920821 |
| 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%) |
| 5710687 | 5.410 | 07/30/32 | 5703549 |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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 – (continued)** | **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** |
| 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 | 6.593% | 10/01/32 | $4109389 |
| 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%) |
| 4322013 | 7.216 | 06/26/31 | 4251780 |
| 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%) |
| 11666159 | 6.716 | 04/07/28 | 11716206 |
| 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%) |
| 5216185 | 7.716 | 02/28/31 | 5245552 |
| 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%) |
| 2426662 | 8.901 | 11/05/31 | 1904930 |
| 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%) |
| 11591531 | 6.216 | 09/15/31 | 11607991 |
| 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%) |
| 2393924 | 5.966 | 04/25/31 | 2322106 |
| 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%) |
| 2263089 | 5.822 | 12/15/31 | 2250755 |
| 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%) |
| 1826064 | 7.216 | 07/31/31 | 1798874 |
| 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 | 7.427 | 10/08/32 | 3915834 |
| 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 | 5.151 | 09/23/32 | 3368579 |
| 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%) |
| 6625000 | 6.216 | 06/21/31 | 6638780 |
|  |  |  | 70755146 |
| **Diversified Manufacturing – 2.6%** | **Diversified Manufacturing – 2.6%** | **Diversified Manufacturing – 2.6%** | **Diversified Manufacturing – 2.6%** |
| 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 | 5.819 | 03/16/29 | 2836839 |
| 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%) |
| 6823268 | 6.476 | 03/15/30 | 6842919 |
| 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%) |
| 6372628 | 8.343 | 09/28/28 | 6333691 |
| Paint Intermediate III LLC<sup>(b)</sup> (B/B2) | Paint Intermediate III LLC<sup>(b)</sup> (B/B2) | Paint Intermediate III LLC<sup>(b)</sup> (B/B2) | Paint Intermediate III LLC<sup>(b)</sup> (B/B2) |
| 872802 | 0.000 | 10/09/31 | 876075 |
| 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%) |
| 7056000 | 8.184 | 12/29/28 | 6359220 |
| SPX Flow, Inc. (B/B1) (1 mo. USD Term SOFR + 2.750%) | SPX Flow, Inc. (B/B1) (1 mo. USD Term SOFR + 2.750%) | SPX Flow, Inc. (B/B1) (1 mo. USD Term SOFR + 2.750%) | SPX Flow, Inc. (B/B1) (1 mo. USD Term SOFR + 2.750%) |
| 9588113 | 6.466 | 04/05/29 | 9607002 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Manufacturing – (continued)** | **Diversified Manufacturing – (continued)** | **Diversified Manufacturing – (continued)** | **Diversified Manufacturing – (continued)** |
| Victory Buyer LLC (B-/B2) (1 mo. USD Term SOFR + 3.750%) | Victory Buyer LLC (B-/B2) (1 mo. USD Term SOFR + 3.750%) | Victory Buyer LLC (B-/B2) (1 mo. USD Term SOFR + 3.750%) | Victory Buyer LLC (B-/B2) (1 mo. USD Term SOFR + 3.750%) |
| 7732852 | 7.581% | 11/19/28 | $7760226 |
|  |  |  | 40615972 |
| **Electronics – 0.1%** | **Electronics – 0.1%** | **Electronics – 0.1%** | **Electronics – 0.1%** |
| 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 | 5.303 | 09/30/32 | 1420464 |
| **Energy – 0.4%** | **Energy – 0.4%** | **Energy – 0.4%** | **Energy – 0.4%** |
| 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%) |
| 1834690 | 7.316 | 11/19/29 | 1833919 |
| 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 | 5.716 | 04/30/31 | 4768451 |
|  |  |  | 6602370 |
| **Energy - Exploration & Production – 0.6%** | **Energy - Exploration & Production – 0.6%** | **Energy - Exploration & Production – 0.6%** | **Energy - Exploration & Production – 0.6%** |
| Kohler Energy Co. LLC (B/B1) (3 mo. USD Term SOFR + 3.750%) | Kohler Energy Co. LLC (B/B1) (3 mo. USD Term SOFR + 3.750%) | Kohler Energy Co. LLC (B/B1) (3 mo. USD Term SOFR + 3.750%) | Kohler Energy Co. LLC (B/B1) (3 mo. USD Term SOFR + 3.750%) |
| 10056844 | 7.422 | 05/01/31 | 10102100 |
| **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%) |
| 1929182 | 10.731 | 01/04/29 | 1929375 |
| 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%) |
| 10383305 | 6.466 | 11/24/28 | 10396284 |
| 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%)) |
| 869462 | 5.922– |  |  |
|  | 5.966 | 05/24/30 | 869522 |
| 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%) |
| 6237327 | 8.343 | 12/02/31 | 6140649 |
| Fender Musical Instruments Corp. (B-/Caa1) (1 mo. USD Term SOFR + 4.000%) | Fender Musical Instruments Corp. (B-/Caa1) (1 mo. USD Term SOFR + 4.000%) | Fender Musical Instruments Corp. (B-/Caa1) (1 mo. USD Term SOFR + 4.000%) | Fender Musical Instruments Corp. (B-/Caa1) (1 mo. USD Term SOFR + 4.000%) |
| 1036542 | 7.816 | 12/01/28 | 932888 |
| GBT U.S. III LLC (BB-/B1) (3 mo. USD Term SOFR + 2.500%) | GBT U.S. III LLC (BB-/B1) (3 mo. USD Term SOFR + 2.500%) | GBT U.S. III LLC (BB-/B1) (3 mo. USD Term SOFR + 2.500%) | GBT U.S. III LLC (BB-/B1) (3 mo. USD Term SOFR + 2.500%) |
| 2082385 | 6.358 | 07/25/31 | 2088029 |
| GVC Holdings (Gibraltar) Ltd. (BB-/Ba1) (3 mo. USD Term SOFR + 2.250%) | GVC Holdings (Gibraltar) Ltd. (BB-/Ba1) (3 mo. USD Term SOFR + 2.250%) | GVC Holdings (Gibraltar) Ltd. (BB-/Ba1) (3 mo. USD Term SOFR + 2.250%) | GVC Holdings (Gibraltar) Ltd. (BB-/Ba1) (3 mo. USD Term SOFR + 2.250%) |
| 3645945 | 5.922 | 07/31/32 | 3614553 |
| Topgolf Callaway Brands Corp. (B/B1) (1 mo. USD Term SOFR + 3.000%) | Topgolf Callaway Brands Corp. (B/B1) (1 mo. USD Term SOFR + 3.000%) | Topgolf Callaway Brands Corp. (B/B1) (1 mo. USD Term SOFR + 3.000%) | Topgolf Callaway Brands Corp. (B/B1) (1 mo. USD Term SOFR + 3.000%) |
| 4570441 | 6.716 | 03/18/30 | 4579947 |
|  |  |  | 30551247 |
| **Environmental – 1.2%** | **Environmental – 1.2%** | **Environmental – 1.2%** | **Environmental – 1.2%** |
| 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 | 5.411 | 07/01/32 | 6083827 |
| 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%) |
| 12344180 | 6.702 | 06/21/28 | 12397013 |
|  |  |  | 18480840 |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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 – 2.0%** | **Food & Beverages – 2.0%** | **Food & Beverages – 2.0%** | **Food & Beverages – 2.0%** |
| Chef's Warehouse Leasing Co. LLC (BB-/B1) (1 mo. USD Term SOFR + 3.000%) | Chef's Warehouse Leasing Co. LLC (BB-/B1) (1 mo. USD Term SOFR + 3.000%) | Chef's Warehouse Leasing Co. LLC (BB-/B1) (1 mo. USD Term SOFR + 3.000%) | Chef's Warehouse Leasing Co. LLC (BB-/B1) (1 mo. USD Term SOFR + 3.000%) |
| 4757860 | 6.716% | 08/23/29 | $4777700 |
| 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%) |
| 700000 | 5.966 | 10/28/32 | 702800 |
| Froneri Lux Finco SARL (BB-/B1) ((3 mo. USD Term SOFR + 2.000%) – (6 mo. USD Term SOFR + 2.250%)) | Froneri Lux Finco SARL (BB-/B1) ((3 mo. USD Term SOFR + 2.000%) – (6 mo. USD Term SOFR + 2.250%)) | Froneri Lux Finco SARL (BB-/B1) ((3 mo. USD Term SOFR + 2.000%) – (6 mo. USD Term SOFR + 2.250%)) | Froneri Lux Finco SARL (BB-/B1) ((3 mo. USD Term SOFR + 2.000%) – (6 mo. USD Term SOFR + 2.250%)) |
| 7776480 | 6.204– |  |  |
| 6.447 | 09/30/31 | 7767770 |  |
| 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%) |
| 8891901 | 6.602 | 07/12/29 | 8903016 |
| 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%) |
| 1400000 | 7.873 | 12/01/32 | 1408750 |
| Primo Brands Corp. (BB/Ba3) (3 mo. USD Term SOFR + 2.250%) | Primo Brands Corp. (BB/Ba3) (3 mo. USD Term SOFR + 2.250%) | Primo Brands Corp. (BB/Ba3) (3 mo. USD Term SOFR + 2.250%) | Primo Brands Corp. (BB/Ba3) (3 mo. USD Term SOFR + 2.250%) |
| 1815829 | 5.922 | 03/31/28 | 1820223 |
| Sazerac Co., Inc. (BB-/Ba3) (1 mo. USD Term SOFR + 2.500%) | Sazerac Co., Inc. (BB-/Ba3) (1 mo. USD Term SOFR + 2.500%) | Sazerac Co., Inc. (BB-/Ba3) (1 mo. USD Term SOFR + 2.500%) | Sazerac Co., Inc. (BB-/Ba3) (1 mo. USD Term SOFR + 2.500%) |
| 4339125 | 6.500 | 07/09/32 | 4343334 |
| 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%) |
| 2164125 | 9.352 | 08/18/28 | 2045098 |
|  |  |  | 31768691 |
| **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%) |
| 3971858 | 8.466 | 05/01/31 | 3988739 |
| **Gaming<sup>(b)</sup> – 0.4%** | **Gaming<sup>(b)</sup> – 0.4%** | **Gaming<sup>(b)</sup> – 0.4%** | **Gaming<sup>(b)</sup> – 0.4%** |
| United FP Holdings LLC (CCC+/Caa1) | United FP Holdings LLC (CCC+/Caa1) | United FP Holdings LLC (CCC+/Caa1) | United FP Holdings LLC (CCC+/Caa1) |
| 5753781 | 0.000 | 12/30/26 | 5526046 |
| United FP Holdings LLC (NR/Caa1) | United FP Holdings LLC (NR/Caa1) | United FP Holdings LLC (NR/Caa1) | United FP Holdings LLC (NR/Caa1) |
| 553539 | 0.000 | 12/30/26 | 534166 |
|  |  |  | 6060212 |
| **Health Care Products – 0.0%** | **Health Care Products – 0.0%** | **Health Care Products – 0.0%** | **Health Care Products – 0.0%** |
| 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%) |
| 497724 | 5.466 | 10/23/28 | 499063 |
| **Health Care Services – 2.2%** | **Health Care Services – 2.2%** | **Health Care Services – 2.2%** | **Health Care Services – 2.2%** |
| Electron BidCo, Inc. (B/B2) (1 mo. USD Term SOFR + 2.500%) | Electron BidCo, Inc. (B/B2) (1 mo. USD Term SOFR + 2.500%) | Electron BidCo, Inc. (B/B2) (1 mo. USD Term SOFR + 2.500%) | Electron BidCo, Inc. (B/B2) (1 mo. USD Term SOFR + 2.500%) |
| 4801503 | 6.216 | 11/01/28 | 4823590 |
| 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%) |
| 5350000 | 7.384 | 10/01/32 | 5380334 |
| 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%) |
| 2790863 | 8.716 | 09/24/31 | 2438963 |
| 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%) |
| 5062959 | 7.697 | 07/03/28 | 4419153 |
| 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%) |
| 4225000 | 6.705 | 12/13/32 | 4243505 |
| Mehilainen Yhtiot OYJ (B/B2) (3 mo. EUR EURIBOR + 3.500%) | Mehilainen Yhtiot OYJ (B/B2) (3 mo. EUR EURIBOR + 3.500%) | Mehilainen Yhtiot OYJ (B/B2) (3 mo. EUR EURIBOR + 3.500%) | Mehilainen Yhtiot OYJ (B/B2) (3 mo. EUR EURIBOR + 3.500%) |
| 5100000 | 5.518 | 08/05/31 | 6052916 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| Onex TSG Intermediate Corp. (B/B2) (3 mo. USD Term SOFR + 3.750%) | Onex TSG Intermediate Corp. (B/B2) (3 mo. USD Term SOFR + 3.750%) | Onex TSG Intermediate Corp. (B/B2) (3 mo. USD Term SOFR + 3.750%) | Onex TSG Intermediate Corp. (B/B2) (3 mo. USD Term SOFR + 3.750%) |
| 2150000 | 7.590% | 08/06/32 | $2160707 |
| 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%) |
| 4888248 | 6.216 | 02/21/31 | 4908535 |
|  |  |  | 34427703 |
| **Healthcare – 0.3%** | **Healthcare – 0.3%** | **Healthcare – 0.3%** | **Healthcare – 0.3%** |
| Bausch & Lomb Corp. (B/B1) (1 mo. USD Term SOFR + 4.000%) | Bausch & Lomb Corp. (B/B1) (1 mo. USD Term SOFR + 4.000%) | Bausch & Lomb Corp. (B/B1) (1 mo. USD Term SOFR + 4.000%) | Bausch & Lomb Corp. (B/B1) (1 mo. USD Term SOFR + 4.000%) |
| 2679442 | 7.716 | 09/29/28 | 2679442 |
| 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%) |
| 2673726 | 7.655 | 05/19/31 | 2681105 |
|  |  |  | 5360547 |
| **Home Construction – 0.4%** | **Home Construction – 0.4%** | **Home Construction – 0.4%** | **Home Construction – 0.4%** |
| 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%) |
| 6820017 | 6.672 | 01/20/32 | 6845593 |
| **Insurance – 5.4%** | **Insurance – 5.4%** | **Insurance – 5.4%** | **Insurance – 5.4%** |
| 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%) |
| 14327190 | 6.716 | 11/06/30 | 14300398 |
| (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%) |
| 1940250 | 6.966 | 06/21/32 | 1939435 |
| 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%) |
| 14342265 | 6.216 | 09/19/31 | 14370663 |
| AmWINS Group, Inc. (B+/B1) (1 mo. USD Term SOFR + 2.250%) | AmWINS Group, Inc. (B+/B1) (1 mo. USD Term SOFR + 2.250%) | AmWINS Group, Inc. (B+/B1) (1 mo. USD Term SOFR + 2.250%) | AmWINS Group, Inc. (B+/B1) (1 mo. USD Term SOFR + 2.250%) |
| 10961887 | 5.966 | 01/30/32 | 10989292 |
| Broadstreet Partners, Inc. (B/B2) (1 mo. USD Term SOFR + 2.750%) | Broadstreet Partners, Inc. (B/B2) (1 mo. USD Term SOFR + 2.750%) | Broadstreet Partners, Inc. (B/B2) (1 mo. USD Term SOFR + 2.750%) | Broadstreet Partners, Inc. (B/B2) (1 mo. USD Term SOFR + 2.750%) |
| 12476713 | 6.466 | 06/13/31 | 12512770 |
| 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%) |
| 8506901 | 6.466 | 02/15/31 | 8520768 |
| Hyperion Insurance Group Ltd. (B/B2) (3 mo. USD Term SOFR + 2.750%) | Hyperion Insurance Group Ltd. (B/B2) (3 mo. USD Term SOFR + 2.750%) | Hyperion Insurance Group Ltd. (B/B2) (3 mo. USD Term SOFR + 2.750%) | Hyperion Insurance Group Ltd. (B/B2) (3 mo. USD Term SOFR + 2.750%) |
| 1224874 | 6.486 | 04/18/30 | 1227177 |
| 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%) |
| 5355745 | 6.216 | 07/31/31 | 5371384 |
| 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%) |
| 1820438 | 6.966 | 06/17/32 | 1806784 |
| 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%) |
| 5707727 | 6.422 | 05/06/31 | 5710124 |
| 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 | 5.922 | 11/21/29 | 8957470 |
|  |  |  | 85706265 |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| **Internet – 0.9%** | **Internet – 0.9%** | **Internet – 0.9%** | **Internet – 0.9%** |
| BEP Intermediate Holdco LLC (NR/B1) (1 mo. USD Term SOFR + 2.750%) | BEP Intermediate Holdco LLC (NR/B1) (1 mo. USD Term SOFR + 2.750%) | BEP Intermediate Holdco LLC (NR/B1) (1 mo. USD Term SOFR + 2.750%) | BEP Intermediate Holdco LLC (NR/B1) (1 mo. USD Term SOFR + 2.750%) |
| 3337818 | 6.466% | 04/25/31 | $3362852 |
| CNT Holdings I Corp. (B/B2) (3 mo. USD Term SOFR + 2.250%) | CNT Holdings I Corp. (B/B2) (3 mo. USD Term SOFR + 2.250%) | CNT Holdings I Corp. (B/B2) (3 mo. USD Term SOFR + 2.250%) | CNT Holdings I Corp. (B/B2) (3 mo. USD Term SOFR + 2.250%) |
| 4483526 | 6.090 | 11/08/32 | 4492179 |
| 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%) |
| 6616827 | 7.172 | 10/02/31 | 6401780 |
|  |  |  | 14256811 |
| **Lodging – 1.1%** | **Lodging – 1.1%** | **Lodging – 1.1%** | **Lodging – 1.1%** |
| 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%) |
| 4346875 | 5.966 | 02/06/30 | 4307753 |
| 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%) |
| 2726494 | 6.966 | 01/27/29 | 2725103 |
| Hilton Grand Vacations Borrower LLC (BB/Ba2) (1 mo. USD Term SOFR + 2.000%) | Hilton Grand Vacations Borrower LLC (BB/Ba2) (1 mo. USD Term SOFR + 2.000%) | Hilton Grand Vacations Borrower LLC (BB/Ba2) (1 mo. USD Term SOFR + 2.000%) | Hilton Grand Vacations Borrower LLC (BB/Ba2) (1 mo. USD Term SOFR + 2.000%) |
| 6839481 | 5.716 | 08/02/28 | 6854870 |
| Travel & Leisure Co. (BB-/Ba3) (3 mo. USD Term SOFR + 2.000%) | Travel & Leisure Co. (BB-/Ba3) (3 mo. USD Term SOFR + 2.000%) | Travel & Leisure Co. (BB-/Ba3) (3 mo. USD Term SOFR + 2.000%) | Travel & Leisure Co. (BB-/Ba3) (3 mo. USD Term SOFR + 2.000%) |
| 2830525 | 5.738 | 12/14/29 | 2833271 |
|  |  |  | 16720997 |
| **Machinery – 1.4%** | **Machinery – 1.4%** | **Machinery – 1.4%** | **Machinery – 1.4%** |
| 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 | 10.716 | 01/07/30 | 123273 |
| Apex Tool Group LLC (CC/Ca)<sup>(c)</sup> (1 mo. USD Term SOFR + 6.000%) | Apex Tool Group LLC (CC/Ca)<sup>(c)</sup> (1 mo. USD Term SOFR + 6.000%) | Apex Tool Group LLC (CC/Ca)<sup>(c)</sup> (1 mo. USD Term SOFR + 6.000%) | Apex Tool Group LLC (CC/Ca)<sup>(c)</sup> (1 mo. USD Term SOFR + 6.000%) |
| 1754037 | 9.716 | 04/08/31 | 350808 |
| Apex Tool Group LLC (CC/Caa3)<sup>(c)</sup> (1 mo. USD Term SOFR + 10.000%) | Apex Tool Group LLC (CC/Caa3)<sup>(c)</sup> (1 mo. USD Term SOFR + 10.000%) | Apex Tool Group LLC (CC/Caa3)<sup>(c)</sup> (1 mo. USD Term SOFR + 10.000%) | Apex Tool Group LLC (CC/Caa3)<sup>(c)</sup> (1 mo. USD Term SOFR + 10.000%) |
| 1984238 | 13.716 | 01/07/30 | 793695 |
| 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 | 8.966 | 04/08/30 | 2653979 |
| 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%) |
| 3979125 | 7.816 | 03/25/31 | 3974151 |
| 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%) |
| 13480272 | 6.947 | 04/30/30 | 13556705 |
|  |  |  | 21452611 |
| **Machinery - Construction & Mining – 0.6%** | **Machinery - Construction & Mining – 0.6%** | **Machinery - Construction & Mining – 0.6%** | **Machinery - Construction & Mining – 0.6%** |
| 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%) |
| 8701882 | 7.226 | 03/27/31 | 8745392 |
| 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%) |
| 1428482 | 5.873 | 01/27/31 | 1430367 |
|  |  |  | 10175759 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| **Media – 0.5%** | **Media – 0.5%** | **Media – 0.5%** | **Media – 0.5%** |
| Altice France SA<sup>(b)</sup> (NR/NR) | Altice France SA<sup>(b)</sup> (NR/NR) | Altice France SA<sup>(b)</sup> (NR/NR) | Altice France SA<sup>(b)</sup> (NR/NR) |
| 4444405 | 0.000% | 05/31/31 | $4437916 |
| 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%) |
| 1950097 | 6.966 | 09/18/30 | 1878353 |
| EOC Borrower LLC (B+/B2) (1 mo. USD Term SOFR + 3.000%) | EOC Borrower LLC (B+/B2) (1 mo. USD Term SOFR + 3.000%) | EOC Borrower LLC (B+/B2) (1 mo. USD Term SOFR + 3.000%) | EOC Borrower LLC (B+/B2) (1 mo. USD Term SOFR + 3.000%) |
| 1990000 | 6.716 | 03/24/32 | 1998835 |
|  |  |  | 8315104 |
| **Media - Cable – 0.7%** | **Media - Cable – 0.7%** | **Media - Cable – 0.7%** | **Media - Cable – 0.7%** |
| 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%) |
| 1383112 | 8.905 | 10/31/27 | 1019063 |
| 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%) |
| 1612171 | 8.250 | 04/15/27 | 1406039 |
| 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%) |
| 2275144 | 9.352 | 08/02/29 | 2280172 |
| Sinclair Television Group, Inc.<sup>(b)</sup> (B-/B3) | Sinclair Television Group, Inc.<sup>(b)</sup> (B-/B3) | Sinclair Television Group, Inc.<sup>(b)</sup> (B-/B3) | Sinclair Television Group, Inc.<sup>(b)</sup> (B-/B3) |
| 1845352 | 0.000 | 12/31/30 | 1669121 |
| 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 | 5276709 |
|  |  |  | 11651104 |
| **Media - Non Cable – 1.5%** | **Media - Non Cable – 1.5%** | **Media - Non Cable – 1.5%** | **Media - Non Cable – 1.5%** |
| 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%) |
| 6576011 | 7.272 | 06/18/29 | 6119110 |
| Diamond Sports Group LLC<sup>(b)</sup> (NR/NR) | Diamond Sports Group LLC<sup>(b)</sup> (NR/NR) | Diamond Sports Group LLC<sup>(b)</sup> (NR/NR) | Diamond Sports Group LLC<sup>(b)</sup> (NR/NR) |
| 233107 | 0.000 | 01/02/28 | 80921 |
| NEP/NCP Holdco, Inc. (NR/WR)<sup>(c)</sup> (3 mo. USD Term SOFR + 7.000%) | NEP/NCP Holdco, Inc. (NR/WR)<sup>(c)</sup> (3 mo. USD Term SOFR + 7.000%) | NEP/NCP Holdco, Inc. (NR/WR)<sup>(c)</sup> (3 mo. USD Term SOFR + 7.000%) | NEP/NCP Holdco, Inc. (NR/WR)<sup>(c)</sup> (3 mo. USD Term SOFR + 7.000%) |
| 3200000 | 11.084 | 10/19/26 | 2816000 |
| 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%) |
| 7497397 | 9.027 | 04/11/29 | 7405553 |
| 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%) |
| 1790698 | 7.081 | 01/31/29 | 1775029 |
| Versant Media Group, Inc.<sup>(b)</sup> (BB/Ba2) | Versant Media Group, Inc.<sup>(b)</sup> (BB/Ba2) | Versant Media Group, Inc.<sup>(b)</sup> (BB/Ba2) | Versant Media Group, Inc.<sup>(b)</sup> (BB/Ba2) |
| 5250000 | 0.000 | 10/23/30 | 5246745 |
|  |  |  | 23443358 |
| **Midstream – 2.9%** | **Midstream – 2.9%** | **Midstream – 2.9%** | **Midstream – 2.9%** |
| 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 | 5.981 | 12/17/32 | 6053812 |
| AL NGPL Holdings LLC (B+/Ba3) (3 mo. USD Term SOFR + 2.250%) | AL NGPL Holdings LLC (B+/Ba3) (3 mo. USD Term SOFR + 2.250%) | AL NGPL Holdings LLC (B+/Ba3) (3 mo. USD Term SOFR + 2.250%) | AL NGPL Holdings LLC (B+/Ba3) (3 mo. USD Term SOFR + 2.250%) |
| 7146021 | 6.186 | 12/09/30 | 7172819 |
| ITT Holdings LLC (BB-/Ba2) (1 mo. USD Term SOFR + 2.475%) | ITT Holdings LLC (BB-/Ba2) (1 mo. USD Term SOFR + 2.475%) | ITT Holdings LLC (BB-/Ba2) (1 mo. USD Term SOFR + 2.475%) | ITT Holdings LLC (BB-/Ba2) (1 mo. USD Term SOFR + 2.475%) |
| 1456563 | 6.191 | 10/11/30 | 1463845 |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 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%) |
| 8650000 | 5.695% | 09/22/32 | $8693250 |
| Oryx Midstream Services Permian Basin LLC (BB-/Ba3) (1 mo. USD Term SOFR + 2.250%) | Oryx Midstream Services Permian Basin LLC (BB-/Ba3) (1 mo. USD Term SOFR + 2.250%) | Oryx Midstream Services Permian Basin LLC (BB-/Ba3) (1 mo. USD Term SOFR + 2.250%) | Oryx Midstream Services Permian Basin LLC (BB-/Ba3) (1 mo. USD Term SOFR + 2.250%) |
| 11846369 | 5.977 | 10/05/28 | 11891978 |
| Prairie ECI Acquiror LP (B-/B3) (1 mo. USD Term SOFR + 3.750%) | Prairie ECI Acquiror LP (B-/B3) (1 mo. USD Term SOFR + 3.750%) | Prairie ECI Acquiror LP (B-/B3) (1 mo. USD Term SOFR + 3.750%) | Prairie ECI Acquiror LP (B-/B3) (1 mo. USD Term SOFR + 3.750%) |
| 5011259 | 7.466 | 08/01/29 | 5035263 |
| Whitewater Matterhorn Holdings LLC (BB/Ba3) (3 mo. USD Term SOFR + 2.250%) | Whitewater Matterhorn Holdings LLC (BB/Ba3) (3 mo. USD Term SOFR + 2.250%) | Whitewater Matterhorn Holdings LLC (BB/Ba3) (3 mo. USD Term SOFR + 2.250%) | Whitewater Matterhorn Holdings LLC (BB/Ba3) (3 mo. USD Term SOFR + 2.250%) |
| 6325000 | 5.983 | 06/16/32 | 6343722 |
|  |  |  | 46654689 |
| **Mining – 0.7%** | **Mining – 0.7%** | **Mining – 0.7%** | **Mining – 0.7%** |
| 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%) |
| 4759615 | 6.466 | 08/19/30 | 4765565 |
| Atkore International, Inc. (BBB-/Ba1)<sup>(c)</sup> (1 mo. USD Term SOFR + 2.000%) | Atkore International, Inc. (BBB-/Ba1)<sup>(c)</sup> (1 mo. USD Term SOFR + 2.000%) | Atkore International, Inc. (BBB-/Ba1)<sup>(c)</sup> (1 mo. USD Term SOFR + 2.000%) | Atkore International, Inc. (BBB-/Ba1)<sup>(c)</sup> (1 mo. USD Term SOFR + 2.000%) |
| 1221937 | 5.716 | 09/29/32 | 1226520 |
| Crosby U.S. Acquisition Corp. (B/B2) (1 mo. USD Term SOFR + 3.500%) | Crosby U.S. Acquisition Corp. (B/B2) (1 mo. USD Term SOFR + 3.500%) | Crosby U.S. Acquisition Corp. (B/B2) (1 mo. USD Term SOFR + 3.500%) | Crosby U.S. Acquisition Corp. (B/B2) (1 mo. USD Term SOFR + 3.500%) |
| 2597199 | 7.216 | 08/16/29 | 2606938 |
| PMHC II, Inc. (CCC+/Caa1) (3 mo. USD Term SOFR + 4.250%) | PMHC II, Inc. (CCC+/Caa1) (3 mo. USD Term SOFR + 4.250%) | PMHC II, Inc. (CCC+/Caa1) (3 mo. USD Term SOFR + 4.250%) | PMHC II, Inc. (CCC+/Caa1) (3 mo. USD Term SOFR + 4.250%) |
| 5176921 | 8.327 | 04/23/29 | 2850205 |
|  |  |  | 11449228 |
| **Non Captive – 0.5%** | **Non Captive – 0.5%** | **Non Captive – 0.5%** | **Non Captive – 0.5%** |
| 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%) |
| 7315742 | 6.120 | 06/20/30 | 7350419 |
| **Packaging – 2.8%** | **Packaging – 2.8%** | **Packaging – 2.8%** | **Packaging – 2.8%** |
| Charter NEX U.S., Inc. (B/B2) (1 mo. USD Term SOFR + 2.750%) | Charter NEX U.S., Inc. (B/B2) (1 mo. USD Term SOFR + 2.750%) | Charter NEX U.S., Inc. (B/B2) (1 mo. USD Term SOFR + 2.750%) | Charter NEX U.S., Inc. (B/B2) (1 mo. USD Term SOFR + 2.750%) |
| 4898031 | 6.500 | 11/29/30 | 4904986 |
| 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%) |
| 3803872 | 6.891 | 04/13/29 | 3804518 |
| Clydesdale Acquisition Holdings, Inc. (NR/B2) (1 mo. USD Term SOFR + 3.250%) | Clydesdale Acquisition Holdings, Inc. (NR/B2) (1 mo. USD Term SOFR + 3.250%) | Clydesdale Acquisition Holdings, Inc. (NR/B2) (1 mo. USD Term SOFR + 3.250%) | Clydesdale Acquisition Holdings, Inc. (NR/B2) (1 mo. USD Term SOFR + 3.250%) |
| 4577256 | 6.966 | 04/01/32 | 4571123 |
| Klockner-Pentaplast of America, Inc.<sup>(b)</sup> (NR/NR) | Klockner-Pentaplast of America, Inc.<sup>(b)</sup> (NR/NR) | Klockner-Pentaplast of America, Inc.<sup>(b)</sup> (NR/NR) | Klockner-Pentaplast of America, Inc.<sup>(b)</sup> (NR/NR) |
| 1476653 | 0.000 | 08/07/26 | 1077143 |
| 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%) |
| 3647861 | 7.716 | 02/01/29 | 3675876 |
| 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%) |
| 1750000 | 6.466 | 10/15/32 | 1760535 |
| Proampac PG Borrower LLC (B-/B3) (3 mo. USD Term SOFR + 4.000%) | Proampac PG Borrower LLC (B-/B3) (3 mo. USD Term SOFR + 4.000%) | Proampac PG Borrower LLC (B-/B3) (3 mo. USD Term SOFR + 4.000%) | Proampac PG Borrower LLC (B-/B3) (3 mo. USD Term SOFR + 4.000%) |
| 11094831 | 7.878– |  |  |
|  | 7.905 | 09/15/28 | 11100933 |
| Tosca Services LLC (B/B2) (1 mo. USD Term SOFR + 5.500%) | Tosca Services LLC (B/B2) (1 mo. USD Term SOFR + 5.500%) | Tosca Services LLC (B/B2) (1 mo. USD Term SOFR + 5.500%) | Tosca Services LLC (B/B2) (1 mo. USD Term SOFR + 5.500%) |
| 1395211 | 9.216 | 11/30/28 | 1410474 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| **Packaging – (continued)** | **Packaging – (continued)** | **Packaging – (continued)** | **Packaging – (continued)** |
| Tosca Services LLC (CCC/Caa2) (1 mo. USD Term SOFR + 1.500%) | Tosca Services LLC (CCC/Caa2) (1 mo. USD Term SOFR + 1.500%) | Tosca Services LLC (CCC/Caa2) (1 mo. USD Term SOFR + 1.500%) | Tosca Services LLC (CCC/Caa2) (1 mo. USD Term SOFR + 1.500%) |
| 7228383 | 5.316% | 11/30/28 | $6791645 |
| 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%) |
| 6183202 | 6.966 | 03/03/31 | 5970686 |
|  |  |  | 45067919 |
| **Pharmaceuticals – 1.1%** | **Pharmaceuticals – 1.1%** | **Pharmaceuticals – 1.1%** | **Pharmaceuticals – 1.1%** |
| Amneal Pharmaceuticals LLC (B+/B1) (1 mo. USD Term SOFR + 3.500%) | Amneal Pharmaceuticals LLC (B+/B1) (1 mo. USD Term SOFR + 3.500%) | Amneal Pharmaceuticals LLC (B+/B1) (1 mo. USD Term SOFR + 3.500%) | Amneal Pharmaceuticals LLC (B+/B1) (1 mo. USD Term SOFR + 3.500%) |
| 5436375 | 7.216 | 08/01/32 | 5477148 |
| 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%) |
| 6775788 | 9.966 | 10/08/30 | 6603886 |
| 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%) |
| 1534270 | 8.672 | 10/13/29 | 1370610 |
| 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%) |
| 3344516 | 7.772 | 10/01/27 | 3280134 |
|  |  |  | 16731778 |
| **Pipelines – 0.4%** | **Pipelines – 0.4%** | **Pipelines – 0.4%** | **Pipelines – 0.4%** |
| 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%) |
| 6377476 | 6.340 | 02/16/28 | 6383853 |
| **Restaurants – 0.1%** | **Restaurants – 0.1%** | **Restaurants – 0.1%** | **Restaurants – 0.1%** |
| 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%) |
| 2000000 | 7.125 | 06/29/29 | 1835620 |
| **Retailers – 2.9%** | **Retailers – 2.9%** | **Retailers – 2.9%** | **Retailers – 2.9%** |
| 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%) |
| 4474065 | 6.966 | 12/11/30 | 4420018 |
| 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%) |
| 1836090 | 6.966 | 01/23/32 | 1845271 |
| 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%) |
| 10601148 | 5.966 | 06/11/31 | 10487610 |
| Michaels Cos., Inc. (B-/B2) (3 mo. USD Term SOFR + 4.250%) | Michaels Cos., Inc. (B-/B2) (3 mo. USD Term SOFR + 4.250%) | Michaels Cos., Inc. (B-/B2) (3 mo. USD Term SOFR + 4.250%) | Michaels Cos., Inc. (B-/B2) (3 mo. USD Term SOFR + 4.250%) |
| 1939844 | 8.184 | 04/17/28 | 1871949 |
| Mister Car Wash Holdings, Inc. (B/B2) (1 mo. USD Term SOFR + 2.500%) | Mister Car Wash Holdings, Inc. (B/B2) (1 mo. USD Term SOFR + 2.500%) | Mister Car Wash Holdings, Inc. (B/B2) (1 mo. USD Term SOFR + 2.500%) | Mister Car Wash Holdings, Inc. (B/B2) (1 mo. USD Term SOFR + 2.500%) |
| 1270734 | 6.216 | 03/27/31 | 1274368 |
| 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%) |
| 6558750 | 6.172 | 07/01/31 | 6581968 |
| Petco Health & Wellness Co., Inc. (B/B3) (3 mo. USD Term SOFR + 3.250%) | Petco Health & Wellness Co., Inc. (B/B3) (3 mo. USD Term SOFR + 3.250%) | Petco Health & Wellness Co., Inc. (B/B3) (3 mo. USD Term SOFR + 3.250%) | Petco Health & Wellness Co., Inc. (B/B3) (3 mo. USD Term SOFR + 3.250%) |
| 2009963 | 7.184 | 03/03/28 | 1987110 |
| 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 | 7.734 | 08/18/32 | 2953583 |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 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%) |
| 3055740 | 6.331% | 10/20/28 | $3009903 |
| 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%) |
| 1885678 | 9.604 | 09/04/29 | 1786379 |
| 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 | 12.602 | 11/02/28 | 2028136 |
| White Cap Buyer LLC (B/B2) (1 mo. USD Term SOFR + | White Cap Buyer LLC (B/B2) (1 mo. USD Term SOFR + | White Cap Buyer LLC (B/B2) (1 mo. USD Term SOFR + | White Cap Buyer LLC (B/B2) (1 mo. USD Term SOFR + |
| 3.250%) |  |  |  |
| 8398839 | 6.966 | 10/19/29 | 8431007 |
|  |  |  | 46677302 |
| **Technology – 3.9%** | **Technology – 3.9%** | **Technology – 3.9%** | **Technology – 3.9%** |
| 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%) |
| 2685864 | 7.066 | 12/06/27 | 2689570 |
| Cloud Software Group, Inc. (B/B1)<br> (3 mo. USD Term SOFR + 3.250%) | Cloud Software Group, Inc. (B/B1)<br> (3 mo. USD Term SOFR + 3.250%) | Cloud Software Group, Inc. (B/B1)<br> (3 mo. USD Term SOFR + 3.250%) | Cloud Software Group, Inc. (B/B1)<br> (3 mo. USD Term SOFR + 3.250%) |
| 4847850 | 6.922 | 03/21/31 | 4851631 |
| 10723125 | 6.922 | 08/13/32 | 10729881 |
| Kaseya, Inc. (B/B2) (1 mo. USD Term SOFR + 3.000%) | Kaseya, Inc. (B/B2) (1 mo. USD Term SOFR + 3.000%) | Kaseya, Inc. (B/B2) (1 mo. USD Term SOFR + 3.000%) | Kaseya, Inc. (B/B2) (1 mo. USD Term SOFR + 3.000%) |
| 7134875 | 6.716 | 03/20/32 | 7135874 |
| Kaseya, Inc. (CCC+/Caa2) (1 mo. USD Term SOFR + 5.000%) | Kaseya, Inc. (CCC+/Caa2) (1 mo. USD Term SOFR + 5.000%) | Kaseya, Inc. (CCC+/Caa2) (1 mo. USD Term SOFR + 5.000%) | Kaseya, Inc. (CCC+/Caa2) (1 mo. USD Term SOFR + 5.000%) |
| 4500000 | 8.716 | 03/18/33 | 4394070 |
| LSF12 Crown U.S. Commercial Bidco LLC (B-/B1) (1 mo. USD Term SOFR + 3.500%) | LSF12 Crown U.S. Commercial Bidco LLC (B-/B1) (1 mo. USD Term SOFR + 3.500%) | LSF12 Crown U.S. Commercial Bidco LLC (B-/B1) (1 mo. USD Term SOFR + 3.500%) | LSF12 Crown U.S. Commercial Bidco LLC (B-/B1) (1 mo. USD Term SOFR + 3.500%) |
| 7654602 | 7.373 | 12/02/31 | 7695248 |
| 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%) |
| 8332832 | 6.716 | 03/01/29 | 7663623 |
| Pitney Bowes, Inc. (BB/Ba2) (1 mo. USD Term SOFR + 3.750%) | Pitney Bowes, Inc. (BB/Ba2) (1 mo. USD Term SOFR + 3.750%) | Pitney Bowes, Inc. (BB/Ba2) (1 mo. USD Term SOFR + 3.750%) | Pitney Bowes, Inc. (BB/Ba2) (1 mo. USD Term SOFR + 3.750%) |
| 7740779 | 7.422 | 03/19/32 | 7682723 |
| 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%) |
| 8520907 | 6.608 | 07/16/31 | 8538630 |
|  |  |  | 61381250 |
| **Technology - Hardware – 0.4%** | **Technology - Hardware – 0.4%** | **Technology - Hardware – 0.4%** | **Technology - Hardware – 0.4%** |
| 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%) |
| 7086005 | 7.335 | 10/12/28 | 7086005 |
| **Technology - Software – 6.0%** | **Technology - Software – 6.0%** | **Technology - Software – 6.0%** | **Technology - Software – 6.0%** |
| 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%) |
| 5330355 | 6.172 | 02/03/31 | 5319428 |
| Aspect Software, Inc.<sup>(b)</sup> (D/NR)<sup>(c)</sup> | Aspect Software, Inc.<sup>(b)</sup> (D/NR)<sup>(c)</sup> | Aspect Software, Inc.<sup>(b)</sup> (D/NR)<sup>(c)</sup> | Aspect Software, Inc.<sup>(b)</sup> (D/NR)<sup>(c)</sup> |
| 490000 | 0.000 | 05/05/28 | 2450 |
| Aspect Software, Inc.<sup>(b)</sup> (NR/NR)<sup>(c)</sup> | Aspect Software, Inc.<sup>(b)</sup> (NR/NR)<sup>(c)</sup> | Aspect Software, Inc.<sup>(b)</sup> (NR/NR)<sup>(c)</sup> | Aspect Software, Inc.<sup>(b)</sup> (NR/NR)<sup>(c)</sup> |
| 490000 | 0.000 | 05/05/28 | 2450 |
| Avalara, Inc. (B-/B2) (3 mo. USD Term SOFR + 2.750%) | Avalara, Inc. (B-/B2) (3 mo. USD Term SOFR + 2.750%) | Avalara, Inc. (B-/B2) (3 mo. USD Term SOFR + 2.750%) | Avalara, Inc. (B-/B2) (3 mo. USD Term SOFR + 2.750%) |
| 2810893 | 6.422 | 03/26/32 | 2821040 |
| Camelot U.S. Acquisition LLC (BB-/B1) (1 mo. USD Term SOFR | Camelot U.S. Acquisition LLC (BB-/B1) (1 mo. USD Term SOFR | Camelot U.S. Acquisition LLC (BB-/B1) (1 mo. USD Term SOFR | Camelot U.S. Acquisition LLC (BB-/B1) (1 mo. USD Term SOFR |
| + 2.750%) |  |  |  |
| 2806308 | 6.466 | 01/31/31 | 2765729 |
| Clearwater Analytics LLC (BB-/B1) (6 mo. USD Term SOFR + 2.000%) | Clearwater Analytics LLC (BB-/B1) (6 mo. USD Term SOFR + 2.000%) | Clearwater Analytics LLC (BB-/B1) (6 mo. USD Term SOFR + 2.000%) | Clearwater Analytics LLC (BB-/B1) (6 mo. USD Term SOFR + 2.000%) |
| 1421438 | 6.211 | 04/21/32 | 1418779 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| Clover Holdings 2 LLC (B/B2) (1 mo. USD Term SOFR + 3.750%) | Clover Holdings 2 LLC (B/B2) (1 mo. USD Term SOFR + 3.750%) | Clover Holdings 2 LLC (B/B2) (1 mo. USD Term SOFR + 3.750%) | Clover Holdings 2 LLC (B/B2) (1 mo. USD Term SOFR + 3.750%) |
| 3515080 | 7.772% | 12/09/31 | $3511776 |
| 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%) |
| 8476455 | 7.434 | 09/29/28 | 8312266 |
| 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%) |
| 4839120 | 6.623 | 05/01/31 | 4641539 |
| Dawn Bidco LLC<sup>(b)</sup> (B-/B3) | Dawn Bidco LLC<sup>(b)</sup> (B-/B3) | Dawn Bidco LLC<sup>(b)</sup> (B-/B3) | Dawn Bidco LLC<sup>(b)</sup> (B-/B3) |
| 2700000 | 0.000 | 08/20/32 | 2690361 |
| Drake Software LLC (B-/B3) (3 mo. USD Term SOFR + 4.250%) | Drake Software LLC (B-/B3) (3 mo. USD Term SOFR + 4.250%) | Drake Software LLC (B-/B3) (3 mo. USD Term SOFR + 4.250%) | Drake Software LLC (B-/B3) (3 mo. USD Term SOFR + 4.250%) |
| 3953236 | 7.922 | 06/26/31 | 3874171 |
| 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%) |
| 3751653 | 6.216 | 05/30/31 | 3761745 |
| 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%) |
| 5178040 | 6.784 | 06/27/31 | 5173225 |
| 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%) |
| 1834828 | 6.966 | 09/27/30 | 1538962 |
| 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%) |
| 4198762 | 6.466 | 10/15/30 | 4205312 |
| 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%) |
| 7642346 | 6.590 | 12/05/31 | 7659847 |
| 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 | 8.822 | 12/06/32 | 2256527 |
| Mitchell International, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.250%) | Mitchell International, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.250%) | Mitchell International, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.250%) | Mitchell International, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.250%) |
| 4097407 | 6.966 | 06/17/31 | 4108224 |
| 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%) |
| 1038161 | 7.690 | 02/01/28 | 961970 |
| Polaris Newco LLC (CCC+/B3) | Polaris Newco LLC (CCC+/B3) | Polaris Newco LLC (CCC+/B3) | Polaris Newco LLC (CCC+/B3) |
| 4526333 | 0.000 <sup>(b)</sup> | 06/02/28 | 4358315 |
| (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%) |
| 994829 | 5.816 | 06/02/28 | 1107534 |
| 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 | 6.604 | 09/30/32 | 1451799 |
| Synechron, Inc. (B+/B1) (3 mo. USD Term SOFR + 3.750%) | Synechron, Inc. (B+/B1) (3 mo. USD Term SOFR + 3.750%) | Synechron, Inc. (B+/B1) (3 mo. USD Term SOFR + 3.750%) | Synechron, Inc. (B+/B1) (3 mo. USD Term SOFR + 3.750%) |
| 6246142 | 7.572 | 10/03/31 | 6199296 |
| 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%) |
| 8057678 | 6.338 | 02/10/31 | 8060901 |
| 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%) |
| 6604093 | 6.966 | 02/15/29 | 6613999 |
| 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%) |
| 1898865 | 6.966 | 11/26/31 | 1882250 |
|  |  |  | 94699895 |
| **Textiles – 1.2%** | **Textiles – 1.2%** | **Textiles – 1.2%** | **Textiles – 1.2%** |
| 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%) |
| 5461043 | 5.966 | 12/21/28 | 5464483 |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| **Textiles – (continued)** | **Textiles – (continued)** | **Textiles – (continued)** | **Textiles – (continued)** |
| 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%) |
| 6867044 | 5.519% | 09/12/32 | $8130676 |
| (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%) |
| 457956 | 6.922 | 09/12/32 | 461107 |
| Champ Acquisition Corp. (B/B2) (1 mo. USD Term SOFR + 4.000%) | Champ Acquisition Corp. (B/B2) (1 mo. USD Term SOFR + 4.000%) | Champ Acquisition Corp. (B/B2) (1 mo. USD Term SOFR + 4.000%) | Champ Acquisition Corp. (B/B2) (1 mo. USD Term SOFR + 4.000%) |
| 4582500 | 7.716 | 11/25/31 | 4599684 |
|  |  |  | 18655950 |
| **Transportation – 0.7%** | **Transportation – 0.7%** | **Transportation – 0.7%** | **Transportation – 0.7%** |
| 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%) |
| 1791499 | 6.966 | 01/25/29 | 1773136 |
| 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%) |
| 1342987 | 6.831 | 03/31/28 | 1325690 |
| 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%) |
| 7533082 | 7.466 | 09/25/30 | 7592744 |
|  |  |  | 10691570 |
| **Wireless Telecommunication Services – 1.1%** | **Wireless Telecommunication Services – 1.1%** | **Wireless Telecommunication Services – 1.1%** | **Wireless Telecommunication Services – 1.1%** |
| Lumen Technologies, Inc. (B+/Caa1) (1 mo. USD Term SOFR + 2.350%) | Lumen Technologies, Inc. (B+/Caa1) (1 mo. USD Term SOFR + 2.350%) | Lumen Technologies, Inc. (B+/Caa1) (1 mo. USD Term SOFR + 2.350%) | Lumen Technologies, Inc. (B+/Caa1) (1 mo. USD Term SOFR + 2.350%) |
| 8203143 | 6.181 | 04/16/29 | 8151873 |
| Voyage Digital (NZ) Ltd. (BB/NR) (3 mo. USD Term SOFR + 3.250%) | Voyage Digital (NZ) Ltd. (BB/NR) (3 mo. USD Term SOFR + 3.250%) | Voyage Digital (NZ) Ltd. (BB/NR) (3 mo. USD Term SOFR + 3.250%) | Voyage Digital (NZ) Ltd. (BB/NR) (3 mo. USD Term SOFR + 3.250%) |
| 2583961 | 7.128 | 05/11/29 | 2587191 |
| 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%) |
| 4268768 | 7.422 | 03/22/29 | 4269025 |
| 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%) |
| 700422 | 5.151 | 03/11/30 | 797520 |
| (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%) |
| 1921127 | 6.831 | 03/11/30 | 1818058 |
|  |  |  | 17623667 |
| **TOTAL BANK LOANS**<br> **(Cost $1,386,256,968)** | **TOTAL BANK LOANS**<br> **(Cost $1,386,256,968)** | **TOTAL BANK LOANS**<br> **(Cost $1,386,256,968)** | $1363563504 |
| **Corporate Obligations – 6.1%** | **Corporate Obligations – 6.1%** | **Corporate Obligations – 6.1%** | **Corporate Obligations – 6.1%** |
| **Airlines<sup>(d)(e)</sup> – 0.2%** | **Airlines<sup>(d)(e)</sup> – 0.2%** | **Airlines<sup>(d)(e)</sup> – 0.2%** | **Airlines<sup>(d)(e)</sup> – 0.2%** |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc. (B/B3) | VistaJet Malta Finance PLC/Vista Management Holding, Inc. (B/B3) | VistaJet Malta Finance PLC/Vista Management Holding, Inc. (B/B3) | VistaJet Malta Finance PLC/Vista Management Holding, Inc. (B/B3) |
| 2759000 | 7.875% | 05/01/27 | $2772960 |
| **Automotive<sup>(d)(e)</sup> – 0.1%** | **Automotive<sup>(d)(e)</sup> – 0.1%** | **Automotive<sup>(d)(e)</sup> – 0.1%** | **Automotive<sup>(d)(e)</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 | 924301 |
| **Chemicals – 0.6%** | **Chemicals – 0.6%** | **Chemicals – 0.6%** | **Chemicals – 0.6%** |
| Consolidated Energy Finance SA<sup>(d)(e)</sup> (CCC+/Caa2) | Consolidated Energy Finance SA<sup>(d)(e)</sup> (CCC+/Caa2) | Consolidated Energy Finance SA<sup>(d)(e)</sup> (CCC+/Caa2) | Consolidated Energy Finance SA<sup>(d)(e)</sup> (CCC+/Caa2) |
| 529000 | 6.500 | 05/15/26 | 509612 |
| 766000 | 5.625 | 10/15/28 | 497923 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Chemicals – (continued)** | **Chemicals – (continued)** | **Chemicals – (continued)** | **Chemicals – (continued)** |
| Inversion Escrow Issuer LLC<sup>(d)(e)</sup> (B-/B3) | Inversion Escrow Issuer LLC<sup>(d)(e)</sup> (B-/B3) | Inversion Escrow Issuer LLC<sup>(d)(e)</sup> (B-/B3) | Inversion Escrow Issuer LLC<sup>(d)(e)</sup> (B-/B3) |
| 2371000 | 6.750% | 08/01/32 | $2362180 |
| Olympus Water U.S. Holding Corp.<sup>(d)(e)</sup> (B-/B3) | Olympus Water U.S. Holding Corp.<sup>(d)(e)</sup> (B-/B3) | Olympus Water U.S. Holding Corp.<sup>(d)(e)</sup> (B-/B3) | Olympus Water U.S. Holding Corp.<sup>(d)(e)</sup> (B-/B3) |
| 4000000 | 7.250 | 06/15/31 | 4094560 |
| 2159000 | 7.250 | 02/15/33 | 2171436 |
|  |  |  | 9635711 |
| **Commercial Services<sup>(d)(e)</sup> – 0.1%** | **Commercial Services<sup>(d)(e)</sup> – 0.1%** | **Commercial Services<sup>(d)(e)</sup> – 0.1%** | **Commercial Services<sup>(d)(e)</sup> – 0.1%** |
| Verisure Midholding AB (BB-/Ba3) | Verisure Midholding AB (BB-/Ba3) | Verisure Midholding AB (BB-/Ba3) | Verisure Midholding AB (BB-/Ba3) |
| 1075000 | 5.250 | 02/15/29 | 1268317 |
| **Diversified Financial Services<sup>(d)</sup> – 0.6%** | **Diversified Financial Services<sup>(d)</sup> – 0.6%** | **Diversified Financial Services<sup>(d)</sup> – 0.6%** | **Diversified Financial Services<sup>(d)</sup> – 0.6%** |
| Ally Financial, Inc.<sup>(f)</sup> (BB-/Ba2) (7 yr. CMT + 3.481%) | Ally Financial, Inc.<sup>(f)</sup> (BB-/Ba2) (7 yr. CMT + 3.481%) | Ally Financial, Inc.<sup>(f)</sup> (BB-/Ba2) (7 yr. CMT + 3.481%) | Ally Financial, Inc.<sup>(f)</sup> (BB-/Ba2) (7 yr. CMT + 3.481%) |
| 6366000 | 4.700 | 05/15/28 | 6045217 |
| United Wholesale Mortgage LLC<sup>(e)</sup> (NR/Ba3) | United Wholesale Mortgage LLC<sup>(e)</sup> (NR/Ba3) | United Wholesale Mortgage LLC<sup>(e)</sup> (NR/Ba3) | United Wholesale Mortgage LLC<sup>(e)</sup> (NR/Ba3) |
| 3330000 | 5.500 | 04/15/29 | 3306191 |
|  |  |  | 9351408 |
| **Engineering & Construction<sup>(d)(e)</sup> – 0.2%** | **Engineering & Construction<sup>(d)(e)</sup> – 0.2%** | **Engineering & Construction<sup>(d)(e)</sup> – 0.2%** | **Engineering & Construction<sup>(d)(e)</sup> – 0.2%** |
| Global Infrastructure Solutions, Inc. (BB/B1) | Global Infrastructure Solutions, Inc. (BB/B1) | Global Infrastructure Solutions, Inc. (BB/B1) | Global Infrastructure Solutions, Inc. (BB/B1) |
| 3372000 | 7.500 | 04/15/32 | 3592428 |
| **Food & Drug Retailing<sup>(d)(e)</sup> – 0.2%** | **Food & Drug Retailing<sup>(d)(e)</sup> – 0.2%** | **Food & Drug Retailing<sup>(d)(e)</sup> – 0.2%** | **Food & Drug Retailing<sup>(d)(e)</sup> – 0.2%** |
| Froneri Lux FinCo SARL (BB-/B1) | Froneri Lux FinCo SARL (BB-/B1) | Froneri Lux FinCo SARL (BB-/B1) | Froneri Lux FinCo SARL (BB-/B1) |
| 3600000 | 6.000 | 08/01/32 | 3647988 |
| **Healthcare Providers & Services<sup>(d)(e)</sup> – 0.1%** | **Healthcare Providers & Services<sup>(d)(e)</sup> – 0.1%** | **Healthcare Providers & Services<sup>(d)(e)</sup> – 0.1%** | **Healthcare Providers & Services<sup>(d)(e)</sup> – 0.1%** |
| Global Medical Response, Inc. (B/B2) | Global Medical Response, Inc. (B/B2) | Global Medical Response, Inc. (B/B2) | Global Medical Response, Inc. (B/B2) |
| 2000000 | 7.375 | 10/01/32 | 2082400 |
| **Insurance<sup>(d)(e)</sup> – 0.0%** | **Insurance<sup>(d)(e)</sup> – 0.0%** | **Insurance<sup>(d)(e)</sup> – 0.0%** | **Insurance<sup>(d)(e)</sup> – 0.0%** |
| 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 | 431949 |
| **Internet<sup>(d)(e)</sup> – 0.3%** | **Internet<sup>(d)(e)</sup> – 0.3%** | **Internet<sup>(d)(e)</sup> – 0.3%** | **Internet<sup>(d)(e)</sup> – 0.3%** |
| ANGI Group LLC (B/B2) | ANGI Group LLC (B/B2) | ANGI Group LLC (B/B2) | ANGI Group LLC (B/B2) |
| 4485000 | 3.875 | 08/15/28 | 4145575 |
| 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 | 609253 |
|  |  |  | 4754828 |
| **Investment Companies<sup>(d)(e)</sup> – 0.2%** | **Investment Companies<sup>(d)(e)</sup> – 0.2%** | **Investment Companies<sup>(d)(e)</sup> – 0.2%** | **Investment Companies<sup>(d)(e)</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 | 3409329 |
| **Leisure Time<sup>(d)(e)</sup> – 0.1%** | **Leisure Time<sup>(d)(e)</sup> – 0.1%** | **Leisure Time<sup>(d)(e)</sup> – 0.1%** | **Leisure Time<sup>(d)(e)</sup> – 0.1%** |
| MajorDrive Holdings IV LLC (CCC-/Caa2) | MajorDrive Holdings IV LLC (CCC-/Caa2) | MajorDrive Holdings IV LLC (CCC-/Caa2) | MajorDrive Holdings IV LLC (CCC-/Caa2) |
| 2428000 | 6.375 | 06/01/29 | 1754011 |
| **Media<sup>(d)</sup> – 0.5%** | **Media<sup>(d)</sup> – 0.5%** | **Media<sup>(d)</sup> – 0.5%** | **Media<sup>(d)</sup> – 0.5%** |
| Cumulus Media New Holdings, Inc.<sup>(e)</sup> (CCC+/Caa3) | Cumulus Media New Holdings, Inc.<sup>(e)</sup> (CCC+/Caa3) | Cumulus Media New Holdings, Inc.<sup>(e)</sup> (CCC+/Caa3) | Cumulus Media New Holdings, Inc.<sup>(e)</sup> (CCC+/Caa3) |
| 3895000 | 8.000 | 07/01/29 | 1062829 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>(e)</sup> (B+/B1) | Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>(e)</sup> (B+/B1) | Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>(e)</sup> (B+/B1) | Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>(e)</sup> (B+/B1) |
| 3850000 | 10.000 | 02/15/31 | 3935508 |
| iHeartCommunications, Inc. (CCC-/Caa3) | iHeartCommunications, Inc. (CCC-/Caa3) | iHeartCommunications, Inc. (CCC-/Caa3) | iHeartCommunications, Inc. (CCC-/Caa3) |
| 1 | 8.375 | 05/01/27 | 1 |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Media<sup>(d)</sup> – (continued)** | **Media<sup>(d)</sup> – (continued)** | **Media<sup>(d)</sup> – (continued)** | **Media<sup>(d)</sup> – (continued)** |
| Sinclair Television Group, Inc.<sup>(e)</sup> (B+/B2) | Sinclair Television Group, Inc.<sup>(e)</sup> (B+/B2) | Sinclair Television Group, Inc.<sup>(e)</sup> (B+/B2) | Sinclair Television Group, Inc.<sup>(e)</sup> (B+/B2) |
| 2640000 | 8.125% | 02/15/33 | $2760542 |
|  |  |  | 7758880 |
| **Miscellaneous Manufacturing<sup>(d)</sup> – 0.0%** | **Miscellaneous Manufacturing<sup>(d)</sup> – 0.0%** | **Miscellaneous Manufacturing<sup>(d)</sup> – 0.0%** | **Miscellaneous Manufacturing<sup>(d)</sup> – 0.0%** |
| Hillenbrand, Inc. (BB/Ba1) | Hillenbrand, Inc. (BB/Ba1) | Hillenbrand, Inc. (BB/Ba1) | Hillenbrand, Inc. (BB/Ba1) |
| 922000 | 3.750 | 03/01/31 | 922793 |
| **Oil Field Services<sup>(d)</sup> – 0.6%** | **Oil Field Services<sup>(d)</sup> – 0.6%** | **Oil Field Services<sup>(d)</sup> – 0.6%** | **Oil Field Services<sup>(d)</sup> – 0.6%** |
| DBR Land Holdings LLC<sup>(e)</sup> (BB-/B1) | DBR Land Holdings LLC<sup>(e)</sup> (BB-/B1) | DBR Land Holdings LLC<sup>(e)</sup> (BB-/B1) | DBR Land Holdings LLC<sup>(e)</sup> (BB-/B1) |
| 3425000 | 6.250 | 12/01/30 | 3498843 |
| Kosmos Energy Ltd.<sup>(e)</sup> (CCC+/Caa3u) | Kosmos Energy Ltd.<sup>(e)</sup> (CCC+/Caa3u) | Kosmos Energy Ltd.<sup>(e)</sup> (CCC+/Caa3u) | Kosmos Energy Ltd.<sup>(e)</sup> (CCC+/Caa3u) |
| 698000 | 7.750 | 05/01/27 | 638670 |
| Noble Finance II LLC<sup>(e)</sup> (BB-/B1) | Noble Finance II LLC<sup>(e)</sup> (BB-/B1) | Noble Finance II LLC<sup>(e)</sup> (BB-/B1) | Noble Finance II LLC<sup>(e)</sup> (BB-/B1) |
| 1880000 | 8.000 | 04/15/30 | 1954091 |
| Sunoco LP<sup>(e)</sup> (BB+/Ba1) | Sunoco LP<sup>(e)</sup> (BB+/Ba1) | Sunoco LP<sup>(e)</sup> (BB+/Ba1) | Sunoco LP<sup>(e)</sup> (BB+/Ba1) |
| 880000 | 7.250 | 05/01/32 | 929527 |
| 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 | 1391783 |
| Western Midstream Operating LP<sup>(e)</sup> (BBB-/Baa3) | Western Midstream Operating LP<sup>(e)</sup> (BBB-/Baa3) | Western Midstream Operating LP<sup>(e)</sup> (BBB-/Baa3) | Western Midstream Operating LP<sup>(e)</sup> (BBB-/Baa3) |
| 1770000 | 7.250 | 04/01/30 | 1888165 |
|  |  |  | 10301079 |
| **Pharmaceuticals<sup>(d)(e)</sup> – 0.6%** | **Pharmaceuticals<sup>(d)(e)</sup> – 0.6%** | **Pharmaceuticals<sup>(d)(e)</sup> – 0.6%** | **Pharmaceuticals<sup>(d)(e)</sup> – 0.6%** |
| 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 | 2120422 |
| Opal Bidco SAS (B+/B1) | Opal Bidco SAS (B+/B1) | Opal Bidco SAS (B+/B1) | Opal Bidco SAS (B+/B1) |
| 7045000 | 6.500 | 03/31/32 | 7216194 |
|  |  |  | 9336616 |
| **Pipelines<sup>(d)</sup> – 0.9%** | **Pipelines<sup>(d)</sup> – 0.9%** | **Pipelines<sup>(d)</sup> – 0.9%** | **Pipelines<sup>(d)</sup> – 0.9%** |
| Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(e)</sup> (BB-/B2) | Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(e)</sup> (BB-/B2) | Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(e)</sup> (BB-/B2) | Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(e)</sup> (BB-/B2) |
| 6815000 | 7.375 | 06/30/33 | 6955389 |
| Plains All American Pipeline LP<sup>(f)</sup> (BB+/Ba1) (3 mo. USD Term SOFR + 4.372%) | Plains All American Pipeline LP<sup>(f)</sup> (BB+/Ba1) (3 mo. USD Term SOFR + 4.372%) | Plains All American Pipeline LP<sup>(f)</sup> (BB+/Ba1) (3 mo. USD Term SOFR + 4.372%) | Plains All American Pipeline LP<sup>(f)</sup> (BB+/Ba1) (3 mo. USD Term SOFR + 4.372%) |
| 6695000 | 8.223 | 01/30/26 | 6702030 |
|  |  |  | 13657419 |
| **Real Estate<sup>(d)(e)</sup> – 0.2%** | **Real Estate<sup>(d)(e)</sup> – 0.2%** | **Real Estate<sup>(d)(e)</sup> – 0.2%** | **Real Estate<sup>(d)(e)</sup> – 0.2%** |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. (CCC+/Caa2) | Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. (CCC+/Caa2) | Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. (CCC+/Caa2) | Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. (CCC+/Caa2) |
| 2885000 | 5.250 | 04/15/30 | 2676674 |
| **Real Estate Investment Trust<sup>(d)(e)(g)</sup> – 0.0%** | **Real Estate Investment Trust<sup>(d)(e)(g)</sup> – 0.0%** | **Real Estate Investment Trust<sup>(d)(e)(g)</sup> – 0.0%** | **Real Estate Investment Trust<sup>(d)(e)(g)</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 | 140087 |
| **Software<sup>(d)</sup> – 0.4%** | **Software<sup>(d)</sup> – 0.4%** | **Software<sup>(d)</sup> – 0.4%** | **Software<sup>(d)</sup> – 0.4%** |
| AthenaHealth Group, Inc.<sup>(e)</sup> (CCC/Caa2) | AthenaHealth Group, Inc.<sup>(e)</sup> (CCC/Caa2) | AthenaHealth Group, Inc.<sup>(e)</sup> (CCC/Caa2) | AthenaHealth Group, Inc.<sup>(e)</sup> (CCC/Caa2) |
| 4090000 | 6.500 | 02/15/30 | 4091391 |
| Castle U.S. Holding Corp.<sup>(e)</sup> (CCC-/Ca) | Castle U.S. Holding Corp.<sup>(e)</sup> (CCC-/Ca) | Castle U.S. Holding Corp.<sup>(e)</sup> (CCC-/Ca) | Castle U.S. Holding Corp.<sup>(e)</sup> (CCC-/Ca) |
| 3608000 | 10.000 | 06/30/31 | 530123 |
| X.AI LLC/X.AI Co. Issuer Corp. (NR/NR) | X.AI LLC/X.AI Co. Issuer Corp. (NR/NR) | X.AI LLC/X.AI Co. Issuer Corp. (NR/NR) | X.AI LLC/X.AI Co. Issuer Corp. (NR/NR) |
| 1000000 | 12.500 | 06/30/30 | 1066250 |
|  |  |  | 5687764 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Transportation<sup>(d)(e)</sup> – 0.2%** | **Transportation<sup>(d)(e)</sup> – 0.2%** | **Transportation<sup>(d)(e)</sup> – 0.2%** | **Transportation<sup>(d)(e)</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 | $2820017 |
| **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $100,292,770)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $100,292,770)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $100,292,770)** | $96926959 |
| **Asset-Backed Securities<sup>(d)(e)(f)</sup> – 1.3%** | **Asset-Backed Securities<sup>(d)(e)(f)</sup> – 1.3%** | **Asset-Backed Securities<sup>(d)(e)(f)</sup> – 1.3%** | **Asset-Backed Securities<sup>(d)(e)(f)</sup> – 1.3%** |
| **Collateralized Loan Obligations – 1.3%** | **Collateralized Loan Obligations – 1.3%** | **Collateralized Loan Obligations – 1.3%** | **Collateralized Loan Obligations – 1.3%** |
| 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 | $2488985 |
| 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 | 9.665 | 07/20/38 | 3957088 |
| 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 | 8.730 | 10/17/38 | 2503027 |
| 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 | 3009105 |
| 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 | 7.783 | 08/16/34 | 4895056 |
| THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (BBB-/NR) (3 mo. USD Term SOFR + 3.982%) | THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (BBB-/NR) (3 mo. USD Term SOFR + 3.982%) | THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (BBB-/NR) (3 mo. USD Term SOFR + 3.982%) | THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (BBB-/NR) (3 mo. USD Term SOFR + 3.982%) |
| 4000000 | 7.866 | 04/18/36 | 4005892 |
| **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $20,811,000)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $20,811,000)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $20,811,000)** | $20859153 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 0.5%** | **Common Stocks – 0.5%** |  |
| **Aerospace & Defense<sup>(h)</sup> – 0.2%** | **Aerospace & Defense<sup>(h)</sup> – 0.2%** |  |
| 204620 | Swissport Ltd. | $3687118 |
| **Health Care Providers & Services<sup>(c)(h)</sup> – 0.1%** | **Health Care Providers & Services<sup>(c)(h)</sup> – 0.1%** |  |
| 50617 | New Trojan/Careismatic | 1417276 |
| **IT Services<sup>(h)</sup> – 0.0%** | **IT Services<sup>(h)</sup> – 0.0%** |  |
| 11094 | DSG TopCo, Inc. | 18494 |
| **Media<sup>(h)</sup> – 0.0%** | **Media<sup>(h)</sup> – 0.0%** |  |
| 8495 | Audacy Capital Corp. Class B | 55217 |
| 77495 | Audacy Capital LLC Class A | 258291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162749 | Bright Pattern Holdco<sup>(c)</sup> | 163 |
| 58315 | Clear Channel Outdoor Holdings, Inc. | 128876 |
|  |  | 442547 |
| **Real Estate Investment Trusts – 0.1%** | **Real Estate Investment Trusts – 0.1%** |  |
| 29951 | Luxco Co. Ltd. | 527483 |
| **Software<sup>(c)(h)</sup> – 0.0%** | **Software<sup>(c)(h)</sup> – 0.0%** |  |
| 229 | Travelport LLC |  |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

*December 31, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Specialty Retail<sup>(c)(h)</sup> – 0.1%** | **Specialty Retail<sup>(c)(h)</sup> – 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9541 | Neiman Marcus Group Ltd. LLC | $1192625 |
| **TOTAL COMMON STOCKS**<br> **(Cost $17,955,277)** | **TOTAL COMMON STOCKS**<br> **(Cost $17,955,277)** | $7285543 |
| **Units** | **Expiration**<br> **Date** | **Value** |
| **Rights – 0.1%** | **Rights – 0.1%** |  |
| **Media – 0.1%** | **Media – 0.1%** |  |
| Cineworld Group PLC (NR/NR) | Cineworld Group PLC (NR/NR) | Cineworld Group PLC (NR/NR) |
| 63702 | 12/31/99 | $1194408 |
| **(Cost $962,522)** | **(Cost $962,522)** |  |
| **Warrants – 0.0%** | **Warrants – 0.0%** | **Warrants – 0.0%** |
| Aspect Software, Inc. (NR/NR)<sup>(c)(h)</sup> | Aspect Software, Inc. (NR/NR)<sup>(c)(h)</sup> | Aspect Software, Inc. (NR/NR)<sup>(c)(h)</sup> |
| 162749 | 12/31/99 | $163 |
| New Trojan/Careismatic (NR/NR)<sup>(h)</sup> | New Trojan/Careismatic (NR/NR)<sup>(h)</sup> | New Trojan/Careismatic (NR/NR)<sup>(h)</sup> |
| 5698 | 12/31/99 |  |
| Noble Corp. PLC (NR/NR) | Noble Corp. PLC (NR/NR) | Noble Corp. PLC (NR/NR) |
| 6346 | 02/04/28 | 81969 |
| **(Cost $15,865)** | **(Cost $15,865)** |  |
| **TOTAL WARRANTS**<br> **(Cost $1,115,865)** | **TOTAL WARRANTS**<br> **(Cost $1,115,865)** | $82132 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Preferred Stocks<sup>(c)(h)</sup> – 0.0%** | **Preferred Stocks<sup>(c)(h)</sup> – 0.0%** |  |
| **Post Secondary Education – 0.0%** | **Post Secondary Education – 0.0%** |  |
| Travelport LLC | Travelport LLC | Travelport LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | 0.000% | $— |
| **(Cost $163,000)** | **(Cost $163,000)** |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – 2.2%** | **Exchange Traded Funds – 2.2%** |  |
| 40519 | Eaton Vance Senior Floating-Rate Trust (NR/NR) | $451382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603013 | Eldridge BBB-B CLO ETF (NR/NR) | 15967784 |
| 439106 | State Street Blackstone Senior Loan ETF (NR/NR) | 18121905 |
| **TOTAL EXCHANGE TRADED FUNDS**<br> **(Cost $34,477,990)** | **TOTAL EXCHANGE TRADED FUNDS**<br> **(Cost $34,477,990)** | $34541071 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22344 | 3.686% | $22344 |
| **(Cost $22,344)** | **(Cost $22,344)** |  |
| **TOTAL INVESTMENTS – 96.4%**<br> **(Cost $1,562,057,736)** | **TOTAL INVESTMENTS – 96.4%**<br> **(Cost $1,562,057,736)** | $1524475114 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 3.6%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 3.6%** | $57713470 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $1582188584 |

---

---

| | |
|:---|:---|
| 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 December 31, 2025. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the Secured Overnight Financing Rate ("SOFR"), and secondarily the prime rate offered by one or more major United States banks (the "Prime Rate") and the certificate of deposit ("CD") rate or other base lending rates used by commercial lenders. |
| (b) | This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate. |
| (c) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3. |
| (d) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (e) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (f) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2025. |
| (g) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (h) | Security is currently in default and/or non-income producing. |
| (i) | Represents an affiliated issuer. |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**UNFUNDED LOAN COMMITMENTS** — At December 31, 2025, 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/NR), due 12/11/31 | $541822 | $543177 | $1355 |
|  Kaman Corp. (NR/B2), due 02/26/32 | 913741 | 911951 | 3054 |
|  **TOTAL** |  |  | $4409 |

---

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At December 31, 2025, the Fund had the following forward foreign currency exchange contracts:

**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 | USD | 48182880 | EUR | 41088863 | 02/25/26 | $(228535) |

---

**FUTURES CONTRACTS** — At December 31, 2025, 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:** |  |  |  |  |
|  5 Year U.S. Treasury Notes | 243 | 03/31/26 | $26561039 | $(55934) |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | (219) | 03/20/26 | (24623813) | 178958 |
|  2 Year U.S. Treasury Notes | (118) | 03/31/26 | (24637109) | 14248 |
|  **Total** |  |  |  | $193206 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $137272 |

---

**SWAP CONTRACTS** — At December 31, 2025, the Fund had the following swap contracts:

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced**<br> **Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>December 31,<br>2025<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:** |  |  |
|  CDX.NA.HY Index 45 | 5.000% | 3.168% | 12/20/30 | $66541 | $5149892 | $4743377 | $406515 |

---

(a) Payments made quarterly.

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

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

---

| | |
|:---|:---|
| **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 |
| 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;

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

## Schedule of Investments
*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – 89.3%** | **Corporate Obligations – 89.3%** | **Corporate Obligations – 89.3%** | **Corporate Obligations – 89.3%** |
| **Aerospace & Defense – 3.8%** | **Aerospace & Defense – 3.8%** | **Aerospace & Defense – 3.8%** | **Aerospace & Defense – 3.8%** |
| Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
| 1500000 | 2.196 %<sup>(a)</sup> | 02/04/26 | $1497210 |
| 1950000 | 3.450 <sup>(a)</sup> | 11/01/28 | 1909050 |
| 5577000 | 2.950 <sup>(a)</sup> | 02/01/30 | 5285100 |
| 431000 | 5.150 <sup>(a)</sup> | 05/01/30 | 442870 |
| 3750000 | 3.600 <sup>(a)</sup> | 05/01/34 | 3408825 |
| 1679000 | 6.528 <sup>(a)</sup> | 05/01/34 | 1857410 |
| 1375000 | 3.250 <sup>(a)</sup> | 02/01/35 | 1203881 |
| 500000 | 3.550 <sup>(a)</sup> | 03/01/38 | 421060 |
| 2827000 | 5.875 | 02/15/40 | 2914156 |
| 1306000 | 3.375 <sup>(a)</sup> | 06/15/46 | 923538 |
| 575000 | 3.625 <sup>(a)</sup> | 03/01/48 | 410073 |
| 900000 | 3.850 <sup>(a)</sup> | 11/01/48 | 662967 |
| 1551000 | 6.858 <sup>(a)</sup> | 05/01/54 | 1740625 |
| 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 | 833659 |
| 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 | 823069 |
| RTX Corp.<sup>(a)</sup> | RTX Corp.<sup>(a)</sup> | RTX Corp.<sup>(a)</sup> | RTX Corp.<sup>(a)</sup> |
| 1975000 | 4.125 | 11/16/28 | 1981320 |
|  |  |  | 26314813 |
| **Agriculture<sup>(a)</sup> – 2.9%** | **Agriculture<sup>(a)</sup> – 2.9%** | **Agriculture<sup>(a)</sup> – 2.9%** | **Agriculture<sup>(a)</sup> – 2.9%** |
| Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
| 975000 | 4.800 | 02/14/29 | 991770 |
| 1880000 | 5.250 | 08/06/35 | 1902823 |
| BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
| 1125000 | 3.215 | 09/06/26 | 1118385 |
| 200000 | 3.557 | 08/15/27 | 198456 |
| 1350000 | 2.259 | 03/25/28 | 1299281 |
| 6900000 | 5.834 | 02/20/31 | 7321038 |
| 545000 | 4.625 | 03/22/33 | 541245 |
| 650000 | 5.625 | 08/15/35 | 677320 |
| BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC |
| 4575000 | 5.931 | 02/02/29 | 4801325 |
| 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 | 1263382 |
|  |  |  | 20115025 |
| **Airlines – 0.6%** | **Airlines – 0.6%** | **Airlines – 0.6%** | **Airlines – 0.6%** |
| 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 | 579399 |
| 1559000 | 4.900 | 11/11/39 | 1547370 |
| 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 | 1716910 |
|  |  |  | 3843679 |
| **Automotive<sup>(a)</sup> – 4.7%** | **Automotive<sup>(a)</sup> – 4.7%** | **Automotive<sup>(a)</sup> – 4.7%** | **Automotive<sup>(a)</sup> – 4.7%** |
| 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 | 5774063 |
| 586000 | 5.850 | 05/17/27 | 594866 |
| General Motors Co. | General Motors Co. | General Motors Co. | General Motors Co. |
| 2925000 | 6.800 | 10/01/27 | 3043755 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 5315000 | 5.250 | 03/01/26 | 5319039 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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. – (continued) | General Motors Financial Co., Inc. – (continued) | General Motors Financial Co., Inc. – (continued) | General Motors Financial Co., Inc. – (continued) |
| 2575000 | 1.500% | 06/10/26 | $2544074 |
| 4750000 | 5.000 | 04/09/27 | 4800730 |
| 400000 | 2.700 | 08/20/27 | 391032 |
| 775000 | 3.850 | 01/05/28 | 770838 |
| 1705000 | 5.850 | 04/06/30 | 1791648 |
| 3245000 | 5.450 | 07/15/30 | 3370160 |
| 266000 | 5.750 | 02/08/31 | 279792 |
| 1088000 | 3.100 | 01/12/32 | 991897 |
| 449000 | 5.950 | 04/04/34 | 470319 |
| 351000 | 5.450 | 09/06/34 | 356174 |
| 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 | 1490861 |
| 440000 | 4.500 | 09/18/30 | 439292 |
|  |  |  | 32428540 |
| **Banks – 20.9%** | **Banks – 20.9%** | **Banks – 20.9%** | **Banks – 20.9%** |
| Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
| 1200000 | 5.565 | 01/17/30 | 1249680 |
| 1600000 | 6.921 | 08/08/33 | 1773712 |
| (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 | 366540 |
| 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 | 3655784 |
| (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 | 956684 |
| (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 | 5346091 |
| (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 | 1958229 |
| (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 | 900688 |
| (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 | 617018 |
| (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 | 1683864 |
| (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 | 1239464 |
| (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 | 2456072 |
| (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 | 3631956 |
| 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 | 3.700 | 03/20/26 | 517977 |
| 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 | 1379040 |
| Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC |
| 1375000 | 5.200 | 05/12/26 | 1378877 |
| 6625000 | 4.836 <sup>(a)</sup> | 05/09/28 | 6676012 |
| (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 | 1613699 |
| (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 | 1156679 |
| (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 | 1293070 |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

## Schedule of Investments (continued)
*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| BNP Paribas SA<sup>(a)(b)(c)</sup> | BNP Paribas SA<sup>(a)(b)(c)</sup> | BNP Paribas SA<sup>(a)(b)(c)</sup> | BNP Paribas SA<sup>(a)(b)(c)</sup> |
| (1 yr. CMT + 1.500%) | (1 yr. CMT + 1.500%) | (1 yr. CMT + 1.500%) | (1 yr. CMT + 1.500%) |
| 1680000 | 5.335% | 06/12/29 | $1724285 |
| (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 | 350431 |
| (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 | 1326778 |
| 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 | 1361070 |
| 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 | 1521540 |
| 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 + 1.825%) | (3 mo. USD Term SOFR + 1.825%) | (3 mo. USD Term SOFR + 1.825%) | (3 mo. USD Term SOFR + 1.825%) |
| 1973000 | 3.887 | 01/10/28 | 1969232 |
| (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 | 1407304 |
| (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 | 835810 |
| (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 | 1500084 |
| (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 | 709625 |
| (5 yr. CMT + 3.417%) | (5 yr. CMT + 3.417%) | (5 yr. CMT + 3.417%) | (5 yr. CMT + 3.417%) |
| 1568000 | 3.875 | 02/18/26 | 1563312 |
| (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 | 3033167 |
| (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 | 976108 |
| (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 | 1791158 |
| (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 | 674831 |
| Citizens Financial Group, Inc.<sup>(a)(c)</sup> | Citizens Financial Group, Inc.<sup>(a)(c)</sup> | Citizens Financial Group, Inc.<sup>(a)(c)</sup> | Citizens Financial Group, Inc.<sup>(a)(c)</sup> |
| (Secured Overnight Financing Rate + 1.259%) | (Secured Overnight Financing Rate + 1.259%) | (Secured Overnight Financing Rate + 1.259%) | (Secured Overnight Financing Rate + 1.259%) |
| 440000 | 5.253 | 03/05/31 | 451862 |
| (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 | 3207809 |
| Fifth Third Bancorp<sup>(a)(c)</sup> | Fifth Third Bancorp<sup>(a)(c)</sup> | Fifth Third Bancorp<sup>(a)(c)</sup> | Fifth Third Bancorp<sup>(a)(c)</sup> |
| (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 | 794794 |
| (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 | 319011 |
| First Horizon Corp.<sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.766%) | First Horizon Corp.<sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.766%) | First Horizon Corp.<sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.766%) | First Horizon Corp.<sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.766%) |
| 580000 | 5.514 | 03/07/31 | 599291 |
| HSBC Bank USA NA | HSBC Bank USA NA | HSBC Bank USA NA | HSBC Bank USA NA |
| 800000 | 5.625 | 08/15/35 | 833384 |
| HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
| 600000 | 7.625 | 05/17/32 | 669588 |
| Huntington Bancshares, Inc.<sup>(a)(c)</sup> | Huntington Bancshares, Inc.<sup>(a)(c)</sup> | Huntington Bancshares, Inc.<sup>(a)(c)</sup> | Huntington Bancshares, Inc.<sup>(a)(c)</sup> |
| (5 yr. CMT + 1.700%) | (5 yr. CMT + 1.700%) | (5 yr. CMT + 1.700%) | (5 yr. CMT + 1.700%) |
| 185000 | 6.141 | 11/18/39 | 192907 |
| (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 | 1636984 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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> – (continued) | Huntington Bancshares, Inc.<sup>(a)(c)</sup> – (continued) | Huntington Bancshares, Inc.<sup>(a)(c)</sup> – (continued) | Huntington Bancshares, Inc.<sup>(a)(c)</sup> – (continued) |
| (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 | $2807141 |
| (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 | 3182987 |
| 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 | 1714339 |
| (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 | 1671516 |
| 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 | 785514 |
| (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 | 3445709 |
| (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 | 1003516 |
| (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 | 1497511 |
| (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 | 1627500 |
| (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 | 3440983 |
| 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 | 346784 |
| 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 | 892610 |
| (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 | 1237716 |
| (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 | 636070 |
| (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 | 1696870 |
| (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 | 3568814 |
| 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 | 1885940 |
| Morgan Stanley<sup>(a)(c)</sup> | Morgan Stanley<sup>(a)(c)</sup> | Morgan Stanley<sup>(a)(c)</sup> | Morgan Stanley<sup>(a)(c)</sup> |
| 2720000 | 3.971 | 07/22/38 | 2448517 |
| (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 | 1249844 |
| (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 | 637268 |
| (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 | 1682128 |
| (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 | 6589320 |
| (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 | 1627488 |
| 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 | 1672407 |
| 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 | 389918 |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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 + 1.599%) | 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 | $1211161 |
| 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 | 2057970 |
| 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> | 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%) | (3 mo. USD Term SOFR + 1.400%) |
| 325000 | 3.823 | 11/03/28 | 322920 |
| (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 | 420260 |
| Shinhan Bank Co. Ltd.<sup>(b)</sup> | 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 | 263154 |
| 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 | 1421310 |
| 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 | 697954 |
| Truist Financial Corp.<sup>(a)(c)</sup> | 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 + 1.620%) | (Secured Overnight Financing Rate + 1.620%) | (Secured Overnight Financing Rate + 1.620%) | (Secured Overnight Financing Rate + 1.620%) |
| 837000 | 5.435 | 01/24/30 | 866454 |
| (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 | 2958087 |
| (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 | 1121560 |
| 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 | 1309707 |
| UBS Group AG<sup>(a)(b)</sup> | UBS Group AG<sup>(a)(b)</sup> | UBS Group AG<sup>(a)(b)</sup> | UBS Group AG<sup>(a)(b)</sup> |
| 3347000 | 4.282 | 01/09/28 | 3352020 |
| (5 yr. CMT + 4.758%) | (5 yr. CMT + 4.758%) | (5 yr. CMT + 4.758%) | (5 yr. CMT + 4.758%) |
| 405000 | 9.250 <sup>(c)</sup> | 11/13/33 | 475178 |
| (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 | 1396060 |
| (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 | 1168763 |
| (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 | 639883 |
| 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> |
| (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%) |
| 498000 | 3.584 | 05/22/28 | 494678 |
| (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 | 1375584 |
| (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 | 1316242 |
| (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 | 2415596 |
| Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
| 824000 | 5.950 | 08/26/36 | 879175 |
|  |  |  | 143203627 |
| **Beverages – 1.3%** | **Beverages – 1.3%** | **Beverages – 1.3%** | **Beverages – 1.3%** |
| Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |
| 180000 | 8.200 | 01/15/39 | 232267 |
| Bacardi Ltd.<sup>(a)(b)</sup> | Bacardi Ltd.<sup>(a)(b)</sup> | Bacardi Ltd.<sup>(a)(b)</sup> | Bacardi Ltd.<sup>(a)(b)</sup> |
| 2275000 | 4.700 | 05/15/28 | 2290970 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Beverages – (continued)** | **Beverages – (continued)** | **Beverages – (continued)** | **Beverages – (continued)** |
| Bacardi Ltd.<sup>(a)(b)</sup> – (continued) | Bacardi Ltd.<sup>(a)(b)</sup> – (continued) | Bacardi Ltd.<sup>(a)(b)</sup> – (continued) | Bacardi Ltd.<sup>(a)(b)</sup> – (continued) |
| 700000 | 5.300% | 05/15/48 | $623693 |
| 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> | Bacardi Ltd./Bacardi-Martini BV<sup>(a)(b)</sup> |
| 1475000 | 5.900 | 06/15/43 | 1436989 |
| Constellation Brands, Inc.<sup>(a)</sup> | Constellation Brands, Inc.<sup>(a)</sup> | Constellation Brands, Inc.<sup>(a)</sup> | Constellation Brands, Inc.<sup>(a)</sup> |
| 450000 | 4.350 | 05/09/27 | 451764 |
| 350000 | 4.650 | 11/15/28 | 354809 |
| 455000 | 4.800 | 01/15/29 | 462130 |
| 477000 | 4.800 | 05/01/30 | 484866 |
| JDE Peet's NV<sup>(a)(b)</sup> | JDE Peet's NV<sup>(a)(b)</sup> | JDE Peet's NV<sup>(a)(b)</sup> | JDE Peet's NV<sup>(a)(b)</sup> |
| 1970000 | 2.250 | 09/24/31 | 1712048 |
| 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 | 962116 |
|  |  |  | 9011652 |
| **Biotechnology<sup>(a)</sup> – 0.2%** | **Biotechnology<sup>(a)</sup> – 0.2%** | **Biotechnology<sup>(a)</sup> – 0.2%** | **Biotechnology<sup>(a)</sup> – 0.2%** |
| Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
| 739000 | 2.200 | 09/02/30 | 670206 |
| 761000 | 5.400 | 09/02/34 | 779622 |
|  |  |  | 1449828 |
| **Building Materials<sup>(a)</sup> – 0.1%** | **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. | Carlisle Cos., Inc. | Carlisle Cos., Inc. |
| 425000 | 5.550 | 09/15/40 | 430342 |
| Owens Corning | Owens Corning | Owens Corning | Owens Corning |
| 422000 | 5.950 | 06/15/54 | 428140 |
|  |  |  | 858482 |
| **Chemicals<sup>(a)</sup> – 0.4%** | **Chemicals<sup>(a)</sup> – 0.4%** | **Chemicals<sup>(a)</sup> – 0.4%** | **Chemicals<sup>(a)</sup> – 0.4%** |
| Celanese U.S. Holdings LLC<sup>(d)</sup> | Celanese U.S. Holdings LLC<sup>(d)</sup> | Celanese U.S. Holdings LLC<sup>(d)</sup> | Celanese U.S. Holdings LLC<sup>(d)</sup> |
| 446000 | 6.850 | 11/15/28 | 466543 |
| DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | DuPont de Nemours, Inc. |
| 76000 | 5.319 | 11/15/38 | 76202 |
| 167000 | 5.419 | 11/15/48 | 159031 |
| Huntsman International LLC | Huntsman International LLC | Huntsman International LLC | Huntsman International LLC |
| 1032000 | 4.500 | 05/01/29 | 987211 |
| 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> |
| 190000 | 2.300 | 11/01/30 | 171371 |
| LYB International Finance BV | LYB International Finance BV | LYB International Finance BV | LYB International Finance BV |
| 650000 | 4.875 | 03/15/44 | 540676 |
| Sherwin-Williams Co. | Sherwin-Williams Co. | Sherwin-Williams Co. | Sherwin-Williams Co. |
| 475000 | 4.000 | 12/15/42 | 391533 |
|  |  |  | 2792567 |
| **Commercial Services – 1.1%** | **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> | Ashtead Capital, Inc.<sup>(a)(b)</sup> |
| 925000 | 1.500 | 08/12/26 | 908627 |
| 525000 | 2.450 | 08/12/31 | 468179 |
| 456000 | 5.800 | 04/15/34 | 478171 |
| DP World Ltd. | DP World Ltd. | DP World Ltd. | DP World Ltd. |
| 360000 | 5.625 | 09/25/48 | 354262 |
| Global Payments, Inc.<sup>(a)</sup> | Global Payments, Inc.<sup>(a)</sup> | Global Payments, Inc.<sup>(a)</sup> | Global Payments, Inc.<sup>(a)</sup> |
| 1150000 | 4.450 | 06/01/28 | 1149839 |
| 1020000 | 5.550 | 11/15/35 | 1014471 |
| GXO Logistics, Inc.<sup>(a)</sup> | GXO Logistics, Inc.<sup>(a)</sup> | GXO Logistics, Inc.<sup>(a)</sup> | GXO Logistics, Inc.<sup>(a)</sup> |
| 2573000 | 2.650 | 07/15/31 | 2317244 |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| GXO Logistics, Inc.<sup>(a)</sup> – (continued) | GXO Logistics, Inc.<sup>(a)</sup> – (continued) | GXO Logistics, Inc.<sup>(a)</sup> – (continued) | GXO Logistics, Inc.<sup>(a)</sup> – (continued) |
| 887000 | 6.500% | 05/06/34 | $958528 |
|  |  |  | 7649321 |
| **Computers – 0.6%** | **Computers – 0.6%** | **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> | Dell International LLC/EMC Corp.<sup>(a)</sup> |
| 1325000 | 4.900 | 10/01/26 | 1331201 |
| Dell, Inc. | Dell, Inc. | Dell, Inc. | Dell, Inc. |
| 2075000 | 7.100 | 04/15/28 | 2203961 |
| Hewlett Packard Enterprise Co.<sup>(a)</sup> | 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 | 104206 |
| NetApp, Inc.<sup>(a)</sup> | NetApp, Inc.<sup>(a)</sup> | NetApp, Inc.<sup>(a)</sup> | NetApp, Inc.<sup>(a)</sup> |
| 705000 | 5.500 | 03/17/32 | 733461 |
|  |  |  | 4372829 |
| **Diversified Financial Services – 4.6%** | **Diversified Financial Services – 4.6%** | **Diversified Financial Services – 4.6%** | **Diversified Financial Services – 4.6%** |
| 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> |
| 725000 | 6.450 | 04/15/27 | 744966 |
| 4025000 | 4.625 | 10/15/27 | 4059575 |
| 775000 | 3.000 | 10/29/28 | 751378 |
| 920000 | 5.375 | 12/15/31 | 954693 |
| Air Lease Corp.<sup>(a)</sup> | Air Lease Corp.<sup>(a)</sup> | Air Lease Corp.<sup>(a)</sup> | Air Lease Corp.<sup>(a)</sup> |
| 2450000 | 3.750 | 06/01/26 | 2444414 |
| 325000 | 3.625 | 04/01/27 | 322589 |
| Aircastle Ltd./Aircastle Ireland DAC<sup>(a)(b)</sup> | Aircastle Ltd./Aircastle Ireland DAC<sup>(a)(b)</sup> | Aircastle Ltd./Aircastle Ireland DAC<sup>(a)(b)</sup> | Aircastle Ltd./Aircastle Ireland DAC<sup>(a)(b)</sup> |
| 478000 | 5.250 | 03/15/30 | 488038 |
| 695000 | 5.000 | 09/15/30 | 701137 |
| Ally Financial, Inc.<sup>(a)</sup> | Ally Financial, Inc.<sup>(a)</sup> | Ally Financial, Inc.<sup>(a)</sup> | Ally Financial, Inc.<sup>(a)</sup> |
| 2610000 | 4.750 | 06/09/27 | 2631924 |
| 1575000 | 2.200 | 11/02/28 | 1490013 |
| (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 | 417126 |
| Aviation Capital Group LLC<sup>(a)(b)</sup> | Aviation Capital Group LLC<sup>(a)(b)</sup> | Aviation Capital Group LLC<sup>(a)(b)</sup> | Aviation Capital Group LLC<sup>(a)(b)</sup> |
| 655000 | 5.375 | 07/15/29 | 670635 |
| Avolon Holdings Funding Ltd.<sup>(a)(b)</sup> | Avolon Holdings Funding Ltd.<sup>(a)(b)</sup> | Avolon Holdings Funding Ltd.<sup>(a)(b)</sup> | Avolon Holdings Funding Ltd.<sup>(a)(b)</sup> |
| 1450000 | 3.250 | 02/15/27 | 1433571 |
| 1675000 | 4.950 | 10/15/32 | 1658803 |
| Capital One Financial Corp.<sup>(a)</sup> | Capital One Financial Corp.<sup>(a)</sup> | Capital One Financial Corp.<sup>(a)</sup> | Capital One Financial Corp.<sup>(a)</sup> |
| 1750000 | 4.100 | 02/09/27 | 1751085 |
| (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 <sup>(c)</sup> | 07/26/35 | 2236010 |
| (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 <sup>(c)</sup> | 01/30/36 | 449449 |
| (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 <sup>(c)</sup> | 07/26/30 | 1640069 |
| (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 <sup>(c)</sup> | 10/30/31 | 1316287 |
| Intercontinental Exchange, Inc.<sup>(a)</sup> | Intercontinental Exchange, Inc.<sup>(a)</sup> | Intercontinental Exchange, Inc.<sup>(a)</sup> | Intercontinental Exchange, Inc.<sup>(a)</sup> |
| 350000 | 3.625 | 09/01/28 | 347543 |
| 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> |
| 1220000 | 6.200 | 04/14/34 | 1288052 |
| 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> |
| 1267000 | 5.200 | 03/27/28 | 1286195 |
| 135000 | 6.400 | 03/26/29 | 141394 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
| 2375000 | 1.653% | 07/14/26 | $2344837 |
|  |  |  | 31569783 |
| **Electrical – 4.1%** | **Electrical – 4.1%** | **Electrical – 4.1%** | **Electrical – 4.1%** |
| 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 | 323551 |
| Berkshire Hathaway Energy Co.<sup>(a)</sup> | Berkshire Hathaway Energy Co.<sup>(a)</sup> | Berkshire Hathaway Energy Co.<sup>(a)</sup> | Berkshire Hathaway Energy Co.<sup>(a)</sup> |
| 500000 | 2.850 | 05/15/51 | 310575 |
| 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 | 446755 |
| 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 | 892237 |
| DTE Energy Co.<sup>(a)</sup> | DTE Energy Co.<sup>(a)</sup> | DTE Energy Co.<sup>(a)</sup> | DTE Energy Co.<sup>(a)</sup> |
| 4736000 | 4.875 | 06/01/28 | 4817459 |
| 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 | 355000 |
| 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 | 976648 |
| 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 | 573241 |
| 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 | 635204 |
| 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> |
| 2055000 | 1.900 | 06/15/28 | 1957798 |
| 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> |
| 1225000 | 2.950 | 03/01/26 | 1221435 |
| 2075000 | 2.100 | 08/01/27 | 2011629 |
| 480000 | 5.000 | 06/04/28 | 488328 |
| 950000 | 6.400 | 06/15/33 | 1025012 |
| 650000 | 6.950 | 03/15/34 | 723515 |
| 675000 | 5.800 | 05/15/34 | 701784 |
| 1594000 | 5.700 | 03/01/35 | 1640688 |
| Progress Energy, Inc. | Progress Energy, Inc. | Progress Energy, Inc. | Progress Energy, Inc. |
| 1400000 | 7.000 | 10/30/31 | 1572298 |
| 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 | 822910 |
| Sempra<sup>(a)</sup> | Sempra<sup>(a)</sup> | Sempra<sup>(a)</sup> | Sempra<sup>(a)</sup> |
| 1125000 | 3.800 | 02/01/38 | 967073 |
| 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 | 1315632 |
| 275000 | 4.050 | 03/15/42 | 219049 |
| 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 | 967951 |
| 1030000 | 5.250 | 10/15/35 | 1024726 |
| 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 | 2366006 |
|  |  |  | 28356504 |
| **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 | 480346 |
| Keysight Technologies, Inc. | Keysight Technologies, Inc. | Keysight Technologies, Inc. | Keysight Technologies, Inc. |
| 851000 | 5.350 | 07/30/30 | 887474 |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Electronics<sup>(a)</sup> – (continued)** | **Electronics<sup>(a)</sup> – (continued)** | **Electronics<sup>(a)</sup> – (continued)** | **Electronics<sup>(a)</sup> – (continued)** |
| Tyco Electronics Group SA | Tyco Electronics Group SA | Tyco Electronics Group SA | Tyco Electronics Group SA |
| 580000 | 4.500% | 02/09/31 | $586443 |
|  |  |  | 1954263 |
| **Engineering & Construction<sup>(a)</sup> – 0.3%** | **Engineering & Construction<sup>(a)</sup> – 0.3%** | **Engineering & Construction<sup>(a)</sup> – 0.3%** | **Engineering & Construction<sup>(a)</sup> – 0.3%** |
| MasTec, Inc. | MasTec, Inc. | MasTec, Inc. | MasTec, Inc. |
| 551000 | 5.900 | 06/15/29 | 575360 |
| 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 | 234451 |
| 800000 | 5.500 | 07/31/47 | 704750 |
| 220000 | 5.500 <sup>(b)</sup> | 07/31/47 | 193806 |
|  |  |  | 1708367 |
| **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 | 1252772 |
| **Food & Drug Retailing<sup>(a)</sup> – 2.4%** | **Food & Drug Retailing<sup>(a)</sup> – 2.4%** | **Food & Drug Retailing<sup>(a)</sup> – 2.4%** | **Food & Drug Retailing<sup>(a)</sup> – 2.4%** |
| Campbell's Co. | Campbell's Co. | Campbell's Co. | Campbell's Co. |
| 1270000 | 4.550 | 03/21/31 | 1264704 |
| 314000 | 5.400 | 03/21/34 | 319872 |
| 1540000 | 4.750 | 03/23/35 | 1488872 |
| 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 | 927048 |
| J.M. Smucker Co. | J.M. Smucker Co. | J.M. Smucker Co. | J.M. Smucker Co. |
| 997000 | 6.200 | 11/15/33 | 1080429 |
| 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 | 383156 |
| 7075000 | 5.000 | 03/01/32 | 7289089 |
| 3800000 | 5.700 | 05/01/55 | 3795364 |
| Sysco Corp. | Sysco Corp. | Sysco Corp. | Sysco Corp. |
| 150000 | 6.600 | 04/01/40 | 165839 |
|  |  |  | 16714373 |
| **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. |
| 1567000 | 5.150 | 08/15/30 | 1606112 |
| **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 | 356753 |
| **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 | 2177486 |
| **Healthcare Providers & Services – 3.7%** | **Healthcare Providers & Services – 3.7%** | **Healthcare Providers & Services – 3.7%** | **Healthcare Providers & Services – 3.7%** |
| CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
| 150000 | 4.350 | 11/01/42 | 129814 |
| 510000 | 6.461 <sup>(a)</sup> | 11/01/52 | 548067 |
| 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 | 8641620 |
| 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 | 356447 |
| 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> |
| 1095000 | 5.849 | 05/08/29 | 1142819 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)</sup> | IQVIA, Inc.<sup>(a)</sup> | IQVIA, Inc.<sup>(a)</sup> | IQVIA, Inc.<sup>(a)</sup> |
| 1140000 | 6.250% | 02/01/29 | $1201948 |
| 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 | 472923 |
| 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 | 1321627 |
| 1200000 | 3.300 | 09/15/29 | 1156164 |
| 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 | 1358275 |
| 4605000 | 5.600 | 03/23/34 | 4794680 |
| 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 | 201079 |
| 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 | 378985 |
| 1074000 | 5.625 | 07/15/54 | 1054518 |
| 2625000 | 6.050 | 02/15/63 | 2684141 |
|  |  |  | 25443107 |
| **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 | 430433 |
| 398000 | 4.500 | 07/16/44 | 351159 |
| 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 | 400096 |
| Hartford Insurance Group, Inc. | Hartford Insurance Group, Inc. | Hartford Insurance Group, Inc. | Hartford Insurance Group, Inc. |
| 200000 | 6.625 | 04/15/42 | 220276 |
| Teachers Insurance & Annuity Association of America<sup>(b)</sup> | Teachers Insurance & Annuity Association of America<sup>(b)</sup> | Teachers Insurance & Annuity Association of America<sup>(b)</sup> | Teachers Insurance & Annuity Association of America<sup>(b)</sup> |
| 890000 | 4.900 | 09/15/44 | 811306 |
| 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> |
| 1200000 | 2.950 | 09/15/29 | 1142268 |
|  |  |  | 3355538 |
| **Internet<sup>(a)</sup> – 1.3%** | **Internet<sup>(a)</sup> – 1.3%** | **Internet<sup>(a)</sup> – 1.3%** | **Internet<sup>(a)</sup> – 1.3%** |
| Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
| 196000 | 2.950 | 03/15/31 | 182202 |
| 2475000 | 5.400 | 02/15/35 | 2540563 |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| 1300000 | 4.600 | 11/15/32 | 1310673 |
| 1225000 | 4.875 | 11/15/35 | 1224057 |
| Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
| 475000 | 4.500 <sup>(b)</sup> | 08/15/29 | 475988 |
| 1600000 | 4.150 | 01/15/31 | 1592576 |
| 1275000 | 4.800 | 09/15/34 | 1272424 |
|  |  |  | 8598483 |
| **Investment Companies<sup>(a)</sup> – 1.5%** | **Investment Companies<sup>(a)</sup> – 1.5%** | **Investment Companies<sup>(a)</sup> – 1.5%** | **Investment Companies<sup>(a)</sup> – 1.5%** |
| Apollo Debt Solutions BDC | Apollo Debt Solutions BDC | Apollo Debt Solutions BDC | Apollo Debt Solutions BDC |
| 1266000 | 6.550 | 03/15/32 | 1306727 |
| Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund |
| 2425000 | 2.625 | 12/15/26 | 2382344 |
| 125000 | 3.250 | 03/15/27 | 122876 |
| 690000 | 5.050 | 09/10/30 | 679478 |
| Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund |
| 3000000 | 2.125 | 02/15/27 | 2919090 |
| 307000 | 5.300 | 06/30/30 | 305788 |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Investment Companies<sup>(a)</sup> – (continued)** | **Investment Companies<sup>(a)</sup> – (continued)** | **Investment Companies<sup>(a)</sup> – (continued)** | **Investment Companies<sup>(a)</sup> – (continued)** |
| 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 | $1682607 |
| 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 | 622895 |
|  |  |  | 10021805 |
| **Iron/Steel – 0.8%** | **Iron/Steel – 0.8%** | **Iron/Steel – 0.8%** | **Iron/Steel – 0.8%** |
| ArcelorMittal SA | ArcelorMittal SA | ArcelorMittal SA | ArcelorMittal SA |
| 1900000 | 4.550 | 03/11/26 | 1900798 |
| POSCO<sup>(b)</sup> | POSCO<sup>(b)</sup> | POSCO<sup>(b)</sup> | POSCO<sup>(b)</sup> |
| 240000 | 5.750 | 01/17/28 | 247176 |
| 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 | 1874340 |
| 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 | 1551160 |
|  |  |  | 5573474 |
| **Leisure Time<sup>(a)</sup> – 0.4%** | **Leisure Time<sup>(a)</sup> – 0.4%** | **Leisure Time<sup>(a)</sup> – 0.4%** | **Leisure Time<sup>(a)</sup> – 0.4%** |
| 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 | 879648 |
| 1525000 | 6.000 <sup>(b)</sup> | 02/01/33 | 1567944 |
| 395000 | 5.375 | 01/15/36 | 396722 |
|  |  |  | 2844314 |
| **Lodging<sup>(a)</sup> – 1.6%** | **Lodging<sup>(a)</sup> – 1.6%** | **Lodging<sup>(a)</sup> – 1.6%** | **Lodging<sup>(a)</sup> – 1.6%** |
| Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
| 1349000 | 3.700 | 01/15/31 | 1284396 |
| 4012000 | 5.850 | 08/01/34 | 4091959 |
| Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
| 1963000 | 5.500 | 06/30/34 | 2026091 |
| Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
| 430000 | 5.625 | 06/15/28 | 440482 |
| 160000 | 6.000 | 06/14/30 | 167581 |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
| 543000 | 4.000 | 04/15/28 | 543548 |
| 1350000 | 5.550 | 10/15/28 | 1401854 |
| 675000 | 4.650 | 12/01/28 | 686806 |
| 325000 | 4.800 | 03/15/30 | 331991 |
|  |  |  | 10974708 |
| **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 | 842159 |
| **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 | 1035164 |
| 6750000 | 4.200 | 03/15/28 | 6715912 |
| 256000 | 6.650 | 02/01/34 | 269926 |
| 800000 | 6.550 | 06/01/34 | 841928 |
| 625000 | 6.384 | 10/23/35 | 644650 |
| 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 | 391172 |
| 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 | 2033791 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 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 | $807975 |
| 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 | 624976 |
| 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 | 1694353 |
|  |  |  | 15059847 |
| **Mining<sup>(b)</sup> – 0.5%** | **Mining<sup>(b)</sup> – 0.5%** | **Mining<sup>(b)</sup> – 0.5%** | **Mining<sup>(b)</sup> – 0.5%** |
| Glencore Finance Canada Ltd. | Glencore Finance Canada Ltd. | Glencore Finance Canada Ltd. | Glencore Finance Canada Ltd. |
| 525000 | 5.550 | 10/25/42 | 509392 |
| 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 | 1074065 |
| 925000 | 2.850 | 04/27/31 | 852295 |
| 725000 | 2.625 | 09/23/31 | 652848 |
|  |  |  | 3088600 |
| **Miscellaneous Manufacturing – 0.2%** | **Miscellaneous Manufacturing – 0.2%** | **Miscellaneous Manufacturing – 0.2%** | **Miscellaneous Manufacturing – 0.2%** |
| General Electric Co. | General Electric Co. | General Electric Co. | General Electric Co. |
| 1294000 | 5.875 | 01/14/38 | 1404508 |
| **Oil Field Services – 2.2%** | **Oil Field Services – 2.2%** | **Oil Field Services – 2.2%** | **Oil Field Services – 2.2%** |
| 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 | 24941 |
| 925000 | 5.750 <sup>(b)</sup> | 01/15/31 | 949078 |
| 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 | 2388656 |
| 890000 | 5.400 | 04/18/34 | 911307 |
| 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 | 2083896 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 2500000 | 8.875 <sup>(a)</sup> | 07/15/30 | 2884800 |
| 1030000 | 5.375 <sup>(a)</sup> | 01/01/32 | 1051774 |
| 575000 | 5.550 <sup>(a)</sup> | 10/01/34 | 585482 |
| 350000 | 6.450 | 09/15/36 | 372365 |
| Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. |
| 800000 | 5.375 <sup>(a)</sup> | 01/01/26 | 800000 |
| 1025000 | 8.125 | 09/15/30 | 1171349 |
| 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 | 654328 |
| Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
| 1100000 | 3.500 | 04/16/29 | 1071505 |
| 240000 | 5.750 <sup>(a)(b)</sup> | 07/17/54 | 234000 |
|  |  |  | 15183481 |
| **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 | 1193934 |
| **Pharmaceuticals<sup>(a)</sup> – 2.8%** | **Pharmaceuticals<sup>(a)</sup> – 2.8%** | **Pharmaceuticals<sup>(a)</sup> – 2.8%** | **Pharmaceuticals<sup>(a)</sup> – 2.8%** |
| Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. |
| 575000 | 4.500 | 09/15/30 | 580359 |
| 335000 | 5.450 | 02/15/34 | 348142 |
| 1990000 | 5.350 | 11/15/34 | 2050894 |
| Cigna Group | Cigna Group | Cigna Group | Cigna Group |
| 4631000 | 4.800 | 08/15/38 | 4440156 |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Pharmaceuticals<sup>(a)</sup> – (continued)** | **Pharmaceuticals<sup>(a)</sup> – (continued)** | **Pharmaceuticals<sup>(a)</sup> – (continued)** | **Pharmaceuticals<sup>(a)</sup> – (continued)** |
| Cigna Group – (continued) | Cigna Group – (continued) | Cigna Group – (continued) | Cigna Group – (continued) |
| 1675000 | 4.900% | 12/15/48 | $1493145 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 1125000 | 4.875 | 07/20/35 | 1107113 |
| 1250000 | 5.450 | 09/15/35 | 1279450 |
| 7039000 | 4.780 | 03/25/38 | 6647984 |
| 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 | 1472764 |
|  |  |  | 19420007 |
| **Pipelines – 3.2%** | **Pipelines – 3.2%** | **Pipelines – 3.2%** | **Pipelines – 3.2%** |
| Abu Dhabi Crude Oil Pipeline LLC<sup>(b)</sup> | Abu Dhabi Crude Oil Pipeline LLC<sup>(b)</sup> | Abu Dhabi Crude Oil Pipeline LLC<sup>(b)</sup> | Abu Dhabi Crude Oil Pipeline LLC<sup>(b)</sup> |
| 490000 | 4.600 | 11/02/47 | 455372 |
| 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 | 1081175 |
| 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 | 42980 |
| Energy Transfer LP<sup>(a)</sup> | Energy Transfer LP<sup>(a)</sup> | Energy Transfer LP<sup>(a)</sup> | Energy Transfer LP<sup>(a)</sup> |
| 3872000 | 3.900 | 07/15/26 | 3868360 |
| 300000 | 5.500 | 06/01/27 | 304914 |
| 354000 | 4.950 | 05/15/28 | 359848 |
| 650000 | 7.375 <sup>(b)</sup> | 02/01/31 | 675786 |
| 1472000 | 6.550 | 12/01/33 | 1615240 |
| 456000 | 5.150 | 03/15/45 | 404144 |
| 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 | 176476 |
| 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 | 1281643 |
| 650000 | 6.550 | 09/15/40 | 704841 |
| 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 | 867217 |
| 520000 | 5.500 | 02/15/49 | 478098 |
| 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 | 2646039 |
| 2245000 | 4.550 | 07/15/28 | 2264419 |
| 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 | 905958 |
| 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 | 679617 |
| Western Midstream Operating LP<sup>(a)</sup> | Western Midstream Operating LP<sup>(a)</sup> | Western Midstream Operating LP<sup>(a)</sup> | Western Midstream Operating LP<sup>(a)</sup> |
| 2307000 | 5.450 | 04/01/44 | 2101008 |
| 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 | 1052079 |
|  |  |  | 21965214 |
| **Real Estate<sup>(a)</sup> – 0.2%** | **Real Estate<sup>(a)</sup> – 0.2%** | **Real Estate<sup>(a)</sup> – 0.2%** | **Real Estate<sup>(a)</sup> – 0.2%** |
| CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
| 450000 | 5.500 | 04/01/29 | 466479 |
| 485000 | 5.950 | 08/15/34 | 518484 |
|  |  |  | 984963 |
| **Real Estate Investment Trust<sup>(a)</sup> – 4.1%** | **Real Estate Investment Trust<sup>(a)</sup> – 4.1%** | **Real Estate Investment Trust<sup>(a)</sup> – 4.1%** | **Real Estate Investment Trust<sup>(a)</sup> – 4.1%** |
| Agree LP | Agree LP | Agree LP | Agree LP |
| 295000 | 4.800 | 10/01/32 | 297198 |
| 695000 | 5.625 | 06/15/34 | 727269 |
| 430000 | 5.600 | 06/15/35 | 450309 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 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 | $724356 |
| 225000 | 2.375 | 07/15/31 | 201155 |
| 275000 | 5.250 | 03/15/35 | 279298 |
| Cousins Properties LP | Cousins Properties LP | Cousins Properties LP | Cousins Properties LP |
| 1350000 | 5.250 | 07/15/30 | 1386247 |
| 1782000 | 5.375 | 02/15/32 | 1836814 |
| 1863000 | 5.875 | 10/01/34 | 1946295 |
| Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| 6225000 | 4.000 | 03/01/27 | 6214355 |
| Essential Properties LP | Essential Properties LP | Essential Properties LP | Essential Properties LP |
| 870000 | 5.400 | 12/01/35 | 873263 |
| Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
| 2375000 | 3.000 | 01/15/30 | 2254421 |
| Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
| 430000 | 4.950 | 01/15/33 | 434313 |
| 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 | 899952 |
| Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
| 875000 | 2.050 | 03/15/31 | 758161 |
| Healthpeak OP LLC | Healthpeak OP LLC | Healthpeak OP LLC | Healthpeak OP LLC |
| 381000 | 5.375 | 02/15/35 | 389134 |
| Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
| 635000 | 5.350 | 01/15/33 | 635267 |
| 1585000 | 7.650 | 02/01/34 | 1809103 |
| Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
| 350000 | 4.250 | 12/15/28 | 350266 |
| 860000 | 5.700 | 06/15/32 | 897917 |
| 480000 | 5.700 | 07/01/34 | 495965 |
| 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 | 570390 |
| 305000 | 5.450 | 08/15/30 | 317157 |
| Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
| 670000 | 6.250 | 01/15/36 | 693390 |
| NNN REIT, Inc. | NNN REIT, Inc. | NNN REIT, Inc. | NNN REIT, Inc. |
| 870000 | 5.600 | 10/15/33 | 909533 |
| 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 |
| 415000 | 5.750 | 07/15/34 | 434418 |
| 425000 | 4.950 | 01/15/35 | 419360 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| 1125000 | 4.000 | 07/15/29 | 1119229 |
| WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
| 50000 | 2.400 | 02/01/31 | 45085 |
|  |  |  | 28369620 |
| **Retailing<sup>(a)</sup> – 1.6%** | **Retailing<sup>(a)</sup> – 1.6%** | **Retailing<sup>(a)</sup> – 1.6%** | **Retailing<sup>(a)</sup> – 1.6%** |
| 7-Eleven, Inc.<sup>(b)</sup> | 7-Eleven, Inc.<sup>(b)</sup> | 7-Eleven, Inc.<sup>(b)</sup> | 7-Eleven, Inc.<sup>(b)</sup> |
| 1280000 | 2.500 | 02/10/41 | 881690 |
| AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
| 1425000 | 4.750 | 06/01/30 | 1438609 |
| 1525000 | 2.400 | 08/01/31 | 1347536 |
| 2326000 | 5.890 | 03/15/35 | 2409643 |
| Dollar General Corp. | Dollar General Corp. | Dollar General Corp. | Dollar General Corp. |
| 1178000 | 3.500 | 04/03/30 | 1139020 |
| 2075000 | 5.450 | 07/05/33 | 2152480 |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **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)** | **Retailing<sup>(a)</sup> – (continued)** |
| Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. |
| 405000 | 4.350% | 03/15/31 | $403578 |
| Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
| 1450000 | 4.250 | 04/01/52 | 1142847 |
|  |  |  | 10915403 |
| **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 | 2489044 |
| (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 | 872057 |
|  |  |  | 3361101 |
| **Semiconductors<sup>(a)</sup> – 1.8%** | **Semiconductors<sup>(a)</sup> – 1.8%** | **Semiconductors<sup>(a)</sup> – 1.8%** | **Semiconductors<sup>(a)</sup> – 1.8%** |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 1555000 | 5.200 | 07/15/35 | 1593533 |
| 2364000 | 3.137 <sup>(b)</sup> | 11/15/35 | 2037650 |
| 1306000 | 3.187 <sup>(b)</sup> | 11/15/36 | 1108141 |
| 2155000 | 4.900 | 02/15/38 | 2115068 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 549000 | 5.150 | 02/21/34 | 555407 |
| 1610000 | 5.700 | 02/10/53 | 1501035 |
| 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 | 527221 |
| 1435000 | 2.650 | 02/15/32 | 1289491 |
| 1301000 | 5.000 | 01/15/33 | 1321412 |
|  |  |  | 12048958 |
| **Software<sup>(a)</sup> – 6.9%** | **Software<sup>(a)</sup> – 6.9%** | **Software<sup>(a)</sup> – 6.9%** | **Software<sup>(a)</sup> – 6.9%** |
| AppLovin Corp. | AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |
| 4976000 | 5.375 | 12/01/31 | 5154589 |
| 2012000 | 5.500 | 12/01/34 | 2067169 |
| 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 | 786607 |
| Electronic Arts, Inc. | Electronic Arts, Inc. | Electronic Arts, Inc. | Electronic Arts, Inc. |
| 3240000 | 2.950 | 02/15/51 | 2998749 |
| Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
| 450000 | 5.250 | 08/11/35 | 449064 |
| 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 | 3428880 |
| 2795000 | 3.875 | 02/15/31 | 2686638 |
| 2125000 | 3.625 | 11/01/31 | 1994567 |
| 700000 | 3.250 | 08/15/33 | 628446 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 3200000 | 2.875 | 03/25/31 | 2868736 |
| 2020000 | 4.800 | 09/26/32 | 1950775 |
| 2270000 | 4.700 | 09/27/34 | 2107264 |
| 2275000 | 5.500 | 08/03/35 | 2231070 |
| 3160000 | 5.200 | 09/26/35 | 3033442 |
| 425000 | 3.600 | 04/01/40 | 315146 |
| 950000 | 4.000 | 11/15/47 | 652165 |
| 2775000 | 6.900 | 11/09/52 | 2745141 |
| Paychex, Inc. | Paychex, Inc. | Paychex, Inc. | Paychex, Inc. |
| 4175000 | 5.100 | 04/15/30 | 4296576 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| Paychex, Inc. – (continued) | Paychex, Inc. – (continued) | Paychex, Inc. – (continued) | Paychex, Inc. – (continued) |
| 276000 | 5.350% | 04/15/32 | $285867 |
| 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 | 1385678 |
| Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
| 1325000 | 4.850 | 04/01/30 | 1352653 |
| 867000 | 5.000 | 04/01/32 | 885276 |
| 1796000 | 5.150 | 04/01/35 | 1824844 |
| VMware LLC | VMware LLC | VMware LLC | VMware LLC |
| 1075000 | 1.800 | 08/15/28 | 1016842 |
|  |  |  | 47146184 |
| **Telecommunication Services – 2.6%** | **Telecommunication Services – 2.6%** | **Telecommunication Services – 2.6%** | **Telecommunication Services – 2.6%** |
| 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 | 170175 |
| 925000 | 4.850 | 03/01/39 | 879971 |
| 886000 | 4.750 | 05/15/46 | 767967 |
| British Telecommunications PLC | British Telecommunications PLC | British Telecommunications PLC | British Telecommunications PLC |
| 1415000 | 9.625 | 12/15/30 | 1727262 |
| 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> |
| 1562000 | 5.171 | 07/16/32 | 1602596 |
| 934000 | 5.502 | 07/16/35 | 966055 |
| 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 | 2477416 |
| 300000 | 4.500 | 03/15/42 | 256308 |
| 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 | 2153512 |
| 380000 | 2.875 | 02/15/31 | 353081 |
| 3275000 | 3.500 | 04/15/31 | 3135321 |
| 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 | 454879 |
| 2800000 | 2.550 | 03/21/31 | 2557184 |
|  |  |  | 17501727 |
| **Transportation<sup>(a)</sup> – 0.2%** | **Transportation<sup>(a)</sup> – 0.2%** | **Transportation<sup>(a)</sup> – 0.2%** | **Transportation<sup>(a)</sup> – 0.2%** |
| Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC |
| 1225000 | 5.750 | 05/01/40 | 1296552 |
| **Trucking & Leasing<sup>(a)(b)</sup> – 1.1%** | **Trucking & Leasing<sup>(a)(b)</sup> – 1.1%** | **Trucking & Leasing<sup>(a)(b)</sup> – 1.1%** | **Trucking & Leasing<sup>(a)(b)</sup> – 1.1%** |
| 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. |
| 3675000 | 4.400 | 07/01/27 | 3686172 |
| 525000 | 5.875 | 11/15/27 | 540482 |
| 836000 | 5.250 | 07/01/29 | 859157 |
| 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 | 2102580 |
|  |  |  | 7188391 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $609,444,730)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $609,444,730)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $609,444,730)** | $611518854 |
| **Sovereign Debt Obligations – 2.1%** | **Sovereign Debt Obligations – 2.1%** | **Sovereign Debt Obligations – 2.1%** | **Sovereign Debt Obligations – 2.1%** |
| **Euro – 0.3%** | **Euro – 0.3%** | **Euro – 0.3%** | **Euro – 0.3%** |
| 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 | $149184 |
| 1152000 | 1.450 | 10/25/33 | 1093638 |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| **Euro – (continued)** | **Euro – (continued)** | **Euro – (continued)** | **Euro – (continued)** |
| 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 | $99157 |
| Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds |
| 450000 | 0.700 | 02/03/29 | 492350 |
| 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 | 92779 |
|  |  |  | 1927108 |
| **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 | 2023830 |
| **United States Dollar – 1.5%** | **United States Dollar – 1.5%** | **United States Dollar – 1.5%** | **United States Dollar – 1.5%** |
| Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
| 150000 | 3.625 | 10/30/42 | 122100 |
| 200000 | 3.500 <sup>(a)</sup> | 01/25/50 | 147000 |
| 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 | 407612 |
| Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
| 470000 | 3.125 <sup>(b)</sup> | 09/21/51 | 289022 |
| 640000 | 6.750 | 09/23/55 | 666748 |
| 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 | 2397760 |
| 802000 | 3.500 | 02/12/34 | 693730 |
| 1399000 | 3.771 | 05/24/61 | 860385 |
| 440000 | 3.750 | 04/19/71 | 259600 |
| 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 | 313500 |
| 650000 | 6.853 | 03/28/54 | 675610 |
| 200000 | 3.870 | 07/23/60 | 132100 |
| 390000 | 4.500 | 01/19/63 | 290065 |
| 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> |
| 630000 | 5.500 | 03/30/36 | 642915 |
| 430000 | 2.780 | 12/01/60 | 233920 |
| Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds |
| 210000 | 2.650 | 12/10/45 | 139204 |
| 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 | 582979 |
| 700000 | 5.500 | 03/18/54 | 667740 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| 160000 | 3.000 <sup>(b)</sup> | 02/27/27 | 157332 |
| 70000 | 6.375 | 01/30/34 | 72822 |
| 560000 | 6.125 | 01/22/44 | 541100 |
| State of Israel | State of Israel | State of Israel | State of Israel |
| 400000 | 3.800 | 05/13/60 | 268356 |
|  |  |  | 10561600 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $16,198,887)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $16,198,887)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $16,198,887)** | $14512538 |
| **Municipal Debt Obligations – 0.4%** | **Municipal Debt Obligations – 0.4%** | **Municipal Debt Obligations – 0.4%** | **Municipal Debt Obligations – 0.4%** |
| **California – 0.1%** | **California – 0.1%** | **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 | $529517 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 – 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 |
| 1250000 | 6.630% | 02/01/35 | $1320855 |
| 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 | 894249 |
|  |  |  | 2215104 |
| **Pennsylvania – 0.0%** | **Pennsylvania – 0.0%** | **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 | 258951 |
| **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $2,904,503)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $2,904,503)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $2,904,503)** | $3003572 |
| **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 | $1140606 |
| **(Cost $1,190,342)** | **(Cost $1,190,342)** | **(Cost $1,190,342)** | **(Cost $1,190,342)** |
| **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(f)</sup> – 2.8%** | **Investment Company<sup>(f)</sup> – 2.8%** | **Investment Company<sup>(f)</sup> – 2.8%** | **Investment Company<sup>(f)</sup> – 2.8%** |
| 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 |
| 19052057 | 3.686% | 3.686% | $19052057 |
| **(Cost $19,052,057)** | **(Cost $19,052,057)** | **(Cost $19,052,057)** |  |
| **TOTAL INVESTMENTS – 94.8%<br>(Cost $648,790,519)** | **TOTAL INVESTMENTS – 94.8%<br>(Cost $648,790,519)** | **TOTAL INVESTMENTS – 94.8%<br>(Cost $648,790,519)** | $649227627 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 5.2%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 5.2%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 5.2%** | 35605052 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $684832679 |

---

---

| | |
|:---|:---|
| 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) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2025. |
| (d) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2025. |
| (e) | All or a portion of security is segregated as collateral for initial margin requirement on futures transactions. |
| (f) | Represents an affiliated issuer. |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At December 31, 2025, the Fund had the following forward foreign currency exchange contracts:

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized**<br> **Loss** |
|  MS & Co. Int. PLC | USD 1,940,233 | EUR 1,655,921 | 02/25/26 | $(10794) |

---

**FUTURES CONTRACTS** — At December 31, 2025, 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 | 17 | 03/20/26 | $1911438 | $(4282) |
|  2 Year U.S. Treasury Notes | 190 | 03/31/26 | 39669922 | (2634) |
|  20 Year U.S. Treasury Bonds | 497 | 03/20/26 | 57450094 | (616614) |
|  Ultra Long U.S. Treasury Bonds | 519 | 03/20/26 | 61242000 | (983814) |
|  **Total** |  |  |  | $(1607344) |
|  **Short position contracts:** |  |  |  |  |
|  5 Year U.S. Treasury Notes | (1) | 03/31/26 | (109305) | 42 |
|  Ultra 10-Year U.S. Treasury Notes | (286) | 03/20/26 | (32894469) | 225183 |
|  **Total** |  |  |  | $225225 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $(1382119) |

---

**SWAP CONTRACTS** — At December 31, 2025, the Fund had the following swap contracts:

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **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 | $20310 | $22412 | $1150 | $21262 |
| 3.174<sup>(b)</sup><br> 12M SOFR<sup>(b)</sup> | 08/31/27 | 14930 | 448 | 1920 | (1472) |
| 3.136<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 12/15/27 | 24020 | 44420 | 8827 | 35593 |
| 2.500<sup>(d)</sup><br> 12M CDOR<sup>(d)</sup> | 03/18/28 | 1910 | 1112 | 1988 | (876) |
|  12M SOFR<sup>(b)</sup><br> 3.200%<sup>(b)</sup> | 06/23/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13120 | (9037) | 1560 | (10597) |
|  12M SOFR<sup>(b)</sup><br> 3.368<sup>(b)</sup> | 06/23/28 | 53110 | 47024 | 23012 | 24012 |
|  12M SOFR<sup>(b)</sup><br> 3.201<sup>(b)</sup> | 10/07/28 | 16940 | (22223) | 3567 | (25790) |
| 3.600<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 06/23/30 | 55970 | (31629) | (75686) | 44057 |
| 3.484<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 06/23/30 | 13810 | 20524 | (2645) | 23169 |
| 3.528<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 07/15/30 | 3620 | (4946) | (8842) | 3896 |
|  12M SOFR<sup>(c)</sup><br> 3.265<sup>(c)</sup> | 01/30/31 | 8870 | (79184) | (52697) | (26487) |
|  12M SOFR<sup>(c)</sup><br> 3.379<sup>(c)</sup> | 08/31/31 | 28860 | (152820) | 68501 | (221321) |
|  12M SOFR<sup>(c)</sup><br> 3.469<sup>(c)</sup> | 08/31/31 | 21370 | (27228) | (15983) | (11245) |
|  12M SOFR<sup>(c)</sup><br> 3.588<sup>(c)</sup> | 05/21/32 | 2010 | (2478) | (227) | (2251) |
|  12M SOFR<sup>(c)</sup><br> 3.845<sup>(c)</sup> | 05/21/32 | 3860 | 38654 | 2603 | 36051 |
| 3.577<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 10/10/32 | 11640 | 80247 | (1321) | 81568 |
|  12M SOFR<sup>(c)</sup><br> 4.076<sup>(c)</sup> | 06/24/35 | 3360 | (5972) | 882 | (6854) |
|  12M SOFR<sup>(c)</sup><br> 4.098<sup>(c)</sup> | 06/24/35 | 13700 | (12492) | (5661) | (6831) |
| 2.500<sup>(c)</sup><br> 6M EURO<sup>(d)</sup> | 03/18/36 | 940 | 43895 | 44569 | (674) |
| 3.805<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 08/31/36 | $15870 | 63447 | (123484) | 186931 |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **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)** |
|  3.829%<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 08/31/36 | $11820 | $24874 | $13191 | $11683 |
|  12M SOFR<sup>(c)</sup><br> 4.574%<sup>(c)</sup> | 07/16/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | (91908) | (41527) | (50381) |
|  12M SOFR<sup>(c)</sup><br> 4.438<sup>(c)</sup> | 10/09/40 | 7830 | (70604) | (1896) | (68708) |
| 4.213<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 05/21/55 | 2640 | 74709 | 3816 | 70893 |
| 4.484<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 05/21/55 | 1350 | 4905 | 701 | 4204 |
| 3.848<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 07/17/55 | 16600 | 200164 | 39325 | 160839 |
| 3.828<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 01/30/56 | 2530 | 145150 | 67873 | 77277 |
|  **TOTAL** |  |  | $301464 | $(46484) | $347948 |

---

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2025.

(b) Payments made at maturity.

(c) Payments made annually.

(d) Payments made semi-annually.

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced**<br> **Obligation/Index** | **Financing Rate**<br> **Received/(Paid) by**<br> **the Fund<sup>(a)</sup>** | **Credit**<br> **Spread at**<br> **December 31,**<br> **2025<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:** | **Protection Purchased:** | **Protection Purchased:** | **Protection Purchased:** | **Protection Purchased:** |  |  |  |
|  CDX.NA.IG Index 45 | (1.000)% | 0.894% | 12/20/35 | $32750 | $(283225) | $(216432) | $(66793) |
|  **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** |  |  |  |
|  AT&T, Inc., 3.800%, 02/15/27 | 1.000 | 0.264 | 06/20/26 | 2375 | 8974 | 4104 | 4870 |
|  CDX.NA.IG Index 41 | 1.000 | 0.291 | 12/20/28 | 15145 | 309498 | 131133 | 178365 |
|  CDX.NA.IG Index 42 | 1.000 | 0.347 | 06/20/29 | 285755 | 6208866 | 4236557 | 1972309 |
|  CDX.NA.IG Index 43 | 1.000 | 0.400 | 12/20/29 | 129924 | 2935492 | 2176612 | 758880 |
|  CDX.NA.IG Index 44 | 1.000 | 0.456 | 06/20/30 | 21718 | 494599 | 172241 | 322358 |
|  CDX.NA.IG Index 45 | 1.000 | 0.499 | 12/20/30 | 125300 | 2876760 | 2660656 | 216104 |
|  Oracle Corp., 3.250%, 11/15/27 | 1.000 | 1.430 | 12/20/30 | 3475 | (64982) | (38138) | (26844) |
|  Republic of Chile, 3.240%, 02/06/28 | 1.000 | 0.428 | 12/20/30 | 2630 | 69662 | 59451 | 10211 |
|  Republic of Indonesia, 2.150%, 07/28/31 | 1.000 | 0.692 | 12/20/30 | 2700 | 38369 | 19191 | 19178 |
|  Republic of Peru, 8.750%, 11/21/33 | 1.000 | 0.702 | 12/20/30 | 2680 | 37068 | 36103 | 965 |
|  Republic of the Philippines, 9.500%, 02/02/30 | 1.000 | 0.570 | 12/20/30 | 2690 | 53299 | 48542 | 4757 |
|  **TOTAL** |  |  |  |  | $12684380 | $9290020 | $3394360 |

---

(a) Payments made quarterly.

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

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**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** |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |  |
|  3M IRS | JPMorgan Securities, Inc. | 3.302% | 01/28/2026 | 4740000 | $4740000 | $5692 | $6399 | $(707) |
|  **TOTAL** |  |  |  | 4740000 | $4740000 | $5692 | $6399 | $(707) |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| CAD | — Canadian Dollar |
| EUR | — Euro |
| USD | — U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CMT | — Constant Maturity Treasury Indexes |
| GO | — General Obligation |
| 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:** |
| 3M IRS | — 3 Months Interest Rate Swaptions |
| CDOR | — Canadian Dollar Offered Rate |
| CDX.NA.IG Ind 41 | — CDX North America Investment Grade Index 41 |
| 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 44 | — CDX North America Investment Grade Index 44 |
| CDX.NA.IG Ind 45 | — CDX North America Investment Grade Index 45 |
| EURO | — Euro Offered Rate |
| MS & Co. Int. PLC | — Morgan Stanley & Co. International PLC |
| SOFR | — Secured Overnight Financing Rate |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

## Schedule of Investments
*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – 84.4%** | **Corporate Obligations – 84.4%** | **Corporate Obligations – 84.4%** | **Corporate Obligations – 84.4%** |
| **Advertising – 1.1%** | **Advertising – 1.1%** | **Advertising – 1.1%** | **Advertising – 1.1%** |
| 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 | $153980 |
| 25000 | 7.125 | 02/15/31 | 26165 |
| 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) | Neptune Bidco U.S., Inc.<sup>(a)(b)</sup> (B/B3) |
| 50000 | 10.375 | 05/15/31 | 51243 |
| Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(a)(b)</sup> (B/B2) | Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(a)(b)</sup> (B/B2) | Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(a)(b)</sup> (B/B2) | Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(a)(b)</sup> (B/B2) |
| 88000 | 4.625 | 03/15/30 | 85881 |
| 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 | 10570 |
|  |  |  | 356439 |
| **Aerospace & Defense – 0.8%** | **Aerospace & Defense – 0.8%** | **Aerospace & Defense – 0.8%** | **Aerospace & Defense – 0.8%** |
| Bombardier, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Bombardier, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Bombardier, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Bombardier, Inc.<sup>(a)(b)</sup> (BB-/Ba3) |
| 79000 | 7.000 | 06/01/32 | 83534 |
| TransDigm, Inc.<sup>(a)</sup> (B/B3) | TransDigm, Inc.<sup>(a)</sup> (B/B3) | TransDigm, Inc.<sup>(a)</sup> (B/B3) | TransDigm, Inc.<sup>(a)</sup> (B/B3) |
| 153000 | 4.625 | 01/15/29 | 152045 |
| 15000 | 6.750 <sup>(b)</sup> | 01/31/34 | 15638 |
|  |  |  | 251217 |
| **Airlines – 0.5%** | **Airlines – 0.5%** | **Airlines – 0.5%** | **Airlines – 0.5%** |
| 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) | OneSky Flight LLC<sup>(a)(b)</sup> (B+/B3) |
| 82000 | 8.875 | 12/15/29 | 87830 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc.<sup>(a)(b)</sup> (B/B3) | VistaJet Malta Finance PLC/Vista Management Holding, Inc.<sup>(a)(b)</sup> (B/B3) | VistaJet Malta Finance PLC/Vista Management Holding, Inc.<sup>(a)(b)</sup> (B/B3) | VistaJet Malta Finance PLC/Vista Management Holding, Inc.<sup>(a)(b)</sup> (B/B3) |
| 23000 | 9.500 | 06/01/28 | 23774 |
| 45000 | 6.375 | 02/01/30 | 43036 |
|  |  |  | 154640 |
| **Automotive<sup>(a)(b)</sup> – 1.9%** | **Automotive<sup>(a)(b)</sup> – 1.9%** | **Automotive<sup>(a)(b)</sup> – 1.9%** | **Automotive<sup>(a)(b)</sup> – 1.9%** |
| Allison Transmission, Inc. (NR/Ba2) | Allison Transmission, Inc. (NR/Ba2) | Allison Transmission, Inc. (NR/Ba2) | Allison Transmission, Inc. (NR/Ba2) |
| 244000 | 3.750 | 01/30/31 | 229811 |
| American Axle & Manufacturing, Inc. (BB/Ba2) | American Axle & Manufacturing, Inc. (BB/Ba2) | American Axle & Manufacturing, Inc. (BB/Ba2) | American Axle & Manufacturing, Inc. (BB/Ba2) |
| 55000 | 6.375 | 10/15/32 | 56020 |
| Clarios Global LP/Clarios U.S. Finance Co. (BB-/B2) | Clarios Global LP/Clarios U.S. Finance Co. (BB-/B2) | Clarios Global LP/Clarios U.S. Finance Co. (BB-/B2) | Clarios Global LP/Clarios U.S. Finance Co. (BB-/B2) |
| 37000 | 6.750 | 02/15/30 | 38654 |
| Nissan Motor Acceptance Co. LLC (NR/Ba2) | Nissan Motor Acceptance Co. LLC (NR/Ba2) | Nissan Motor Acceptance Co. LLC (NR/Ba2) | Nissan Motor Acceptance Co. LLC (NR/Ba2) |
| 85000 | 6.125 | 09/30/30 | 85026 |
| Phinia, Inc. (BB/Ba2) | Phinia, Inc. (BB/Ba2) | Phinia, Inc. (BB/Ba2) | Phinia, Inc. (BB/Ba2) |
| 46000 | 6.625 | 10/15/32 | 47636 |
| Phinia, Inc. (BB+/Baa3) | Phinia, Inc. (BB+/Baa3) | Phinia, Inc. (BB+/Baa3) | Phinia, Inc. (BB+/Baa3) |
| 119000 | 6.750 | 04/15/29 | 123271 |
| Qnity Electronics, Inc. (BB/B1) | Qnity Electronics, Inc. (BB/B1) | Qnity Electronics, Inc. (BB/B1) | Qnity Electronics, Inc. (BB/B1) |
| 20000 | 6.250 | 08/15/33 | 20771 |
| Qnity Electronics, Inc. (BB+/Ba1) | Qnity Electronics, Inc. (BB+/Ba1) | Qnity Electronics, Inc. (BB+/Ba1) | Qnity Electronics, Inc. (BB+/Ba1) |
| 45000 | 5.750 | 08/15/32 | 46096 |
|  |  |  | 647285 |
| **Banks<sup>(a)</sup> – 0.8%** | **Banks<sup>(a)</sup> – 0.8%** | **Banks<sup>(a)</sup> – 0.8%** | **Banks<sup>(a)</sup> – 0.8%** |
| Freedom Mortgage Corp.<sup>(b)</sup> (B/B2) | Freedom Mortgage Corp.<sup>(b)</sup> (B/B2) | Freedom Mortgage Corp.<sup>(b)</sup> (B/B2) | Freedom Mortgage Corp.<sup>(b)</sup> (B/B2) |
| 129000 | 6.625 | 01/15/27 | 129231 |
| 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 | 91307 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| Walker & Dunlop, Inc.<sup>(b)</sup> (BB/Ba2) | Walker & Dunlop, Inc.<sup>(b)</sup> (BB/Ba2) | Walker & Dunlop, Inc.<sup>(b)</sup> (BB/Ba2) | Walker & Dunlop, Inc.<sup>(b)</sup> (BB/Ba2) |
| 37000 | 6.625% | 04/01/33 | $37942 |
|  |  |  | 258480 |
| **Building Materials – 2.2%** | **Building Materials – 2.2%** | **Building Materials – 2.2%** | **Building Materials – 2.2%** |
| 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) |
| 209000 | 4.250 | 02/01/32 | 198980 |
| 45000 | 6.750 | 05/15/35 | 47126 |
| 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) |
| 28000 | 6.750 | 03/01/33 | 29237 |
| 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) |
| 106000 | 6.375 | 03/01/32 | 110303 |
| 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) |
| 139000 | 8.875 | 11/15/31 | 148708 |
| 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) |
| 111000 | 6.500 | 08/15/32 | 114425 |
| 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) |
| 88000 | 4.375 | 07/15/30 | 85082 |
|  |  |  | 733861 |
| **Chemicals – 2.0%** | **Chemicals – 2.0%** | **Chemicals – 2.0%** | **Chemicals – 2.0%** |
| 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) |
| 94000 | 7.125 | 08/01/30 | 96656 |
| 46000 | 6.250 | 11/01/31 | 47297 |
| 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) | Celanese U.S. Holdings LLC<sup>(a)</sup> (BB/Ba2) |
| 125000 | 7.200 <sup>(d)</sup> | 11/15/33 | 132067 |
| 35000 | 7.375 | 02/15/34 | 35595 |
| 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) |
| 140000 | 3.875 | 11/01/28 | 135824 |
| 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) |
| 20000 | 5.625 | 09/30/33 | 20190 |
| 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) |
| 200000 | 6.625 | 08/15/32 | 202674 |
|  |  |  | 670303 |
| **Commercial Services – 3.2%** | **Commercial Services – 3.2%** | **Commercial Services – 3.2%** | **Commercial Services – 3.2%** |
| 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) |
| 396000 | 4.125 | 07/15/29 | 385114 |
| 26000 | 4.750 | 10/15/29 | 25453 |
| 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) |
| 40000 | 8.375 | 06/15/32 | 41312 |
| 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) |
| 79000 | 7.750 | 02/15/28 | 80785 |
| 100000 | 6.500 | 01/15/31 | 102303 |
| 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) |
| 120000 | 5.625 | 12/01/33 | 121112 |
| Hertz Corp.<sup>(a)(b)</sup> (B/Ba3) | Hertz Corp.<sup>(a)(b)</sup> (B/Ba3) | Hertz Corp.<sup>(a)(b)</sup> (B/Ba3) | Hertz Corp.<sup>(a)(b)</sup> (B/Ba3) |
| 73000 | 12.625 | 07/15/29 | 73577 |
| 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) |
| 38000 | 6.500 | 05/15/29 | 37857 |
| 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) | NESCO Holdings II, Inc.<sup>(a)(b)</sup> (B/B3) |
| 46000 | 5.500 | 04/15/29 | 45401 |
| Service Corp. International<sup>(a)</sup> (BB/Ba3) | Service Corp. International<sup>(a)</sup> (BB/Ba3) | Service Corp. International<sup>(a)</sup> (BB/Ba3) | Service Corp. International<sup>(a)</sup> (BB/Ba3) |
| 39000 | 5.750 | 10/15/32 | 39767 |
| 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) |
| 95000 | 5.375 | 11/15/33 | 94929 |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

## Schedule of Investments (continued)
*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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) | Williams Scotsman, Inc.<sup>(a)(b)</sup> (BB-/B2) |
| 23000 | 6.625% | 04/15/30 | $23787 |
|  |  |  | 1071397 |
| **Computers<sup>(a)(b)</sup> – 1.1%** | **Computers<sup>(a)(b)</sup> – 1.1%** | **Computers<sup>(a)(b)</sup> – 1.1%** | **Computers<sup>(a)(b)</sup> – 1.1%** |
| Ahead DB Holdings LLC (CCC+/Caa1) | Ahead DB Holdings LLC (CCC+/Caa1) | Ahead DB Holdings LLC (CCC+/Caa1) | Ahead DB Holdings LLC (CCC+/Caa1) |
| 44000 | 6.625 | 05/01/28 | 44285 |
| CACI International, Inc. (BB-/Ba2) | CACI International, Inc. (BB-/Ba2) | CACI International, Inc. (BB-/Ba2) | CACI International, Inc. (BB-/Ba2) |
| 30000 | 6.375 | 06/15/33 | 31050 |
| Diebold Nixdorf, Inc. (B+/B1) | Diebold Nixdorf, Inc. (B+/B1) | Diebold Nixdorf, Inc. (B+/B1) | Diebold Nixdorf, Inc. (B+/B1) |
| 88000 | 7.750 | 03/31/30 | 93660 |
| McAfee Corp. (CCC+/Caa1) | McAfee Corp. (CCC+/Caa1) | McAfee Corp. (CCC+/Caa1) | McAfee Corp. (CCC+/Caa1) |
| 77000 | 7.375 | 02/15/30 | 67203 |
| 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) |
| 35000 | 5.875 | 07/15/30 | 36123 |
| Virtusa Corp. (B-/Caa1) | Virtusa Corp. (B-/Caa1) | Virtusa Corp. (B-/Caa1) | Virtusa Corp. (B-/Caa1) |
| 105000 | 7.125 | 12/15/28 | 103442 |
|  |  |  | 375763 |
| **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) |
| 90000 | 3.875 | 11/15/29 | 86702 |
| **Diversified Financial Services – 3.5%** | **Diversified Financial Services – 3.5%** | **Diversified Financial Services – 3.5%** | **Diversified Financial Services – 3.5%** |
| 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) | Coinbase Global, Inc.<sup>(a)(b)</sup> (BB-/Ba2) |
| 97000 | 3.375 | 10/01/28 | 92305 |
| 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) |
| 42000 | 6.625 | 03/15/30 | 42162 |
| 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) | Focus Financial Partners LLC<sup>(a)(b)</sup> (B/B2) |
| 79000 | 6.750 | 09/15/31 | 81699 |
| 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) |
| 13000 | 9.250 | 02/01/29 | 13632 |
| 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) |
| 83000 | 6.125 | 11/01/32 | 84502 |
| 55000 | 6.750 | 05/01/33 | 57391 |
| 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) |
| 70000 | 6.125 | 05/15/30 | 71380 |
| 100000 | 6.500 | 03/15/33 | 100809 |
| 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) |
| 65000 | 6.875 | 02/15/33 | 67845 |
| 40000 | 6.750 | 02/15/34 | 41363 |
| 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) |
| 45000 | 6.125 | 08/01/30 | 46533 |
| 80000 | 6.375 | 08/01/33 | 83558 |
| 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) |
| 40000 | 6.875 | 07/15/32 | 41483 |
| 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) |
| 128000 | 5.500 | 04/15/29 | 127085 |
| 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) |
| 65000 | 6.625 | 02/01/30 | 65761 |
| 89000 | 6.250 | 03/15/31 | 88853 |
| 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) |
| 69000 | 7.500 | 06/15/31 | 72259 |
|  |  |  | 1178620 |
| **Electrical – 0.9%** | **Electrical – 0.9%** | **Electrical – 0.9%** | **Electrical – 0.9%** |
| Lightning Power LLC<sup>(a)(b)</sup> (BB/Ba3) | Lightning Power LLC<sup>(a)(b)</sup> (BB/Ba3) | Lightning Power LLC<sup>(a)(b)</sup> (BB/Ba3) | Lightning Power LLC<sup>(a)(b)</sup> (BB/Ba3) |
| 46000 | 7.250 | 08/15/32 | 48920 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) | NRG Energy, Inc.<sup>(a)(b)</sup> (BB/Ba2) |
| 71000 | 5.750% | 07/15/29 | $71335 |
| 61000 | 3.625 | 02/15/31 | 56988 |
| 45000 | 6.000 | 01/15/36 | 45610 |
| 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) |
| 30000 | 6.250 | 02/01/34 | 30596 |
| 30000 | 6.500 | 02/01/36 | 31035 |
|  |  |  | 284484 |
| **Electrical Components & Equipment – 0.9%** | **Electrical Components & Equipment – 0.9%** | **Electrical Components & Equipment – 0.9%** | **Electrical Components & Equipment – 0.9%** |
| 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) | WESCO Distribution, Inc.<sup>(a)(b)</sup> (BB/Ba3) |
| 209000 | 7.250 | 06/15/28 | 212223 |
| 13000 | 6.375 | 03/15/29 | 13439 |
| 87000 | 6.625 | 03/15/32 | 91117 |
|  |  |  | 316779 |
| **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) | Atkore, Inc. (BB+/Ba2) | Atkore, Inc. (BB+/Ba2) |
| 245000 | 4.250 | 06/01/31 | 234913 |
| **Engineering & Construction – 1.9%** | **Engineering & Construction – 1.9%** | **Engineering & Construction – 1.9%** | **Engineering & Construction – 1.9%** |
| 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) |
| 135000 | 6.000 | 08/01/33 | 138321 |
| Arcosa, Inc.<sup>(a)(b)</sup> (B+/Ba3) | Arcosa, Inc.<sup>(a)(b)</sup> (B+/Ba3) | Arcosa, Inc.<sup>(a)(b)</sup> (B+/Ba3) | Arcosa, Inc.<sup>(a)(b)</sup> (B+/Ba3) |
| 42000 | 6.875 | 08/15/32 | 44275 |
| Global Infrastructure Solutions, Inc.<sup>(a)(b)</sup> (BB/B1) | Global Infrastructure Solutions, Inc.<sup>(a)(b)</sup> (BB/B1) | Global Infrastructure Solutions, Inc.<sup>(a)(b)</sup> (BB/B1) | Global Infrastructure Solutions, Inc.<sup>(a)(b)</sup> (BB/B1) |
| 238000 | 5.625 | 06/01/29 | 237664 |
| 129000 | 7.500 | 04/15/32 | 137433 |
| 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) |
| 70000 | 6.750 | 01/15/34 | 70890 |
|  |  |  | 628583 |
| **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) | Boyne USA, Inc.<sup>(a)(b)</sup> (B/B1) |
| 207000 | 4.750 | 05/15/29 | 204139 |
| 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) |
| 202000 | 5.250 | 07/15/28 | 201980 |
| 37000 | 7.000 | 08/01/32 | 38381 |
| 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) |
| 28000 | 6.625 | 02/01/33 | 28667 |
| Warnermedia Holdings, Inc.<sup>(a)</sup> (BB/Ba2) | Warnermedia Holdings, Inc.<sup>(a)</sup> (BB/Ba2) | Warnermedia Holdings, Inc.<sup>(a)</sup> (BB/Ba2) | Warnermedia Holdings, Inc.<sup>(a)</sup> (BB/Ba2) |
| 214000 | 5.050 | 03/15/42 | 151150 |
|  |  |  | 624317 |
| **Environmental<sup>(a)(b)</sup> – 0.7%** | **Environmental<sup>(a)(b)</sup> – 0.7%** | **Environmental<sup>(a)(b)</sup> – 0.7%** | **Environmental<sup>(a)(b)</sup> – 0.7%** |
| Madison IAQ LLC (CCC+/Caa1) | Madison IAQ LLC (CCC+/Caa1) | Madison IAQ LLC (CCC+/Caa1) | Madison IAQ LLC (CCC+/Caa1) |
| 210000 | 5.875 | 06/30/29 | 208847 |
| Waste Pro USA, Inc. (B-/Caa1) | Waste Pro USA, Inc. (B-/Caa1) | Waste Pro USA, Inc. (B-/Caa1) | Waste Pro USA, Inc. (B-/Caa1) |
| 28000 | 7.000 | 02/01/33 | 28887 |
|  |  |  | 237734 |
| **Food & Drug Retailing<sup>(a)(b)</sup> – 1.2%** | **Food & Drug Retailing<sup>(a)(b)</sup> – 1.2%** | **Food & Drug Retailing<sup>(a)(b)</sup> – 1.2%** | **Food & Drug Retailing<sup>(a)(b)</sup> – 1.2%** |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC (BB+/Ba2) | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC (BB+/Ba2) | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC (BB+/Ba2) | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC (BB+/Ba2) |
| 83000 | 6.250 | 03/15/33 | 85301 |
| Performance Food Group, Inc. (BB/B1) | Performance Food Group, Inc. (BB/B1) | Performance Food Group, Inc. (BB/B1) | Performance Food Group, Inc. (BB/B1) |
| 72000 | 4.250 | 08/01/29 | 70552 |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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<sup>(a)(b)</sup> – (continued)** | **Food & Drug Retailing<sup>(a)(b)</sup> – (continued)** | **Food & Drug Retailing<sup>(a)(b)</sup> – (continued)** | **Food & Drug Retailing<sup>(a)(b)</sup> – (continued)** |
| Post Holdings, Inc. (B+/B2) | Post Holdings, Inc. (B+/B2) | Post Holdings, Inc. (B+/B2) | Post Holdings, Inc. (B+/B2) |
| 117000 | 6.375% | 03/01/33 | $118141 |
| Post Holdings, Inc. (BB/Ba1) | Post Holdings, Inc. (BB/Ba1) | Post Holdings, Inc. (BB/Ba1) | Post Holdings, Inc. (BB/Ba1) |
| 46000 | 6.250 | 02/15/32 | 47301 |
| U.S. Foods, Inc. (BB+/Ba2) | U.S. Foods, Inc. (BB+/Ba2) | U.S. Foods, Inc. (BB+/Ba2) | U.S. Foods, Inc. (BB+/Ba2) |
| 78000 | 4.625 | 06/01/30 | 76942 |
|  |  |  | 398237 |
| **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%** | **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) |
| 89000 | 6.875 | 09/01/32 | 92476 |
| Global Medical Response, Inc. (B/B2) | Global Medical Response, Inc. (B/B2) | Global Medical Response, Inc. (B/B2) | Global Medical Response, Inc. (B/B2) |
| 58000 | 7.375 | 10/01/32 | 60390 |
| 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 | 92887 |
| Molina Healthcare, Inc. (BB/Ba2) | Molina Healthcare, Inc. (BB/Ba2) | Molina Healthcare, Inc. (BB/Ba2) | Molina Healthcare, Inc. (BB/Ba2) |
| 55000 | 6.500 | 02/15/31 | 56532 |
| Select Medical Corp. (B/B1) | Select Medical Corp. (B/B1) | Select Medical Corp. (B/B1) | Select Medical Corp. (B/B1) |
| 111000 | 6.250 | 12/01/32 | 108479 |
| Team Health Holdings, Inc. (B-/Caa1) | Team Health Holdings, Inc. (B-/Caa1) | Team Health Holdings, Inc. (B-/Caa1) | Team Health Holdings, Inc. (B-/Caa1) |
| 26000 | 8.375 | 06/30/28 | 26321 |
|  |  |  | 437085 |
| **Home Builders – 1.6%** | **Home Builders – 1.6%** | **Home Builders – 1.6%** | **Home Builders – 1.6%** |
| Brookfield Residential Properties, Inc./Brookfield Residential U.S. <br>LLC<sup>(a)(b)</sup> (B+/B1) | Brookfield Residential Properties, Inc./Brookfield Residential U.S. <br>LLC<sup>(a)(b)</sup> (B+/B1) | Brookfield Residential Properties, Inc./Brookfield Residential U.S. <br>LLC<sup>(a)(b)</sup> (B+/B1) | Brookfield Residential Properties, Inc./Brookfield Residential U.S. <br>LLC<sup>(a)(b)</sup> (B+/B1) |
| 130000 | 4.875 | 02/15/30 | 121710 |
| 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) |
| 184000 | 3.875 | 08/15/29 | 174969 |
| 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) |
| 125000 | 6.500 | 03/15/33 | 127264 |
| 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) |
| 13000 | 8.000 | 04/01/31 | 13259 |
| 18000 | 8.375 | 10/01/33 | 18290 |
| 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) |
| 76000 | 7.250 | 07/15/30 | 78344 |
|  |  |  | 533836 |
| **Housewares – 0.7%** | **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) |
| 13000 | 6.375 | 05/15/30 | 12703 |
| 23000 | 6.625 | 05/15/32 | 22237 |
| 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) |
| 212000 | 4.375 | 02/01/32 | 198947 |
|  |  |  | 233887 |
| **Insurance<sup>(a)(b)</sup> – 2.9%** | **Insurance<sup>(a)(b)</sup> – 2.9%** | **Insurance<sup>(a)(b)</sup> – 2.9%** | **Insurance<sup>(a)(b)</sup> – 2.9%** |
| 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) |
| 30000 | 6.750 | 07/01/32 | 30853 |
| 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) |
| 298000 | 6.000 | 08/01/29 | 294823 |
| 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) |
| 133000 | 6.750 | 04/15/28 | 135438 |
| 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 | 134922 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| HUB International Ltd. (B/Caa1) | HUB International Ltd. (B/Caa1) | HUB International Ltd. (B/Caa1) | HUB International Ltd. (B/Caa1) |
| 120000 | 7.375% | 01/31/32 | $125927 |
| Panther Escrow Issuer LLC (B/B2) | Panther Escrow Issuer LLC (B/B2) | Panther Escrow Issuer LLC (B/B2) | Panther Escrow Issuer LLC (B/B2) |
| 128000 | 7.125 | 06/01/31 | 132676 |
| Ryan Specialty LLC (BB-/Ba3) | Ryan Specialty LLC (BB-/Ba3) | Ryan Specialty LLC (BB-/Ba3) | Ryan Specialty LLC (BB-/Ba3) |
| 60000 | 5.875 | 08/01/32 | 61351 |
| USI, Inc. (CCC+/Caa1) | USI, Inc. (CCC+/Caa1) | USI, Inc. (CCC+/Caa1) | USI, Inc. (CCC+/Caa1) |
| 42000 | 7.500 | 01/15/32 | 44052 |
|  |  |  | 960042 |
| **Internet – 2.6%** | **Internet – 2.6%** | **Internet – 2.6%** | **Internet – 2.6%** |
| 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) |
| 271000 | 3.875 | 08/15/28 | 250491 |
| 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) |
| 138000 | 7.125 | 09/30/30 | 142617 |
| 37000 | 6.250 | 04/01/33 | 38122 |
| 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) |
| 117000 | 4.625 | 06/01/28 | 115898 |
| 49000 | 4.125 | 08/01/30 | 46410 |
| 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 | 105756 |
| 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) |
| 106000 | 6.875 | 03/01/33 | 109955 |
| 67000 | 6.875 | 03/15/34 | 69025 |
|  |  |  | 878274 |
| **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) |
| 95000 | 10.000 | 11/15/29 | 94953 |
| **Iron/Steel – 0.7%** | **Iron/Steel – 0.7%** | **Iron/Steel – 0.7%** | **Iron/Steel – 0.7%** |
| 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) |
| 46000 | 6.875 | 11/01/29 | 47615 |
| 65000 | 7.375 | 05/01/33 | 67575 |
| 65000 | 7.625 | 01/15/34 | 68055 |
| 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) |
| 40000 | 7.000 | 04/01/31 | 41711 |
|  |  |  | 224956 |
| **Leisure Time – 3.0%** | **Leisure Time – 3.0%** | **Leisure Time – 3.0%** | **Leisure Time – 3.0%** |
| 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) |
| 250000 | 5.875 | 06/15/31 | 258300 |
| 125000 | 5.750 | 08/01/32 | 128425 |
| 88000 | 6.125 | 02/15/33 | 90845 |
| MajorDrive Holdings IV LLC<sup>(a)(b)</sup> (CCC-/Caa2) | MajorDrive Holdings IV LLC<sup>(a)(b)</sup> (CCC-/Caa2) | MajorDrive Holdings IV LLC<sup>(a)(b)</sup> (CCC-/Caa2) | MajorDrive Holdings IV LLC<sup>(a)(b)</sup> (CCC-/Caa2) |
| 155000 | 6.375 | 06/01/29 | 111973 |
| NCL Corp. Ltd.<sup>(a)(b)</sup> (B+/B3) | NCL Corp. Ltd.<sup>(a)(b)</sup> (B+/B3) | NCL Corp. Ltd.<sup>(a)(b)</sup> (B+/B3) | NCL Corp. Ltd.<sup>(a)(b)</sup> (B+/B3) |
| 72000 | 5.875 | 01/15/31 | 71752 |
| 36000 | 6.250 | 09/15/33 | 35991 |
| Royal Caribbean Cruises Ltd.<sup>(a)(b)</sup> (BBB-/Baa3) | Royal Caribbean Cruises Ltd.<sup>(a)(b)</sup> (BBB-/Baa3) | Royal Caribbean Cruises Ltd.<sup>(a)(b)</sup> (BBB-/Baa3) | Royal Caribbean Cruises Ltd.<sup>(a)(b)</sup> (BBB-/Baa3) |
| 87000 | 6.250 | 03/15/32 | 90035 |
| 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) |
| 37000 | 7.000 | 02/15/29 | 37092 |
| 75000 | 5.875 | 10/15/33 | 76259 |
| Viking Ocean Cruises Ship VII Ltd.<sup>(a)(b)</sup> (BB+/Baa3) | Viking Ocean Cruises Ship VII Ltd.<sup>(a)(b)</sup> (BB+/Baa3) | Viking Ocean Cruises Ship VII Ltd.<sup>(a)(b)</sup> (BB+/Baa3) | Viking Ocean Cruises Ship VII Ltd.<sup>(a)(b)</sup> (BB+/Baa3) |
| 43000 | 5.625 | 02/15/29 | 43070 |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| VOC Escrow Ltd.<sup>(a)(b)</sup> (BB+/Baa3) | VOC Escrow Ltd.<sup>(a)(b)</sup> (BB+/Baa3) | VOC Escrow Ltd.<sup>(a)(b)</sup> (BB+/Baa3) | VOC Escrow Ltd.<sup>(a)(b)</sup> (BB+/Baa3) |
| 62000 | 5.000% | 02/15/28 | $61984 |
|  |  |  | 1005726 |
| **Lodging – 2.1%** | **Lodging – 2.1%** | **Lodging – 2.1%** | **Lodging – 2.1%** |
| 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 | 205180 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (B/B2) | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (B/B2) | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (B/B2) | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (B/B2) |
| 155000 | 5.000 | 06/01/29 | 150629 |
| 164000 | 4.875 | 07/01/31 | 153138 |
| 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) |
| 212000 | 4.500 | 12/01/29 | 207544 |
|  |  |  | 716491 |
| **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) |
| 37000 | 6.250 | 10/15/32 | 37984 |
| **Machinery-Diversified<sup>(a)(b)</sup> – 0.5%** | **Machinery-Diversified<sup>(a)(b)</sup> – 0.5%** | **Machinery-Diversified<sup>(a)(b)</sup> – 0.5%** | **Machinery-Diversified<sup>(a)(b)</sup> – 0.5%** |
| Esab Corp. (BB+/Ba1) | Esab Corp. (BB+/Ba1) | Esab Corp. (BB+/Ba1) | Esab Corp. (BB+/Ba1) |
| 65000 | 6.250 | 04/15/29 | 66904 |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (B-/B3) | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (B-/B3) | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (B-/B3) | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (B-/B3) |
| 85000 | 9.000 | 02/15/29 | 89100 |
|  |  |  | 156004 |
| **Media – 7.8%** | **Media – 7.8%** | **Media – 7.8%** | **Media – 7.8%** |
| 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) |
| 512000 | 4.750 | 03/01/30 | 489795 |
| 171000 | 4.250 | 02/01/31 | 157142 |
| 483000 | 4.250 | 01/15/34 | 411212 |
| 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) |
| 155000 | 10.000 | 02/15/31 | 158443 |
| 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 | 100939 |
| 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) |
| 238000 | 4.750 | 10/15/28 | 232507 |
| 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) |
| 87000 | 10.500 | 07/15/29 | 93650 |
| 51000 | 7.250 | 08/15/33 | 52140 |
| 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) |
| 133000 | 7.375 | 09/01/31 | 140197 |
| 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) |
| 128000 | 8.000 | 08/15/32 | 131231 |
| 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) |
| 120000 | 4.750 | 11/01/28 | 119089 |
| Sinclair Television Group, Inc.<sup>(a)(b)</sup> (B+/B2) | Sinclair Television Group, Inc.<sup>(a)(b)</sup> (B+/B2) | Sinclair Television Group, Inc.<sup>(a)(b)</sup> (B+/B2) | Sinclair Television Group, Inc.<sup>(a)(b)</sup> (B+/B2) |
| 171000 | 8.125 | 02/15/33 | 178808 |
| 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) |
| 127000 | 4.125 | 07/01/30 | 120832 |
| TEGNA, Inc.<sup>(a)</sup> (BB+/Ba3) | TEGNA, Inc.<sup>(a)</sup> (BB+/Ba3) | TEGNA, Inc.<sup>(a)</sup> (BB+/Ba3) | TEGNA, Inc.<sup>(a)</sup> (BB+/Ba3) |
| 150000 | 5.000 | 09/15/29 | 148774 |
| 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) |
| 50000 | 9.375 | 08/01/32 | 53771 |
|  |  |  | 2588530 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.5%** | **Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.5%** | **Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.5%** | **Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.5%** |
| Roller Bearing Co. of America, Inc. (BB/Ba3) | Roller Bearing Co. of America, Inc. (BB/Ba3) | Roller Bearing Co. of America, Inc. (BB/Ba3) |  |
| 168000 | 4.375% | 10/15/29 | $165651 |
| **Miscellaneous Manufacturing – 1.2%** | **Miscellaneous Manufacturing – 1.2%** | **Miscellaneous Manufacturing – 1.2%** | **Miscellaneous Manufacturing – 1.2%** |
| 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) |
| 23000 | 6.375 | 03/15/33 | 23690 |
| Axon Enterprise, Inc.<sup>(a)(b)</sup> (BB+/Ba3) | Axon Enterprise, Inc.<sup>(a)(b)</sup> (BB+/Ba3) | Axon Enterprise, Inc.<sup>(a)(b)</sup> (BB+/Ba3) | Axon Enterprise, Inc.<sup>(a)(b)</sup> (BB+/Ba3) |
| 37000 | 6.125 | 03/15/30 | 38320 |
| 37000 | 6.250 | 03/15/33 | 38468 |
| Hillenbrand, Inc.<sup>(a)</sup> (BB/Ba1) | Hillenbrand, Inc.<sup>(a)</sup> (BB/Ba1) | Hillenbrand, Inc.<sup>(a)</sup> (BB/Ba1) | Hillenbrand, Inc.<sup>(a)</sup> (BB/Ba1) |
| 304000 | 3.750 | 03/01/31 | 304261 |
|  |  |  | 404739 |
| **Oil Field Services – 10.2%** | **Oil Field Services – 10.2%** | **Oil Field Services – 10.2%** | **Oil Field Services – 10.2%** |
| 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 | 223010 |
| 60000 | 6.625 | 09/01/32 | 61802 |
| 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) |
| 60000 | 6.000 | 10/01/30 | 60608 |
| 88000 | 6.750 | 03/15/33 | 91005 |
| Civitas Resources, Inc.<sup>(a)(b)</sup> (BB-/B1) | Civitas Resources, Inc.<sup>(a)(b)</sup> (BB-/B1) | Civitas Resources, Inc.<sup>(a)(b)</sup> (BB-/B1) | Civitas Resources, Inc.<sup>(a)(b)</sup> (BB-/B1) |
| 196000 | 8.375 | 07/01/28 | 202139 |
| 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) |
| 163000 | 6.000 | 01/15/29 | 164281 |
| 83000 | 7.375 | 01/15/31 | 85930 |
| 37000 | 7.250 | 03/01/32 | 38666 |
| 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) |
| 236000 | 7.625 | 04/01/32 | 229062 |
| 103000 | 7.375 | 01/15/33 | 97820 |
| 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) |
| 50000 | 6.250 | 12/01/30 | 51078 |
| 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) |
| 128000 | 6.750 | 09/01/29 | 132268 |
| 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) |
| 168000 | 7.250 | 02/15/29 | 174525 |
| 20000 | 6.500 | 10/01/33 | 20415 |
| 25000 | 6.750 | 10/01/35 | 25702 |
| 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) |
| 128000 | 6.875 | 04/15/28 | 130729 |
| 51000 | 6.500 | 04/15/32 | 51645 |
| 67000 | 6.250 | 04/15/33 | 66985 |
| 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) |
| 198000 | 8.000 | 04/15/30 | 205803 |
| 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) |
| 30000 | 7.875 | 10/15/33 | 29158 |
| Permian Resources Operating LLC<sup>(a)(b)</sup> (BB+/Ba2) | Permian Resources Operating LLC<sup>(a)(b)</sup> (BB+/Ba2) | Permian Resources Operating LLC<sup>(a)(b)</sup> (BB+/Ba2) | Permian Resources Operating LLC<sup>(a)(b)</sup> (BB+/Ba2) |
| 79000 | 5.875 | 07/01/29 | 79369 |
| 118000 | 7.000 | 01/15/32 | 122907 |
| 28000 | 6.250 | 02/01/33 | 28731 |
| 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) |
| 15000 | 7.875 | 09/30/30 | 14765 |
| 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) |
| 46000 | 6.750 | 08/01/29 | 46342 |
| 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) |
| 74000 | 7.000 | 05/01/29 | 77158 |
| 37000 | 6.250 | 07/01/33 | 37895 |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 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) |
| 210000 | 4.500% | 04/30/30 | $205105 |
| 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) |
| 80000 | 9.125 | 07/15/30 | 85855 |
| 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) |
| 25000 | 7.875 | 10/15/32 | 26027 |
| Transocean Titan Financing Ltd.<sup>(a)(b)</sup> (B/B1) | Transocean Titan Financing Ltd.<sup>(a)(b)</sup> (B/B1) | Transocean Titan Financing Ltd.<sup>(a)(b)</sup> (B/B1) | Transocean Titan Financing Ltd.<sup>(a)(b)</sup> (B/B1) |
| 100381 | 8.375 | 02/01/28 | 102533 |
| 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) |
| 208000 | 7.125 | 03/15/29 | 215407 |
| 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) |
| 55000 | 6.250 | 10/15/30 | 55378 |
| 45000 | 6.500 | 10/15/33 | 44835 |
| 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) |
| 45000 | 6.750 | 10/15/33 | 46073 |
| 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 | 69339 |
|  |  |  | 3400350 |
| **Packaging<sup>(a)(b)</sup> – 1.5%** | **Packaging<sup>(a)(b)</sup> – 1.5%** | **Packaging<sup>(a)(b)</sup> – 1.5%** | **Packaging<sup>(a)(b)</sup> – 1.5%** |
| Clearwater Paper Corp. (B/B1) | Clearwater Paper Corp. (B/B1) | Clearwater Paper Corp. (B/B1) | Clearwater Paper Corp. (B/B1) |
| 128000 | 4.750 | 08/15/28 | 120385 |
| Clydesdale Acquisition Holdings, Inc. (B+/B2) | Clydesdale Acquisition Holdings, Inc. (B+/B2) | Clydesdale Acquisition Holdings, Inc. (B+/B2) | Clydesdale Acquisition Holdings, Inc. (B+/B2) |
| 46000 | 6.750 | 04/15/32 | 47356 |
| 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 | 66501 |
| Efesto Bidco SpA Efesto U.S. LLC (B-/B3) | Efesto Bidco SpA Efesto U.S. LLC (B-/B3) | Efesto Bidco SpA Efesto U.S. LLC (B-/B3) | Efesto Bidco SpA Efesto U.S. LLC (B-/B3) |
| 201000 | 7.500 | 02/15/32 | 203382 |
| Mauser Packaging Solutions Holding Co. (B/B2) | Mauser Packaging Solutions Holding Co. (B/B2) | Mauser Packaging Solutions Holding Co. (B/B2) | Mauser Packaging Solutions Holding Co. (B/B2) |
| 55000 | 7.875 | 04/15/30 | 54777 |
|  |  |  | 492401 |
| **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 | 229137 |
| AdaptHealth LLC<sup>(a)(b)</sup> (BB-/B1) | AdaptHealth LLC<sup>(a)(b)</sup> (BB-/B1) | AdaptHealth LLC<sup>(a)(b)</sup> (BB-/B1) | AdaptHealth LLC<sup>(a)(b)</sup> (BB-/B1) |
| 118000 | 6.125 | 08/01/28 | 118833 |
| 35000 | 4.625 | 08/01/29 | 33961 |
| 45000 | 5.125 | 03/01/30 | 43912 |
| 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) |
| 22000 | 6.875 | 08/01/32 | 23255 |
|  |  |  | 449098 |
| **Pipelines – 7.4%** | **Pipelines – 7.4%** | **Pipelines – 7.4%** | **Pipelines – 7.4%** |
| 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) |
| 111000 | 5.375 | 06/15/29 | 111055 |
| 32000 | 5.750 | 10/15/33 | 32187 |
| 55000 | 5.750 | 07/01/34 | 55419 |
| 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) |
| 46000 | 7.000 | 07/15/29 | 47982 |
| 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) |
| 74000 | 6.875 | 07/01/29 | 77023 |
| 37000 | 6.750 | 02/01/30 | 38834 |
| 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) |
| 44000 | 4.750 | 04/15/30 | 42614 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 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 | $268190 |
| 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 | 53310 |
| 105000 | 7.375 | 06/30/33 | 107163 |
| 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 | 4224 |
| Genesis Energy LP/Genesis Energy Finance Corp.<sup>(a)</sup> (B/B3) | Genesis Energy LP/Genesis Energy Finance Corp.<sup>(a)</sup> (B/B3) | Genesis Energy LP/Genesis Energy Finance Corp.<sup>(a)</sup> (B/B3) | Genesis Energy LP/Genesis Energy Finance Corp.<sup>(a)</sup> (B/B3) |
| 65000 | 7.875 | 05/15/32 | 67698 |
| 74000 | 8.000 | 05/15/33 | 76807 |
| 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) |
| 60000 | 8.250 | 01/15/32 | 63145 |
| 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) |
| 32000 | 6.500 | 06/01/29 | 33120 |
| 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) |
| 65000 | 7.375 | 07/15/32 | 68595 |
| 55000 | 6.625 | 01/15/34 | 56273 |
| 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) |
| 271000 | 5.875 | 06/15/30 | 273314 |
| 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) |
| 106000 | 6.000 | 06/01/26 | 106189 |
| 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) |
| 32000 | 9.000 | 08/01/29 | 33288 |
| 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) |
| 28000 | 6.750 | 03/15/33 | 29547 |
| 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) |
| 60000 | 7.375 | 02/15/29 | 62006 |
| 139000 | 6.000 | 12/31/30 | 140095 |
| 129000 | 6.000 | 09/01/31 | 128080 |
| 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) |
| 51000 | 8.500 | 06/15/30 | 51511 |
| 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) |
| 95000 | 4.125 | 08/15/31 | 86437 |
| 90000 | 3.875 | 11/01/33 | 77252 |
| 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) |
| 40000 | 6.125 | 12/15/30 | 40725 |
| 40000 | 6.500 | 01/15/34 | 40948 |
| 40000 | 6.500 | 06/15/34 | 40892 |
| 164000 | 6.750 | 01/15/36 | 167859 |
|  |  |  | 2481782 |
| **Real Estate Investment Trust<sup>(a)(b)</sup> – 0.8%** | **Real Estate Investment Trust<sup>(a)(b)</sup> – 0.8%** | **Real Estate Investment Trust<sup>(a)(b)</sup> – 0.8%** | **Real Estate Investment Trust<sup>(a)(b)</sup> – 0.8%** |
| Arbor Realty SR, Inc. (NR/Ba3) | Arbor Realty SR, Inc. (NR/Ba3) | Arbor Realty SR, Inc. (NR/Ba3) | Arbor Realty SR, Inc. (NR/Ba3) |
| 65000 | 7.875 | 07/15/30 | 62288 |
| 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) |
| 97000 | 5.000 | 07/15/32 | 92501 |
| 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) |
| 116000 | 4.750 | 04/15/28 | 115434 |
|  |  |  | 270223 |
| **Retailing – 6.5%** | **Retailing – 6.5%** | **Retailing – 6.5%** | **Retailing – 6.5%** |
| 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) |
| 163000 | 4.375 | 01/15/28 | 161924 |
| 257000 | 4.000 | 10/15/30 | 244734 |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 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) |
| 62000 | 4.625 %<sup>(b)</sup> | 11/15/29 | $61043 |
| 122000 | 4.750 | 03/01/30 | 120304 |
| 26000 | 5.000 <sup>(b)</sup> | 02/15/32 | 25272 |
| 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) |
| 37000 | 8.000 | 05/15/32 | 39556 |
| 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) |
| 18000 | 6.375 | 01/15/30 | 18511 |
| 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) |
| 81000 | 4.875 | 09/15/28 | 80769 |
| LBM Acquisition LLC<sup>(a)(b)</sup> (B-/B3) | LBM Acquisition LLC<sup>(a)(b)</sup> (B-/B3) | LBM Acquisition LLC<sup>(a)(b)</sup> (B-/B3) | LBM Acquisition LLC<sup>(a)(b)</sup> (B-/B3) |
| 95000 | 9.500 | 06/15/31 | 98739 |
| 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) |
| 257000 | 4.875 | 05/01/29 | 251883 |
| 37000 | 8.250 | 08/01/31 | 39132 |
| 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) |
| 145000 | 3.875 | 06/01/29 | 140177 |
| 162000 | 4.375 | 01/15/31 | 155637 |
| 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) |
| 163000 | 3.750 | 02/15/31 | 153178 |
| 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) |
| 89000 | 3.750 | 06/15/29 | 86270 |
| 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) |
| 132000 | 6.750 | 04/30/32 | 137922 |
| 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) |
| 146000 | 4.625 | 11/15/29 | 143242 |
| 58000 | 4.875 | 11/15/31 | 55973 |
| 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) |
| 45000 | 10.750 | 09/01/29 | 44752 |
| 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) |
| 100000 | 6.500 | 12/15/35 | 100019 |
|  |  |  | 2159037 |
| **Semiconductors<sup>(a)(b)</sup> – 0.1%** | **Semiconductors<sup>(a)(b)</sup> – 0.1%** | **Semiconductors<sup>(a)(b)</sup> – 0.1%** | **Semiconductors<sup>(a)(b)</sup> – 0.1%** |
| Amkor Technology, Inc. (BB/Ba3) | Amkor Technology, Inc. (BB/Ba3) | Amkor Technology, Inc. (BB/Ba3) | Amkor Technology, Inc. (BB/Ba3) |
| 23000 | 5.875 | 10/01/33 | 23531 |
| **Software – 2.5%** | **Software – 2.5%** | **Software – 2.5%** | **Software – 2.5%** |
| Castle U.S. Holding Corp.<sup>(a)(b)</sup> (CCC-/Ca) | Castle U.S. Holding Corp.<sup>(a)(b)</sup> (CCC-/Ca) | Castle U.S. Holding Corp.<sup>(a)(b)</sup> (CCC-/Ca) | Castle U.S. Holding Corp.<sup>(a)(b)</sup> (CCC-/Ca) |
| 101000 | 10.000 | 06/30/31 | 14840 |
| 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) |
| 93000 | 6.500 | 03/31/29 | 94207 |
| 83000 | 8.250 | 06/30/32 | 86877 |
| 5000 | 6.625 | 08/15/33 | 4956 |
| 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) |
| 80000 | 9.250 | 06/01/30 | 74409 |
| 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) |
| 35000 | 6.000 | 05/15/33 | 35886 |
| Open Text Corp.<sup>(a)(b)</sup> (BB/Ba3) | Open Text Corp.<sup>(a)(b)</sup> (BB/Ba3) | Open Text Corp.<sup>(a)(b)</sup> (BB/Ba3) | Open Text Corp.<sup>(a)(b)</sup> (BB/Ba3) |
| 201000 | 3.875 | 02/15/28 | 197153 |
| 132000 | 3.875 | 12/01/29 | 125306 |
| 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) |
| 212000 | 3.875 | 02/01/29 | 200418 |
|  |  |  | 834052 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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> – 2.1%** | **Telecommunication Services<sup>(a)</sup> – 2.1%** | **Telecommunication Services<sup>(a)</sup> – 2.1%** | **Telecommunication Services<sup>(a)</sup> – 2.1%** |
| 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) |
| 65000 | 9.250% | 12/15/30 | $63754 |
| 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) |
| 85000 | 7.125 | 11/15/30 | 86703 |
| EchoStar Corp. (B/Caa1) | EchoStar Corp. (B/Caa1) | EchoStar Corp. (B/Caa1) | EchoStar Corp. (B/Caa1) |
| 231000 | 10.750 | 11/30/29 | 255139 |
| Level 3 Financing, Inc.<sup>(b)</sup> (B+/B1) | Level 3 Financing, Inc.<sup>(b)</sup> (B+/B1) | Level 3 Financing, Inc.<sup>(b)</sup> (B+/B1) | Level 3 Financing, Inc.<sup>(b)</sup> (B+/B1) |
| 120000 | 7.000 | 03/31/34 | 123628 |
| Windstream Services LLC<sup>(b)</sup> (B/B2) | Windstream Services LLC<sup>(b)</sup> (B/B2) | Windstream Services LLC<sup>(b)</sup> (B/B2) | Windstream Services LLC<sup>(b)</sup> (B/B2) |
| 80000 | 7.500 | 10/15/33 | 81990 |
| 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) |
| 74000 | 8.250 | 10/01/31 | 77669 |
|  |  |  | 688883 |
| **Transportation<sup>(a)(b)</sup> – 1.1%** | **Transportation<sup>(a)(b)</sup> – 1.1%** | **Transportation<sup>(a)(b)</sup> – 1.1%** | **Transportation<sup>(a)(b)</sup> – 1.1%** |
| Beacon Mobility Corp. (B/B1) | Beacon Mobility Corp. (B/B1) | Beacon Mobility Corp. (B/B1) | Beacon Mobility Corp. (B/B1) |
| 55000 | 7.250 | 08/01/30 | 57508 |
| Rand Parent LLC (BB-/Ba1) | Rand Parent LLC (BB-/Ba1) | Rand Parent LLC (BB-/Ba1) | Rand Parent LLC (BB-/Ba1) |
| 94000 | 8.500 | 02/15/30 | 97997 |
| XPO, Inc. (B+/Ba3) | XPO, Inc. (B+/Ba3) | XPO, Inc. (B+/Ba3) | XPO, Inc. (B+/Ba3) |
| 217000 | 7.125 | 02/01/32 | 228345 |
|  |  |  | 383850 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $27,688,196)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $27,688,196)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $27,688,196)** | $28131119 |
| **Bank Loans<sup>(e)</sup> – 11.5%** | **Bank Loans<sup>(e)</sup> – 11.5%** | **Bank Loans<sup>(e)</sup> – 11.5%** | **Bank Loans<sup>(e)</sup> – 11.5%** |
| **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 | 6.172% | 12/01/32 | $180588 |
| **Airlines – 0.3%** | **Airlines – 0.3%** | **Airlines – 0.3%** | **Airlines – 0.3%** |
| Vista Management Holding, Inc. (BB-/Ba3)(3 mo. USD Term SOFR + 3.750%) | Vista Management Holding, Inc. (BB-/Ba3)(3 mo. USD Term SOFR + 3.750%) | Vista Management Holding, Inc. (BB-/Ba3)(3 mo. USD Term SOFR + 3.750%) | Vista Management Holding, Inc. (BB-/Ba3)(3 mo. USD Term SOFR + 3.750%) |
| 99000 | 7.735 | 04/01/31 | 99825 |
| **Auto Parts & Equipment – 0.4%** | **Auto Parts & Equipment – 0.4%** | **Auto Parts & Equipment – 0.4%** | **Auto Parts & Equipment – 0.4%** |
| 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%) |
| 117360 | 6.716 | 05/04/28 | 117735 |
| **Building & Construction – 1.6%** | **Building & Construction – 1.6%** | **Building & Construction – 1.6%** | **Building & Construction – 1.6%** |
| 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%) |
| 98752 | 6.466 | 07/30/31 | 99147 |
| 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%) |
| 49626 | 6.912 | 10/17/31 | 49915 |
| DG Investment Intermediate Holdings 2, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.750%) | DG Investment Intermediate Holdings 2, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.750%) | DG Investment Intermediate Holdings 2, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.750%) | DG Investment Intermediate Holdings 2, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.750%) |
| 141974 | 7.466 | 07/09/32 | 141974 |
| Holding Socotec (B/B2) | Holding Socotec (B/B2) | Holding Socotec (B/B2) | Holding Socotec (B/B2) |
| (3 mo. EUR EURIBOR + 3.500%) | (3 mo. EUR EURIBOR + 3.500%) | (3 mo. EUR EURIBOR + 3.500%) | (3 mo. EUR EURIBOR + 3.500%) |
| 75000 | 5.519 | 06/02/31 | 88897 |
| (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%) |
| 99000 | 6.910 | 06/02/31 | 99453 |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| TRC Cos. LLC (B/B3)(1 mo. USD Term SOFR + 3.000%) | TRC Cos. LLC (B/B3)(1 mo. USD Term SOFR + 3.000%) | TRC Cos. LLC (B/B3)(1 mo. USD Term SOFR + 3.000%) | TRC Cos. LLC (B/B3)(1 mo. USD Term SOFR + 3.000%) |
| 68770 | 6.716% | 12/08/28 | $68920 |
|  |  |  | 548306 |
| **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%) |
| 93983 | 6.922 | 12/22/31 | 94687 |
| 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 | 10.172 | 12/22/32 | 50688 |
|  |  |  | 145375 |
| **Capital Goods - Others – 1.3%** | **Capital Goods - Others – 1.3%** | **Capital Goods - Others – 1.3%** | **Capital Goods - Others – 1.3%** |
| 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%) |
| 70769 | 5.519 | 11/26/32 | 83610 |
| (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%) |
| 61098 | 6.922 | 11/26/32 | 61435 |
| 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%) |
| 173690 | 5.466 | 10/08/31 | 174384 |
| Titan Acquisition Ltd. (B-/B3)((1 mo. USD Term SOFR + 3.750%) – (3 mo. USD Term SOFR + 3.750%)) | Titan Acquisition Ltd. (B-/B3)((1 mo. USD Term SOFR + 3.750%) – (3 mo. USD Term SOFR + 3.750%)) | Titan Acquisition Ltd. (B-/B3)((1 mo. USD Term SOFR + 3.750%) – (3 mo. USD Term SOFR + 3.750%)) | Titan Acquisition Ltd. (B-/B3)((1 mo. USD Term SOFR + 3.750%) – (3 mo. USD Term SOFR + 3.750%)) |
| 123125 | 7.466– 7.590 | 02/15/29 | 123912 |
|  |  |  | 443341 |
| **Commercial Services – 0.4%** | **Commercial Services – 0.4%** | **Commercial Services – 0.4%** | **Commercial Services – 0.4%** |
| 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%) |
| 130304 | 7.365 | 12/29/31 | 127093 |
| **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%) |
| 99174 | 5.818 | 01/30/32 | 99050 |
| **Diversified Financial Services – 0.6%** | **Diversified Financial Services – 0.6%** | **Diversified Financial Services – 0.6%** | **Diversified Financial Services – 0.6%** |
| 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 | 6.593 | 10/01/32 | 150343 |
| 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%) |
| 49625 | 8.901 | 11/05/31 | 38956 |
|  |  |  | 189299 |
| **Diversified Manufacturing – 0.6%** | **Diversified Manufacturing – 0.6%** | **Diversified Manufacturing – 0.6%** | **Diversified Manufacturing – 0.6%** |
| SPX Flow, Inc. (B/B1)(1 mo. USD Term SOFR + 2.750%) | SPX Flow, Inc. (B/B1)(1 mo. USD Term SOFR + 2.750%) | SPX Flow, Inc. (B/B1)(1 mo. USD Term SOFR + 2.750%) | SPX Flow, Inc. (B/B1)(1 mo. USD Term SOFR + 2.750%) |
| 189343 | 6.466 | 04/05/29 | 189716 |
| **Energy - Exploration & Production – 0.4%** | **Energy - Exploration & Production – 0.4%** | **Energy - Exploration & Production – 0.4%** | **Energy - Exploration & Production – 0.4%** |
| Kohler Energy Co. LLC (B/B1)(3 mo. USD Term SOFR + 3.750%) | Kohler Energy Co. LLC (B/B1)(3 mo. USD Term SOFR + 3.750%) | Kohler Energy Co. LLC (B/B1)(3 mo. USD Term SOFR + 3.750%) | Kohler Energy Co. LLC (B/B1)(3 mo. USD Term SOFR + 3.750%) |
| 137392 | 7.422 | 05/01/31 | 138011 |
| **Entertainment – 0.4%** | **Entertainment – 0.4%** | **Entertainment – 0.4%** | **Entertainment – 0.4%** |
| 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%) |
| 123753 | 8.343 | 12/02/31 | 121835 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| **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 + 2.500%) | Sazerac Co., Inc. (BB-/Ba3)(1 mo. USD Term SOFR + 2.500%) | Sazerac Co., Inc. (BB-/Ba3)(1 mo. USD Term SOFR + 2.500%) | Sazerac Co., Inc. (BB-/Ba3)(1 mo. USD Term SOFR + 2.500%) |
| 74813 | 6.500% | 07/09/32 | $74885 |
| **Internet – 0.3%** | **Internet – 0.3%** | **Internet – 0.3%** | **Internet – 0.3%** |
| 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%) |
| 99250 | 7.172 | 10/02/31 | 96025 |
| **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 | 10.716 | 01/07/30 | 1067 |
| Apex Tool Group LLC<sup>(f)</sup> (CC/Ca)(1 mo. USD Term SOFR + 6.000%) | Apex Tool Group LLC<sup>(f)</sup> (CC/Ca)(1 mo. USD Term SOFR + 6.000%) | Apex Tool Group LLC<sup>(f)</sup> (CC/Ca)(1 mo. USD Term SOFR + 6.000%) | Apex Tool Group LLC<sup>(f)</sup> (CC/Ca)(1 mo. USD Term SOFR + 6.000%) |
| 61566 | 9.716 | 04/08/31 | 12313 |
| Apex Tool Group LLC<sup>(f)</sup> (CC/Caa3)(1 mo. USD Term SOFR + 10.000%) | Apex Tool Group LLC<sup>(f)</sup> (CC/Caa3)(1 mo. USD Term SOFR + 10.000%) | Apex Tool Group LLC<sup>(f)</sup> (CC/Caa3)(1 mo. USD Term SOFR + 10.000%) | Apex Tool Group LLC<sup>(f)</sup> (CC/Caa3)(1 mo. USD Term SOFR + 10.000%) |
| 17172 | 13.716 | 01/07/30 | 6869 |
| 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 | 8.966 | 04/08/30 | 22968 |
| 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%) |
| 201408 | 6.947 | 04/30/30 | 202549 |
|  |  |  | 245766 |
| **Media - Non Cable – 0.2%** | **Media - Non Cable – 0.2%** | **Media - Non Cable – 0.2%** | **Media - Non Cable – 0.2%** |
| 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%) |
| 64615 | 9.600 | 06/30/28 | 65168 |
| **Midstream – 0.1%** | **Midstream – 0.1%** | **Midstream – 0.1%** | **Midstream – 0.1%** |
| Prairie ECI Acquiror LP (B-/B3)(1 mo. USD Term SOFR + 3.750%) | Prairie ECI Acquiror LP (B-/B3)(1 mo. USD Term SOFR + 3.750%) | Prairie ECI Acquiror LP (B-/B3)(1 mo. USD Term SOFR + 3.750%) | Prairie ECI Acquiror LP (B-/B3)(1 mo. USD Term SOFR + 3.750%) |
| 24688 | 7.466 | 08/01/29 | 24807 |
| **Packaging – 0.8%** | **Packaging – 0.8%** | **Packaging – 0.8%** | **Packaging – 0.8%** |
| Charter NEX U.S., Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) | Charter NEX U.S., Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) | Charter NEX U.S., Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) | Charter NEX U.S., Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) |
| 137942 | 6.500 | 11/29/30 | 138137 |
| 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%) |
| 118808 | 6.891 | 04/13/29 | 118829 |
|  |  |  | 256966 |
| **Retailers – 0.9%** | **Retailers – 0.9%** | **Retailers – 0.9%** | **Retailers – 0.9%** |
| 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%) |
| 142183 | 6.966 | 12/11/30 | 140466 |
| 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%) |
| 148125 | 5.966 | 06/11/31 | 146538 |
|  |  |  | 287004 |
| **Technology – 0.5%** | **Technology – 0.5%** | **Technology – 0.5%** | **Technology – 0.5%** |
| 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%) |
| 24688 | 6.716 | 03/01/29 | 22705 |
| Pitney Bowes, Inc. (BB/Ba2)(1 mo. USD Term SOFR + 3.750%) | Pitney Bowes, Inc. (BB/Ba2)(1 mo. USD Term SOFR + 3.750%) | Pitney Bowes, Inc. (BB/Ba2)(1 mo. USD Term SOFR + 3.750%) | Pitney Bowes, Inc. (BB/Ba2)(1 mo. USD Term SOFR + 3.750%) |
| 148861 | 7.422 | 03/19/32 | 147745 |
|  |  |  | 170450 |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| **Technology - Software – 0.6%** | **Technology - Software – 0.6%** | **Technology - Software – 0.6%** | **Technology - Software – 0.6%** |
| 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%) |
| 72567 | 7.434% | 09/29/28 | $71162 |
| 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%) |
| 114726 | 6.966 | 02/15/29 | 114898 |
|  |  |  | 186060 |
| **TOTAL BANK LOANS**<br> **(Cost $3,861,884)** | **TOTAL BANK LOANS**<br> **(Cost $3,861,884)** | **TOTAL BANK LOANS**<br> **(Cost $3,861,884)** | $3807305 |
| **Shares** | **Description** | **Description** | **Value** |
| **Common Stocks – 0.2%** | **Common Stocks – 0.2%** | **Common Stocks – 0.2%** | **Common Stocks – 0.2%** |
| **Energy Equipment & Services – 0.1%** | **Energy Equipment & Services – 0.1%** | **Energy Equipment & Services – 0.1%** | **Energy Equipment & Services – 0.1%** |
| 1721 | Noble Corp. PLC | Noble Corp. PLC | $48601 |
| **Oil, Gas & Consumable Fuels<sup>(g)</sup> – 0.1%** | **Oil, Gas & Consumable Fuels<sup>(g)</sup> – 0.1%** | **Oil, Gas & Consumable Fuels<sup>(g)</sup> – 0.1%** | **Oil, Gas & Consumable Fuels<sup>(g)</sup> – 0.1%** |
| 1141924 | Prairie Provident<br>Resources, Inc. | Prairie Provident<br>Resources, Inc. | 16639 |
| **TOTAL COMMON STOCKS**<br> **(Cost $2,957,472)** | **TOTAL COMMON STOCKS**<br> **(Cost $2,957,472)** | **TOTAL COMMON STOCKS**<br> **(Cost $2,957,472)** | $65240 |
| **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(h)</sup> – 2.3%** | **Investment Company<sup>(h)</sup> – 2.3%** | **Investment Company<sup>(h)</sup> – 2.3%** | **Investment Company<sup>(h)</sup> – 2.3%** |
| 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 |
| 772073 | 3.686% | 3.686% | $772073 |
| **(Cost $772,073)** | **(Cost $772,073)** | **(Cost $772,073)** | **(Cost $772,073)** |
| **TOTAL INVESTMENTS – 98.4%** | **TOTAL INVESTMENTS – 98.4%** |  |  |
| **(Cost $35,279,625)** | **(Cost $35,279,625)** |  | $32775737 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.6%** |  | $545597 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** |  | $33321334 |

---

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

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

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

(c) Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date
disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2025.

(d) Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in
effect on December 31, 2025.

(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 December 31, 2025. 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.

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At December 31, 2025, the Fund had the following forward foreign currency exchange contracts:

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | USD 171,635 | EUR 146,428 | 02/25/26 | $(888) |

---

**FUTURES CONTRACTS** — At December 31, 2025, 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 | 26 | 03/31/26 | $5428516 | $(1444) |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | (39) | 03/20/26 | (4385063) | 29746 |
|  5 Year U.S. Treasury Notes | (6) | 03/31/26 | (655828) | 1177 |
|  Ultra 10-Year U.S. Treasury Notes | (4) | 03/20/26 | (460063) | 2996 |
|  Ultra Long U.S. Treasury Bonds | (1) | 03/20/26 | (118000) | 2623 |
|  **Total** |  |  |  | $36542 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $35098 |

---

---

| | |
|:---|:---|
| **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 |
| PLC | — Public Limited Company |
| SOFR | — Secured Overnight Financing Rate |
| USD | — U.S. Dollar |
| **Abbreviation:** | **Abbreviation:** |
| MS & Co. Int. PLC | — Morgan Stanley & Co. International PLC |

---

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

**NOTES TO THE SCHEDULE OF INVESTMENTS** 

**Investment Valuation** — The Funds' valuation policy is to value investments at fair value.

**Investments and Fair Value Measurements —** U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds ("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.

**Level 1 and Level 2 Fair Value Investments** — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

**Equity Securities** — Equity securities traded on a United States ("U.S.") securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e., where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

**Underlying Funds (including Money Market Funds)** — Underlying funds ("Underlying Funds") include exchange-traded funds ("ETFs") and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Fund's shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund's accounting policies and investment holdings, please see the Underlying Fund's 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;**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 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. 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;**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;**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.

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

**NOTES TO THE SCHEDULE OF INVESTMENTS (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;**iv. When-Issued Securities and Forward Commitments** — When-issued securities, including TBA ("To Be Announced") securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to 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;**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.

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

&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;**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;**iv. Swap Contracts** — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member ("DCM"), acting in an agency capacity, and submitted to a central counterparty ("CCP") ("centrally cleared swaps"), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

An *interest rate swap* is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

A *credit default swap* is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund's investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

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.

**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.

**Fair Value Hierarchy** — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **EMERGING MARKETS CREDIT FUND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** | **Assets** | **Assets** | **Assets** |
|  Fixed Income | Fixed Income | Fixed Income | Fixed Income |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $19762171 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 746382 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 119447 |  |  |
|  Investment Company | 43 |  |  |
| **Total** | $119490 | $20508553 | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $1505 | $— |
|  Futures Contracts<sup>(a)</sup> | 1142 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | 2139 |  |
|  Purchased Option Contracts |  | 130 |  |
| **Total** | $1142 | $3774 | $— |
| **Liabilities<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $(1939) | $— |
|  Futures Contracts | (4929) |  |  |
|  Interest Rate Swap Contracts |  | (781) |  |
| **Total** | $(4929) | $(2720) | $— |

---

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **EMERGING MARKETS DEBT FUND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations | $— | $372152019 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 126711840 |  |
|  Common Stock and/or Other Equity Investments<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 5763 | 40522 |  |
|  Investment Company | 19049664 |  |  |
| **Total** | $19055427 | $498904381 | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $1756955 | $— |
|  Futures Contracts<sup>(a)</sup> | 15468 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | 742320 |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | 16829 |  |
|  Purchased Option Contracts |  | 566911 |  |
| **Total** | $15468 | $3083015 | $— |
| **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $(1414250) | $— |
|  Futures Contracts<sup>(a)</sup> | (198356) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | (249319) |  |
|  Written Option Contracts |  | (381449) |  |
| **Total** | $(198356) | $(2045018) | $— |

---

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **HIGH YIELD FUND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $2212969271 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 90643759 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded Loan Committment |  | 1162 |  |
|  Securities Lending Reinvestment Vehicle | 55866947 |  |  |
|  Common Stock and/or Other Equity Investments<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe |  | 3864877 | 1498056 |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 2045307 | 19389 |  |
|  Rights |  | 800625 |  |
|  Warrants |  | 59365 |  |
|  Exchange Traded Funds | 3710567 |  |  |
|  Investment Company | 135238693 |  |  |
|  Short-term Investments |  | 12955059 |  |
| **Total** | $196861514 | $2321313507 | $1498056 |
| **Derivative Type** |  |  |  |
| **Assets<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $81117 | $— |
|  Futures Contracts | 46051 |  |  |
|  Credit Default Swap Contracts |  | 3242361 |  |
| **Total** | $46051 | $3323478 | $— |
| **Liabilities<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $(895489) | $— |
|  Futures Contracts | (536248) |  |  |
| **Total** | $(536248) | $(895489) | $— |

---

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **HIGH YIELD FLOATING RATE FUND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** | | | |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans | $— | $1358371581 | $5191923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 96926959 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 20859153 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded Loan Committments |  | 4409 |  |
|  Common Stock and/or Other Equity Investments<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe |  | 4214601 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 128876 | 332002 | 2610064 |
|  Rights |  | 1194408 |  |
|  Warrants |  | 81969 | 163 |
|  Preferred Stocks | —— |  |  |
|  Exchange Traded Funds | 34541071 |  |  |
|  Investment Company | 22344 |  |  |
| **Total** | $34692291 | $1481985082 | $7802150 |
| **Derivative Type** |  |  |  |
| **Assets<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $193206 | $— | $— |
|  Credit Default Swap Contracts |  | 406515 |  |
| **Total** | $193206 | $406515 | $— |
| **Liabilities<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $(228535) | $— |
|  Futures Contracts | (55934) |  |  |
| **Total** | $(55934) | $(228535) | $— |
| **INVESTMENT GRADE CREDIT FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $611518854 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 14512538 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 3003572 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 1140606 |  |  |
|  Investment Company | 19052057 |  |  |
| **Total** | $20192663 | $629034964 | $— |

---

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **INVESTMENT GRADE CREDIT FUND (continued)**<br>**Derivative Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Futures Contracts<sup>(a)</sup> | $225225 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | 781435 |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | 3487997 |  |
|  Purchased Option Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5692 |  |
| **Total** | $225225 | $4275124 | $— |
| **Liabilities<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $(10794) | $— |
|  Futures Contracts | (1607344) |  |  |
|  Interest Rate Swap Contracts |  | (433487) |  |
|  Credit Default Swap Contracts |  | (93637) |  |
| **Total** | $(1607344) | $(537918) | $— |
| **SHORT DURATION HIGH YIELD FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $28131121 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 3788121 | 19182 |
|  Common Stock and/or Other Equity Investments<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 65240 |  |  |
|  Investment Company | 772073 |  |  |
| **Total** | $837313 | $31919242 | $19182 |
| **Derivative Type** |  |  |  |
| **Assets<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $36542 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Liabilities<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $(888) | $— |
|  Futures Contracts | (1444) |  |  |
| **Total** | $(1444) | $(888) | $— |

---

(a) Amount shown represents unrealized gain (loss) at period end.

(b) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of 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.

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

The Funds' risks include, but are not limited to, the following:

**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.

**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

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

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 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

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

unfavorable conditions, such sales may adversely affect a Fund's NAV and dilute remaining investors' interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Funds' investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

**Loan-Related Investments Risk** — In addition to risks generally associated with debt investments (e.g., interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, a Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if a Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender (rather than the borrower), subjecting a Fund to the creditworthiness of that lender as well. Investors in loans, such as a Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, a Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet a Fund's redemption obligations for a period after the sale of the loans, and, as a result, a Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations.

Senior Loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because Second Lien Loans are subordinated or unsecured and thus lower in priority of payment to Senior Loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second Lien Loans generally have greater price volatility than Senior Loans and may be less liquid.

**Market and Credit Risks** — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, 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.

**Non-Diversification Risk** — Local Emerging Markets Debt 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.

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

**Non-Investment Grade Fixed Income Securities Risk** — Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as "junk bonds") are considered speculative and are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity. The Funds may purchase the securities of issuers that are in default.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** GOLDMAN SACHS TRUST

- **b. Investment Company Act file number:** 811-05349

- **c. CIK number of Registrant:** 0000822977

- **d. LEI of Registrant:** S2FHCT8U6D2VORP0J605

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 71  SOUTH WACKER DRIVE

  - **City:** CHICAGO

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60606

  - **Telephone number:** 312-655-4400

**Item A.2. Information about the Series.**

- **a. Name of Series:** Goldman Sachs High Yield Fund

- **b. EDGAR series identifier (if any):** S000009309

- **c. LEI of Series:** VJJ3YDJ4UOKOJN1I8J86

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $2619581040.44

**Total Liabilities:** $79568940.40

**Net Assets:** $2540012100.04

**Delayed Delivery Securities:** $4001265.90

**Cash Not Reported:** $54316306.87

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -1449.93000000 | **1-Year:** -10019.97000000 | **5-Year:** -21118.98000000 | **10-Year:** -20628.00000000 | **30-Year:** -8286.11000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -11782.24000000 | **1-Year:** -183685.74000000 | **5-Year:** -409611.28000000 | **10-Year:** -64502.09000000 | **30-Year:** -9341.23000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000025420 | 0.20%                | 0.71%                | 0.54%                |
| Class ID C000025421 | 0.16%                | 0.67%                | 0.49%                |
| Class ID C000025422 | 0.17%                | 0.69%                | 0.51%                |
| Class ID C000025424 | 0.29%                | 0.45%                | 0.45%                |
| Class ID C000058957 | 0.33%                | 0.49%                | 0.49%                |
| Class ID C000058958 | 0.20%                | 0.71%                | 0.53%                |
| Class ID C000161292 | 0.38%                | 0.54%                | 0.54%                |
| Class ID C000202040 | 0.38%                | 0.54%                | 0.54%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $699943.27               | $-7762473.46                               |
| Month 2  | $-14719127.52            | $15993487.29                               |
| Month 3  | $-7582412.76             | $9413487.13                                |

**Designated Index Information**

- **Index Name:** Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index

- **Index Identifier:** LMRECOR7F4

### Schedule of Portfolio Investments

| Name                                           | Title                                                                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AAL Delaware Holdco Inc                        | AAL Delaware Holdco Inc 2025 Term Loan                                                         | CUSIP: 00036YAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5385736 | PA      | $5407225.29   | 0.21%             | 2031-07-30      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| ADT SEC CORP                                   | ADT Security Corp/The                                                                          | CUSIP: 00109LAA1<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |   5036000 | PA      | $4915186.36   | 0.19%             | 2029-08-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| AG ISSUER LLC                                  | AG Issuer LLC                                                                                  | CUSIP: 00119LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3279000 | PA      | $3292214.37   | 0.13%             | 2028-03-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AMC NETWORKS INC                               | AMC Networks Inc                                                                               | CUSIP: 00164VAG8<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |   3239000 | PA      | $3393888.98   | 0.13%             | 2029-01-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| AMC ENTERTAINMENT HLDGS                        | AMC Entertainment Holdings Inc                                                                 | CUSIP: 00165CBA1<br>LEI: 549300ZO77UNR6NRBR11 | Long             | DBT              | CORP              | US        |    891000 | PA      | $779625.00    | 0.03%             | 2029-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: —       |
| ANGI GROUP LLC                                 | ANGI Group LLC                                                                                 | CUSIP: 001846AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9728000 | PA      | $8991784.96   | 0.35%             | 2028-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| API GROUP DE INC                               | APi Group DE Inc                                                                               | CUSIP: 00185PAA9<br>LEI: 549300XP4G7B4QYA0G83 | Long             | DBT              | CORP              | US        |   2639000 | PA      | $2583501.83   | 0.10%             | 2029-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| API GROUP DE INC                               | APi Group DE Inc                                                                               | CUSIP: 001877AA7<br>LEI: 549300XP4G7B4QYA0G83 | Long             | DBT              | CORP              | US        |   7053000 | PA      | $6859113.03   | 0.27%             | 2029-07-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| APH/APH2/APH3/AQUARIAN                         | APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves               | CUSIP: 00188QAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5545000 | PA      | $5625125.25   | 0.22%             | 2029-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| APLD COMPUTECO LLC                             | APLD ComputeCo LLC                                                                             | CUSIP: 00202DAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2391000 | PA      | $2345164.53   | 0.09%             | 2030-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                       | American Airlines Inc/AAdvantage Loyalty IP Ltd                                                | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    437500 | PA      | $438116.88    | 0.02%             | 2026-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                         | Acrisure LLC / Acrisure Finance Inc                                                            | CUSIP: 00489LAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8810000 | PA      | $8716085.40   | 0.34%             | 2029-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                         | Acrisure LLC / Acrisure Finance Inc                                                            | CUSIP: 00489LAK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4915000 | PA      | $5099115.90   | 0.20%             | 2029-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                         | Acrisure LLC / Acrisure Finance Inc                                                            | CUSIP: 00489LAM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1229696.25   | 0.05%             | 2029-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                         | Acrisure LLC / Acrisure Finance Inc                                                            | CUSIP: 004961AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1825000 | PA      | $1876921.25   | 0.07%             | 2032-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ADAPTHEALTH LLC                                | AdaptHealth LLC                                                                                | CUSIP: 00653VAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2882000 | PA      | $2902346.92   | 0.11%             | 2028-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ADTALEM GLOBAL EDUCATION                       | Adtalem Global Education Inc                                                                   | CUSIP: 00737WAA7<br>LEI: 549300Z467EZLMODV621 | Long             | DBT              | CORP              | US        |   1277000 | PA      | $1275173.89   | 0.05%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PARTS                             | Advance Auto Parts Inc                                                                         | CUSIP: 00751YAK2<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |   1399000 | PA      | $1408457.24   | 0.06%             | 2030-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AECOM                                          | AECOM                                                                                          | CUSIP: 00766TAE0<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |   5714000 | PA      | $5854564.40   | 0.23%             | 2033-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AHEAD DB HOLDINGS LLC                          | Ahead DB Holdings LLC                                                                          | CUSIP: 00867FAA6<br>LEI: 254900L07WFL833JX193 | Long             | DBT              | CORP              | US        |  10724000 | PA      | $10793491.52  | 0.42%             | 2028-05-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                 | Air Lease Corp                                                                                 | CUSIP: 00912XBK9<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   3168000 | PA      | $3092696.64   | 0.12%             | 2026-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                         | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC                          | CUSIP: 013092AC5<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |    302000 | PA      | $302006.04    | 0.01%             | 2027-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                         | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC                          | CUSIP: 013092AE1<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |   5840000 | PA      | $5794448.00   | 0.23%             | 2030-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                         | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC                          | CUSIP: 013092AG6<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |   4144000 | PA      | $3985077.60   | 0.16%             | 2029-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                         | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC                          | CUSIP: 01309QAB4<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |   2465000 | PA      | $2533329.80   | 0.10%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ALCOA NEDERLAND HOLDING                        | Alcoa Nederland Holding BV                                                                     | CUSIP: 013822AH4<br>LEI: 5493000UL1QLQLT1VQ42 | Long             | DBT              | CORP              | NL        |   1420000 | PA      | $1507429.40   | 0.06%             | 2031-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                       | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                                 | CUSIP: 01883LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3194000 | PA      | $3199717.26   | 0.13%             | 2027-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                       | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                                 | CUSIP: 01883LAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2605000 | PA      | $2652749.65   | 0.10%             | 2028-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                       | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                                 | CUSIP: 01883LAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2835000 | PA      | $2944544.40   | 0.12%             | 2032-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL                               | Allied Universal Holdco LLC / Allied Universal Finance Corp                                    | CUSIP: 019576AC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3747000 | PA      | $3709679.88   | 0.15%             | 2029-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: —       |
| ALLIED UNIVERSAL HOLDCO                        | Allied Universal Holdco LLC                                                                    | CUSIP: 019576AD9<br>LEI: 98450038B4549046D794 | Long             | DBT              | CORP              | US        |   3296000 | PA      | $3475236.48   | 0.14%             | 2031-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL                               | Allied Universal Holdco LLC / Allied Universal Finance Corp                                    | CUSIP: 019576AF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1140000 | PA      | $1186819.80   | 0.05%             | 2030-06-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ATLAS LUXCO 4 / ALL UNI                        | Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl                   | CUSIP: 019579AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   4677000 | PA      | $4612363.86   | 0.18%             | 2028-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                             | Ally Financial Inc                                                                             | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   6725000 | PA      | $6641542.75   | 0.26%             | 2026-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                               | Altice France SA                                                                               | CUSIP: 02090DAA6<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   1557912 | PA      | $1602499.75   | 0.06%             | 2029-11-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                               | Altice France SA                                                                               | CUSIP: 02090DAD0<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   2102373 | PA      | $2016217.75   | 0.08%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                          | American Airlines Inc                                                                          | CUSIP: 023771T32<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |   7339000 | PA      | $7500971.73   | 0.30%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ABC SUPPLY CO INC                              | American Builders & Contractors Supply Co Inc                                                  | CUSIP: 024747AG2<br>LEI: 549300H5GQ4C1BEKG397 | Long             | DBT              | CORP              | US        |  11554000 | PA      | $11130661.44  | 0.44%             | 2029-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                            | American Express Co                                                                            | CUSIP: 025816CH0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   9817000 | PA      | $9682016.25   | 0.38%             | 2026-09-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS L                       | Amneal Pharmaceuticals LLC                                                                     | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |    902000 | PA      | $953450.08    | 0.04%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AMSTED INDUSTRIES                              | Amsted Industries Inc                                                                          | CUSIP: 032177AJ6<br>LEI: N2VLGYMEEBIU3PFSUY86 | Long             | DBT              | CORP              | US        |   2161000 | PA      | $2124003.68   | 0.08%             | 2030-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AMSTED INDUSTRIES                              | Amsted Industries Inc                                                                          | CUSIP: 032177AK3<br>LEI: N2VLGYMEEBIU3PFSUY86 | Long             | DBT              | CORP              | US        |    680000 | PA      | $700400.00    | 0.03%             | 2033-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Ankura Consulting Group LLC                    | Ankura Consulting Group LLC 2024 Repriced Term Loan B                                          | CUSIP: 03539PAJ7<br>LEI: 549300VJ5EU1KWD54I45 | Long             | LON              | CORP              | US        |   5880494 | PA      | $5735598.35   | 0.23%             | 2031-12-29      | Floating      | 7.37%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                       | Antero Midstream Partners LP / Antero Midstream Finance Corp                                   | CUSIP: 03690AAK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4359000 | PA      | $4520500.95   | 0.18%             | 2032-02-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                       | Antero Midstream Partners LP / Antero Midstream Finance Corp                                   | CUSIP: 03690AAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1959000 | PA      | $1970420.97   | 0.08%             | 2033-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ARCHES BUYER INC                               | Arches Buyer Inc                                                                               | CUSIP: 039524AB9<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |   7222000 | PA      | $7046577.62   | 0.28%             | 2028-12-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN                       | Archrock Partners LP / Archrock Partners Finance Corp                                          | CUSIP: 03959KAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2879000 | PA      | $2892099.45   | 0.11%             | 2028-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN                       | Archrock Partners LP / Archrock Partners Finance Corp                                          | CUSIP: 03959KAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5580000 | PA      | $5747623.20   | 0.23%             | 2032-09-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ARDAGH GROUP SA                                | Ardagh Group SA                                                                                | CUSIP: 03969UAA4<br>LEI: 6354006L1NWUUOPYX274 | Long             | DBT              | CORP              | LU        |   2179000 | PA      | $1992739.08   | 0.08%             | 2030-12-01      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| ARDONAGH GROUP FINANCE                         | Ardonagh Group Finance Ltd                                                                     | CUSIP: 039956AA5<br>LEI: 254900SRT1BTAJ76NW62 | Long             | DBT              | CORP              | JE        |  10765000 | PA      | $11188710.40  | 0.44%             | 2032-02-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                       | Western Midstream Operating LP                                                                 | CUSIP: 04041NAA0<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2773576.00   | 0.11%             | 2030-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ARKO CORP                                      | Arko Corp                                                                                      | CUSIP: 041242AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6039000 | PA      | $5176751.58   | 0.20%             | 2029-11-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: —       |
| ASBURY AUTOMOTIVE GROUP                        | Asbury Automotive Group Inc                                                                    | CUSIP: 043436AW4<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |   9886000 | PA      | $9733459.02   | 0.38%             | 2029-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP                        | Asbury Automotive Group Inc                                                                    | CUSIP: 043436AX2<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |   1124000 | PA      | $1092516.76   | 0.04%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ASHLAND INC                                    | Ashland Inc                                                                                    | CUSIP: 04433LAA0<br>LEI: 529900E4L9R04SB8HB11 | Long             | DBT              | CORP              | US        |   2590000 | PA      | $2363323.20   | 0.09%             | 2031-09-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ATKORE INC                                     | Atkore Inc                                                                                     | CUSIP: 047649AA6<br>LEI: 52990002TI38AM4RPV48 | Long             | DBT              | CORP              | US        |   6055000 | PA      | $5805715.65   | 0.23%             | 2031-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO                        | Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl                   | CUSIP: 049362AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   3406000 | PA      | $3352593.92   | 0.13%             | 2028-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AutoNation Inc                                 | AutoNation Inc                                                                                 | CUSIP: 05330NA25<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |  12958000 | PA      | $12955058.54  | 0.51%             | 2026-01-02      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP                                    | Avient Corp                                                                                    | CUSIP: 05368VAA4<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |   2945000 | PA      | $3028196.25   | 0.12%             | 2030-08-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP                                    | Avient Corp                                                                                    | CUSIP: 05368VAB2<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1079599.50   | 0.04%             | 2031-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR/FINANCE                        | Avis Budget Car Rental LLC / Avis Budget Finance Inc                                           | CUSIP: 053773BJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1505000 | PA      | $1562475.95   | 0.06%             | 2030-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR/FINANCE                        | Avis Budget Car Rental LLC / Avis Budget Finance Inc                                           | CUSIP: 053773BK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    660000 | PA      | $681641.40    | 0.03%             | 2032-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| AXALTA COATING SYSTEMS                         | Axalta Coating Systems LLC                                                                     | CUSIP: 05453GAC9<br>LEI: 549300G80QONCHILSF69 | Long             | DBT              | CORP              | US        |   3055000 | PA      | $2936221.60   | 0.12%             | 2029-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| AXALTA COAT/DUTCH HLD BV                       | Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV                         | CUSIP: 05454NAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   3550000 | PA      | $3546237.00   | 0.14%             | 2027-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                            | Axon Enterprise Inc                                                                            | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |   1640000 | PA      | $1698498.80   | 0.07%             | 2030-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                            | Axon Enterprise Inc                                                                            | CUSIP: 05464CAD3<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |   1695000 | PA      | $1762240.65   | 0.07%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BKV UPSTREAM MIDSTREAM L                       | BKV Upstream Midstream LLC                                                                     | CUSIP: 05619CAA3<br>LEI: 254900LG75NBYHBBAU18 | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2130051.00   | 0.08%             | 2030-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BALDWIN INSUR GRP/FIN                          | Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance                | CUSIP: 05825XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2684000 | PA      | $2778127.88   | 0.11%             | 2031-05-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                      | Ball Corp                                                                                      | CUSIP: 058498AW6<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |   3240000 | PA      | $2991880.80   | 0.12%             | 2030-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                      | Ball Corp                                                                                      | CUSIP: 058498AZ9<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |   4251000 | PA      | $4374364.02   | 0.17%             | 2029-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                       | Banco Mercantil del Norte SA/Grand Cayman                                                      | CUSIP: 05973KAA5<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |   5200000 | PA      | $5166512.00   | 0.20%             | 2027-01-24      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BANIJAY ENTERTAINMENT                          | Banijay Entertainment SAS                                                                      | CUSIP: 060335AB2<br>LEI: 969500CE0IE2EZ5VBG13 | Long             | DBT              | CORP              | FR        |   2890000 | PA      | $2996785.50   | 0.12%             | 2029-05-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                         | Bank of New York Mellon Corp/The                                                               | CUSIP: 064058AJ9<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   7293000 | PA      | $7264630.23   | 0.29%             | 2026-03-20      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                   | Barclays PLC                                                                                   | CUSIP: 06738EBX2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   7000000 | PA      | $7448910.00   | 0.29%             | 2029-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                   | Barclays PLC                                                                                   | CUSIP: 06738EDC6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1670000 | PA      | $1779201.30   | 0.07%             | 2035-03-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                          | Bausch Health Cos Inc                                                                          | CUSIP: 071734AH0<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |   2365000 | PA      | $2073963.10   | 0.08%             | 2028-01-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                          | Bausch Health Cos Inc                                                                          | CUSIP: 071734AK3<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |   1873000 | PA      | $1488004.85   | 0.06%             | 2029-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                          | Bausch Health Cos Inc                                                                          | CUSIP: 071734AN7<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    579000 | PA      | $518407.65    | 0.02%             | 2028-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| BAUSCH HEALTH COS INC                          | Bausch Health Cos Inc                                                                          | CUSIP: 071734AQ0<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |   1269000 | PA      | $1316143.35   | 0.05%             | 2028-09-30      | Fixed         | 11.00%                | No            |                  2 | On Loan: —       |
| BEACH ACQUISITION BIDCO                        | Beach Acquisition Bidco LLC                                                                    | CUSIP: 07337JAC1<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |   3980000 | PA      | $4375333.40   | 0.17%             | 2033-07-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| BEACON MOBILITY CORP                           | Beacon Mobility Corp                                                                           | CUSIP: 073644AA4<br>LEI: 254900EBTYFG24UQEM31 | Long             | DBT              | CORP              | US        |   2270000 | PA      | $2373512.00   | 0.09%             | 2030-08-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BELRON UK FINANCE PLC                          | Belron UK Finance PLC                                                                          | CUSIP: 080782AA3<br>LEI: 9845006BC9D1A77B8178 | Long             | DBT              | CORP              | GB        |   5551000 | PA      | $5667626.51   | 0.22%             | 2029-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN                       | Blue Racer Midstream LLC / Blue Racer Finance Corp                                             | CUSIP: 095796AJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1395000 | PA      | $1455110.55   | 0.06%             | 2029-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN                       | Blue Racer Midstream LLC / Blue Racer Finance Corp                                             | CUSIP: 095796AK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1405000 | PA      | $1489581.00   | 0.06%             | 2032-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                 | Bombardier Inc                                                                                 | CUSIP: 097751CC3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   3170000 | PA      | $3351926.30   | 0.13%             | 2032-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                 | Bombardier Inc                                                                                 | CUSIP: 097751CD1<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   3505000 | PA      | $3708044.65   | 0.15%             | 2033-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                          | Civitas Resources Inc                                                                          | CUSIP: 097793AE3<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |   6951000 | PA      | $6948914.70   | 0.27%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOYNE USA INC                                  | Boyne USA Inc                                                                                  | CUSIP: 103557AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4018000 | PA      | $3962471.24   | 0.16%             | 2029-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BRINK'S CO/THE                                 | Brink's Co/The                                                                                 | CUSIP: 109696AA2<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |   2265000 | PA      | $2257366.95   | 0.09%             | 2027-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Broadstreet Partners Inc                       | Broadstreet Partners Inc 2024 Term Loan B4                                                     | CUSIP: 11132VAY5<br>LEI: 549300BS9N54G8DD0R75 | Long             | LON              | CORP              | US        |   1144858 | PA      | $1148166.68   | 0.05%             | 2031-06-13      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| BROADSTREET PARTNERS GRP                       | Broadstreet Partners Group LLC                                                                 | CUSIP: 11135RAA3<br>LEI: 549300BS9N54G8DD0R75 | Long             | DBT              | CORP              | US        |   3424000 | PA      | $3419720.00   | 0.13%             | 2029-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD RESID PROPERT                       | Brookfield Residential Properties Inc / Brookfield Residential US LLC                          | CUSIP: 11283YAG5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1588000 | PA      | $1535850.08   | 0.06%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                       | Builders FirstSource Inc                                                                       | CUSIP: 12008RAN7<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |   5735000 | PA      | $5717680.30   | 0.23%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                       | Builders FirstSource Inc                                                                       | CUSIP: 12008RAT4<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |   2455000 | PA      | $2570974.20   | 0.10%             | 2035-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                         | CCO Holdings LLC / CCO Holdings Capital Corp                                                   | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    815000 | PA      | $779653.45    | 0.03%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                         | CCO Holdings LLC / CCO Holdings Capital Corp                                                   | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6416000 | PA      | $6044513.60   | 0.24%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                         | CCO Holdings LLC / CCO Holdings Capital Corp                                                   | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  14339000 | PA      | $13176967.44  | 0.52%             | 2031-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                         | CCO Holdings LLC / CCO Holdings Capital Corp                                                   | CUSIP: 1248EPCQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6197000 | PA      | $5663438.30   | 0.22%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                       | CHS/Community Health Systems Inc                                                               | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   6449000 | PA      | $5741351.23   | 0.23%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                               | CSC Holdings LLC                                                                               | CUSIP: 126307AZ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   4340000 | PA      | $2867394.60   | 0.11%             | 2029-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                               | CSC Holdings LLC                                                                               | CUSIP: 126307BA4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |  13265000 | PA      | $4868255.00   | 0.19%             | 2030-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                               | CSC Holdings LLC                                                                               | CUSIP: 126307BF3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   3400000 | PA      | $2058462.00   | 0.08%             | 2031-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: —       |
| CSC HOLDINGS LLC                               | CSC Holdings LLC                                                                               | CUSIP: 126307BH9<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   7062000 | PA      | $4297297.62   | 0.17%             | 2031-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| CNX RESOURCES CORP                             | CNX Resources Corp                                                                             | CUSIP: 12653CAK4<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |   3225000 | PA      | $3338842.50   | 0.13%             | 2031-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CNX RESOURCES CORP                             | CNX Resources Corp                                                                             | CUSIP: 12653CAL2<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |   2105000 | PA      | $2199767.10   | 0.09%             | 2032-03-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CNX MIDSTREAM PART LP                          | CNX Midstream Partners LP                                                                      | CUSIP: 12654AAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3831000 | PA      | $3710323.50   | 0.15%             | 2030-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CABLE ONE INC                                  | Cable One Inc                                                                                  | CUSIP: 12685JAC9<br>LEI: 549300648QS85T0XSH18 | Long             | DBT              | CORP              | US        |    160000 | PA      | $123404.80    | 0.00%             | 2030-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| CACI INTERNATIONAL INC                         | CACI International Inc                                                                         | CUSIP: 127190AE6<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | DBT              | CORP              | US        |    799000 | PA      | $826965.00    | 0.03%             | 2033-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                          | Caesars Entertainment Inc                                                                      | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   5056000 | PA      | $4853203.84   | 0.19%             | 2029-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA BUYER/ATLANTI                       | California Buyer Ltd / Atlantica Sustainable Infrastructure PLC                                | CUSIP: 13005HAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |  16924000 | PA      | $16944139.56  | 0.67%             | 2032-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA RESOURCES CRP                       | California Resources Corp                                                                      | CUSIP: 13057QAL1<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1776546.00   | 0.07%             | 2034-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                       | Capital One Financial Corp                                                                     | CUSIP: 14040HCF0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   2310000 | PA      | $2280478.20   | 0.09%             | 2026-09-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: —       |
| CARNIVAL CORP                                  | Carnival Corp                                                                                  | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   2285000 | PA      | $2358874.05   | 0.09%             | 2033-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                  | Carnival Corp                                                                                  | CUSIP: 143658BY7<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   4060000 | PA      | $4179323.40   | 0.16%             | 2030-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CARVANA CO                                     | Carvana Co                                                                                     | CUSIP: 146869AN2<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |    537325 | PA      | $563218.69    | 0.02%             | 2030-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CASTLE US HOLDING CORP                         | Castle US Holding Corp                                                                         | CUSIP: 14852LAB9<br>LEI: 254900VXLMLPIE9ID612 | Long             | DBT              | CORP              | US        |   2639000 | PA      | $387748.27    | 0.02%             | 2031-06-30      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                       | Celanese US Holdings LLC                                                                       | CUSIP: 15089QAX2<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   2515000 | PA      | $2643340.45   | 0.10%             | 2030-11-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                       | Celanese US Holdings LLC                                                                       | CUSIP: 15089QBA1<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    808000 | PA      | $803402.48    | 0.03%             | 2033-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| CELANESE US HOLDINGS LLC                       | Celanese US Holdings LLC                                                                       | CUSIP: 15089QBD5<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254252.50    | 0.01%             | 2034-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                   | Centene Corp                                                                                   | CUSIP: 15135BAT8<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |  13099000 | PA      | $12701969.31  | 0.50%             | 2029-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CENTRAL GARDEN & PET CO                        | Central Garden & Pet Co                                                                        | CUSIP: 153527AN6<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |   2552000 | PA      | $2448924.72   | 0.10%             | 2030-10-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CENTRAL GARDEN & PET CO                        | Central Garden & Pet Co                                                                        | CUSIP: 153527AP1<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |   1105000 | PA      | $1039484.55   | 0.04%             | 2031-04-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CERDIA FINANZ GMBH                             | Cerdia Finanz GmbH                                                                             | CUSIP: 15679GAC6<br>LEI: 391200KURNDJSX9GX570 | Long             | DBT              | CORP              | DE        |   2600000 | PA      | $2693288.00   | 0.11%             | 2031-10-03      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| CHAMP ACQUISITION CORP                         | Champ Acquisition Corp                                                                         | CUSIP: 15807XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4695000 | PA      | $5069191.50   | 0.20%             | 2031-12-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                       | Charter Communications Operating LLC / Charter Communications Operating Capital                | CUSIP: 161175AZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    410000 | PA      | $422890.40    | 0.02%             | 2035-10-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CHEESECAKE FACTORY (THE)                       | Cheesecake Factory Inc/The                                                                     | CUSIP: 163072AA9<br>LEI: 529900872XMLK10SY247 | Long             | DBT              | CORP              | US        |   1728000 | PA      | $1703289.60   | 0.07%             | 2026-06-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO                                    | Chemours Co/The                                                                                | CUSIP: 163851AF5<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |   3221000 | PA      | $3132970.07   | 0.12%             | 2028-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CINEMARK USA INC                               | Cinemark USA Inc                                                                               | CUSIP: 172441BF3<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |   7035000 | PA      | $7034296.50   | 0.28%             | 2028-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CIPHER COMPUTE LLC                             | Cipher Compute LLC                                                                             | CUSIP: 17253NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    935000 | PA      | $953728.05    | 0.04%             | 2030-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                  | Citigroup Inc                                                                                  | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   2840000 | PA      | $2831508.40   | 0.11%             | 2026-02-18      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                  | Citigroup Inc                                                                                  | CUSIP: 172967QJ3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  14855000 | PA      | $15059256.25  | 0.59%             | 2031-02-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                          | Civitas Resources Inc                                                                          | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |   1436000 | PA      | $1480975.52   | 0.06%             | 2028-07-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                          | Civitas Resources Inc                                                                          | CUSIP: 17888HAD5<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |   1595000 | PA      | $1719410.00   | 0.07%             | 2033-06-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                       | Clarios Global LP / Clarios US Finance Co                                                      | CUSIP: 18060TAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   5545000 | PA      | $5682294.20   | 0.22%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                       | Clarios Global LP / Clarios US Finance Co                                                      | CUSIP: 18060TAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   1205000 | PA      | $1249886.25   | 0.05%             | 2032-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CLARIV SCI HLD CORP                            | Clarivate Science Holdings Corp                                                                | CUSIP: 18064PAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5466000 | PA      | $5167665.72   | 0.20%             | 2029-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                       | Clear Channel Outdoor Holdings Inc                                                             | CUSIP: 18453HAC0<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |   1610000 | PA      | $1610644.00   | 0.06%             | 2028-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                       | Clear Channel Outdoor Holdings Inc                                                             | CUSIP: 18453HAF3<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |   3680000 | PA      | $3881148.80   | 0.15%             | 2030-04-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                       | Clear Channel Outdoor Holdings Inc                                                             | CUSIP: 18453HAG1<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |   1502000 | PA      | $1572023.24   | 0.06%             | 2031-02-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                       | Clear Channel Outdoor Holdings Inc                                                             | CUSIP: 18453HAH9<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |   1665000 | PA      | $1763651.25   | 0.07%             | 2033-03-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                           | Cleveland-Cliffs Inc                                                                           | CUSIP: 185899AN1<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   2685000 | PA      | $2764046.40   | 0.11%             | 2030-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                           | Cleveland-Cliffs Inc                                                                           | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   2576000 | PA      | $2640219.68   | 0.10%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                           | Cleveland-Cliffs Inc                                                                           | CUSIP: 185899AQ4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   1315000 | PA      | $1361169.65   | 0.05%             | 2029-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                           | Cleveland-Cliffs Inc                                                                           | CUSIP: 18589GAA3<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   1131000 | PA      | $1184145.69   | 0.05%             | 2034-01-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                         | Cloud Software Group Inc                                                                       | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |  12645000 | PA      | $13169261.70  | 0.52%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                         | Cloud Software Group Inc                                                                       | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   2649000 | PA      | $2772734.79   | 0.11%             | 2032-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                         | Clydesdale Acquisition Holdings Inc                                                            | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |   2550000 | PA      | $2625174.00   | 0.10%             | 2032-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| COGENT COMMS GRP / FIN                         | Cogent Communications Group LLC / Cogent Finance Inc                                           | CUSIP: 19240WAB5<br>LEI: 549300KFWFYF8Q1U0Y26 | Long             | DBT              | CORP              | US        |   2210000 | PA      | $2069399.80   | 0.08%             | 2032-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| PERMIAN RESOURC OPTG LLC                       | Permian Resources Operating LLC                                                                | CUSIP: 19416MAB5<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |   1482000 | PA      | $1488920.94   | 0.06%             | 2029-07-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE LLC                                  | CommScope LLC                                                                                  | CUSIP: 203372AX5<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |   1834000 | PA      | $1832661.18   | 0.07%             | 2029-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE LLC                                  | CommScope LLC                                                                                  | CUSIP: 20338MAA0<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |   4252000 | PA      | $4295710.56   | 0.17%             | 2031-12-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: —       |
| COMMSCOPE LLC                                  | CommScope LLC                                                                                  | CUSIP: 20338QAA1<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |   2240000 | PA      | $2258300.80   | 0.09%             | 2027-03-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: —       |
| COREWEAVE INC                                  | CoreWeave Inc                                                                                  | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    760000 | PA      | $706883.60    | 0.03%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                  | CoreWeave Inc                                                                                  | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |  11452000 | PA      | $10463806.92  | 0.41%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| COUGAR JV SUBSIDIARY LLC                       | Cougar JV Subsidiary LLC                                                                       | CUSIP: 22208WAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4178000 | PA      | $4466616.24   | 0.18%             | 2032-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANC                               | Credit Acceptance Corp                                                                         | CUSIP: 225310AQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7620000 | PA      | $7978825.80   | 0.31%             | 2028-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANC                               | Credit Acceptance Corp                                                                         | CUSIP: 225310AS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8480000 | PA      | $8512732.80   | 0.34%             | 2030-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Crown Finance US Inc                           | Crown Finance US Inc 2025 Term Loan B                                                          | CUSIP: 22834KAV3<br>LEI: 254900ABTWPQTCKKR839 | Long             | LON              | CORP              | US        |   5447625 | PA      | $5363186.81   | 0.21%             | 2031-12-02      | Floating      | 8.34%                 | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD US                         | Cushman & Wakefield US Borrower LLC                                                            | CUSIP: 23166MAA1<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |   2548000 | PA      | $2561529.88   | 0.10%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD US                         | Cushman & Wakefield US Borrower LLC                                                            | CUSIP: 23166MAC7<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |   1240000 | PA      | $1322038.40   | 0.05%             | 2031-09-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| DANA INC                                       | Dana Inc                                                                                       | CUSIP: 235825AF3<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |   5373000 | PA      | $5368755.33   | 0.21%             | 2027-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| DANA INC                                       | Dana Inc                                                                                       | CUSIP: 235825AG1<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2498300.00   | 0.10%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                                     | DaVita Inc                                                                                     | CUSIP: 23918KAT5<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |   3732000 | PA      | $3445606.32   | 0.14%             | 2031-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                                     | DaVita Inc                                                                                     | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |   1970000 | PA      | $2046948.20   | 0.08%             | 2032-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DBR LAND HOLDINGS LLC                          | DBR Land Holdings LLC                                                                          | CUSIP: 24024BAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  14202000 | PA      | $14508195.12  | 0.57%             | 2030-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Deep Blue Operating I LLC                      | Deep Blue Operating I LLC Term Loan                                                            | CUSIP: 24369TAD3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5275000 | PA      | $5287079.75   | 0.21%             | 2032-10-01      | Floating      | 6.59%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                         | Delek Logistics Partners LP / Delek Logistics Finance Corp                                     | CUSIP: 24665FAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8213000 | PA      | $8382187.80   | 0.33%             | 2033-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Diamond Sports Group, LLC                      | Diamond Sports Group LLC 2025 PIK Exit Term Loan                                               | CUSIP: 25277EAB8<br>LEI: 549300MPO5H6LGX4RJ82 | Long             | LON              | CORP              | US        |    244378 | PA      | $84833.22     | 0.00%             | 2028-01-02      | Floating      | 15.00%                | No            |                  2 | On Loan: No      |
| DIEBOLD NIXDORF INC                            | Diebold Nixdorf Inc                                                                            | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |   4085000 | PA      | $4347747.20   | 0.17%             | 2030-03-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                          | Directv Financing LLC / Directv Financing Co-Obligor Inc                                       | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2970000 | PA      | $2986513.20   | 0.12%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                          | Directv Financing LLC                                                                          | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2370000 | PA      | $2397729.00   | 0.09%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| DISH NETWORK CORP                              | DISH Network Corp                                                                              | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |   5270000 | PA      | $5484014.70   | 0.22%             | 2027-11-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                  | DISH DBS Corp                                                                                  | CUSIP: 25470XBD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7884000 | PA      | $7005880.08   | 0.28%             | 2029-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: —       |
| DISH DBS CORP                                  | DISH DBS Corp                                                                                  | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5776000 | PA      | $5612712.48   | 0.22%             | 2026-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                  | DISH DBS Corp                                                                                  | CUSIP: 25470XBF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    784000 | PA      | $767104.80    | 0.03%             | 2028-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                          | Directv Financing LLC                                                                          | CUSIP: 254945AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1835000 | PA      | $1859497.25   | 0.07%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC         | PURCHASED USD / SOLD GBP                                                                       | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $-632156.96   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                         | PURCHASED USD / SOLD GBP                                                                       | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |         1 | NC      | $-64972.96    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                         | PURCHASED GBP / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | GB        |         1 | NC      | $81116.60     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC         | PURCHASED USD / SOLD EUR                                                                       | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $-198358.95   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| DREAM FINDERS HOMES INC                        | Dream Finders Homes Inc                                                                        | CUSIP: 26154DAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    383000 | PA      | $394332.97    | 0.02%             | 2028-08-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| DREAM FINDERS HOMES INC                        | Dream Finders Homes Inc                                                                        | CUSIP: 26154DAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1005540.00   | 0.04%             | 2030-09-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                               | Duke Energy Corp                                                                               | CUSIP: 26441CBY0<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |   2045000 | PA      | $2106350.00   | 0.08%             | 2026-04-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| DYCOM INDUSTRIES INC                           | Dycom Industries Inc                                                                           | CUSIP: 267475AD3<br>LEI: 549300F56EKTHQI3WT60 | Long             | DBT              | CORP              | US        |   5174000 | PA      | $5104875.36   | 0.20%             | 2029-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                       | Permian Resources Operating LLC                                                                | CUSIP: 27034RAC7<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |   2425000 | PA      | $2607675.25   | 0.10%             | 2031-07-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Eaton Vance Senior Floating-Rate Trust         | Eaton Vance Senior Floating-Rate Trust                                                         | CUSIP: 27828Q105<br>LEI: VJXUJZ1EC079NQ236240 | Long             | EC               | RF                | US        |     41233 | NS      | $459335.62    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ECHOSTAR CORP                                  | EchoStar Corp                                                                                  | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   9801039 | PA      | $10043124.66  | 0.40%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                  | EchoStar Corp                                                                                  | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   8920000 | PA      | $9852140.00   | 0.39%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| EFESTO BIDCO SPA/US LLC                        | Efesto Bidco SpA Efesto US LLC                                                                 | CUSIP: 28201XAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |   3088000 | PA      | $3124592.80   | 0.12%             | 2032-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| EG GLOBAL FINANCE PLC                          | EG Global Finance PLC                                                                          | CUSIP: 28228PAC5<br>LEI: 549300TL8Q5207VYET27 | Long             | DBT              | CORP              | GB        |   7722000 | PA      | $8400995.46   | 0.33%             | 2028-11-30      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| ELASTIC NV                                     | Elastic NV                                                                                     | CUSIP: 28415LAA1<br>LEI: 2549003I48WHHH937I59 | Long             | DBT              | CORP              | NL        |   3670000 | PA      | $3549770.80   | 0.14%             | 2029-07-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| EMRLD BOR / EMRLD CO-ISS                       | EMRLD Borrower LP / Emerald Co-Issuer Inc                                                      | CUSIP: 29103CAA6<br>LEI: 98450099EE3A0ZD5F786 | Long             | DBT              | CORP              | US        |   4460000 | PA      | $4644421.00   | 0.18%             | 2030-12-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| TRC Companies LLC                              | TRC Companies LLC 2025 Term Loan B                                                             | CUSIP: 29280KAH8<br>LEI: 254900PXZ95ALUX12V67 | Long             | LON              | CORP              | US        |   3140271 | PA      | $3147148.27   | 0.12%             | 2028-12-08      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| ENOVA INTERNATIONAL INC                        | Enova International Inc                                                                        | CUSIP: 29357KAH6<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |   3168000 | PA      | $3349114.56   | 0.13%             | 2028-12-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| EXCELERATE ENERGY LP                           | Excelerate Energy LP                                                                           | CUSIP: 30069UAA6<br>LEI: LGL4IE90TNTFYJ55BK06 | Long             | DBT              | CORP              | US        |    972000 | PA      | $1026500.04   | 0.04%             | 2030-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FMC CORP                                       | FMC Corp                                                                                       | CUSIP: 302491AV7<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |   4079000 | PA      | $2602769.11   | 0.10%             | 2049-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FMC CORP                                       | FMC Corp                                                                                       | CUSIP: 302491AY1<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |   3787000 | PA      | $2822034.53   | 0.11%             | 2053-05-18      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| FORTESCUE TREASURY PTY L                       | Fortescue Treasury Pty Ltd                                                                     | CUSIP: 30251GBD8<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |   1541000 | PA      | $1585211.29   | 0.06%             | 2030-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                             | Meta Platforms Inc                                                                             | CUSIP: 30303MAE2<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |   7615000 | PA      | $7321213.30   | 0.29%             | 2055-11-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC                           | Fiesta Purchaser Inc                                                                           | CUSIP: 31659AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4254000 | PA      | $4458702.48   | 0.18%             | 2032-09-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: —       |
| First Brands Group LLC                         | First Brands Group LLC 2021 Term Loan                                                          | CUSIP: 31935HAD9<br>LEI: 2549005IXRZR7KSBJD91 | Long             | LON              | CORP              | US        |    129501 | PA      | $262.89       | 0.00%             | 2027-03-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| First Brands Group, LLC                        | First Brands Group LLC 2025 DIP Term Loan                                                      | CUSIP: 31935HAM9<br>LEI: 2549005IXRZR7KSBJD91 | Long             | LON              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2026-06-29      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| FIRST BRANDS GROUP LLC                         | First Brands Group LLC 2025 PIK DIP Roll-Up Term Loan B                                        | CUSIP: 31935HAN7<br>LEI: 2549005IXRZR7KSBJD91 | Long             | LON              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2026-06-29      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                           | Flutter Treasury DAC                                                                           | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |   9026000 | PA      | $9155884.14   | 0.36%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                          | Freedom Mortgage Holdings LLC                                                                  | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |   4072000 | PA      | $4269980.64   | 0.17%             | 2029-02-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                        | Frontier Communications Holdings LLC                                                           | CUSIP: 35906ABE7<br>LEI: 549300ZCZ76HYCS0H445 | Long             | DBT              | CORP              | US        |   7184000 | PA      | $7194057.60   | 0.28%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                        | Frontier Communications Holdings LLC                                                           | CUSIP: 35908MAB6<br>LEI: 549300ZCZ76HYCS0H445 | Long             | DBT              | CORP              | US        |   5250000 | PA      | $5342190.00   | 0.21%             | 2030-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                          | GFL Environmental Inc                                                                          | CUSIP: 36168QAL8<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |   2451000 | PA      | $2415239.91   | 0.10%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                          | GFL Environmental Inc                                                                          | CUSIP: 36168QAP9<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |   3580000 | PA      | $3519641.20   | 0.14%             | 2029-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC                       | Boost Newco Borrower LLC                                                                       | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |   2159000 | PA      | $2294779.51   | 0.09%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                           | Garda World Security Corp                                                                      | CUSIP: 36485MAM1<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |   2652000 | PA      | $2711908.68   | 0.11%             | 2028-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                           | Garda World Security Corp                                                                      | CUSIP: 36485MAN9<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |   1795000 | PA      | $1823899.50   | 0.07%             | 2032-08-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                           | Garda World Security Corp                                                                      | CUSIP: 36485MAP4<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |   2370000 | PA      | $2417708.10   | 0.10%             | 2032-11-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                          | Genesis Energy LP / Genesis Energy Finance Corp                                                | CUSIP: 37185LAN2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1625000 | PA      | $1705632.50   | 0.07%             | 2030-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                          | Genesis Energy LP / Genesis Energy Finance Corp                                                | CUSIP: 37185LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4247000 | PA      | $4408088.71   | 0.17%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GENTING NY LLC/GENNY CAP                       | Genting New York LLC / GENNY Capital Inc                                                       | CUSIP: 37255JAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5580000 | PA      | $5724522.00   | 0.23%             | 2029-10-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE                        | Global Partners LP / GLP Finance Corp                                                          | CUSIP: 37954FAJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1533000 | PA      | $1551058.74   | 0.06%             | 2029-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE                        | Global Partners LP / GLP Finance Corp                                                          | CUSIP: 37954FAK0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1560000 | PA      | $1641775.20   | 0.06%             | 2032-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| GLOBAL MEDICAL RESPONSE                        | Global Medical Response Inc                                                                    | CUSIP: 37960BAD7<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | DBT              | CORP              | US        |   5421000 | PA      | $5644345.20   | 0.22%             | 2032-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| GLOBAL INFRASTRUCTURE SO                       | Global Infrastructure Solutions Inc                                                            | CUSIP: 37960XAA5<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |   6523000 | PA      | $6513802.57   | 0.26%             | 2029-06-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GLOBAL INFRASTRUCTURE SO                       | Global Infrastructure Solutions Inc                                                            | CUSIP: 37960XAB3<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |   5556000 | PA      | $5919195.72   | 0.23%             | 2032-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                                     | goeasy Ltd                                                                                     | CUSIP: 380355AH0<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |   1829000 | PA      | $1880888.73   | 0.07%             | 2028-12-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                                     | goeasy Ltd                                                                                     | CUSIP: 380355AJ6<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |   2051000 | PA      | $2028972.26   | 0.08%             | 2029-07-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                                     | goeasy Ltd                                                                                     | CUSIP: 380355AR8<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |   6474000 | PA      | $6045809.64   | 0.24%             | 2031-02-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund                                                 | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | EC               | RF                | US        | 134872356 | NS      | $134872355.87 | 5.31%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAHAM HOLDINGS CO                             | Graham Holdings Co                                                                             | CUSIP: 384637AC8<br>LEI: 529900BOSCEEEMAFQJ29 | Long             | DBT              | CORP              | US        |   4025000 | PA      | $4062311.75   | 0.16%             | 2033-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                 | Gray Media Inc                                                                                 | CUSIP: 389375AL0<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   3230000 | PA      | $2503443.80   | 0.10%             | 2030-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                 | Gray Media Inc                                                                                 | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   3069000 | PA      | $3303594.36   | 0.13%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                 | Gray Media Inc                                                                                 | CUSIP: 389375AP1<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   1291000 | PA      | $1319866.76   | 0.05%             | 2033-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| GRIFOLS SA                                     | Grifols SA                                                                                     | CUSIP: 39843UAA0<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |   4248000 | PA      | $4195664.64   | 0.17%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| GROUP 1 AUTOMOTIVE INC                         | Group 1 Automotive Inc                                                                         | CUSIP: 398905AN9<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |   2443000 | PA      | $2396192.12   | 0.09%             | 2028-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GROUP 1 AUTOMOTIVE INC                         | Group 1 Automotive Inc                                                                         | CUSIP: 398905AQ2<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |    695000 | PA      | $714744.95    | 0.03%             | 2030-01-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Groundworks LLC                                | Groundworks LLC 2024 Term Loan                                                                 | CUSIP: 39954EAB9<br>LEI: 254900K8GTHJMCG1DB32 | Long             | LON              | CORP              | US        |   4319438 | PA      | $4337449.91   | 0.17%             | 2031-03-14      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| Groundworks LLC                                | Groundworks LLC 2024 Delayed Draw Term Loan                                                    | CUSIP: 39954EAC7<br>LEI: 254900K8GTHJMCG1DB32 | Long             | LON              | CORP              | US        |    127198 | PA      | $127728.55    | 0.01%             | 2031-03-14      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| Harbor Freight Tools USA Inc                   | Harbor Freight Tools USA Inc 2024 Term Loan B                                                  | CUSIP: 41151PAR6<br>LEI: 549300Y48HLCFTTB4249 | Long             | LON              | CORP              | US        |   2336289 | PA      | $2311267.45   | 0.09%             | 2031-06-11      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                              | Herc Holdings Inc                                                                              | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |   2705000 | PA      | $2845064.90   | 0.11%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| HERTZ CORP/THE                                 | Hertz Corp/The                                                                                 | CUSIP: 428040DC0<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |   2014000 | PA      | $2029910.60   | 0.08%             | 2029-07-15      | Fixed         | 12.62%                | No            |                  2 | On Loan: No      |
| Hertz Corporation, (The)                       | Hertz Corporation (The) 2021 Term Loan B                                                       | CUSIP: 42804VBB6<br>LEI: 549300PD0C69OJ0NLB27 | Long             | LON              | CORP              | US        |   4833496 | PA      | $4049550.92   | 0.16%             | 2028-06-30      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Hertz Corporation, (The)                       | Hertz Corporation (The) 2021 Term Loan C                                                       | CUSIP: 42804VBC4<br>LEI: 549300PD0C69OJ0NLB27 | Long             | LON              | CORP              | US        |    953851 | PA      | $799146.17    | 0.03%             | 2028-06-30      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                       | Hess Midstream Operations LP                                                                   | CUSIP: 428102AF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    892000 | PA      | $901642.52    | 0.04%             | 2030-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                       | Hess Midstream Operations LP                                                                   | CUSIP: 428102AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1245000 | PA      | $1288562.55   | 0.05%             | 2029-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                       | Hess Midstream Operations LP                                                                   | CUSIP: 428102AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3035000 | PA      | $3091724.15   | 0.12%             | 2028-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HILLENBRAND INC                                | Hillenbrand Inc                                                                                | CUSIP: 431571AE8<br>LEI: U246OE781574J2BUD366 | Long             | DBT              | CORP              | US        |   4829000 | PA      | $4833152.94   | 0.19%             | 2031-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: —       |
| HILTON DOMESTIC OPERATIN                       | Hilton Domestic Operating Co Inc                                                               | CUSIP: 432833AN1<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |   2540000 | PA      | $2357577.20   | 0.09%             | 2032-02-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                       | Hilton Domestic Operating Co Inc                                                               | CUSIP: 432833AP6<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |   2686000 | PA      | $2746972.20   | 0.11%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC LLC/INC                       | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc                      | CUSIP: 43283QAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3100000 | PA      | $3179577.00   | 0.13%             | 2032-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC LLC/INC                       | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc                      | CUSIP: 43284MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7050000 | PA      | $6851190.00   | 0.27%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC LLC/INC                       | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc                      | CUSIP: 43284MAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2797000 | PA      | $2611754.69   | 0.10%             | 2031-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HOWARD MIDSTREAM ENERGY                        | Howard Midstream Energy Partners LLC                                                           | CUSIP: 442722AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4990000 | PA      | $5265996.90   | 0.21%             | 2032-07-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| HOWARD MIDSTREAM ENERGY                        | Howard Midstream Energy Partners LLC                                                           | CUSIP: 442722AD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2955000 | PA      | $3023378.70   | 0.12%             | 2034-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| HOWDEN UK REFINANCE / US                       | Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC                  | CUSIP: 44287DAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   6835000 | PA      | $7047841.90   | 0.28%             | 2032-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| HOWDEN UK REFINANCE / US                       | Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC                  | CUSIP: 44287GAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    595000 | PA      | $613010.65    | 0.02%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                          | HUB International Ltd                                                                          | CUSIP: 44332PAJ0<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |   4198000 | PA      | $4405339.22   | 0.17%             | 2032-01-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| HUSKY INJECTION / TITAN                        | Husky Injection Molding Systems Ltd / Titan Co-Borrower LLC                                    | CUSIP: 44805RAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   4904000 | PA      | $5140568.96   | 0.20%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| IHO VERWALTUNGS GMBH                           | IHO Verwaltungs GmbH                                                                           | CUSIP: 44963BAD0<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |   3305000 | PA      | $3329787.50   | 0.13%             | 2029-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ILIAD HOLDING SAS                              | Iliad Holding SAS                                                                              | CUSIP: 449691AG9<br>LEI: 9695009BGMXB527HV965 | Long             | DBT              | CORP              | FR        |   3070000 | PA      | $3165323.50   | 0.12%             | 2032-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                          | Icahn Enterprises LP / Icahn Enterprises Finance Corp                                          | CUSIP: 451102CK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  12423000 | PA      | $12416912.73  | 0.49%             | 2029-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC                       | iHeartCommunications Inc                                                                       | CUSIP: 45174HBJ5<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    456466 | PA      | $439704.57    | 0.02%             | 2029-05-01      | Fixed         | 9.12%                 | No            |                  2 | On Loan: —       |
| IHEARTCOMMUNICATIONS INC                       | iHeartCommunications Inc                                                                       | CUSIP: 45174HBK2<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |   1599200 | PA      | $1310864.24   | 0.05%             | 2031-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC                       | iHeartCommunications Inc                                                                       | CUSIP: 45174HBL0<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |   4921000 | PA      | $4243919.61   | 0.17%             | 2030-05-01      | Fixed         | 10.88%                | No            |                  2 | On Loan: —       |
| iHeartCommunications Inc                       | iHeartCommunications Inc 2024 Term Loan                                                        | CUSIP: 45174UAJ7<br>LEI: 54930076J6KDZL504O62 | Long             | LON              | CORP              | US        |   1923441 | PA      | $1755486.12   | 0.07%             | 2029-05-01      | Floating      | 9.61%                 | No            |                  2 | On Loan: No      |
| ILLUMINATE BUYER/HLDG                          | Illuminate Buyer LLC / Illuminate Holdings IV Inc                                              | CUSIP: 45232TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    716000 | PA      | $717911.72    | 0.03%             | 2028-07-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| IMOLA MERGER CORP                              | Imola Merger Corp                                                                              | CUSIP: 45258LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4596000 | PA      | $4540296.48   | 0.18%             | 2029-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| INGEVITY CORP                                  | Ingevity Corp                                                                                  | CUSIP: 45688CAB3<br>LEI: 5493009UTFC4B5IMGF87 | Long             | DBT              | CORP              | US        |   3261000 | PA      | $3163724.37   | 0.12%             | 2028-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| INSULET CORPORATION                            | Insulet Corp                                                                                   | CUSIP: 45784PAL5<br>LEI: 549300TZTYD2PYN92D43 | Long             | DBT              | CORP              | US        |    780000 | PA      | $812011.20    | 0.03%             | 2033-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BRIGHTSTAR LOTTERY PLC                         | Brightstar Lottery PLC                                                                         | CUSIP: 460599AE3<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |   3466000 | PA      | $3457716.26   | 0.14%             | 2029-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INVERSION ESCROW ISSUER                        | Inversion Escrow Issuer LLC                                                                    | CUSIP: 46150DAA0<br>LEI: 254900P6GHORGRVLKI95 | Long             | DBT              | CORP              | US        |   5320000 | PA      | $5300209.60   | 0.21%             | 2032-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                              | Iron Mountain Inc                                                                              | CUSIP: 46284VAF8<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |   1860000 | PA      | $1834499.40   | 0.07%             | 2029-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                              | Iron Mountain Inc                                                                              | CUSIP: 46284VAL5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |   7800000 | PA      | $7669896.00   | 0.30%             | 2032-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                              | Iron Mountain Inc                                                                              | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |   4350000 | PA      | $4469190.00   | 0.18%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| JAMES HARDIE INTL FIN                          | James Hardie International Finance DAC                                                         | CUSIP: 47032FAB5<br>LEI: 635400G32A4Q1LVQ8M88 | Long             | DBT              | CORP              | IE        |   5675000 | PA      | $5674943.25   | 0.22%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                        | Jane Street Group / JSG Finance Inc                                                            | CUSIP: 47077WAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4601000 | PA      | $4835835.04   | 0.19%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                        | Jane Street Group / JSG Finance Inc                                                            | CUSIP: 47077WAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7820000 | PA      | $7961463.80   | 0.31%             | 2032-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Janus Henderson B-BBB CLO ETF                  | Janus Henderson B-BBB CLO ETF                                                                  | CUSIP: 47103U753<br>LEI: 549300UAMX73GRTHWH74 | Long             | EC               | RF                | US        |     78879 | NS      | $3762528.30   | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| JAZZ SECURITIES DAC                            | Jazz Securities DAC                                                                            | CUSIP: 47216FAA5<br>LEI: 6354009DV8VV7K6KOO02 | Long             | DBT              | CORP              | IE        |   4826000 | PA      | $4761138.56   | 0.19%             | 2029-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CAPITAL HOLDIN                       | Jefferson Capital Holdings LLC                                                                 | CUSIP: 472481AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    518000 | PA      | $544278.14    | 0.02%             | 2029-02-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CAPITAL HOLDIN                       | Jefferson Capital Holdings LLC                                                                 | CUSIP: 472481AC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1810000 | PA      | $1899377.80   | 0.07%             | 2030-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                            | JPMorgan Chase & Co                                                                            | CUSIP: 48128AAJ2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   5580000 | PA      | $5789696.40   | 0.23%             | 2030-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                            | JPMorgan Chase & Co                                                                            | CUSIP: 48128BAN1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    855000 | PA      | $850075.20    | 0.03%             | 2026-06-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| K HOVNANIAN ENTERPRISES                        | K Hovnanian Enterprises Inc                                                                    | CUSIP: 48251UAQ1<br>LEI: 549300JJCQ0KAI7CJG32 | Long             | DBT              | CORP              | US        |   2365000 | PA      | $2403052.85   | 0.09%             | 2033-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| KKR Apple Bidco LLC                            | KKR Apple Bidco LLC 2025 Term Loan                                                             | CUSIP: 48254EAG6<br>LEI: 2549001SCJD3WEYJFM53 | Long             | LON              | CORP              | US        |   3227351 | PA      | $3243035.81   | 0.13%             | 2031-09-23      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| Kaman Corporation                              | Kaman Corporation 2025 Term Loan B                                                             | CUSIP: 48354VAM4<br>LEI: 5493003YK076OLTEQF95 | Long             | LON              | CORP              | US        |   4033426 | PA      | $4046977.96   | 0.16%             | 2032-02-26      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Kaman Corporation                              | Kaman Corporation 2025 Delayed Draw Term Loan                                                  | CUSIP: 48354VAN2<br>LEI: 5493003YK076OLTEQF95 | Long             | LON              | CORP              | US        |    381374 | PA      | $382655.38    | 0.02%             | 2032-02-26      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| Kaseya Inc                                     | Kaseya Inc 2025 2nd Lien Term Loan B                                                           | CUSIP: 48578AAE8<br>LEI: 254900MISXMLRZ63NH46 | Long             | LON              | CORP              | US        |   4475000 | PA      | $4369658.50   | 0.17%             | 2033-03-18      | Floating      | 8.72%                 | No            |                  2 | On Loan: No      |
| KEN GARFF AUTOMOTIVE LLC                       | Ken Garff Automotive LLC                                                                       | CUSIP: 48850PAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5132000 | PA      | $5117373.80   | 0.20%             | 2028-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| KENNEDY-WILSON INC                             | Kennedy-Wilson Inc                                                                             | CUSIP: 489399AL9<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |   3025000 | PA      | $2933977.75   | 0.12%             | 2029-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| KENNEDY-WILSON INC                             | Kennedy-Wilson Inc                                                                             | CUSIP: 489399AN5<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |   3876000 | PA      | $3668013.84   | 0.14%             | 2030-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| KINETIK HOLDINGS LP                            | Kinetik Holdings LP                                                                            | CUSIP: 49461MAA8<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |   3795000 | PA      | $3827409.30   | 0.15%             | 2030-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| KINETIK HOLDINGS LP                            | Kinetik Holdings LP                                                                            | CUSIP: 49461MAB6<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |   5040000 | PA      | $5189083.20   | 0.20%             | 2028-12-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC                        | Kodiak Gas Services LLC                                                                        | CUSIP: 50012LAD6<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |   2255000 | PA      | $2301813.80   | 0.09%             | 2033-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC                        | Kodiak Gas Services LLC                                                                        | CUSIP: 50012LAE4<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |   1149000 | PA      | $1181240.94   | 0.05%             | 2035-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| KRAKEN OIL & GAS PARTNER                       | Kraken Oil & Gas Partners LLC                                                                  | CUSIP: 50076PAA6<br>LEI: 549300DR5HSL4YAU3X12 | Long             | DBT              | CORP              | US        |   3240000 | PA      | $3205008.00   | 0.13%             | 2029-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| LGI HOMES INC                                  | LGI Homes Inc                                                                                  | CUSIP: 50187TAK2<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |    374000 | PA      | $358411.68    | 0.01%             | 2032-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LCM INVESTMENTS HOLDINGS                       | LCM Investments Holdings II LLC                                                                | CUSIP: 50190EAA2<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |   9132000 | PA      | $8950181.88   | 0.35%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LSF12 Crown US Commercial Bidco LLC            | LSF12 Crown US Commercial Bidco LLC 2025 Term Loan B                                           | CUSIP: 50221UAD3<br>LEI: 254900FI2OCFTJ9PAJ18 | Long             | LON              | CORP              | US        |   3424629 | PA      | $3442813.30   | 0.14%             | 2031-12-02      | Floating      | 7.37%                 | No            |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP                       | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp                             | CUSIP: 505742AR7<br>LEI: N/A                  | Long             | DBT              |  | US        |   2000000 | PA      | $2120580.00   | 0.08%             | 2031-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Lear Corp                                      | Lear Corp                                                                                      | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |      1229 | NS      | $140843.40    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LEVEL 3 FINANCING INC                          | Level 3 Financing Inc                                                                          | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |   3680000 | PA      | $3766112.00   | 0.15%             | 2033-06-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                          | Level 3 Financing Inc                                                                          | CUSIP: 527298CN1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |   4315000 | PA      | $4445442.45   | 0.18%             | 2034-03-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC                        | Light & Wonder International Inc                                                               | CUSIP: 531968AB1<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |   2044000 | PA      | $2068487.12   | 0.08%             | 2033-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                           | LifePoint Health Inc                                                                           | CUSIP: 53219LAU3<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |   3825000 | PA      | $3748767.75   | 0.15%             | 2029-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                           | LifePoint Health Inc                                                                           | CUSIP: 53219LAW9<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |   2800000 | PA      | $3070228.00   | 0.12%             | 2030-10-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| LIGHTNING POWER LLC                            | Lightning Power LLC                                                                            | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |   5288000 | PA      | $5623682.24   | 0.22%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| LINDBLAD EXPEDITIONS LLC                       | Lindblad Expeditions LLC                                                                       | CUSIP: 53523LAB6<br>LEI: 549300MPUWOG67Y2R254 | Long             | DBT              | CORP              | US        |   1435000 | PA      | $1496044.90   | 0.06%             | 2030-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LITHIA MOTORS INC                              | Lithia Motors Inc                                                                              | CUSIP: 536797AF0<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |    943000 | PA      | $905958.96    | 0.04%             | 2031-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LITHIA MOTORS INC                              | Lithia Motors Inc                                                                              | CUSIP: 536797AG8<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |   1393000 | PA      | $1346668.82   | 0.05%             | 2029-06-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN                       | Live Nation Entertainment Inc                                                                  | CUSIP: 538034AX7<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |   3161000 | PA      | $3108875.11   | 0.12%             | 2028-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NOKIA OF AMERICA CORP                          | Nokia of America Corp                                                                          | CUSIP: 549463AE7<br>LEI: 529900BF8WCYOHYGIJ13 | Long             | DBT              | CORP              | US        |   5755000 | PA      | $5719894.50   | 0.23%             | 2029-03-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: —       |
| LUNA 1.5 SARL                                  | Luna 1.5 Sarl                                                                                  | CUSIP: 550356AA7<br>LEI: 64884UZ60Y77J5XK5C41 | Long             | DBT              | CORP              | LU        |   8815000 | PA      | $9246935.00   | 0.36%             | 2032-07-01      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                               | MGM Resorts International                                                                      | CUSIP: 552953CF6<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |   5930000 | PA      | $5985326.90   | 0.24%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                               | MGM Resorts International                                                                      | CUSIP: 552953CH2<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |   4481000 | PA      | $4468811.68   | 0.18%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                               | MGM Resorts International                                                                      | CUSIP: 552953CK5<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |   3175000 | PA      | $3263582.50   | 0.13%             | 2029-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MPH ACQUISITION HOLDINGS                       | MPH Acquisition Holdings LLC                                                                   | CUSIP: 553283AE2<br>LEI: 5493002WXOPRPTXWTU06 | Long             | DBT              | CORP              | US        |   4149841 | PA      | $3586002.10   | 0.14%             | 2031-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                        | MPT Operating Partnership LP / MPT Finance Corp                                                | CUSIP: 55342UAM6<br>LEI: N/A                  | Long             | DBT              |  | US        |   3420000 | PA      | $2486989.80   | 0.10%             | 2031-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MADISON IAQ LLC                                | Madison IAQ LLC                                                                                | CUSIP: 55760LAB3<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |  13694000 | PA      | $13618819.94  | 0.54%             | 2029-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                       | Warnermedia Holdings Inc                                                                       | CUSIP: 55903VBU6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   5385000 | PA      | $3558784.95   | 0.14%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                       | Warnermedia Holdings Inc                                                                       | CUSIP: 55903VBW2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |  13333000 | PA      | $9417231.23   | 0.37%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| MICHAELS COS INC/THE                           | Michaels Cos Inc/The                                                                           | CUSIP: 55916AAA2<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |   1111000 | PA      | $1067704.33   | 0.04%             | 2028-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MICHAELS COS INC/THE                           | Michaels Cos Inc/The                                                                           | CUSIP: 55916AAB0<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |   3735000 | PA      | $3445649.55   | 0.14%             | 2029-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| MAGNERA CORP                                   | Magnera Corp                                                                                   | CUSIP: 55939AAA5<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |    119000 | PA      | $116982.95    | 0.00%             | 2031-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MAGNOLIA OIL GAS/MAG FIN                       | Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp                             | CUSIP: 559665AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2938000 | PA      | $3021497.96   | 0.12%             | 2032-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MAJORDRIVE HOLDINGS IV L                       | MajorDrive Holdings IV LLC                                                                     | CUSIP: 56085RAA8<br>LEI: 25490044R1FR5N8FIT62 | Long             | DBT              | CORP              | US        |  12142000 | PA      | $8771502.22   | 0.35%             | 2029-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| MARRIOTT OWNERSHIP RESOR                       | Marriott Ownership Resorts Inc                                                                 | CUSIP: 57164PAF3<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |   3169000 | PA      | $3122637.53   | 0.12%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| MASTERBRAND INC                                | Masterbrand Inc                                                                                | CUSIP: 57638PAA2<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | DBT              | CORP              | US        |   2105000 | PA      | $2183263.90   | 0.09%             | 2032-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MATADOR RESOURCES CO                           | Matador Resources Co                                                                           | CUSIP: 576485AF3<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |   3638000 | PA      | $3715562.16   | 0.15%             | 2028-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MATADOR RESOURCES CO                           | Matador Resources Co                                                                           | CUSIP: 576485AG1<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |   1155000 | PA      | $1169610.75   | 0.05%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MATADOR RESOURCES CO                           | Matador Resources Co                                                                           | CUSIP: 576485AH9<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |   1289000 | PA      | $1288716.42   | 0.05%             | 2033-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                         | Match Group Holdings II LLC                                                                    | CUSIP: 57665RAG1<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |   3069000 | PA      | $3069061.38   | 0.12%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                         | Match Group Holdings II LLC                                                                    | CUSIP: 57665RAJ5<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |   4149000 | PA      | $4162193.82   | 0.16%             | 2029-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                         | Match Group Holdings II LLC                                                                    | CUSIP: 57665RAL0<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |   2375000 | PA      | $2249457.50   | 0.09%             | 2030-08-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                         | Match Group Holdings II LLC                                                                    | CUSIP: 57665RAN6<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |   2248000 | PA      | $2226823.84   | 0.09%             | 2028-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                         | Mauser Packaging Solutions Holding Co                                                          | CUSIP: 57763RAE7<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |   6466000 | PA      | $6439748.04   | 0.25%             | 2030-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                          | McGraw-Hill Education Inc                                                                      | CUSIP: 57767XAB6<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |   5583000 | PA      | $5642514.78   | 0.22%             | 2029-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MCAFEE CORP                                    | McAfee Corp                                                                                    | CUSIP: 579063AB4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |  13442000 | PA      | $11731639.92  | 0.46%             | 2030-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| MELCO RESORTS FINANCE                          | Melco Resorts Finance Ltd                                                                      | CUSIP: 58547DAH2<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |   2190000 | PA      | $2299500.00   | 0.09%             | 2032-04-17      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| METHANEX US OPERATIONS                         | Methanex US Operations Inc                                                                     | CUSIP: 59151LAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2145000 | PA      | $2211495.00   | 0.09%             | 2032-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MAVIS TIRE EXPRESS SERVI                       | Mavis Tire Express Services Topco Corp                                                         | CUSIP: 59155LAA0<br>LEI: 254900NVDM4GTLBL9E56 | Long             | DBT              | CORP              | US        |   6815000 | PA      | $6789443.75   | 0.27%             | 2029-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MIDCAP FINANCIAL ISSR TR                       | Midcap Financial Issuer Trust                                                                  | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4977000 | PA      | $4966150.14   | 0.20%             | 2028-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MIDCAP FINANCIAL                               | Midcap Financial Issuer Trust                                                                  | CUSIP: 59590AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7251000 | PA      | $6810356.73   | 0.27%             | 2030-01-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD                          | Mineral Resources Ltd                                                                          | CUSIP: 603051AC7<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |   5446000 | PA      | $5559494.64   | 0.22%             | 2027-11-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MINERALS TECHNOLOGIES IN                       | Minerals Technologies Inc                                                                      | CUSIP: 603158AA4<br>LEI: 549300D3I1QU67GP6403 | Long             | DBT              | CORP              | US        |   3786000 | PA      | $3777670.80   | 0.15%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATHENAHEALTH GROUP INC                         | AthenaHealth Group Inc                                                                         | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |   6169000 | PA      | $6171097.46   | 0.24%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                          | Molina Healthcare Inc                                                                          | CUSIP: 60855RAM2<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |   4295000 | PA      | $4351307.45   | 0.17%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                          | Molina Healthcare Inc                                                                          | CUSIP: 60855RAN0<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |   4333000 | PA      | $4453674.05   | 0.18%             | 2031-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MOOG INC                                       | Moog Inc                                                                                       | CUSIP: 615394AM5<br>LEI: 549300WM2I4U7OBAHG07 | Long             | DBT              | CORP              | US        |   3362000 | PA      | $3332078.20   | 0.13%             | 2027-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MUELLER WATER PRODUCTS                         | Mueller Water Products Inc                                                                     | CUSIP: 624758AF5<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | DBT              | CORP              | US        |   3113000 | PA      | $3027454.76   | 0.12%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                            | Medline Borrower LP                                                                            | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |   4839000 | PA      | $4731380.64   | 0.19%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                            | Medline Borrower LP                                                                            | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |   4038000 | PA      | $4060491.66   | 0.16%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MURPHY OIL USA INC                             | Murphy Oil USA Inc                                                                             | CUSIP: 626738AF5<br>LEI: N32S6DTR2ZZ5222WHV58 | Long             | DBT              | CORP              | US        |   3696000 | PA      | $3473279.04   | 0.14%             | 2031-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                            | NCL Corp Ltd                                                                                   | CUSIP: 62886HBR1<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |   1905000 | PA      | $1951253.40   | 0.08%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                            | NCL Corp Ltd                                                                                   | CUSIP: 62886HBY6<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |   2526000 | PA      | $2517285.30   | 0.10%             | 2031-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                            | NCL Corp Ltd                                                                                   | CUSIP: 62886HBZ3<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    517000 | PA      | $516875.92    | 0.02%             | 2033-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NFE FINANCING LLC                              | NFE Financing LLC                                                                              | CUSIP: 62909BAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5730369 | PA      | $1655618.21   | 0.07%             | 2029-11-15      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP                          | NGL Energy Operating LLC / NGL Energy Finance Corp                                             | CUSIP: 62922LAC2<br>LEI: 5299005YSRP46BE8Z459 | Long             | DBT              | CORP              | US        |   4631000 | PA      | $4808043.13   | 0.19%             | 2029-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                 | NRG Energy Inc                                                                                 | CUSIP: 629377CY6<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |  11230000 | PA      | $11282893.30  | 0.44%             | 2029-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                 | NRG Energy Inc                                                                                 | CUSIP: 629377DD1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   3100000 | PA      | $3142005.00   | 0.12%             | 2036-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NASSAU COMPANIES OF NY                         | Nassau Cos of New York/The                                                                     | CUSIP: 63155AAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6927000 | PA      | $6614730.84   | 0.26%             | 2030-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                                   | Navient Corp                                                                                   | CUSIP: 63938CAK4<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |   3115000 | PA      | $3118924.90   | 0.12%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                                   | Navient Corp                                                                                   | CUSIP: 63938CAM0<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |   4495000 | PA      | $4458365.75   | 0.18%             | 2029-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                           | Neptune Bidco US Inc                                                                           | CUSIP: 640695AC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |   1797000 | PA      | $1841673.42   | 0.07%             | 2031-05-15      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| NEW HOME CO INC/THE                            | New Home Co Inc/The                                                                            | CUSIP: 645370AG2<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |   5521000 | PA      | $5700377.29   | 0.22%             | 2030-11-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                              | Newell Brands Inc                                                                              | CUSIP: 651229AY2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |   5205000 | PA      | $4349766.45   | 0.17%             | 2046-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                              | Nexstar Media Inc                                                                              | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |   3039000 | PA      | $3043436.94   | 0.12%             | 2027-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NEXUS Buyer LLC                                | NEXUS Buyer LLC 2025 Term Loan B                                                               | CUSIP: 65343UAH5<br>LEI: 254900PILSANV8WOOF24 | Long             | LON              | CORP              | US        |   2809543 | PA      | $2767709.14   | 0.11%             | 2031-07-31      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                        | Nissan Motor Acceptance Co LLC                                                                 | CUSIP: 65480CAL9<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |  11543000 | PA      | $11546578.33  | 0.45%             | 2030-09-30      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| NOBLE FINANCE II LLC                           | Noble Finance II LLC                                                                           | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7667000 | PA      | $7969156.47   | 0.31%             | 2030-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| NORDSTROM INC                                  | Nordstrom Inc                                                                                  | CUSIP: 655664AT7<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |   1985000 | PA      | $1899525.90   | 0.07%             | 2030-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC                         | Northern Oil & Gas Inc                                                                         | CUSIP: 665530AB7<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |   5590000 | PA      | $5635223.10   | 0.22%             | 2031-06-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC                         | Northern Oil & Gas Inc                                                                         | CUSIP: 665531AL3<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |    415000 | PA      | $403355.10    | 0.02%             | 2033-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                                | Gen Digital Inc                                                                                | CUSIP: 668771AM0<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |   9095000 | PA      | $9370760.40   | 0.37%             | 2033-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BRUNDAGE-BONE CONCRETE                         | Brundage-Bone Concrete Pumping Holdings Inc                                                    | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1755000 | PA      | $1790398.35   | 0.07%             | 2032-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                   | Novelis Corp                                                                                   | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |   4907000 | PA      | $4742762.71   | 0.19%             | 2030-01-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NUSTAR LOGISTICS LP                            | NuStar Logistics LP                                                                            | CUSIP: 67059TAE5<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |   4656000 | PA      | $4705260.48   | 0.19%             | 2027-04-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORP                              | Chord Energy Corp                                                                              | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |   2405000 | PA      | $2487130.75   | 0.10%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORP                              | Chord Energy Corp                                                                              | CUSIP: 674215AQ1<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |   6968000 | PA      | $7038585.84   | 0.28%             | 2030-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                       | Olympus Water US Holding Corp                                                                  | CUSIP: 681639AA8<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |   6335000 | PA      | $6147230.60   | 0.24%             | 2028-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                       | Olympus Water US Holding Corp                                                                  | CUSIP: 681639AB6<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    312000 | PA      | $303108.00    | 0.01%             | 2029-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| OLYMPUS WTR US HLDG CORP                       | Olympus Water US Holding Corp                                                                  | CUSIP: 681639AE0<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |   1769000 | PA      | $1779189.44   | 0.07%             | 2033-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                       | 1011778 BC ULC / New Red Finance Inc                                                           | CUSIP: 68245XAJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   3050000 | PA      | $3029870.00   | 0.12%             | 2028-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                       | 1011778 BC ULC / New Red Finance Inc                                                           | CUSIP: 68245XAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   4611000 | PA      | $4390916.97   | 0.17%             | 2030-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                           | OneMain Finance Corp                                                                           | CUSIP: 682691AE0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   3740000 | PA      | $3955237.00   | 0.16%             | 2030-03-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                           | OneMain Finance Corp                                                                           | CUSIP: 682691AK6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   1805000 | PA      | $1877976.15   | 0.07%             | 2032-09-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                           | OneMain Finance Corp                                                                           | CUSIP: 682691AL4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   4210000 | PA      | $4292979.10   | 0.17%             | 2030-05-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                           | OneMain Finance Corp                                                                           | CUSIP: 682691AN0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |  14272000 | PA      | $14483082.88  | 0.57%             | 2033-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ONESKY FLIGHT LLC                              | OneSky Flight LLC                                                                              | CUSIP: 68278CAA3<br>LEI: 549300PM6NEPXGG5B882 | Long             | DBT              | CORP              | US        |   2550000 | PA      | $2731305.00   | 0.11%             | 2029-12-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                                 | 1261229 BC Ltd                                                                                 | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |  10324080 | PA      | $10752839.04  | 0.42%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: —       |
| OPAL BIDCO                                     | OPAL BIDCO                                                                                     | CUSIP: 68348BAA1<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |   6525000 | PA      | $6683557.50   | 0.26%             | 2032-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                 | Open Text Corp                                                                                 | CUSIP: 683715AD8<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |   3315000 | PA      | $3146896.35   | 0.12%             | 2029-12-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| FIBERCOP SPA                                   | Fibercop SpA                                                                                   | CUSIP: 683879AD2<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |   2116000 | PA      | $2021182.04   | 0.08%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FIBERCOP SPA                                   | Fibercop SpA                                                                                   | CUSIP: 683879AF7<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |   3106000 | PA      | $3106776.50   | 0.12%             | 2036-07-18      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO/ORGANON FOR                       | Organon & Co / Organon Foreign Debt Co-Issuer BV                                               | CUSIP: 68622TAB7<br>LEI: 549300SH15FO4Y2G3V63 | Long             | DBT              | CORP              | US        |   2899000 | PA      | $2402401.30   | 0.09%             | 2031-04-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                       | Outfront Media Capital LLC / Outfront Media Capital Corp                                       | CUSIP: 69007TAE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2809000 | PA      | $2739533.43   | 0.11%             | 2029-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                         | PNC Financial Services Group Inc/The                                                           | CUSIP: 693475BF1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   4462000 | PA      | $4535578.38   | 0.18%             | 2027-09-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| PANTHER ESCROW ISSUER                          | Panther Escrow Issuer LLC                                                                      | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  22190000 | PA      | $23000600.70  | 0.91%             | 2031-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| PAYSAFE FIN PLC/PAYSAFE                        | Paysafe Finance PLC / Paysafe Holdings US Corp                                                 | CUSIP: 70452AAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   3765000 | PA      | $3462181.05   | 0.14%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENN ENTERTAINMENT INC                         | Penn Entertainment Inc                                                                         | CUSIP: 707569AS8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3210000 | PA      | $3205538.10   | 0.13%             | 2027-01-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PENN ENTERTAINMENT INC                         | Penn Entertainment Inc                                                                         | CUSIP: 707569AV1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1620850.00   | 0.06%             | 2029-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: —       |
| PENNYMAC FIN SVCS INC                          | PennyMac Financial Services Inc                                                                | CUSIP: 70932MAG2<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |   2985000 | PA      | $3126309.90   | 0.12%             | 2032-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PENSKE AUTOMOTIVE GROUP                        | Penske Automotive Group Inc                                                                    | CUSIP: 70959WAK9<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | DBT              | CORP              | US        |   3839000 | PA      | $3721257.87   | 0.15%             | 2029-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I                       | Performance Food Group Inc                                                                     | CUSIP: 71376LAE0<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |   6925000 | PA      | $6785738.25   | 0.27%             | 2029-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PERRIGO FINANCE UNLIMITE                       | Perrigo Finance Unlimited Co                                                                   | CUSIP: 71429MAC9<br>LEI: 549300E86RB6YCTMRM83 | Long             | DBT              | CORP              | IE        |   7731000 | PA      | $7466367.87   | 0.29%             | 2030-06-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| PERRIGO FINANCE UNLIMITE                       | Perrigo Finance Unlimited Co                                                                   | CUSIP: 71429MAD7<br>LEI: 549300E86RB6YCTMRM83 | Long             | DBT              | CORP              | IE        |    355000 | PA      | $346330.90    | 0.01%             | 2032-09-30      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PHINIA INC                                     | Phinia Inc                                                                                     | CUSIP: 71880KAA9<br>LEI: 254900HG6MORZE1FFM18 | Long             | DBT              | CORP              | US        |   2900000 | PA      | $3004081.00   | 0.12%             | 2029-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Pitney Bowes Inc                               | Pitney Bowes Inc 2025 Term Loan B                                                              | CUSIP: 72448FAW5<br>LEI: 549300N2O26NW4ST6W55 | Long             | LON              | CORP              | US        |   5558726 | PA      | $5517035.51   | 0.22%             | 2032-03-19      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| Plano HoldCo Inc                               | Plano HoldCo Inc Term Loan B                                                                   | CUSIP: 72712EAB3<br>LEI: 254900C53JLEP3CCOQ10 | Long             | LON              | CORP              | US        |   3797183 | PA      | $3673774.67   | 0.14%             | 2031-10-02      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                              | Post Holdings Inc                                                                              | CUSIP: 737446AQ7<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   4405000 | PA      | $4288796.10   | 0.17%             | 2030-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                              | Post Holdings Inc                                                                              | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    980000 | PA      | $1007724.20   | 0.04%             | 2032-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                              | Post Holdings Inc                                                                              | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   4242000 | PA      | $4283359.50   | 0.17%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PRAIRIE ACQUIROR LP                            | Prairie Acquiror LP                                                                            | CUSIP: 73943NAA4<br>LEI: 254900Q6KU2LVSIISH22 | Long             | DBT              | CORP              | US        |   6576000 | PA      | $6840618.24   | 0.27%             | 2029-08-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Pre-Paid Legal Services Inc                    | Pre-Paid Legal Services Inc 2021 Term Loan                                                     | CUSIP: 74006LAS1<br>LEI: 549300DKH5WJ2J8QU878 | Long             | LON              | CORP              | US        |   3927911 | PA      | $3790434.42   | 0.15%             | 2028-12-15      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| PREMIER ENTERTAINMENT SU                       | Premier Entertainment Sub LLC / Premier Entertainment Finance Corp                             | CUSIP: 74052HAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4764000 | PA      | $3539699.64   | 0.14%             | 2029-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PRESTIGE BRANDS INC                            | Prestige Brands Inc                                                                            | CUSIP: 74112BAM7<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |   2229000 | PA      | $2080949.82   | 0.08%             | 2031-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PRIME HEALTHCARE SERVICE                       | Prime Healthcare Services Inc                                                                  | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2815000 | PA      | $2965095.80   | 0.12%             | 2029-09-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC                       | Prime Security Services Borrower LLC / Prime Finance Inc                                       | CUSIP: 74166MAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5038000 | PA      | $4946006.12   | 0.19%             | 2027-08-31      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| PRIMO / TRITON WATER HLD                       | Primo Water Holdings Inc / Triton Water Holdings Inc                                           | CUSIP: 74168RAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3655000 | PA      | $3558434.90   | 0.14%             | 2029-04-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PROG HOLDINGS INC                              | PROG Holdings Inc                                                                              | CUSIP: 74319RAA9<br>LEI: 549300DHYTLBOVRXIG52 | Long             | DBT              | CORP              | US        |   3013000 | PA      | $2978922.97   | 0.12%             | 2029-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PROVIDENT FDG/PFG FIN                          | Provident Funding Associates LP / PFG Finance Corp                                             | CUSIP: 74387UAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1054230.00   | 0.04%             | 2029-09-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| QNITY ELECTRONICS INC                          | Qnity Electronics Inc                                                                          | CUSIP: 74743LAA8<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |   1805000 | PA      | $1848951.75   | 0.07%             | 2032-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| QNITY ELECTRONICS INC                          | Qnity Electronics Inc                                                                          | CUSIP: 74743LAB6<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |    890000 | PA      | $924300.60    | 0.04%             | 2033-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| QXO BUILDING PRODUCTS                          | QXO Building Products Inc                                                                      | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |   2440000 | PA      | $2549458.40   | 0.10%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                          | Quikrete Holdings Inc                                                                          | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |   2870000 | PA      | $2986493.30   | 0.12%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                          | Quikrete Holdings Inc                                                                          | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |   3120000 | PA      | $3257841.60   | 0.13%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN                       | RHP Hotel Properties LP / RHP Finance Corp                                                     | CUSIP: 749571AL9<br>LEI: N/A                  | Long             | DBT              |  | US        |    562000 | PA      | $583131.20    | 0.02%             | 2033-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC                              | Rakuten Group Inc                                                                              | CUSIP: 75102WAM0<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |   1980000 | PA      | $2040310.80   | 0.08%             | 2029-12-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| RANGE RESOURCES CORP                           | Range Resources Corp                                                                           | CUSIP: 75281ABK4<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |   2945000 | PA      | $2909041.55   | 0.11%             | 2030-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RAND PARENT LLC                                | Rand Parent LLC                                                                                | CUSIP: 753272AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6947000 | PA      | $7242386.44   | 0.29%             | 2030-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ANYWHERE RE GRP/REALOGY                        | Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp                                        | CUSIP: 75606DAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6139000 | PA      | $5958145.06   | 0.23%             | 2029-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: —       |
| SPX FLOW INC                                   | SPX FLOW Inc                                                                                   | CUSIP: 758071AA2<br>LEI: 5493003YXEKRBINIEM78 | Long             | DBT              | CORP              | US        |   3215000 | PA      | $3316883.35   | 0.13%             | 2030-04-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| RESORTS WORLD/RWLV CAP                         | Resorts World Las Vegas LLC / RWLV Capital Inc                                                 | CUSIP: 76120HAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4200000 | PA      | $4148550.00   | 0.16%             | 2030-07-27      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| Restoration Hardware Inc                       | Restoration Hardware Inc Term Loan B                                                           | CUSIP: 76133MAB7<br>LEI: 549300H9H1H3OC7C3H47 | Long             | LON              | CORP              | US        |      2573 | PA      | $2534.71      | 0.00%             | 2028-10-20      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| RIVERS ENTERPRISE                              | Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp                                | CUSIP: 76883NAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6117000 | PA      | $6262768.11   | 0.25%             | 2033-02-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| RIVERS ENTERPRISE                              | Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp                                   | CUSIP: 76884GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1920000 | PA      | $1958284.80   | 0.08%             | 2030-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ROBLOX CORP                                    | ROBLOX Corp                                                                                    | CUSIP: 771049AA1<br>LEI: 529900ANZDBDFU91SO19 | Long             | DBT              | CORP              | US        |   2891000 | PA      | $2762755.24   | 0.11%             | 2030-05-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                 | Rocket Cos Inc                                                                                 | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5660000 | PA      | $5852836.20   | 0.23%             | 2030-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                 | Rocket Cos Inc                                                                                 | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4855000 | PA      | $5070950.40   | 0.20%             | 2033-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                       | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                                            | CUSIP: 77313LAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6243000 | PA      | $5800059.15   | 0.23%             | 2033-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROCKIES EXPRESS PIPELINE                       | ROCKIES EXPRESS PIPELINE                                                                       | CUSIP: 77340RAU1<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |   2418000 | PA      | $2551618.68   | 0.10%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ROLLER BEARING CO OF AME                       | Roller Bearing Co of America Inc                                                               | CUSIP: 775631AD6<br>LEI: 254900U9XW6S76H2P167 | Long             | DBT              | CORP              | US        |   5339000 | PA      | $5264360.78   | 0.21%             | 2029-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                        | Royal Caribbean Cruises Ltd                                                                    | CUSIP: 780153BK7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   4553000 | PA      | $4588923.17   | 0.18%             | 2027-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                        | Royal Caribbean Cruises Ltd                                                                    | CUSIP: 780153BU5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    850000 | PA      | $879648.00    | 0.03%             | 2032-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                        | Royal Caribbean Cruises Ltd                                                                    | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   1175000 | PA      | $1201425.75   | 0.05%             | 2031-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SBA COMMUNICATIONS CORP                        | SBA Communications Corp                                                                        | CUSIP: 78410GAG9<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              |  | US        |   3760000 | PA      | $3593469.60   | 0.14%             | 2029-02-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| SESI LLC                                       | SESI LLC                                                                                       | CUSIP: 78412FAX2<br>LEI: XDZ56K6RXS5J1ESBZS35 | Long             | DBT              | CORP              | US        |    425000 | PA      | $418348.75    | 0.02%             | 2030-09-30      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SLM CORP                                       | SLM Corp                                                                                       | CUSIP: 78442PGF7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1720000 | PA      | $1779013.20   | 0.07%             | 2030-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO                                   | SM Energy Co                                                                                   | CUSIP: 78454LAW0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    970000 | PA      | $980165.60    | 0.04%             | 2028-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO                                   | SM Energy Co                                                                                   | CUSIP: 78454LAX8<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |   2395000 | PA      | $2412818.80   | 0.09%             | 2029-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO                                   | SM Energy Co                                                                                   | CUSIP: 78454LAY6<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |   2700000 | PA      | $2656665.00   | 0.10%             | 2032-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SNF GROUP SACA                                 | SNF Group SACA                                                                                 | CUSIP: 7846ELAD9<br>LEI: 969500F7036FEDYPRV54 | Long             | DBT              | CORP              | FR        |   3055000 | PA      | $3001904.10   | 0.12%             | 2027-03-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| SNF GROUP SACA                                 | SNF Group SACA                                                                                 | CUSIP: 7846ELAE7<br>LEI: 969500F7036FEDYPRV54 | Long             | DBT              | CORP              | FR        |   4285000 | PA      | $4005789.40   | 0.16%             | 2030-03-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SABLE INTL FINANCE LTD                         | Sable International Finance Ltd                                                                | CUSIP: 785712AK6<br>LEI: 2138009IE9A35LO5JS73 | Long             | DBT              | CORP              | KY        |   1795000 | PA      | $1819681.25   | 0.07%             | 2032-10-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                 | Sabre GLBL Inc                                                                                 | CUSIP: 78573NAL6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |    238000 | PA      | $202290.48    | 0.01%             | 2029-11-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                 | Sabre GLBL Inc                                                                                 | CUSIP: 78573NAM4<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |   5822000 | PA      | $4892168.38   | 0.19%             | 2030-07-15      | Fixed         | 11.12%                | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                 | Sabre GLBL Inc                                                                                 | CUSIP: 78573NAN2<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |    302000 | PA      | $248228.90    | 0.01%             | 2030-03-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| SATURN OIL & GAS INC                           | Saturn Oil & Gas Inc                                                                           | CUSIP: 80412LAA5<br>LEI: 549300G6BWJ7K6PIIY73 | Long             | DBT              | CORP              | CA        |   1639000 | PA      | $1622331.37   | 0.06%             | 2029-06-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: —       |
| Sazerac Company Inc                            | Sazerac Company Inc Term Loan B                                                                | CUSIP: 80583EAN6<br>LEI: 9QU0CG1O4LSOB6IFK895 | Long             | LON              | CORP              | US        |   3575000 | PA      | $3578467.75   | 0.14%             | 2032-07-09      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                            | Charles Schwab Corp/The                                                                        | CUSIP: 808513AR6<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   3660000 | PA      | $3587678.40   | 0.14%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                            | Charles Schwab Corp/The                                                                        | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |  16752000 | PA      | $16632725.76  | 0.65%             | 2026-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Seagate Data Storage Technology Pte Ltd        | SEAGATE DATA STOR                                                                              | CUSIP: 81180LAM7<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |   1405000 | PA      | $1491491.80   | 0.06%             | 2029-12-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Seagate Data Storage Technology Pte Ltd        | SEAGATE DATA STORAGE TECH                                                                      | CUSIP: 81180LAR6<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |   2834000 | PA      | $3218517.12   | 0.13%             | 2032-12-01      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| SEALED AIR/SEALED AIR US                       | Sealed Air Corp/Sealed Air Corp US                                                             | CUSIP: 812127AB4<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |   2505000 | PA      | $2607930.45   | 0.10%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                                | Sealed Air Corp                                                                                | CUSIP: 812127AC2<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |   1285000 | PA      | $1331902.50   | 0.05%             | 2032-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SEAWORLD PARKS & ENTERTA                       | SeaWorld Parks & Entertainment Inc                                                             | CUSIP: 81282UAG7<br>LEI: 549300UZV72O3371JJ53 | Long             | DBT              | CORP              | US        |   6035000 | PA      | $5870968.70   | 0.23%             | 2029-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SELECT MEDICAL CORP                            | Select Medical Corp                                                                            | CUSIP: 816196AV1<br>LEI: 549300X05KS0JKR8CB50 | Long             | DBT              | CORP              | US        |   5984000 | PA      | $5848103.36   | 0.23%             | 2032-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| SENSATA TECHNOLOGIES BV                        | Sensata Technologies BV                                                                        | CUSIP: 81725WAK9<br>LEI: PUCKW5P5O3XMOZVH7T53 | Long             | DBT              | CORP              | NL        |    825000 | PA      | $805191.75    | 0.03%             | 2029-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SENSATA TECHNOLOGIES BV                        | Sensata Technologies BV                                                                        | CUSIP: 81725WAL7<br>LEI: PUCKW5P5O3XMOZVH7T53 | Long             | DBT              | CORP              | NL        |   3474000 | PA      | $3532015.80   | 0.14%             | 2030-09-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SENSATA TECH INC                               | Sensata Technologies Inc                                                                       | CUSIP: 81728UAA2<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |   3749000 | PA      | $3662323.12   | 0.14%             | 2030-02-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                       | Sinclair Television Group Inc                                                                  | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |   3658000 | PA      | $3825024.28   | 0.15%             | 2033-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                            | Sirius XM Radio LLC                                                                            | CUSIP: 82967NBA5<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |   8174000 | PA      | $8185280.12   | 0.32%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                            | Sirius XM Radio LLC                                                                            | CUSIP: 82967NBJ6<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |   3555000 | PA      | $3473768.25   | 0.14%             | 2028-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                            | Sirius XM Radio LLC                                                                            | CUSIP: 82967NBL1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |   5176000 | PA      | $5127811.44   | 0.20%             | 2026-09-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET                       | Smyrna Ready Mix Concrete LLC                                                                  | CUSIP: 83283WAE3<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |   3320000 | PA      | $3551868.80   | 0.14%             | 2031-11-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| SNAP INC                                       | Snap Inc                                                                                       | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |   1025000 | PA      | $1063242.75   | 0.04%             | 2033-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SNAP INC                                       | Snap Inc                                                                                       | CUSIP: 83304AAM8<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |   5105000 | PA      | $5259324.15   | 0.21%             | 2034-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SOLSTICE ADVANCED MATERI                       | Solstice Advanced Materials Inc                                                                | CUSIP: 83443QAA1<br>LEI: 2138004GZ4H9TW6HK435 | Long             | DBT              | CORP              | US        |   5753000 | PA      | $5807653.50   | 0.23%             | 2033-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SONIC AUTOMOTIVE INC                           | Sonic Automotive Inc                                                                           | CUSIP: 83545GBD3<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |   3553000 | PA      | $3485883.83   | 0.14%             | 2029-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                         | Spirit AeroSystems Inc                                                                         | CUSIP: 85205TAK6<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |   5880000 | PA      | $5886997.20   | 0.23%             | 2028-06-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET                       | Smyrna Ready Mix Concrete LLC                                                                  | CUSIP: 85236FAA1<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |   7505000 | PA      | $7546127.40   | 0.30%             | 2028-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTI                       | Standard Building Solutions Inc                                                                | CUSIP: 853191AA2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |   5695000 | PA      | $5870747.70   | 0.23%             | 2032-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                       | Standard Industries Inc/NY                                                                     | CUSIP: 853496AD9<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |   1360000 | PA      | $1355743.20   | 0.05%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                        | Starwood Property Trust Inc                                                                    | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |   7173000 | PA      | $7569882.09   | 0.30%             | 2029-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                        | Starwood Property Trust Inc                                                                    | CUSIP: 85571BBD6<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |   1640000 | PA      | $1710585.60   | 0.07%             | 2030-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                        | Starwood Property Trust Inc                                                                    | CUSIP: 85571BBF1<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |   2630000 | PA      | $2651171.50   | 0.10%             | 2028-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                        | Starwood Property Trust Inc                                                                    | CUSIP: 85571BBG9<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |   1035000 | PA      | $1047492.45   | 0.04%             | 2031-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| STONEX GROUP INC                               | StoneX Group Inc                                                                               | CUSIP: 861896AA6<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |   3105000 | PA      | $3291827.85   | 0.13%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| STONEX ESCROW ISSUER LLC                       | Stonex Escrow Issuer LLC                                                                       | CUSIP: 86189AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1866726.00   | 0.07%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SUBURBAN PROPANE PARTNRS                       | Suburban Propane Partners LP/Suburban Energy Finance Corp                                      | CUSIP: 864486AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3247000 | PA      | $3117964.22   | 0.12%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUBURBAN PROPANE PARTNRS                       | Suburban Propane Partners LP/Suburban Energy Finance Corp                                      | CUSIP: 864486AM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8807000 | PA      | $8808673.33   | 0.35%             | 2035-12-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE CORP                         | Sunoco LP / Sunoco Finance Corp                                                                | CUSIP: 86765KAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3240000 | PA      | $3342254.40   | 0.13%             | 2028-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                      | Sunoco LP                                                                                      | CUSIP: 86765KAB5<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   2120000 | PA      | $2210481.60   | 0.09%             | 2029-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                      | Sunoco LP                                                                                      | CUSIP: 86765KAC3<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   1620000 | PA      | $1711173.60   | 0.07%             | 2032-05-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                      | Sunoco LP                                                                                      | CUSIP: 86765KAE9<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   5475000 | PA      | $5614612.50   | 0.22%             | 2030-09-18      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE CORP                         | Sunoco LP / Sunoco Finance Corp                                                                | CUSIP: 86765LAZ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4900000 | PA      | $4785781.00   | 0.19%             | 2030-04-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TALEN ENERGY SUPPLY LLC                        | Talen Energy Supply LLC                                                                        | CUSIP: 87422VAM0<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |    645000 | PA      | $657822.60    | 0.03%             | 2034-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                        | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                                   | CUSIP: 87470LAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4920000 | PA      | $4884920.40   | 0.19%             | 2031-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                        | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                                   | CUSIP: 87470LAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2684000 | PA      | $2773726.12   | 0.11%             | 2029-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                        | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                                   | CUSIP: 87470LAM3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1090000 | PA      | $1089487.70   | 0.04%             | 2034-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TEAM HEALTH HOLDINGS INC                       | Team Health Holdings Inc                                                                       | CUSIP: 87817AAB3<br>LEI: 549300PVTQ4UDTTMQT11 | Long             | DBT              | CORP              | US        |  15764376 | PA      | $16654117.38  | 0.66%             | 2028-06-30      | Fixed         | 13.50%                | No            |                  2 | On Loan: No      |
| TEAM HEALTH HOLDINGS INC                       | Team Health Holdings Inc                                                                       | CUSIP: 87817AAE7<br>LEI: 549300PVTQ4UDTTMQT11 | Long             | DBT              | CORP              | US        |   1106000 | PA      | $1119659.10   | 0.04%             | 2028-06-30      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                          | Tenet Healthcare Corp                                                                          | CUSIP: 88033GDH0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   4537000 | PA      | $4544032.35   | 0.18%             | 2028-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                          | Tenet Healthcare Corp                                                                          | CUSIP: 88033GDM9<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   3620000 | PA      | $3569283.80   | 0.14%             | 2029-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                          | Tenet Healthcare Corp                                                                          | CUSIP: 88033GDQ0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   1762000 | PA      | $1804393.72   | 0.07%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                          | Tenet Healthcare Corp                                                                          | CUSIP: 88033GDU1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   2730000 | PA      | $2838708.60   | 0.11%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TEREX CORP                                     | Terex Corp                                                                                     | CUSIP: 880779BB8<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |   3260000 | PA      | $3346683.40   | 0.13%             | 2032-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                        | Teva Pharmaceutical Finance Netherlands III BV                                                 | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    871000 | PA      | $860225.73    | 0.03%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| TEVA PHARM FIN IV                              | Teva Pharmaceutical Finance Netherlands IV BV                                                  | CUSIP: 881937AA4<br>LEI: 549300GKSD1RG56QRY33 | Long             | DBT              | CORP              | NL        |   2130000 | PA      | $2209875.00   | 0.09%             | 2030-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                         | Cloud Software Group Inc                                                                       | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   4384000 | PA      | $4440904.32   | 0.17%             | 2029-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TIDEWATER INC                                  | Tidewater Inc                                                                                  | CUSIP: 88642RAE9<br>LEI: 2549000JA5GRUPLMUH98 | Long             | DBT              | CORP              | US        |   8497000 | PA      | $9118895.43   | 0.36%             | 2030-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE LLC                          | Time Warner Cable LLC                                                                          | CUSIP: 88732JAJ7<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |   5320000 | PA      | $5426772.40   | 0.21%             | 2037-05-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE LLC                          | Time Warner Cable LLC                                                                          | CUSIP: 88732JAN8<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |   6320000 | PA      | $6777820.80   | 0.27%             | 2038-07-01      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE LLC                          | Time Warner Cable LLC                                                                          | CUSIP: 88732JAU2<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |   3340000 | PA      | $3377842.20   | 0.13%             | 2039-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE LLC                          | Time Warner Cable LLC                                                                          | CUSIP: 88732JAY4<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |   7166000 | PA      | $6634927.74   | 0.26%             | 2040-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                          | Toronto-Dominion Bank/The                                                                      | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   1475000 | PA      | $1551272.25   | 0.06%             | 2082-10-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                  | TransDigm Inc                                                                                  | CUSIP: 893647BQ9<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   8048000 | PA      | $8020878.24   | 0.32%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                  | TransDigm Inc                                                                                  | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   4194000 | PA      | $4274692.56   | 0.17%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                  | TransDigm Inc                                                                                  | CUSIP: 893647BS5<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   5810000 | PA      | $6078538.20   | 0.24%             | 2030-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                  | TransDigm Inc                                                                                  | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   5500000 | PA      | $5678365.00   | 0.22%             | 2029-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TRANSMONTAIGNE PARTNERS                        | TransMontaigne Partners LLC                                                                    | CUSIP: 89377AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7250000 | PA      | $7322572.50   | 0.29%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INTERNTNL LTD                       | Transocean International Ltd                                                                   | CUSIP: 893814AA1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |   1200000 | PA      | $1249272.00   | 0.05%             | 2032-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INTERNTNL LTD                       | Transocean International Ltd                                                                   | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |   3734250 | PA      | $3898258.26   | 0.15%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN TITAN FIN LTD                       | Transocean Titan Financing Ltd                                                                 | CUSIP: 89386MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    372381 | PA      | $380364.80    | 0.01%             | 2028-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO                            | Travel + Leisure Co                                                                            | CUSIP: 894164AA0<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |   2890000 | PA      | $2829252.20   | 0.11%             | 2029-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TRIMAS CORP                                    | TriMas Corp                                                                                    | CUSIP: 896215AH3<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | DBT              | CORP              | US        |   3170000 | PA      | $3086280.30   | 0.12%             | 2029-04-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| TRINET GROUP INC                               | TriNet Group Inc                                                                               | CUSIP: 896288AA5<br>LEI: 5299003FJVBETSFKE990 | Long             | DBT              | CORP              | US        |   3531000 | PA      | $3338489.88   | 0.13%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TRINET GROUP INC                               | TriNet Group Inc                                                                               | CUSIP: 896288AC1<br>LEI: 5299003FJVBETSFKE990 | Long             | DBT              | CORP              | US        |   1355000 | PA      | $1396815.30   | 0.05%             | 2031-08-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| COHERENT CORP                                  | Coherent Corp                                                                                  | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |   2748000 | PA      | $2740003.32   | 0.11%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                   | UBS Group AG                                                                                   | CUSIP: 902613AG3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   3565000 | PA      | $3536016.55   | 0.14%             | 2026-06-02      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| US BANCORP                                     | US Bancorp                                                                                     | CUSIP: 902973BC9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   5025000 | PA      | $4904349.75   | 0.19%             | 2027-01-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| CINEWORLD RIGHTS                               | CINEWORLD RIGHTS                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             |  | US        |     42700 | NS      | $800625.00    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund                                                 | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        |  55866947 | NS      | $55866946.63  | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| USI INC/NY                                     | USI Inc/NY                                                                                     | CUSIP: 90346KAB5<br>LEI: 2549006D7UF7072T7I27 | Long             | DBT              | CORP              | US        |   7308000 | PA      | $7664995.80   | 0.30%             | 2032-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC                               | UWM Holdings LLC                                                                               | CUSIP: 903522AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3655000 | PA      | $3697763.50   | 0.15%             | 2030-02-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC                               | UWM Holdings LLC                                                                               | CUSIP: 903522AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4028000 | PA      | $4021353.80   | 0.16%             | 2031-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UNICREDIT SPA                                  | UniCredit SpA                                                                                  | CUSIP: 904678AS8<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |   3415000 | PA      | $3477870.15   | 0.14%             | 2035-06-30      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| UNITED NATURAL FOODS INC                       | United Natural Foods Inc                                                                       | CUSIP: 911163AA1<br>LEI: 549300GKGW6WPZ282D40 | Long             | DBT              | CORP              | US        |   4160000 | PA      | $4160000.00   | 0.16%             | 2028-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                       | United Wholesale Mortgage LLC                                                                  | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |  11905000 | PA      | $11819879.25  | 0.47%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                        | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                                | CUSIP: 91327BAB6<br>LEI: N/A                  | Long             | DBT              |  | US        |   3630000 | PA      | $3612285.60   | 0.14%             | 2028-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                       | Univision Communications Inc                                                                   | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   2655000 | PA      | $2855266.65   | 0.11%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                       | USA Compression Partners LP / USA Compression Finance Corp                                     | CUSIP: 91740PAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1715000 | PA      | $1776071.15   | 0.07%             | 2029-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                       | USA Compression Partners LP / USA Compression Finance Corp                                     | CUSIP: 91740PAH1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1620000 | PA      | $1637528.40   | 0.06%             | 2033-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VFH PARENT / VALOR CO                          | VFH Parent LLC / Valor Co-Issuer Inc                                                           | CUSIP: 91824YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5030000 | PA      | $5267566.90   | 0.21%             | 2031-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VOC ESCROW LTD                                 | VOC Escrow Ltd                                                                                 | CUSIP: 91832VAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3293000 | PA      | $3292143.82   | 0.13%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VAIL RESORTS INC                               | Vail Resorts Inc                                                                               | CUSIP: 91879QAQ2<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |   2425000 | PA      | $2465521.75   | 0.10%             | 2030-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH AMERICAS                         | Bausch Health Americas Inc                                                                     | CUSIP: 91911XAW4<br>LEI: KOO0397YRO83WY5MGD97 | Long             | DBT              | CORP              | US        |   1353000 | PA      | $1340200.62   | 0.05%             | 2027-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: —       |
| VALVOLINE INC                                  | Valvoline Inc                                                                                  | CUSIP: 92047WAG6<br>LEI: 549300CMHPBEY6VPOT75 | Long             | DBT              | CORP              | US        |   2156000 | PA      | $1979790.12   | 0.08%             | 2031-06-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                          | Venture Global Plaquemines LNG LLC                                                             | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |  10635000 | PA      | $10887155.85  | 0.43%             | 2034-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                          | Venture Global Plaquemines LNG LLC                                                             | CUSIP: 922966AE6<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   2022000 | PA      | $2058658.86   | 0.08%             | 2030-12-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                       | Venture Global Calcasieu Pass LLC                                                              | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |  14878000 | PA      | $13536897.08  | 0.53%             | 2031-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                       | Venture Global Calcasieu Pass LLC                                                              | CUSIP: 92328MAC7<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |   5214000 | PA      | $4475489.04   | 0.18%             | 2033-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                         | Venture Global LNG Inc                                                                         | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   5139000 | PA      | $5308175.88   | 0.21%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                         | Venture Global LNG Inc                                                                         | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   6192000 | PA      | $4892794.56   | 0.19%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| VERTIV GROUP CORPORATION                       | Vertiv Group Corp                                                                              | CUSIP: 92535UAB0<br>LEI: 549300ZT8RQ5VK10E643 | Long             | DBT              | CORP              | US        |   5561000 | PA      | $5491376.28   | 0.22%             | 2028-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                             | Viking Cruises Ltd                                                                             | CUSIP: 92676XAF4<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |   7370000 | PA      | $7388425.00   | 0.29%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                             | Viking Cruises Ltd                                                                             | CUSIP: 92676XAH0<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |   3955000 | PA      | $4021404.45   | 0.16%             | 2033-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA SECURED FIN                       | Virgin Media Secured Finance PLC                                                               | CUSIP: 92769XAP0<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |   2380000 | PA      | $2345347.20   | 0.09%             | 2029-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA VEND FIN IV                       | Virgin Media Vendor Financing Notes IV DAC                                                     | CUSIP: 92770QAA5<br>LEI: 635400ZZNJSEA4CAJR23 | Long             | DBT              | CORP              | IE        |   2050000 | PA      | $2010250.50   | 0.08%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRTUSA CORP                                   | Virtusa Corp                                                                                   | CUSIP: 92837TAA0<br>LEI: C77OMXDER63WLJCSKT03 | Long             | DBT              | CORP              | US        |   5948000 | PA      | $5859731.68   | 0.23%             | 2028-12-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS                        | VistaJet Malta Finance PLC / Vista Management Holding Inc                                      | CUSIP: 92840JAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   1555000 | PA      | $1487139.80   | 0.06%             | 2030-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| VISTAJET MALTA/VM HOLDS                        | VistaJet Malta Finance PLC / Vista Management Holding Inc                                      | CUSIP: 92840JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   3450000 | PA      | $3467457.00   | 0.14%             | 2027-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS                        | VistaJet Malta Finance PLC / Vista Management Holding Inc                                      | CUSIP: 92841HAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   3852000 | PA      | $3981619.80   | 0.16%             | 2028-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: —       |
| VODAFONE GROUP PLC                             | Vodafone Group PLC                                                                             | CUSIP: 92857WBQ2<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |   4717000 | PA      | $4988840.71   | 0.20%             | 2079-04-04      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC                           | WR Grace Holdings LLC                                                                          | CUSIP: 92943GAA9<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |   3657000 | PA      | $3472540.92   | 0.14%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC                           | WR Grace Holdings LLC                                                                          | CUSIP: 92943GAD3<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |   2116000 | PA      | $2113714.72   | 0.08%             | 2027-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC                           | WR Grace Holdings LLC                                                                          | CUSIP: 92943GAE1<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |   3485000 | PA      | $3572403.80   | 0.14%             | 2031-03-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| WBI OPERATING LLC                              | WBI Operating LLC                                                                              | CUSIP: 92944BAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4958000 | PA      | $4992061.46   | 0.20%             | 2030-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| WBI OPERATING LLC                              | WBI Operating LLC                                                                              | CUSIP: 92944BAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6786000 | PA      | $6761095.38   | 0.27%             | 2033-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LUXCO3 SHARES                                  | LUXCO3 SHARES                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |     21514 | NS      | $378894.82    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| WALKER & DUNLOP INC                            | Walker & Dunlop Inc                                                                            | CUSIP: 93148PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1870000 | PA      | $1917591.50   | 0.08%             | 2033-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Wand NewCo 3 Inc                               | Wand NewCo 3 Inc 2025 Repriced Term Loan B                                                     | CUSIP: 93369PAM6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | LON              | CORP              | US        |   5041728 | PA      | $5044400.29   | 0.20%             | 2031-01-30      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| WASTE PRO USA INC                              | Waste Pro USA Inc                                                                              | CUSIP: 94107JAC7<br>LEI: 549300BY1QXU5BI3UF28 | Long             | DBT              | CORP              | US        |   5505000 | PA      | $5679343.35   | 0.22%             | 2033-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| WEATHERFORD INTERNATIONA                       | Weatherford International Ltd                                                                  | CUSIP: 947075AW7<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |   2280000 | PA      | $2334378.00   | 0.09%             | 2033-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                          | Wells Fargo & Co                                                                               | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    618000 | PA      | $615898.80    | 0.02%             | 2026-03-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                          | Wells Fargo & Co                                                                               | CUSIP: 95002YAA1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   2040000 | PA      | $2175333.60   | 0.09%             | 2028-09-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                          | Wells Fargo & Co                                                                               | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   2525000 | PA      | $2637741.25   | 0.10%             | 2029-09-15      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                         | WESCO Distribution Inc                                                                         | CUSIP: 95081QAS3<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    735000 | PA      | $766965.15    | 0.03%             | 2033-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DSG TOPCO INC.                                 | DSG TOPCO INC.                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11631 | NS      | $19388.88     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WILDFIRE INTERMEDIATE HO                       | Wildfire Intermediate Holdings LLC                                                             | CUSIP: 96812HAA6<br>LEI: 5493003RHEMQJZEXIR02 | Long             | DBT              | CORP              | US        |   1755000 | PA      | $1777674.60   | 0.07%             | 2029-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| WILLIAMS SCOTSMAN INC                          | Williams Scotsman Inc                                                                          | CUSIP: 96949VAN3<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |    965000 | PA      | $998031.95    | 0.04%             | 2030-04-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| WINDSTREAM SERVICES/ESCR                       | Windstream Services LLC / Windstream Escrow Finance Corp                                       | CUSIP: 97381AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1530000 | PA      | $1605857.40   | 0.06%             | 2031-10-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| WINDSTREAM SERVICES LLC                        | Windstream Services LLC                                                                        | CUSIP: 97382BAB5<br>LEI: 549300KT9GVEBYCD2N29 | Long             | DBT              | CORP              | US        |   2510000 | PA      | $2572448.80   | 0.10%             | 2033-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO                            | Travel + Leisure Co                                                                            | CUSIP: 98310WAN8<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |   2652000 | PA      | $2691886.08   | 0.11%             | 2027-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO                            | Travel + Leisure Co                                                                            | CUSIP: 98310WAQ1<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |   3637000 | PA      | $3546875.14   | 0.14%             | 2030-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| XHR LP                                         | XHR LP                                                                                         | CUSIP: 98372MAE5<br>LEI: 549300M88BPT83ZL2164 | Long             | DBT              |  | US        |   5568000 | PA      | $5736933.12   | 0.23%             | 2030-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| YEOMAN CAP S A                                 | YEOMAN CAP S A                                                                                 | CUSIP: 985923101<br>LEI: 549300ORV6YW6ESSNQ21 | Long             | EC               | CORP              | LU        |    214008 | NS      | $1498056.00   | 0.06%             |  |  |  | No            |                  3 | On Loan: —       |
| YUM! BRANDS INC                                | Yum! Brands Inc                                                                                | CUSIP: 988498AN1<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |   4703000 | PA      | $4446545.41   | 0.18%             | 2031-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                  | ZF North America Capital Inc                                                                   | CUSIP: 98877DAD7<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |   2310000 | PA      | $2348045.70   | 0.09%             | 2028-04-14      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                  | ZF North America Capital Inc                                                                   | CUSIP: 98877DAF2<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |   2020000 | PA      | $1995800.40   | 0.08%             | 2030-04-23      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ZI TECH LLC/ZI FIN CORP                        | ZoomInfo Technologies LLC/ZoomInfo Finance Corp                                                | CUSIP: 98981BAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4815000 | PA      | $4551956.55   | 0.18%             | 2029-02-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| HOLDCO NEW ORD                                 | HOLDCO NEW ORD                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |      4500 | NS      | $21733.68     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                | Long: SX003146  CDS USD R F  5.00000 2 CCPCDX / Short: SX003146  CDS USD P V 03MEVENT 1 CCPCDX | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | GB        |  90783000 | OU      | $5332920.24   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                | Long: SX003335  CDS USD R F  5.00000 2 CCPCDX / Short: SX003335  CDS USD P V 03MEVENT 1 CCPCDX | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        | 189575000 | OU      | $14408647.88  | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| VERISURE MIDHOLDING AB                         | Verisure Midholding AB                                                                         | CUSIP: 000000000<br>LEI: 549300496LYEZ55X1M49 | Long             | DBT              | CORP              | SE        |    750000 | PA      | $884872.71    | 0.03%             | 2029-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VERISURE MIDHOLDING AB                         | Verisure Midholding AB                                                                         | CUSIP: 000000000<br>LEI: 549300496LYEZ55X1M49 | Long             | DBT              | CORP              | SE        |    725000 | PA      | $855376.95    | 0.03%             | 2029-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TEAMSYSTEM SPA                                 | TeamSystem SpA                                                                                 | CUSIP: 000000000<br>LEI: 81560062081DF3AB7A90 | Long             | DBT              | CORP              | IT        |   1075000 | PA      | $1260181.64   | 0.05%             | 2028-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                         | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   3670000 | PA      | $4099577.52   | 0.16%             | 2029-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                       | Olympus Water US Holding Corp                                                                  | CUSIP: 000000000<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    750000 | PA      | $871025.91    | 0.03%             | 2028-10-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MARYLAND BIDCO LTD                             | Maryland Bidco Ltd                                                                             | CUSIP: 000000000<br>LEI: 2138003TQCV3R8AA6J45 | Long             | DBT              | CORP              | GB        |   1071000 | PA      | $981829.76    | 0.04%             | 2028-01-26      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| IHO VERWALTUNGS GMBH                           | IHO Verwaltungs GmbH                                                                           | CUSIP: 000000000<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |    970000 | PA      | $1190192.72   | 0.05%             | 2028-05-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET FINANCE PLC                        | Avis Budget Finance Plc                                                                        | CUSIP: 000000000<br>LEI: 549300W3BJJPGKCIOI13 | Long             | DBT              | CORP              | JE        |   1990000 | PA      | $2421108.71   | 0.10%             | 2030-07-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ICELAND BONDCO PLC                             | Iceland Bondco PLC                                                                             | CUSIP: 000000000<br>LEI: 2138002DRBYIA8QXHO36 | Long             | DBT              | CORP              | GB        |   1063239 | PA      | $1515602.18   | 0.06%             | 2027-12-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| PINNACLE BIDCO PLC                             | Pinnacle Bidco PLC                                                                             | CUSIP: 000000000<br>LEI: 2138006Z5V8OBL2A2Q06 | Long             | DBT              | CORP              | GB        |   2783000 | PA      | $3949567.40   | 0.16%             | 2028-10-11      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| UNITED GROUP BV                                | United Group BV                                                                                | CUSIP: 000000000<br>LEI: 213800PC85O8BJ7DU398 | Long             | DBT              | CORP              | NL        |    674000 | PA      | $797035.32    | 0.03%             | 2031-02-15      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| ZF EUROPE FINANCE BV                           | ZF Europe Finance BV                                                                           | CUSIP: 000000000<br>LEI: 549300RI533US2G6G542 | Long             | DBT              | CORP              | NL        |   3100000 | PA      | $3634194.32   | 0.14%             | 2029-01-31      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| KIER GROUP PLC                                 | Kier Group PLC                                                                                 | CUSIP: 000000000<br>LEI: 2138002RKCU2OM4Y7O48 | Long             | DBT              | CORP              | GB        |   1155000 | PA      | $1634726.98   | 0.06%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ARDONAGH FINCO LTD                             | Ardonagh Finco Ltd                                                                             | CUSIP: 000000000<br>LEI: 254900D2T84O1K03BA28 | Long             | DBT              | CORP              | JE        |   1610000 | PA      | $1950101.83   | 0.08%             | 2031-02-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PINEWOOD FINCO PLC                             | Pinewood Finco PLC                                                                             | CUSIP: 000000000<br>LEI: 984500EF3F7CA63ND769 | Long             | DBT              | CORP              | GB        |   2988000 | PA      | $4057198.99   | 0.16%             | 2030-03-27      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CPUK FINANCE LTD                               | CPUK Finance Ltd                                                                               | CUSIP: 000000000<br>LEI: 6354003CVDDPNXREIR29 | Long             | DBT              | CORP              | JE        |   1000000 | PA      | $1400466.66   | 0.06%             | 2029-08-28      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| FLORA FOOD MANAGEMENT BV                       | Flora Food Management BV                                                                       | CUSIP: 000000000<br>LEI: 2549002VGA888UKFKS25 | Long             | DBT              | CORP              | NL        |   2492000 | PA      | $2919109.72   | 0.11%             | 2029-07-02      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GRUPO ANTOLIN IRAUSA SA                        | Grupo Antolin Irausa SA                                                                        | CUSIP: 000000000<br>LEI: 213800OILC5Q9AR63B63 | Long             | DBT              | CORP              | ES        |   2391000 | PA      | $2067386.26   | 0.08%             | 2030-01-30      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| STONEGATE PUB FIN                              | Stonegate Pub Co Financing 2019 PLC                                                            | CUSIP: 000000000<br>LEI: 254900L5266ML3505282 | Long             | DBT              | CORP              | GB        |    604000 | PA      | $692330.81    | 0.03%             | 2029-07-31      | Floating      | 8.69%                 | No            |                  2 | On Loan: No      |
| COMMERZBANK AG                                 | Commerzbank AG                                                                                 | CUSIP: 000000000<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | DBT              | CORP              | DE        |   4400000 | PA      | $4619736.00   | 0.18%             | 2030-10-09      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BOPARAN FINANCE PLC                            | Boparan Finance PLC                                                                            | CUSIP: 000000000<br>LEI: 213800GQSQIOBR3DHN70 | Long             | DBT              | CORP              | GB        |   2086200 | PA      | $2999886.02   | 0.12%             | 2029-11-07      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                              | NatWest Group PLC                                                                              | CUSIP: 000000000<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   1828000 | PA      | $2553375.47   | 0.10%             | 2032-02-28      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PUNCH FINANCE PLC                              | Punch Finance PLC                                                                              | CUSIP: 000000000<br>LEI: 2138006IJRIU1Q5DN388 | Long             | DBT              | CORP              | GB        |    940000 | PA      | $1292414.95   | 0.05%             | 2030-12-30      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| LUNA 2 5SARL                                   | Luna 2 5SARL                                                                                   | CUSIP: 000000000<br>LEI: 894500N8J2QVEYP0UI86 | Long             | DBT              | CORP              | LU        |   1408000 | PA      | $1682761.53   | 0.07%             | 2032-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO                        | Beach Acquisition Bidco LLC                                                                    | CUSIP: 000000000<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |   1094000 | PA      | $1311125.03   | 0.05%             | 2032-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AEGIS LUX                                      | Aegis Lux 1a Sarl                                                                              | CUSIP: 000000000<br>LEI: 529900WB6L9XYCR8YT98 | Long             | DBT              | CORP              | LU        |   3915000 | PA      | $4658419.31   | 0.18%             | 2031-10-29      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DEUCE FINCO                                    | Deuce Finco PLC                                                                                | CUSIP: 000000000<br>LEI: 9845007DA2BC863E8437 | Long             | DBT              | CORP              | GB        |   2076000 | PA      | $2832345.15   | 0.11%             | 2031-11-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| Eurex Deutschland                              | EURO-BOBL FUTURE MAR26                                                                         | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |       -68 | NC      | $45436.48     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                         | US LONG BOND(CBT) MAR26                                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -52 | NC      | $14522.56     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                         | US 10YR NOTE (CBT)MAR26                                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       726 | NC      | $-445700.31   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                         | US ULTRA BOND CBT MAR26                                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -31 | NC      | $20280.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                         | US 5YR NOTE (CBT) MAR26                                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       599 | NC      | $-201100.44   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                         | US 2YR NOTE (CBT) MAR26                                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       682 | NC      | $-48101.01    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                         | US 10YR ULTRA FUT MAR26                                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        59 | NC      | $-39567.70    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MARSTONS ISSUER PLC                            | Marston's Issuer PLC                                                                           | CUSIP: 000000000<br>LEI: 213800HQB746UJ9UWM15 | Long             | DBT              | CORP              | GB        |     80000 | PA      | $105288.95    | 0.00%             | 2032-07-15      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| Tecta America Corp                             | Tecta America Corp 2025 Term Loan B                                                            | CUSIP: 000000000<br>LEI: 54930083ULRH07WCC129 | Long             | LON              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2032-02-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Titan Acquisition Limited                      | Titan Acquisition Limited 2024 Term Loan B                                                     | CUSIP: 000000000<br>LEI: 5493003ZDHRVP2N4C109 | Long             | LON              | CORP              | CA        |   2905750 | PA      | $2924317.74   | 0.12%             | 2029-02-15      | Floating      | 7.59%                 | No            |                  2 | On Loan: No      |
| Noble Corp PLC                                 | Noble Corp PLC                                                                                 | CUSIP: 000000000<br>LEI: 549300I3HBUNXO0OG954 | Long             | EC               | CORP              | GB        |     33272 | NS      | $939601.28    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Noble Corp PLC                                 | Noble Corp PLC                                                                                 | CUSIP: 000000000<br>LEI: 549300I3HBUNXO0OG954 | N/A              | DE               |  | GB        |      2298 | NS      | $40215.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Noble Corp PLC                                 | Noble Corp PLC                                                                                 | CUSIP: 000000000<br>LEI: 549300I3HBUNXO0OG954 | N/A              | DE               |  | GB        |      2298 | NS      | $19149.92     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Valaris Ltd                                    | Valaris Ltd                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     18791 | NS      | $947066.40    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| REORGANIZED ISA SA                             | REORGANIZED ISA SA                                                                             | CUSIP: 000000000<br>LEI: 529900YI9I36GOXH4729 | Long             | EC               | CORP              | LU        |   7179000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| SES S A                                        | SES S A                                                                                        | CUSIP: 000000000<br>LEI: 5493008JPA4HYMH1HX51 | Long             | EC               | CORP              | LU        |    229679 | NS      | $3464248.36   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| LyondellBasell Industries NV                   | LyondellBasell Industries NV                                                                   | CUSIP: 000000000<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |       411 | NS      | $17796.30     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nouryon Finance BV                             | Nouryon Finance BV 2024 USD Term Loan B1                                                       | CUSIP: 000000000<br>LEI: 549300GD4NJGLPVYB245 | Long             | LON              | CORP              | NL        |   3162793 | PA      | $3160167.88   | 0.12%             | 2028-04-03      | Floating      | 7.04%                 | No            |                  2 | On Loan: No      |
| RESORTS WORLD/RWLV CAP                         | Resorts World Las Vegas LLC / RWLV Capital Inc                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3600000 | PA      | $3555900.00   | 0.14%             | 2030-07-27      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** GOLDMAN SACHS TRUST

**Signature:** Allison Fracchiolla

**Name of Signer:** Allison Fracchiolla

**Title:** Vice President